Crypto on LYO: the Blend — Hong Kong to Legalize Crypto Trading, Global Bitcoin Payments Market to Hit $3.7B in 2031, Spain Becomes Third-Largest Crypto ATM Center

What happened in the crypto world in the last week? Let’s see some interesting news together!

Hong Kong to Legalize Crypto Trading

Hong Kong is setting in motion legal initiatives to legitimize crypto in the country. According to Elizabeth Wong, head of the fintech unit at the Securities and Futures Commission, a bill to regulate crypto will be introduced soon.

Part of SFC’s plan is to allow retail investors to invest in virtual assets, reversing their stance for the past four years. The commission’s perspective shift was prompted by the crypto industry being more compliant, according to Wong.

Moreover, Hong Kong has put forward a bill to launch a regulatory regime for virtual asset service providers. The city is also planning to become an “international virtual assets center” by welcoming nonfungible tokens, metaverse, and other emerging technologies.

Global Bitcoin Payments Market to Hit $3.7B in 2031

According to the report published by Allied Market Research on October 24, the global Bitcoin payments market is expected to reach $3.7 billion in less than a decade, displaying a compound annual growth rate of 16.3% from 2022 to 2031

The report stated that operational demand for more efficient and transparent payments systems, stronger data security, and demand for remittances in emerging economies were among the factors that will drive the sector’s growth.

Spain Becomes Third-Largest Crypto ATM Center

Spain has claimed the third spot in the highest center, following US and Canada. The country now has 215 active crypto ATMs, surpassing El Salvador’s 212.

Spain is also Europe’s number one contributor when it comes to ATM installations, with 43 crypto ATMs established in 2022 alone. Based on Spain’s partnership with Eurocoin, a European electronic maker, there will be 300 crypto ATMs that will be installed by the end of this year.

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