“It might make sense just to get some in case it catches on." - Satoshi Nakamoto

Happy Friday, Bitcoiners!

It's The Bitcoin Dispatch, here with your daily dose of Bitcoin news!

Bitcoin Price: $ 26,450 Market Cap: $ 0.500T

In today’s newsletter:

• Hong Kong Embraces Bitcoin: Retail Investors Now Allowed to Trade Bitcoin 

• Bitcoin Payments App Bottlepay to Shut Down

🔥 Hong Kong Embraces Bitcoin: Retail Investors Now Allowed to Trade Bitcoin 

Hong Kong has introduced new laws allowing retail investors to trade Bitcoin, aiming to position itself as a digital-asset hub. This decision contrasts Singapore's planned restrictions on retail investors and South Korea's forthcoming dedicated crypto legislation. Hong Kong's Securities and Futures Commission will implement investor protection measures, including knowledge tests and exposure limits, to ensure safety. The authorisation has already led to the approval of Bitcoin and Ether futures-focused exchange-traded funds (ETFs) by CME Group Inc., sparking the introduction of new products.

In addition to allowing retail investors to trade, Hong Kong's regulatory framework includes robust investor protection measures. Licensed platforms must comply with various safeguards covering onboarding, governance, disclosure, and token due diligence before offering trading services to retail investors. These safeguards involve measures such as knowledge tests, appropriate risk profiling, and reasonable exposure limits. The authorisation has already led to the approval of exchange-traded funds (ETFs) focused on Bitcoin and Ether futures offered by CME Group Inc., increasing the introduction of new products in the market.

Source: BTC Times

🚫 Bitcoin Payments App Bottlepay to Shut Down

Bottlepay, a popular Bitcoin payments app, has announced that it will shut down its services. Users have been advised to withdraw their funds, either as Bitcoin or fiat currency, from the app before the closure date. If funds are not withdrawn by the deadline, Bitcoin will be converted to fiat currency and returned to the nominated bank account. The company has also emphasized the importance of saving transaction statements for tax purposes and warned users to be cautious of scams during offboarding.

Users are instructed to download their transaction history and close their Bottlepay accounts to proceed. Detailed instructions on withdrawing funds and closing accounts can be found on the app. While Bottlepay did not provide specific recommendations for handling Bitcoin funds, users were urged to carefully consider their options when selecting alternative custodial wallets or converting Bitcoin to fiat currency. They can consult the Financial Conduct Authority (FCA) register for information on other FCA-registered cryptoasset businesses in the UK. Bottlepay thanked its customers for their support and apologised for any inconvenience caused by the closure.

Source: BM

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