Welcome to the OLE777 – 1st Multiplatform Crypto Gaming Daily in Asia Daily Crypto section, Oct 9th, 2024. Today, the writer will highlight popular news related to the crypto industry: SUI price rising 124%, the National Bank of Bahrain opening to BTC investment, and Hong Kong’s preparation to become the leader of digital assets.

Want to know more? Let’s dig deep into the details!

Not Everyone Aware, SUI Price Rise About 124%

In between hype news about meme coin, Sui (SUI) is a lesser-known project in the crypto space but has recently gained attention. SUI coin ranked 18th by market capitalization, it saw a sharp rise of about 124% in the last month. In the past 24 hours alone, Sui’s value jumped 12.4%, making it one of the top-performing large-cap cryptocurrencies.

This surge is mainly due to Circle’s USDC stablecoin launching on the Sui network on September 17. Since this news, Sui’s token price has nearly doubled. Investors are excited about Sui’s potential in decentralized finance, as integrating USDC could encourage developers to create more applications on its blockchain.

However, with some macroeconomic challenges ahead, it’s uncertain whether this growth will continue. Yet, Sui’s strong technological foundation and recent developments suggest it has the potential to keep growing.

Sui’s future depends on further innovations and improving user experience. It could be a promising investment, but experts recommend evaluating other options before deciding.

Read more: Many North Korean IT Unknowngly Working for Crypto Companies, Contribute to Kim Jong Un Regime

The National Bank of Bahrain Launched Investment for Bitcoin

Good news from the Middle East! The National Bank of Bahrain (NBB) partnership with ARP Digital has launched an investment linked to Bitcoin.

This announcement was made at the Fintech Forward 2024 event, where the fund is available only to accredited investors. Hisham AlKurdi, CEO of NBB Group, emphasized that this initiative shows NBB’s commitment to providing innovative and safe investment options.

By allowing investors to take advantage of Bitcoin’s long-term growth potential, this fund acts as a shield against the risks associated with cryptocurrencies. This Bitcoin-linked product will be available in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, making Bahrain a rapidly growing crypto hub in the Middle East and North Africa (MENA).

Hong Kong’s Goal to Become a Digital Asset Leader

The Hong Kong Securities and Futures Commission (SFC) is preparing to grant more licenses to crypto companies by the end of the year, following the recent approval of HKVAX as the city’s third licensed crypto exchange.

Read more: ISAC Report: Criminal More Likely Targeting Cash Than Crypto

According to SFC CEO Julia Leung, the licenses will be issued in phases to allow more Virtual Asset Trading Platforms (VATPs) to join the market. Currently, 11 VATPs are being considered for licensing. Inspections have already been done, and firms were advised to make necessary adjustments to meet regulations.

Leung emphasized the importance of tightening rules for virtual assets, stating that only companies meeting the requirements will receive conditional licenses. Those who don’t comply will be excluded.

The SFC is also working on new regulations for over-the-counter (OTC) crypto custody services and plans to enhance virtual asset rules from 2024-2026 as part of Hong Kong’s goal to become a leader in digital assets.