fxs_header_sponsor_anchor

Gaming tokens are likely to recover with Hong Kong’s web3 plans

  • A Hong Kong legislator told the media that gaming tokens do not need to be regulated. 
  • As long as games do not involve securities or futures, Hong Kong is open to web3 development, the legislator said.
  • Gaming tokens Internet Computer, ApeCoin, The Sandbox, Immutable X and Gala started their recovery on Wednesday. 

Prices of some gaming tokens are on the rise on Wednesday after a Hong Kong lawmaker with links with the web3 ecosystem said these assets are not likely to face regulation in the city as long as they do not involve the trading of securities or futures.

Also read: Ethereum Layer 2 tokens rally as mainstream cryptocurrencies crumble under SEC’s regulatory crackdown

Gaming tokens begin recovery amidst crypto market crackdown by US regulators

The US Securities & Exchange Commission’s (SEC) crackdown on cryptocurrencies resulted in a bloodbath. Bitcoin, Ethereum and other altcoins are recovering from the crackdown, while Hong Kong’s stance on cryptocurrencies promotes the development of the crypto ecosystem. 

Colin Wu, a Chinese reporter, informed his 290K followers in a recent tweet that a Hong Kong legislator told the media that apart from exchanges and virtual asset management, gaming tokens may not need to be regulated. 

As long as web3 development does not involve securities and futures, Hong Kong is relatively open to such protocols and projects, according to the reporter. 

The contrasting stance of US regulators and Hong Kong’s legislator signals a likely shift in development from the US to China in the long term. 

Internet Computer, ApeCoin, The Sandbox, Immutable X and Gala begin recovery

Internet Computer (ICP), ApeCoin (APE), The Sandbox (SAND), Immutable X (IMX) and Gala (GALA) began their recovery on Wednesday.

Gaming tokens in the crypto ecosystem 

The gaming tokens ICP, SAND, IMX and GALA wiped out losses from the past 24 hours. As Hong Kong’s stance on gaming and web3 tokens unravels, it could fuel further recovery in these gaming tokens in the short term. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.