Hong Kong’s Web3 Plans Favour Gaming Tokens
On Wednesday, the price of some gaming tokens rose after a Hong Kong politician with ties to the web3 ecosystem stated that these assets are unlikely to face regulation in the city as long as they do not include the trade of securities or futures.
The bitcoin crackdown by the US Securities and Exchange Commission (SEC) culminated in a slaughter. Bitcoin, Ethereum, and other altcoins are recovering from the crackdown, and Hong Kong’s stance on cryptocurrencies fosters the development of the crypto ecosystem.
The opposing stances of US regulators and Hong Kong legislators point to a long-term shift in development from the US to China.
On Wednesday, Internet Computer (ICP), ApeCoin (APE), The Sandbox (SAND), Immutable X (IMX), and Gala (GALA) began their recovery.
Losses from the previous 24 hours were wiped out by the gaming tokens ICP, SAND, IMX, and GALA. As Hong Kong’s attitude on gaming and web3 tokens deteriorates, it may fuel further recovery in these gaming tokens in the near term.
(With inputs from Shikha Singh)
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