This was due to "moderated growth" across major economies, decelerated growth in manufacturing and trading activities in Asia, as well as continued disruptions to truck movements between Hong Kong and mainland China caused by the Covid-19 pandemic, he said. Hong Kong's economy is expected to see a rebound of 3.5% to 5.5% in 2023, after it saw a 3.5% contraction in gross domestic product for the whole of 2022.įinancial Secretary Paul Chan said the "external environment deteriorated markedly" in 2022, adding Hong Kong's total exports of goods posted a decline of 13.9% in real terms last year. ![]() Prices of Bitcoin fell 3.47% and last traded at $24,070.88 and Ether also fell 3.43$ to $1,640.07, according to CoinMetrics. staking business due to an enforcement action by the SEC. Todaro urged the industry to take Armstrong's words "with a grain of salt" because "if that regulation comes up to strength, it could impact Coinbase's revenue and verticals", adding that another crypto exchange Kraken had to cease its U.S. "If you get clear rules of the road for these different crypto companies, that would bring greater institutional adoption so institutions aren't sidelined from the space waiting for that regulatory clarity, at least here in the U.S.," said Todaro. "You have to take Brian Armstrong's words a little bit with a grain of salt, because if that regulation comes up to strength, it could impact revenue and verticals," he said. ![]() Todaro's comments come after Coinbase CEO Brian Armstrong recently said increased scrutiny "will ultimately benefit" the company after reporting a lower-than-expected revenue on Tuesday. Increased regulatory scrutiny could impact Coinbase's business, John Todaro, vice president of cryptoasset and blockchain research firm Needham told CNBC's " Street Signs Asia" on Wednesday.
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