Decentral Block Post

Australia's financial regulator has issued a stark warning to Australian crypto asset providers amid launching civil proceedings against Australian firm BPS Financial Pty Ltd (BPS) over "misleading" representations concerning its Qoin crypto token. 

In an Oct. 25 announcement, the Australian Securities and Investments Commission (ASIC) said it has commenced civil penalty proceedings against BPS Financial for making “false, misleading or deceptive representations” to its 79,000 users about its crypto token Qoin.

It alleges the company engaged in “unlicensed conduct” relating to Qoin, a digital currency launched in Oct. 2019 which allows participating merchants to accept as payment for goods and services.

ASIC Deputy Chair Sarah Court said this case should serve as a warning to all crypto issuers that ASIC is monitoring the crypto market for misconduct.

"Where it falls within our remit, ASIC will take targeted action against unlicensed conduct and misleading promotion of crypto-asset financial products that could harm consumers - this is a key priority for ASIC."

Hong Kong and Singapore’s wealthy elite appear to be looking at digital assets with fervor, after a new report from KPMG suggesting over 90% of family offices and high-net-worth individuals (HNWI) are interested in investing in the digital assets space or have already done so. 

According to an Oct. 24 report from KPMG China and Aspen Digital titled “Investing in Digital Assets,” as much as 58% of family offices and HNWI of respondents in a recent survey are already investing in digital assets, and 34% “plan to do so.”

The survey took the pulse from 30 family offices and HNWIs in Hong Kong and Singapore with most respondents managing assets between $10 million to $500 million.

KPMG said the large crypto uptake among the ultra-wealthy has increased confidence in the sector, spurred by the increase in “mainstream institutional attention.”

It also noted institutions also have more accessibility to digital asset financial products, including regulated products.

Bitcoin (BTC) waited for cues at the Oct. 24 Wall Street open as expectations of a breakout ran high.

Hang Seng drops most since 2008

Data from Cointelegraph Markets Pro and TradingView tracked a mundane trading day for BTC/USD after the pair hit weekly highs of $19,700 overnight.

Despite what Michaël van de Poppe, CEO and founder of trading firm Eight, called “way worse than expected” manufacturing data from the United States, Bitcoin suffered from a declining trajectory on the day.

This led on-chain analytics resource Material Indicators to suspect that resistance would remain in place.

“Sunday BTC failed all attempts to reclaim the 2017 Top,” it said, summarizing the latest 24 hours’ price action as per its proprietary trading indicators.

Polygon (MATIC) price could double by the end of 2022 or early 2023 due to a mix of extremely bullish fundamental and technical indicators.

Polygon wins high-profile clients 

MATIC rose by nearly 6.5% four days after Nubank, a Brazilian fintech company backed by Warren Buffett's Berkshire Hathaway and Softbank, confirmed that it selected Polygon's "Supernets technology" for its blockchain and digital token dubbed Nucoin.

"Nubank plans to airdrop the digital token to its customers in the first half of 2023," the official announcement read, adding:

"These tokens will be the basis for its customers' loyalty rewards program and will have benefits such as discounts and other advantages."

As a result of the rally, MATIC was changing hands for $0.90 on Oct. 24, its highest level in three weeks.