In a significant development for top altcoins, Australia is gearing up to implement a comprehensive licensing system for cryptocurrency exchanges. As the top DeFi projects like XRP (XRP) and VC Spectra (SPCT) prepare for this change, some ask if this decision might impact their holdings.
Let’s explore this possibility and unveil the best crypto to buy now amidst this evolving landscape.
Summary
- Australia is working on a new law to regulate cryptocurrency.
- XRP takes the 5th place as a member of HKVAC, which might propel it above $0.65.
- VC Spectra (SPCT) enters Stage 4 of the presale at $0.055.
Australia Plans To Regulate Crypto Exchanges
Australia is on the verge of a transformative shift, with the nation gearing up to introduce draft legislation that will encompass licensing and custody regulations for crypto asset providers by 2024.
In a recent announcement, Australia’s Treasury unveiled a timeline that outlines a 12-month transition period for exchanges to adapt to this new regulatory framework once the legislation becomes law.
This timeline implies that it might be as late as 2025 before Australian digital asset platforms are able to secure the necessary licenses under the freshly proposed regime. However, this development marks a pivotal stride taken by the Australian government in its efforts to establish a comprehensive and well-defined cryptocurrency regulation policy.
XRP (XRP) Becomes The Fifth Member Of HKVAC
In a noteworthy shift, XRP has surged ahead, securing its place as the fifth member of the prestigious Hong Kong Virtual Asset Consortium (HKVAC) global large equal weight index, unveiled on October 13. This index is meticulously designed to encompass a broad spectrum of investable digital assets.
The selection of XRP into the HKVAC index highlights the significance of regulatory clarity and performance as determining factors. Ripple’s partial victory over the U.S. SEC undoubtedly played a role in this achievement.
Furthermore, XRP’s impressive Year-To-Date (YTD) growth of 41.50% has captured the attention of the crypto world.
Moreover, Australia’s regulation of cryptocurrencies and their recognition has also had a tangible impact on the XRP crypto price, propelling it by 4.48% from $0.4817 on October 13 to $0.5033 on October 16.
Experts attribute this upward momentum to the growing recognition that the XRP crypto price is receiving from the HKVAC.
As we look to the future, the XRP price prediction from experts suggests that the altcoin could exceed $0.6500 in November. That is, if the current positive trend in the XRP crypto price persists and buyer support continues to strengthen.
VC Spectra (SPCT) Enters Stage 4 Of The Presale With A Surge
With its unique approach to blockchain investments and asset management, VC Spectra is not only making waves in the world of cryptocurrency but also setting new standards for what can be achieved in the crypto space.
VC Spectra (SPCT) is a utility token that empowers users with access to promising blockchain projects, decentralized trading, and reduced transaction fees on the VC Spectra platform. Built on the Bitcoin blockchain, SPCT operates on the BRC-20 standard and employs a deflationary mechanism to increase its value over time.
VC Spectra (SPCT) is currently in Stage 4 of its presale, with each stage marked by remarkable growth in its token’s value. From its initial price of $0.008 in Stage 1, SPCT has surged by an astonishing 587.5% to reach $0.055 in Stage 4.
What’s even more exciting is that VC Spectra is likely to surpass its originally projected price of $0.080 by the end of the presale. Given its consistent upward trajectory and impressive performance to date, it’s entirely possible that SPCT will outperform this projection, delivering even more substantial returns to its investors.
This makes VC Spectra the best crypto investment for those looking to be part of a venture with significant growth potential.
Learn more about the VC Spectra (SPCT) presale here:
Presale: https://invest.vcspectra.io/login
Website: https://vcspectra.io/
Telegram: https://t.me/VCSpectra
Twitter: https://twitter.com/spectravcfund
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