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Hong Kong, China: Betting on sports events in "prediction markets" is considered illegal gambling and should cease the promotion of new gambling projects

According to Hong Kong Radio, the Hong Kong government has decided to stop promoting basketball gambling projects. The Secretary for Home Affairs and Youth Affairs, Mak Mei-juan, stated in an interview with this station that the information collected by the authorities shows that the "prediction market" has developed rapidly in recent years, with monthly trading volume increasing from less than $100 million two years ago to over $13 billion last year, of which nearly 40% of the transactions are related to sports. The authorities are concerned that if new gambling projects are promoted at this time, it will lead to greater public concern and even participation in illegal gambling in the "prediction market." Therefore, it is believed that research should be conducted first before deciding on the next steps, and the promotion of new gambling projects should be halted for now.Mak Mei-juan stated that the existing regulated gambling projects have established a more mature monitoring and management system, which can help control risks. However, due to the uncertainty of the "prediction market," as a responsible government, there is a need to conduct research to understand the impact of the "prediction market" and its prevalence in Hong Kong. She also mentioned that the government has always maintained close contact with the Hong Kong Jockey Club, as the club has a rigorous monitoring system to oversee illegal gambling situations, and there are experts specifically targeting the fight against illegal gambling. The government will cooperate with the Jockey Club to obtain professional advice, allowing the authorities to implement measures specifically aimed at illegal gambling.Mak Mei-juan reiterated that the government's consistent policy is not to encourage gambling, and betting on sports projects in the "prediction market" is considered illegal gambling. The authorities will strengthen public education to help citizens understand the harms of gambling and refrain from participating in illegal gambling.

Bithumb's market share has dropped to 24.8%, and the gap with Upbit has widened after the end of the zero-fee promotion

The South Korean cryptocurrency exchange Bithumb has continued to face pressure on its market share following the "Bitcoin Misissue Incident." Data shows that as of last Friday, Bithumb's trading share among the five Korean won-denominated exchanges in South Korea has dropped to 24.8%, a significant decline from about 30% at the beginning of the year. Industry data indicates that Upbit remains in the lead with a 58.4% share, followed by Coinone at 13%, Korbit at 3.5%, and Gopax at 0.3%.On February 6, Bithumb mistakenly issued 2,000 bitcoins, worth 2,000 won (approximately $1.38), to some users during a promotional event, totaling an erroneous issuance of about 620,000 BTC, far exceeding its previously disclosed holding of 42,800 coins, raising doubts about its internal controls and financial management capabilities.The day after the incident, its market share fell from 31.5% on January 5 to just over 20%. To stabilize the situation, Bithumb implemented a week-long zero-fee promotion for all cryptocurrencies starting February 9, which temporarily boosted trading volume, and on February 10, the market share briefly rebounded to 31.5%. However, following the end of the promotion on February 16, the share quickly declined again.Meanwhile, competitors have clearly benefited. Coinone's share has doubled compared to a month ago, and Korbit's trading volume has increased by about 12.5 times, driven by expectations surrounding Mirae Asset Financial Group's acquisition of a 92% stake. Upbit is advancing a comprehensive share exchange plan with Naver Financial, while Gopax has been acquired by Binance, potentially reshaping the landscape of South Korean exchanges.
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