No New Users Accepted
Bitgetx, the subsidiary of the Singapore-based cryptocurrency exchange Bitget, announced on November 13 that it has decided to drop its pursuit of a Virtual Asset Trading Platform (VATP) license in Hong Kong. As a result, Bitgetx will be closing its operations in Hong Kong and permanently exiting the region on December 13.
In light of this decision, Bitgetx has advised its users in the region to withdraw their assets before the specified date. Failure to do so will result in a permanent loss of access to these assets once the exchange ceases operations. Additionally, Bitgetx has stated that no trading activities will be allowed and no new users will be accepted from now until the deadline.
"We apologize for any inconvenience and challenges this decision may cause. Our priority is to ensure a smooth and orderly offboarding process for all our users. Our customer support team is available to assist with any queries or concerns regarding the closure and the transfer of your assets. We appreciate your support and understanding during this period of change," the crypto exchange expressed.
Bitgetx's Decision and OSL Acquisition Rumors
Colin Wu, a well-known Asian blockchain and crypto journalist, suggested in a post on X (formerly Twitter) that Bitgetx's decision to abandon the pursuit of a VATP license may be connected to the rumored acquisition of OSL, a licensed Hong Kong exchange, by Bitget.
Although OSL has not officially confirmed the acquisition, it did announce the suspension of trading for its shares on the Hong Kong stock exchange on the morning of November 13. This decision was made "in respect of a notifiable transaction which constitutes inside information of the company," according to OSL.
What are your thoughts on this development? Please share your opinions in the comments section below.
Frequently Asked Questions
Is gold a good investment IRA option?
For anyone who wants to save some money, gold can be a good investment. You can also diversify your portfolio by investing in gold. There is much more to gold than meets your eye.
It's been used throughout history as a currency, and even today, it remains a popular form of payment. It is sometimes called the “oldest currency in the world”.
Gold, unlike other paper currencies created by governments is mined directly from the earth. This makes it highly valuable as it is hard and rare to produce.
The price of gold fluctuates based on supply and demand. If the economy is strong, people will spend more money which means less people can mine gold. The result is that gold's value increases.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This increases the production of gold, which in turn drives down its value.
This is why it makes sense to invest in gold for individuals and companies. You'll reap the benefits of investing in gold when the economy grows.
Also, your investments will earn you interest which can help increase your wealth. If gold's value falls, you don't have to lose any of your investments.
What are the benefits to having a gold IRA
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It is tax-deferred until it's withdrawn. You control how much you take each year. There are many types to choose from when it comes to IRAs. Some are more suitable for students who wish to save money for college. Some are for investors who seek higher returns. For example, Roth IRAs allow individuals to contribute after age 59 1/2 and pay taxes on any earnings at retirement. Once they start withdrawing money, however, the earnings aren’t subject to tax again. This type of account might be a good choice if your goal is to retire early.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA, you don't have to worry about paying taxes on your gains while you wait to access them. This makes gold IRA accounts a great choice for those who want their money to be invested, not spent.
Another benefit to owning IRA gold is the ability to withdraw automatically. That means you won't have to think about making deposits every month. To make sure you don't miss any payments, you can also set up direct deductions.
Finally, the gold investment is among the most reliable. Because it's not tied to any particular country, its value tends to remain steady. Even during economic turmoil the gold price tends to remain fairly stable. As a result, it's often considered a good choice when protecting your savings from inflation.
How is gold taxed in Roth IRA?
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
But if you put the money into a traditional IRA or 401(k), there's no tax when you withdraw the money. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
The rules governing these accounts vary by state. Maryland's rules require that withdrawals be taken within 60 days after you turn 59 1/2. You can delay until April 1st in Massachusetts. New York is open until 70 1/2. To avoid any penalties, plan your retirement savings and take your distributions as early as possible.
What Should Your IRA Include in Precious Metals?
The most important thing you should know when investing in precious metals is that they are not just for wealthy people. You don't need to be rich to make an investment in precious metals. There are many methods to make money off of silver and gold investments.
You might also be interested in buying physical coins, such bullion rounds or bars. It is possible to also purchase shares in companies that make precious metals. Or, you might want to take advantage of an IRA rollover program offered by your retirement plan provider.
You will still reap the benefits of owning precious metals, regardless of which option you choose. They are not stocks but offer long-term growth.
They also tend to appreciate over time, unlike traditional investments. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Do you want to keep your IRA gold at home? It's Not Exactly Legal – WSJ
Investing with gold or stocks
Investing in gold as an investment vehicle might seem like a very risky proposition these days. This is because many people believe gold is no longer financially profitable. This belief stems from the fact that most people see gold prices being driven down by the global economy. They believe they would lose their money if they invested gold. There are many benefits to investing in gold. Let's take a look at some of the benefits.
The oldest form of currency known to mankind is gold. It has been used for thousands of years. It is a valuable store of value that has been used by many people throughout the world. As a means of payment, South Africa and many other countries still rely on it.
Consider the price per gram when you decide whether you should invest in or not. The first thing you should do when considering buying gold bullion is to decide how much you will spend per gram. If you don’t know the current market rate for gold bullion, you can always consult a local jeweler to get their opinion.
It's worth noting, however, that while gold prices have fallen recently the cost of producing gold is on the rise. So, although gold prices have declined in recent years, the cost of producing it has not changed.
When deciding whether to buy gold, another thing to consider is how much gold you intend on buying. For example, if you only intend to purchase enough to cover your wedding rings, it probably makes sense to hold off on buying any gold. However, if you are planning on doing so for long-term investments, then it is worth considering. If you sell your gold for more than you paid, you can make a profit.
We hope our article has given you a better understanding of gold as an investment tool. We strongly recommend that you research all available options before making any decisions. Only then can you make informed decisions.
By: Terence Zimwara
Title: Bitgetx Drops Pursuit of Trading License in Hong Kong
Sourced From: news.bitcoin.com/bitget-subsidiary-drops-hong-kong-license-pursuit-amidst-osl-acquisition-rumors/
Published Date: Thu, 16 Nov 2023 08:30:29 +0000