Hong Kong and UAE Central Banks Collaborate on Cryptocurrency Regulation

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The central banks of the Hong Kong Monetary Authority (HKMA) and the United Arab Emirates (UAE) have decided to work together on developing financial technology and regulations for cryptocurrencies. On May 30, The two central banks also agreed to support knowledge-sharing efforts and conversations on cooperative fintech development projects with each region’s innovation centers. As of June 1, Hong Kong’s Securities and Futures Commission (SFC) will permit virtual asset service providers (VASPs) to serve retail investors in Hong Kong. This coincides with the partnership. Christopher Hui, the head of Hong Kong’s treasury, stated that using cryptocurrencies had advantages over hazards and emphasized the significance of regulation. Since the SFC launched the application procedure, a number of cryptocurrency exchanges have submitted applications to offer specific Hong Kong crypto trading services.

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A Texas state law that would have restricted bitcoin miners’ access to cost-effective grid programmes failed to go past a committee in the state House of Representatives, putting an end to its advancement. Bill SB 1751, which would have reduced bitcoin miners’ involvement in demand response programmes to 10% and eliminated tax breaks for the sector, was overwhelmingly approved by the state Senate in April. Dennis Porter, a supporter who has been closely involved in the bill’s development, tweeted the news that the bill wouldn’t pass the House. The relevance of the campaign was made clear by the opposition to the measure that Porter’s organisation, the Satoshi Action Fund, along with business associations Texas Blockchain Council and Digital Chamber of Commerce, waged. Texas is one of the world’s largest mining centres because of the favourable legislation and inexpensive electricity.

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