Hong Kong Embraces Cryptoasset and Stablecoin Adoption with New Measures
The Hong Kong Monetary Authority (HKMA) recently unveiled the Consultation Conclusion, which outlines the Proposed Regime designed to regulate stablecoin-related transactions and entities involved in those transactions. This framework is intended to mitigate the potential monetary and financial stability risks associated with stablecoins, which are considered a widely accepted payment method. Through a risk-based approach, the Proposed Regime will oversee and revamp the cryptoasset sector in Hong Kong.
Regulator Confirms Crypto Not Responsible for Signature Bank's Closure
Speculations have been raised over whether the recent regulatory action taken by the New York State Department of Financial Services (NYDFS) against Signature Bank is linked to the bank's involvement in cryptocurrencies. The NYDFS took possession of Signature Bank on March 13, but has denied that the decision was linked to crypto, stating that it was solely based on the bank's current status and ability to conduct safe and sound business operations. Signature Bank has not yet released an official statement regarding the closure.
Megawide and EDC to begin phase 1 of $300M data center project in the Philippines in 2024
Megawide Construction Corp. has partnered with Evolution Data Centres to build a carrier-neutral data center in the Cavite province of the Philippines. The project's first phase will start in Q1 of 2024, and the data center will cover four hectares. The joint venture agreement between the two companies indicates that the planned data center's cost could reach up to $300 million.
National Australia Bank Makes History with First-Ever Cross-Border Transfer Using Stablecoin
The National Australia Bank (NAB) has conducted the first cross-border stablecoin transfer by a major financial institution on a layer 1 public blockchain, using its fully-backed AUDN stablecoin. This move makes NAB the second of Australia's "Big Four" banks to issue a stablecoin. NAB is targeting to support transactions by corporate clients before the end of this year. The AUDN stablecoin is pegged to the Australian dollar and offers instant settlement without any transaction fees.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.