Hong Kong Judge Joins Worldwide Trend by Declaring Crypto Assets as 'Property'
Crypto assets have been classified as "property" by Judge Linda Chan in Hong Kong, providing clarity for officials, regulators, and other common law jurisdictions, says law firm Hogan Lovells. The ruling was summarized on April 18, 2023. In the US, there is an ongoing debate in Congress about the classification of certain crypto assets, with considerations being made to whether they should be classified as securities or commodities.
Australia Leads Asia in Bitcoin ATMs Installed, New Data Shows
According to Coin ATM Radar data, Australia has surpassed Asia, which has 355 crypto machines installed and represents only 1% of the global crypto ATM count, in the number of Bitcoin ATMs installed. Since the beginning of 2023, Australia has consistently increased its Bitcoin ATMs and now ranks third worldwide with a total of 364 machines installed.
Report Indicates Bank of Russia's Intention to Create Entities for Cryptocurrency Mining and Cross-Border Settlements
The Bank of Russia plans to create new organizations dedicated to cryptocurrency mining and cross-border settlements, which includes transactions using digital assets, as stated by the bank's head, Nabiullina. The proposal includes setting up "special authorized organizations" to manage these processes. Through blockchain technology, the bank aims to enhance the efficiency of international payments and streamline the overall process.
Russia Teams Up with Turkey and Other Partners to Build Payment Gateways, Contemplates Crypto-Based Settlements
The central bank of Russia is collaborating with foreign payment networks, such as Turkey, to develop a gateway system. The Bank is also exploring the possibility of permitting the experimental utilization of cryptocurrencies in foreign economic activities, according to the head of Russia's monetary authority.
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