FameEX Morning Crypto News Recap | March 15, 2023
Hong Kong Takes Steps Toward Cryptoasset and Stablecoin Adoption
The Hong Kong Monetary Authority (HKMA) has released the Consultation Conclusion outlining the Proposed Regime for regulating stablecoin-related transactions and entities involved in those transactions. The framework aims to address the potential monetary and financial stability risks posed by stablecoins, which are seen as a widely acceptable means of payment. The Proposed Regime will regulate and reform the cryptoasset space in Hong Kong through a risk-based approach.
Regulator Affirms Signature Bank Closure Unrelated to Crypto
The New York State Department of Financial Services (NYDFS) has taken possession of Signature Bank, leading to speculations that the regulatory action might be linked to cryptocurrency. Signature Bank has not yet made an official statement on the matter. The NYDFS, however, has denied that the closure was related to cryptocurrency involvement, emphasizing that the decision was based solely on the bank's current status and ability to conduct safe and sound business operations.
Phase 1 of $300M Data Center Project Set to Commence in Philippines by 2024
Megawide Construction Corp. has signed an agreement with Evolution Data Centres to construct a carrier-neutral data center in the Philippines. The data center will occupy four hectares in the province of Cavite, with the first phase expected to begin in Q1 2024. The proposed data center could cost up to $300 million, according to the joint venture agreement between the two companies.
National Australia Bank Executes First Cross-Border Transaction with Stablecoin
National Australia Bank (NAB) has completed the first-ever cross-border stablecoin transfer by a major financial institution on a layer 1 public blockchain using its fully-backed AUDN stablecoin. NAB is the second Big Four Australian bank to issue a stablecoin and aims to support transactions by corporate clients by the end of the year. The AUDN stablecoin is tied to the Australian dollar and provides instant settlement with zero fees.
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