Fintech Adoption and Innovation in the Hong Kong Banking Industry
A research arm of the Hong Kong Monetary Authority published a detailed report, based on an industry-wide survey, on overall Fintech adoption and the latest technological advancements in the banking sector. Banks see Fintech development more as an opportunity than a threat to their business operations, with risk management services having the greatest potential. Meanwhile, 86% of banks have adopted or plan to adopt Fintech solutions across all types of financial services. Preliminary results also show that increased cost efficiency and improved profitability are associated with more extensive Fintech adoption by banks.
Lithuania’s Central Bank Completes Blockchain Regulatory Research
The Bank of Lithuania has finished the research phase of its blockchain-related project, LBChain. In the next phase, it will create a sandbox that mixes technological and regulatory infrastructure for the technology. Among the projects mentioned, LBChain included a solution for blockchain-based regulatory reporting, a blockchain platform for green bond issuance, and a blockchain-based digital bank. https://www.lb.lt/en/news/lbchain-the-cradle-of-future-technologies-unrestricted-by-geographical-or-sectoral-boundaries
Grayscale Is Now Buying 1.5 Times the Amount of Bitcoin Being Mined
Crypto fund manager Grayscale Investments is accumulating Bitcoin at a rate equivalent to 150% of the new coins created by miners since the May 11 block reward halving. According to data published by independent crypto researcher Kevin Rooke, Grayscale has added 18,910 BTC to its Bitcoin Investment Trust since the halving, while only 12,337 Bitcoins have been mined since May 11.
Russia’s Central Bank to Launch Blockchain-Powered Digital Mortgage Platform
The Bank of Russian is reportedly developing a digital mortgage platform powered by a domestically developed blockchain called Masterchain. Masterchain is reportedly the first blockchain platform in Russia to be certified by the Federal Security Service. It is a permissioned, Ethereum-based blockchain that was launched in 2017.
Antigua’s Crypto Regulation Bill Passes Lower Parliament
Antigua and Barbuda’s House of Representatives passed a crypto-asset regulation bill, which will require all digital asset businesses operating in the country to obtain a license for issuing, selling, or redeeming virtual coins, operating as a payment service or electronic exchange, providing custodial wallet services, among others.
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