FameEX Morning Crypto News Recap | June 28, 2023

Japanese and Singaporean Regulatory Authorities Unite for Joint Crypto Pilot Project
Japan's FSA has joined forces with Singapore's MAS to jointly regulate and pilot test cryptocurrency projects. The partnership aligns with Singapore's "Project Guardian" initiative, with the FSA initially taking on the role of an observer.

Bitcoin Mining Emerges as the Leading Consumer of Sustainable Energy, According to New Data
Bitcoin mining emerges as the leading sustainable energy consumer, showing substantial growth from July 2019 to June 2023. The emission intensity of Bitcoin mining has also notably decreased, dropping from over 500 g/kWh in July 2021 to 296 g/kWh by June 2023, according to new data.

Implementing Crypto Laws Essential for UK's Global Leadership
During the CryptoCompare Digital Asset Summit in London, the decline of Bitcoin and other cryptocurrencies was emphasized, aligning with the downtrend of risky assets like U.S. stocks. Attendees at the summit interacted with puzzle cubes featuring logos of cryptocurrencies and exchanges.

Shift to Chinese Yuan: Iranians, Brazilians, and Saudis Drive De-Dollarization Momentum
Growing numbers of countries are embracing the Chinese yuan for trade, extending beyond dealings with China, according to the IMF's executive director for Russia. He critiques the global dominance of the U.S. dollar, attributing it to the U.S. government's self-serving use of the currency for national interests and economic obligations.

Hong Kong Intensifies Drive to Position Itself as a Premier Crypto Hub
Hong Kong is actively striving to establish itself as a leading global crypto hub, encouraging its banking sector to support cryptocurrency exchanges. Being the birthplace of Tether and the former host of FTX, the bankrupt exchange, Hong Kong seeks to take a leadership role in the crypto industry. However, these efforts have sparked skepticism and concerns within the local finance community.

UK Legal Body Suggests Creating a New Property Law Classification for Crypto Assets
The Law Commission in the UK has proposed the establishment of a new personal property category to encompass crypto assets like cryptocurrencies and non-fungible tokens (NFTs). This recommendation from the government-appointed body recognizes that existing classifications do not adequately cover these digital assets.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.