By Anjali Kochhar A new report by Cambridge Blockchain Network Sustainability Index report highlights the significant reduction in energy consumption of the Ethereum blockchain after its transition to a proof-of-stake (PoS) mechanism for creating new ether. Proof-of-work (PoW) blockchains, such as Bitcoin, are notoriously energy-intensive. They require users to solve complex mathematical problems to add […]

Hong Kong’s Securities Futures Commission (SFC) will release guidelines on the licensing regime for cryptocurrency exchanges by end of the month. SFC CEO Julia Leung announced the plan during an event, noting that the city will unveil its new cryptocurrency framework in May, according to a report by Bloomberg.  Here’s what we know:  Back in

By Sharan Kaur Phillora The Hong Kong Monetary Authority (HKMA), on April 27th, called on banks via a circular to provide services to cryptocurrency firms. The document required Authorized Institutions (AIs) to “support virtual asset service providers (VASPs) licensed and regulated by the Securities and Futures Commission (SFC) on their legitimate need for bank accounts

By Anjali Kochhar The U.S. House Financial Services Committee has published a draft of a proposed stablecoin bill, which includes several proposals aimed at regulating the use of stablecoins. Stablecoins are digital tokens that are designed to maintain a stable value, usually pegged to a fiat currency such as the U.S. dollar. Stablecoins can be

April 28, 2023 By Anjali Kochhar Binance.US, the digital-asset platform owned by crypto billionaire Changpeng “CZ” Zhao that was created to serve American clients, has a significant tech workforce in China. Binance.US currently has about 100 contract workers in Shanghai, mostly in engineering and product roles, according to Bloomberg sources. For at least a year

April 28, 2023 By Sharan Kaur Phillora Microsoft President Brad Smith has cautioned that the development of generative AI could soon face stiff competition from Chinese research institutions and firms. Smith focuses in an interview with Nikkei Asia that China will participate in the race to innovate and emerge as a leading player in the development of

April 28, 2023 By Sharan Kaur Phillora TinyTap, a subsidiary of Animoca Brands, has secured funding of $8.5 million. The round saw the participation of some of the most reputed investors, like Polygon Labs, LibertyCity Ventures, and Kingsway Capital, among many others. The edTech platform is eyeing to transition from Web2 to Web3 by leveraging

April 27, 2023 By Anjali Kochhar As per reports from local media, a city located in the eastern part of China is intending to compensate its public sector staff solely with digital currency. Changshu, a city housing a population of 1.5 million in Jiangsu province, will initiate payments to government officials and individuals working for public

April 27, 2023 By Sharan Kaur Phillora China is enlarging the application of its digital yuan or e-CNY, to ease trade and cross-border transactions within its Belt and Road initiative, media reports said.  Here’s what we know:  Plans have been made to encourage the usage of digital yuan for paying service fees and storage charges

April 26, 2023 By Sharan Kaur Phillora According to an announcement, ‘Gemini Foundation’ will allow its customers to trade spot and derivative products. These products will be denominated in Gemini’s stablecoin — GUSD. Potential customers can sign up to be notified when the platform goes live. Here’s what we know: Gemini’s latest moves highlight the