FameEX Morning Crypto News Recap | June 28, 2023

Collaborative Crypto Pilot Project Unites Japanese and Singaporean Regulatory Authorities
The Financial Services Authority (FSA) of Japan has partnered with the Monetary Authority of Singapore (MAS) to regulate and conduct pilot tests on cryptocurrency projects. The collaboration is part of Singapore's "Project Guardian" initiative, with the FSA initially participating as an observer.

New Data Reveals Bitcoin Mining as the Top Consumer of Sustainable Energy
New data reveals that Bitcoin mining has become the largest consumer of sustainable energy and has experienced the most significant growth in its use between July 2019 and June 2023. Additionally, the emission intensity of Bitcoin mining has decreased from over 500 g/kWh in July 2021 to 296 g/kWh in June 2023.

Ensuring UK's Global Leadership Requires Implementation of Crypto Laws
The CryptoCompare Digital Asset Summit in London highlighted the recent downturn of Bitcoin and other cryptocurrencies, which paralleled the decline of risky assets such as U.S. stocks. Attendees engaged with puzzle cubes featuring cryptocurrency logos and exchanges.

De-Dollarization Gains Momentum as Iranians, Brazilians, and Saudis Shift to Trading in Chinese Yuan
The IMF's executive director for Russia highlights a rising trend of countries adopting the Chinese yuan for trade, not just with China but also with third-party nations. He criticizes the widespread use of the U.S. dollar, citing the U.S. government's utilization of the currency for its own national interests and economic obligations.

Hong Kong Accelerates Efforts to Establish Itself as a Leading Crypto Hub
Hong Kong is making concerted efforts to become a prominent global crypto hub by urging its banking sector to cater to cryptocurrency exchanges. As the birthplace of Tether and the former home of FTX, the bankrupt exchange, Hong Kong aims to assume a leadership position in the crypto industry. Nevertheless, these initiatives have generated skepticism and raised concerns among the local finance community.

UK Legal Authority Proposes New Property Law Category for Crypto Assets