Hong Kong Monetary Authority Launches Regtech Knowledge Hub, Bitcoin Rises – Outlook India

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Updated: 26 Apr 2022 6:27 pm
The Hong Kong Monetary Authority (HKMA) on April 26, 2022, launched the Regtech Knowledge Hub to encourage greater sharing of Regtech adoption experience and expertise within the Regtech ecosystem in Hong Kong. 
HKMA said in a press release: “The establishment of the Hub forms part of the HKMA’s two-year Regtech promotion roadmap announced in November 2020 to promote Regtech adoption.”
HKMA further said that this Hub would provide an online platform for the regtech community, including banks and regtech providers, to share success stories and implementation experiences. 

The Hub’s launch is accompanied by three innovative Regtech use cases. These include:
•    A Digital Ledger Technology-based foreign exchange (FX) settlement solution that helps to reduce FX settlement risk.
•    Alternative credit risk assessment solutions for small- and medium-sized businesses made possible by Application Programming Interface and Federated Learning.
•    And, solutions based on artificial intelligence for assessing the credit risk of corporate loans.
Elsewhere, Trace Network Labs, a crypto exchange, has announced that it will list the Metaverse Token “TRACE” on its platform. 
Trace is a widely popular metaverse token used for accessorising digital avatars. 
The company said in a press release: “It empowers network users with governance control over the protocol and also provides better exposure to the world of non-fungible tokens (NFTs) and the expanding metaverse in the country."
Gaurav Dahake, CEO of Bitbns, says:  “At Bitbns, we have always looked forward to offering unique propositions to our customers. With a seamless convergence of virtual reality (VR), AI, and augmented reality (AR), the metaverse is taking the world by storm, especially in terms of offering unlimited opportunities to its users. With the addition of TRACE on Bitbns, we have broadened the metaverse offering on our platform. "
Crypto Prices
Bitcoin’s price in the cryptocurrency market increased by 4.82 per cent in the previous 24 hours, and it was trading at $40,387.61 at 4:30 p.m. IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 41.29 percent, up by 0.02 percent in the last 24 hours.
In the last 24 hours, Ethereum (ETH) was trading at $2,994.63, up by 5.82 per cent, while Binance Coin (BNB) was trading at $399.88, up 3.18 per cent. Solana (SOL) was up by 4.82 per cent to $100.29, while Cardano (ADA) was up by 5.11 per cent to $0.887.
Meme Coins
Dogecoin was trading at $0.1604 on Coinmarketcap.com at 4:30 p.m., up by 28.34 per cent among meme coins. Its rival, Shiba Inu, was up by 5.70 per cent, and it was trading at $0.00002423. Samoyedcoin was up by 6.91 per cent and was trading at $0.01775, while Dogelon Mars was up by 8.85 per cent and was trading at $0.000001046.
Overall Scenario
The global crypto market cap was at $1.86 trillion, a 4.85 per cent increase in the last 24 hours, while the total crypto market volume was $93.65 billion, an increase of 21.94 per cent, according to Coinmarketcap.com.
Konstrukt (KST) was the biggest gainer, increasing by 240.18 per cent. It was trading at $0.00001068 at 4:30 pm, according to Coinmarketcap. Conflict (CFLT) lost the most ground, falling 97.69 percent. It was trading at $0.0000006623.
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