FameEX Afternoon Crypto News Recap | April 17, 2023

Hong Kong's Largest Online Bank Now Offers Cryptocurrency Conversion Services
https://www.fameex.com/en-AU/news/crypto-trending-news-2023041703
ZA Bank, a virtual bank based in Hong Kong, has announced its plans to venture into the digital assets sector by offering crypto-to-fiat conversions and account services. This move is in response to Hong Kong's aim to embrace the expanding digital assets industry. ZA Bank, being the largest virtual-only bank in Hong Kong, is expected to attract more customers and intensify competition in the region as a result of this expansion.

European Interest Rates Poised to Increase Further, as Indicated by Central Bank Governors
The monetary authority's decision-making body believes that additional interest rate hikes are necessary due to persistent inflation in the eurozone. Although there are varying opinions on the level of aggressiveness that the European Central Bank should display, two central bank governors concur that there will be further increases in key interest rates.

Singapore's Central Bank Working on Establishing Standards for Digital Asset Banking
The central bank of Singapore, in partnership with law enforcement agencies and commercial banks, is developing industry standards for banks to onboard new digital asset clients. The goal is to alleviate the challenges faced by digital asset businesses in accessing banking services, especially in Singapore, as banks have concerns about regulatory compliance and money laundering risks.

Advocates of Cryptocurrency Industry Push for Interoperable Standards to Foster Blockchain Advancement
To fully achieve the shift from Web2 to Web3 using blockchain technology, industry experts highlight the need for a universal communication standard that all networks can easily integrate. As the blockchain ecosystem is expected to consist of multiple blockchains, a communication protocol like TCP/IP used on the internet is necessary to establish a cohesive and interoperable network.

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