In a break from the global trend of tightening regulations following last year’s crypto market crash, Hong?Kong on June 2, 2023 published new regulations allowing licenced cryptocurrency exchanges to provide?services to retail clients.

After high-profile crashes, such as that of crypto platform FTX, which prompted the US to crack down on?the sector, the Chinese financial hub is taking the lead among regulators across the world to establish?ground rules for cryptocurrencies.

Since 2021, China has had a stringent ban on cryptocurrencies, but Hong Kong, which has a different?legislative system, allows trading. However, it is unregulated, and so, individual investors use unlicensed?platforms.

Following a one-year transition period, all Hong Kong cryptocurrency exchanges will now be required to?obtain licences in order to accept retail customers under the new regulatory framework that was?announced on Thursday.

Losses From Crypto Rug Pulls Outpaced Defi Exploits In May, Says Beosin

Over $45 million was lost to exit scams in May 2023, while exploits on DeFi protocols racked up less than?half that amount over the same period.

According to a Blockchain security company, the amount of cryptocurrencies lost to “rug pull” or “exit?scams”—where founders abruptly fold up and depart with investors’ money—had exceeded the amount?stolen from decentralised finance (DeFi) initiatives in May.

According to a Beosin report dated June 1, 2023, losses from scams and rug pulls in May totaled more?than $45 million over six occurrences.

DeFi protocols were the target of 10 attacks, which brought in $19.7 million. The amount is about 80 per?cent less than it was in April, and losses due to these kinds of abuses have been falling over the previous?two months, it noted.

Google Cloud, Voltage Expanding Bitcoin Lightning Network Hosting, Locations

To increase its hosting and locations, Google Cloud has announced a partnership with Voltage, a Bitcoin?Lightning Network service provider.??

Through this partnership, Google Cloud hopes to improve the Bitcoin Lightning Network’s infrastructure,?thus providing improved usability and effectiveness for users around the world, reports?Coin Magazine.

Nike’s ‘Virtual Creations’ To Be Integrated Into EA Sports Nike’s non-fungible token (NFT) platform has contributed significantly towards the widespread use of?cryptocurrency among gamers. Now, Nike’s virtual clothing and footwear may eventually appear in EA?Sports titles thanks to the integration of the Swoosh.

NFTs will begin appearing in EA Sports games in the coming months, according to a statement from Nike?on June 1. Neither Nike nor Electronic Arts have disclosed which game titles will feature Nike's virtual?products, though.