Government-backed studies identify decentralized finance (DeFi) and metaverse technologies as crucial opportunities to strengthen the region's standing in the sector, offering a promising future for the industry. On June 25th, the Hong Kong Institute for Monetary and Financial Research (HKIMR), the Hong Kong Academy of Finance (AoF) research arm, released ...
Zhengzhou, the capital of China's Henan Province, has introduced a series of legislative proposals designed to support local metaverse businesses and seek to foster industry growth. These initiatives, announced on May 24, 2023, involve the creation of a special fund worth $1.42 billion (10 billion yuan) by the city government. ...
The China Metaverse Technology and Application Innovation Platform was launched in Nanjing, the capital city of China's Jiangsu province, on May 22, 2023. This state-supported initiative, led by the Nanjing University of Information Science and Technology (NUIST), aims to facilitate and promote research and development in the metaverse across the ...
China has released a draft proposal outlining how to manage financial experiments related to cryptocurrencies as it seeks to expand its involvement in the crypto industry. Despite the Chinese government’s concerns about the risks associated with digital currencies, the proposed protocol aims to clarify the legality of legal actions related ...
Several advocacy and safety groups have written to Mark Zuckerberg, the CEO of Meta, urging the company to abandon its plans to allow children access to the metaverse. The letter, signed by major safety organizations including Airplay, the Center for Countering Digital Hate, and Common Sense Media, among others, asks ...
Disney, the world's largest entertainment company, has reportedly shut down its metaverse division as part of a broader restructuring plan aimed at cutting operational costs by $5.5 billion and reducing its workforce by 7,000 employees within two months. On March 28, 2023, the Wall Street Journal reported that the closure ...
