Representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken May 20, 2021. REUTERS/Dado Ruvic/Illustration
HONG KONG: Cryptocurrency exchanges operating in Hong Kong will have to be licenced by the city s markets regulator and will only be allowed to provide services to professional investors, according to government proposals published on Friday.
Governments and financial regulators around the world are still assessing whether and how they should regulate the cryptocurrency industry. Investor protection and preventing money laundering are particular concerns.
Cryptocurrencies such as bitcoin and ether have been on a roller-coaster ride this week which has raised further questions about their potential as mainstream investments.
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The global Smart Contracts market size is projected to reach USD 345.4 Million by 2026, from USD 106.7 Million in 2019, at a CAGR of 18.1% during the forecast period 2021-2026.
Major factors driving the growth of smart contract market size are, increasing adoption of various applications in industries such as supply chain, banking, government, insurance, and real estate. Furthermore, the rising popularity of Blockchain technology is fueling the demand for the Smart Contracts Market.
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TRENDS INFLUENCING THE GROWTH OF SMART CONTRACT MARKET SIZE
Government bodies across the world are implementing smart contracts that require less human involvement and dramatically reduce the cost of contract handling. This, in turn, is projected to increase the growth of smart contract market size during the forecast period.