PANews reported on June 12 that according to Sing Tao Daily, the Hong Kong Financial Services Development Council (FSDC) and the City of London (TheCityUK) signed a memorandum of understanding. It is reported that the cooperation between the two parties will focus on areas such as financial transformation, virtual assets and capacity building, while building a cooperation framework to promote knowledge exchange on regulatory practices, innovative financial products and emerging financial services opportunities.

Earlier news, Nigel Farage, leader of the British Reform Party, revealed plans to submit a new cryptocurrency bill to help the City of Finance carry out crypto innovation and establish a two-year regulatory sandbox.