Norway is on on track to build Europe’s first regulated data center business, with the goal of distinguishing between centers that benefit society and those that hurt the environment through cryptocurrency-mining. This endeavor entails establishing distinct classifications for these facilities.
The Legislation Proposed for Data Center Transparency
The policy is being implemented as part of a government initiative in response to the massive eminence of cryptocurrency-mining initiatives. Ministry Tung clarified that the government aims to’shut the doors’ on this type of project unless it includes a minimum social asset.
Trade and Industry Ministers Karianne Tung and Terje Aasland are pushing for new legislation that would require data centers to disclose more specific information about the services they provide. The ability given to communities to create a suitable location and award a permit for data centers is a critical component of the selection.
Numerous factors contribute to digitalization, with data playing a key role. In related news, Hong Kong’s Securities & Futures Professionals Association (HKSFP) supports self-regulation of the cryptocurrencycurrency business. This proposition advocates for the establishment of self-regulatory committees to regulate development, with the Hong Kong government balancing surveillance with development.
Also read: Taiwan FSC Proposes New Digital Asset Regulations Draft for Investor in September 2024