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More than half of Bitcoin investors in SE Asia use the crypto to preserve wealth: report

More than half of Bitcoin investors in SE Asia use the crypto to preserve wealth: report

According to a report by AAX crypto exchange and Forrester Consulting, 51% of Bitcoin owners in Southeast Asia used it to save money and preserve their wealth. See related article: Crypto trading volumes dip to 18-month low amid bear market Fast facts Some 47% of Bitcoin users in Southeast Asia sought a profit while 44% […]
Ravi Menon Headshot

Singapore’s MAS to further strengthen crypto regulations

The Monetary Authority of Singapore (MAS) said it will seek consultation in the next months on proposed measures toward regulating the crypto industry. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Singapore’s regulatory focus on crypto has been mainly toward containing money laundering and terrorist financing risks, MAS Managing […]

Celsius says users can settle for cash at a discount or go long on crypto

In a presentation on Monday, embattled crypto lender Celsius Network presented a plan of action as it enters Chapter 11 proceedings to restructure and stabilize its business in an effort to placate stakeholders.   See related article: Celsius says it owes its users US$4.72B amid a US$1.19B balance sheet deficit Fast facts The firm expects to […]
btc eth

Ethereum price breaks US$1,600, Ethereum Classic surges 22%

Ethereum (ETH) hit a high of US$1,610 on Tuesday morning in Asia, before retracing to trade at US$1,521 at press time, according to data from CoinMarketCap. See related article: Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace Fast facts The world’s second-largest cryptocurrency by market capitalization was up […]
lobby group

India’s crypto industry plans new liaison group

The Indian cryptocurrency industry is looking to create an independent association to liaison with the government on policies and highlight issues with relevant stakeholders. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts Key stakeholders have engaged in preliminary talks but the association’s establishment is not expected to be immediate, […]
animoca

Animoca Brands poaches Tencent Insurance arm’s CEO Alan Lau

Tencent’s insurance business WeSure chief executive officer Alan Lau has officially joined Hong Kong-based blockchain and game venture Animoca Brands as chief business officer, Lau’s LinkedIn page showed on Tuesday. See related article: Tencent launches XR unit to develop ‘benchmark’ VR products Fast facts Lau will be responsible for managing all of Animoca Brands’ portfolio […]
Sen. Cynthia Lummis speaks as Sen. Kirsten Gillibrand listens

The Lummis-Gillibrand bill could reshape global crypto regulations

As a world leader, the US now offers a regulatory template for crypto that others are sure to follow, writes Michael Shing of XREX. Here are the key provisions.

Binance fined by Dutch central bank for improper registration

Cryptocurrency exchange Binance has been fined in the Netherlands for operating without proper registration, the Dutch central bank said on Monday. See related article: Binance gets nod from Spain to offer crypto exchange, custody services Fast facts De Nederlandsche Bank (DNB), which oversees crypto service provider registrations, said it imposed a 3.3 million euro (US$3.4 […]
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India says a crypto ban would require international collaboration

While the Reserve Bank of India has sought to prohibit cryptocurrencies, a ban is only possible after significant international collaboration and evaluation, India’s finance minister said on Monday. See related article: India’s finance minister calls on G20 to share information on crypto Fast facts “RBI (Reserve Bank of India) is of the view that cryptocurrencies […]
Silver crypto coins and Web3.0 ahead road sign with snowy winter background

How the crypto winter is laying groundwork for Web3 to reach its potential

Digital assets are powering new industries, and DeFi will be the financial system of the future internet economy, writes Alex Tapscott in his new book, ‘Digital Asset Revolution.’
Apathy at home compels South Korea’s blockchain game makers to foreign shores

Failed promises compel South Korea’s game makers to explore foreign shores

The country’s major game developers continue to focus on overseas markets as there are no signs of a thaw in the government’s stance on games that include elements of blockchain and play-to-earn.
Bitcoin industry hardware | BTC miner Whinstone countersues Japan’s GMO Internet for US$15 mln | bitcoin mining news, whinstone, whinstone texas, gmo internet

Celsius Network could add to crypto mining struggles

Celsius Mining, troubled crypto firm Celsius Network’s mining arm, still has over 80,000 crypto mining rigs, according to the lender’s bankruptcy filings. See related article: Celsius says it owes its users US$4.72B amid a US$1.19B balance sheet deficit Fast facts See related article: Celsius files for bankruptcy after closing DeFi loans
Crypto startup funding falls by 26% in H1 2022: report

Crypto startup funding falls by 26% in H1 2022: report

Following a record first half last year, investments in startups focusing on the cryptocurrency industry are down amid the so-called crypto winter, data showed.  See related article: Polkadot is top crypto held by VCs and hedge funds in Q4 2021 Fast facts Venture capital funding in crypto startups fell nearly 26% to US$9.3 billion across […]
Crypto trading volumes dip to 18-month low amid bear market

Crypto trading volumes dip to 18-month low amid bear market

Spot and derivatives crypto trading volumes have declined by over 15% since May to around US$4.2 trillion, the lowest since January 2021, Bloomberg reported citing data from CryptoCompare.  See related article: Indian crypto trading volume drops as much as 63% after new tax Fast facts In June alone, spot trading volumes dropped by 28% to […]
tencent news

Tencent shuts down one of its NFT marketplaces

Launched in January, Tencent News’ NFT marketplace was shut down, citing the need to “adjust” and “transform” the business. See related article:  China’s diktat against NFT flipping spawns an ingenious industry Fast facts Wang Shimu, former head of Tencent News, left the news division in May and was reassigned to Tencent’s NFT arm Huanhe due […]
crypto 3

India’s finance minister calls on G20 to share information on crypto

Cryptocurrencies need to be brought under the purview of tax information shared by countries, India’s finance minister Nirmala Sitharaman said at a G20 Ministerial Symposium on Tax and Development in Bali. See related article: India to make life hell for crypto investors: MP Fast facts The G20 should examine the feasibility of exchanging information on […]
Hyundai Motor runs NFT memberships for new IONIQ 6 EV

Hyundai Motor runs NFT memberships for new IONIQ 6 EV

Hyundai Motor unveiled a non-fungible token (NFT) membership program for its new electric vehicle (EV) IONIQ 6, which unlocks exclusive access to Web3 content to holders, according to a press release. See related article: Hyundai Motor drives into metaverse branding with Meta Kongz NFT project Fast facts The IONIQ Citizenship includes access to VIP rights […]
Timmy 1

Crypto miners should disclose energy data, US lawmakers say

A number of U.S. lawmakers urged the country’s energy and environmental protection authorities to mandate that cryptocurrency miners disclose data on energy use, as seven of the largest mining companies were found to use as much power as all of the homes in Houston. See related article: Bitcoin lobbyists rebut ‘misconceptions’ over environmental impact Fast […]
axie origin

Play-to-earn game developers pivot to engaging fans

A focus on economic sustainability, or play-and-earn, is driving the P2E industry to rein in incentives and instead attract and engage gamers in the hope that they will end up spending on in-game assets.
Circle’s reserve breakdown shows US$13.58B cash and US$42.12B U.S. Treasurys

Circle’s reserve breakdown shows US$13.58B cash and US$42.12B U.S. Treasurys

Circle Internet Financial, the issuer of USDC, on Thursday released a detailed but unaudited breakdown of the reserves backing the second-largest stablecoin by market capitalization. See related article: Questions over Circle’s USDC reserves linger despite assurances Fast facts The breakdown showed that Circle had US$42.12 billion in U.S. Treasurys and US$13.58 billion in cash as […]

Celsius says it owes its users US$4.72B amid a US$1.19B balance sheet deficit

A day after filing for Chapter 11 bankruptcy, Celsius Network disclosed a US$1.19 billion deficit in its balance sheet in a new filing on Thursday by restructuring lawyers Kirkland & Ellis LLP. See related article: Celsius files for bankruptcy after closing DeFi loans Fast facts The document showed that Celsius had US$4.31 billion in assets […]
mayc 1

Bored Apes, Sneaky Vampire NFT Champagne sold for US$2.5 mln

A Champagne bearing five non-fungible tokens (NFTs) on the surface of its bottle, including the likes of well-known collections Bored Ape Yacht Club (BAYC) spinoff Mutant Ape Yacht Club (MAYC) and a Sneaky Vampire, sold for US$2.5 million in a private sale last Friday. See related article: Scottish whisky brand The Dalmore to offer limited-edition […]
Terra subsidiary used as funds channel for overseas affiliates: report

Terra subsidiary used as funds channel for overseas affiliates: report

South Korean prosecutors have reportedly identified what is believed to be a Terraform Labs subsidiary in South Korea, FLEXE Corporation, which was allegedly used to facilitate cash flow from overseas to Terra affiliates, according to KBS News. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts Terraform Labs chief executive officer […]
huobi

Huobi applies for trading license with Hong Kong SFC

Huobi Technology has applied to become a regulated virtual asset trading platform with Hong Kong’s securities watchdog, as the city moves on to clarify and tighten rules on cryptocurrency-related businesses.  See related article: Hong Kong to propose bill to license crypto exchanges Fast facts Huobi said on Thursday the Securities and Futures Commission (SFC) has […]
crypto3

India’s industry body dissolves its crypto advocacy council

The Blockchain and Crypto Assets Council (BACC), the advocacy body representing Indian crypto industry interests, has been dissolved by its parent organization, the Internet and Mobile Association of India (IAMAI), according to a statement seen by CoinDesk.  See related article: Coinbase blames India’s central bank for exit Fast facts IAMAI made the decision without discussing […]
Fork shadow

Eth2 merger closer as ninth shadow fork goes live

Ethereum’s ninth shadow fork went live overnight Wednesday in Asia, marking one of the final steps before the merge with the proof-of-stake (PoS) Beacon Chain as part of the network’s transition to Ethereum 2.0. See related article: Vitalik Buterin defends Ethereum ahead of merge; ‘not a security’ Fast facts A shadow fork is a test […]
Celsius files for bankruptcy after closing DeFi loans

Celsius files for bankruptcy after closing DeFi loans

The embattled U.S. crypto lender wants to continue certain operations during the restructuring process but customers will have to wait for the Chapter 11 proceedings to address their claims.
Questions over Circle’s USDC reserves linger despite assurances

Questions over Circle’s USDC reserves linger despite assurances

Fresh claims that emerged over the weekend about the status of Circle’s USDC reserves cast doubts on the ability of the so-called stablecoin to maintain its peg. In a deep dive, Forkast examined the allegations and reached out to the company for its version of events.
trucpal

Chinese logistics network plans US fundraise via tokenized offerings

HGC Info Tech (HGC) announced Tuesday that it will start offering its securities tokens at U.S. digital asset exchange INX, as Chinese firms face delisting risks in the states due to regulatory differences. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts Xiamen-based HGC provides order matching and […]
Bitcoin hashrate slumps to lowest in five months amid 100 degree plus weather in Texas

Bitcoin hashrate slumps to lowest in over five months amid 100-degree-plus weather in Texas

Bitcoin’s hashrate dropped by more than 27% in 24 hours to 159.41 exahashes per second (EH/s) on Wednesday, the lowest since February this year, according to data from BTC.com.  See related article: Bitcoin miners in Texas halt operations amid heat wave Fast facts Multiple crypto miners in Texas, a mining hub in the U.S., have […]
The sign of e-CNY, E-CNY’s transaction volume, private wallets surges in October

Digital yuan tops US$12B transactions in 2022 so far

China had more than 264 million digital yuan transactions, with a total volume topping 83 billion yuan (about US$12.3 billion), as of May 31, People’s Bank of China (PBoC) official Zou Lan said at a press conference on Wednesday. See related article: China’s PBoC wants to link e-CNY with Hong Kong’s Faster Payment System Fast […]
crypto 2

Crypto exchange Fasset, Mastercard seek expansion in Indonesia

Middle East crypto exchange Fasset Technologies Ltd. is collaborating with global payments technology company Mastercard to expand its financial reach in Indonesia. See related article: Crypto exchange Fasset expands to Southeast Asia Fast facts The announcement comes after Fasset said it raised US$22 million in series A funding.  According to a survey, 41% of Indonesians […]
MATIC crypto skyrockets as Polygon joins Disney accelerator, Polygon brand in an animated workstation layout. Found in the Polygon brand book.

MATIC crypto skyrockets as Polygon joins Disney accelerator

Polygon was selected as one of the 2022 participants for Disney’s accelerator program on Wednesday, triggering the project’s cryptocurrency MATIC to rise by more than 15%.  See related article: Aespa, NCT’s SM Entertainment builds metaverse studio Kwangya Fast facts The Walt Disney Company did not announce any of its own crypto projects, but the 2022 […]
neon lamp headboard with ethereum 2.0 symbol and sign

Ethereum will soon turn 7 — and its upcoming ‘Merge’ will be well worth the wait

The ‘Merge’ will have a major impact on the Ethereum ecosystem and beyond, and getting it right is more important than speed, writes Kevin Loo of IDEG.
South Korea’s Ifland metaverse dives into play-to-earn

South Korea’s Ifland metaverse dives into play-to-earn

South Korea’s Ifland metaverse marked its first anniversary by announcing Ifland 2.0, which will feature an economy that allows users to earn profits in the metaverse, its operator telecommunications giant SK Telecom said Tuesday. See related article: South Korea’s SK Telecom to build its first Web3 wallet Fast facts The Ifland 2.0 economy will reward […]
Inflation

Bitcoin bounces back after US reports worst inflation in 41 years

Bitcoin recovered past US$20,000 on Thursday morning in Asia following a steep 3.4% drop within an hour following the U.S. announcing its fastest inflation growth in 41 years. See related article: Bitcoin price crosses US$22K; Fed cools recession fears Fast facts Inflation levels in the U.S. soared 9.1% in June compared to a year ago […]
Will Mt. Gox Bitcoin eruption smother hopes of rapid crypto recovery

Will Mt. Gox Bitcoin eruption smother hopes of rapid crypto recovery?

Top blockchain and crypto news: Payback time for Mt. Gox investors. USDC issuer strikes back as critics circle. Chinese bank fiasco hits a nerve.
nft

NFTs, metaverse, blockchain, Web3 included in Shanghai’s five-year plan

The Shanghai government has included metaverse entertainment, non-fungible tokens (NFTs) and Web3 technologies into its five-year digital economy plan, according to a policy paper published on Tuesday. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts See related article: Xiamen reveals plan to bolster its metaverse, NFT-related firms
Arrow1

Court gives liquidators green light to claim 3AC assets

U.S. Bankruptcy Judge Martin Glenn gave liquidators authority to subpoena and lay claim to bankrupt crypto firm Three Arrows Capital (3AC)’s U.S-based assets on Tuesday. See related article: 3AC crypto contagion spreads to Blockchain.com: report Fast facts Liquidators can subpoena two dozen banks and crypto exchanges to obtain information about the bankrupt crypto hedge fund’s […]
Celsius pays off USDC loan on Aave, unlocks over US$41 7 million in collateral

Celsius pays off USDC loan on Aave, unlocks over US$41 7 mln in collateral

Crypto lender Celsius Network continued to repay its loans on Tuesday, paying off US$71.9 million USDC owed to Aave and freeing up over US$417 million worth of stETH, on-chain data showed.  See related article: Celsius repays over US$113 mln in debt; recovers US$122 mln in collateral Fast facts The latest repayment has closed Celsius’ USDC […]
Animoca Brands ups valuation to US$5.9B despite slumping markets, Animoca Brands logo over image of TOWER token and the TOWER Experiment product

Animoca Brands ups valuation to US$5.9B despite slumping markets

Animoca Brands has raised US$75 million in a new round of fundraising in a move toward an “open metaverse,” defying plummeting markets and a drop in non-fungible token (NFT) sales during the crypto winter season, the Hong Kong-based blockchain game specialist announced on Tuesday.  See related article: Animoca says crypto winter ‘a great time’ for […]
investor

Lightspeed launches US$500 mln fund for India, SEA

Lightspeed India Partners (LSIP) announced on Tuesday the closing of a US$500 million early stage fund (LSIP Fund IV) for India and Southeast Asia, as part of venture capital firm Lightspeed Venture Partners’ (LSVP) US$7.1 billion commitment. See related article: Huobi Ventures bets on DeFi and gaming in $10M GameFi fund Fast facts In addition […]
joox

NFT gallery drops on Tencent’s SEA music app JOOX

JOOX, Tencent’s music streaming service for the Southeast Asian market, has launched a non-fungible token (NFT) gallery in its app, taking another step in the Chinese tech giant’s Web3 drive.  See related article: Tencent’s music app tests NFT avatars, virtual music room Fast facts In collaboration with music NFT marketplace MusicY, the new NFT gallery […]
Aespa, NCT’s SM Entertainment builds metaverse studio Kwangya

Aespa, NCT’s SM Entertainment builds metaverse studio Kwangya

SM Entertainment (SM) announced it is establishing Studio Kwangya, a company specializing in content production in the metaverse, the leading South Korean idol agency announced on Tuesday.  See related article: Second K-pop agency taps Binance for NFT partnership Fast facts SM has represented some generational acts in K-pop since 1995 such as H.O.T., SNSD, EXO, […]
Vitalik Buterin

Vitalik Buterin defends Ethereum ahead of merge; ‘not a security’

Ethereum co-founder Vitalik Buterin tweeted a defense of the network’s transition to proof of stake (PoS) on Tuesday, responding to arguments suggesting assets secured by such consensus mechanisms are a security. See related article: Ethereum one step closer to Eth2 with Ropsten testnet merger Fast facts “The fact that you can vote on something to […]
The e-CNY logo at the entrance of Zhenning Food Market, Shanghai,

Shanghai sees its metaverse industry growing to US$52 billion in four years

Shanghai released a policy paper setting a goal to cultivate its metaverse-related industry to a total value of 350 billion yuan (US$52 billion) by the end of 2025.  See related article: Hong Kong gears up for its first metaverse ETF Fast facts See related article: China’s zero-Covid policy realigning global economy, financial markets
FSB

Financial Stability Board calls for high regulatory standards for stablecoins

The failure of a crypto market player may have spillover effects on traditional finance such as short-term funding markets, says the Basel-based international body.
Court allows Voyager Digital to return US$270 mln in custodial account to customers

Voyager crypto refund plan unconfirmed; fiat to be returned in full

Voyager Digital said in a Monday blog update that customers’ USD deposits will be returned in full “after a reconciliation and fraud prevention process” but it has yet to receive the green light on its cryptocurrency refund proposal.  See related article: Voyager faces delisting from Toronto Stock Exchange after bankruptcy filing Fast facts Voyager filed […]
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Henan promises to release frozen bank funds after violent protest

The local financial regulator in China’s central Henan province said it will start releasing customer funds from the four rural banks that have reportedly frozen around 39 billion yuan (US$5.8 billion) from July 15, following Sunday’s violent clash between protesters and the police.  See related article: Client accuses Bitcoin, Ethereum backer Three Arrows Capital of […]
Christinelegard

Inter-country use key for CBDCs to reach potential: report

For central bank digital currencies to enhance cross-border payments, issuing institutions must take functionality into account to avoid unintended barriers, a joint report by three international financial bodies says.
Celsius pays off USDC loan on Aave, unlocks over US$41 7 million in collateral

Celsius repays over US$113 mln in debt; recovers US$122 mln in collateral

Celsius Network repaid around US$78 million in USDC to Aave and US$35 million in DAI to Compound on Monday, blockchain data on Etherscan shows.  See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts The troubled cryptocurrency lender unlocked at least US$122 million in collateral through its latest set of repayments.  Celsius […]
NEW YORK, NEW YORK - JANUARY 27: GameStop store signage is seen on January 27, 2021 in New York City. Stock shares of videogame retailer GameStop Corp has increased 700% in the past two weeks due to amateur investors. (Photo by Michael M. Santiago/Getty Images), GameStop NFT marketplace goes live, gets closer Web3 gaming

GameStop NFT marketplace goes live, gets closer to Web3 gaming

GameStop has launched its non-fungible token (NFT) marketplace, allowing artists, gamers, content creators and community members to buy, sell and trade NFTs, the video game retailer announced on Tuesday.  See related article: eBay acquires NFT marketplace KnownOrigin Fast facts The marketplace can be accessed through Web3 wallets such as the GameStop Wallet unveiled in May. […]
S. Korea’s Danal, LG CNS to build “one-for-all” Web3 payments platform

S. Korea’s Danal, LG CNS to build ‘one-for-all’ Web3 payments platform

South Korean payment services platform Danal has partnered with LG CNS to develop a payments network that hopes to bring Web3-related digital assets payments to the existing financial system. See related article: South Korea’s SK Telecom to build its first Web3 wallet Fast facts LG CNS is an information technology consulting and solutions subsidiary of […]
argo blockchain

Bitcoin miners in Texas halt operations amid heat wave

Many cryptocurrency miners in Texas, one of the largest Bitcoin mining hubs in the U.S., are halting their operations as the state’s electrical grid faces surging power demand amid a heat wave. See related article: Marathon Digital says Montana storm knocked out most Bitcoin rigs Fast facts Nasdaq-listed miner Core Scientific on Tuesday said that […]
nft

CrossTower in pact with Ripple to offer NFTs on XRP Ledger

Crypto trading platform CrossTower has partnered with Ripple to add non-fungible tokens (NFTs) minted on the XRP Ledger (XRPL) to its marketplace.  See related article: China’s ‘Instagram’ gets into virtual fashion with users strutting NFT clothes Fast facts The partnership will significantly lower the costs and entry barrier for creators who want to mint their […]
Merlion Park in Singapore with faded cryptocurrency words

Why Singapore needs to rethink its approach to regulating crypto

Singapore wants to attract institutional capital while shielding its people from crypto — but it can’t have it both ways, writes Donovan Choy.
Bitcoin

Bitcoin price sinks below US$20K, erases weekly progress

Bitcoin’s price fell below US$20,000 Tuesday morning in Asia, erasing last week’s gains, as both crypto and traditional markets await the latest U.S. inflation data due on Wednesday. See related article: Bitcoin price crosses US$22K; Fed cools recession fears Fast facts The world’s largest cryptocurrency fell 4.5% in the past 24 hours to trade at […]
Bitcoin BTC cryptocurrency on silver futuristic hand

Why Bitcoin is still a good investment despite the bear market

BTC remains a safe haven for investors for the long term amid this year’s soaring inflation and market volatility, writes Josef Tětek of SatoshiLabs.
Bitcoin

Bitcoin, Ethereum rebound pulls back amid worries of BTC dump from Mt. Gox, Celsius

Gains made by two of the world’s largest cryptocurrencies were partially eroded as speculation of a glut of Bitcoin from Mt. Gox’s customers and creditors and Celsius Network’s payback of its debt circulated over the weekend.
South Korea’s SK Telecom to build its first Web3 wallet

South Korea’s SK Telecom to build its first Web3 wallet

SK Telecom has partnered with blockchain firms AhnLab Blockchain Company and Atomrigs Labs to develop and operate a digital wallet for cryptocurrency management and Web3 access, the South Korean telecommunications giant announced on Monday.  See related article: South Korea’s second-largest conglomerate to issue own cryptocurrency Fast facts SK Telecom said users of its wallet will […]
spain

Binance gets nod from Spain to offer crypto exchange, custody services

Binance’s third approval in Europe came after the Bank of Spain allowed its Spanish subsidiary to register as a virtual asset services provider (VASP), the world’s largest crypto exchange by volume said Friday.  See related article: SEC said to probe Binance for rule violation in 2017 initial coin offering: report Fast facts The registration will […]
Celsius pays off USDC loan on Aave, unlocks over US$41 7 million in collateral

Celsius lost over US$350 million in DeFi: report

Celsius deployed over US$1 billion of assets in decentralized finance (DeFi) and incurred over US$350 million in losses, according to a report by blockchain analytics firm Arkham Intelligence.  See related article: Celsius repays debts, cuts jobs amid bankruptcy fears Fast facts Celsius handed over about US$530 million in corporate funds to an asset manager who […]
3AC crypto contagion spreads to Blockchain.com: report

3AC crypto contagion spreads to Blockchain.com: report

Blockchain.com is at risk of losing US$270 million loaned to crypto hedge fund Three Arrows Capital (3AC) which recently filed for bankruptcy, CoinDesk reported.  See related article: Three Arrows Capital collapse sends tremors through crypto industry Fast facts “Three Arrows is rapidly becoming insolvent and the default impact is approximately [US]$270 million worth of cryptocurrency […]
Crypto investments to count when determining conflict of interest: U.S. government ethics watchdog, Bitcoin regulated by international monetary laws, gold coin next to gavel.

Crypto investments to count when determining conflict of interest: US gov’t ethics watchdog

The U.S. Office of Government Ethics (OGE) said federal employees of the executive branch owning cryptocurrencies or mutual funds investing in the sector need to recuse themselves from any matter related to the industry. See related article: CFTC Commissioner Pham suggests regulators stay tech-neutral on stablecoins Fast facts The July 5 memo clarified that the […]
Celsius crypto bankruptcy saga meets new restructuring lawyers: report

Celsius crypto bankruptcy saga meets new restructuring lawyers: report

Cryptocurrency lender Celsius has hired new restructuring lawyers from Kirkland & Ellis LLP for advice on bankruptcy filing amid severe liquidity issues, the Wall Street Journal (WSJ) reported on Sunday.  See related article: Celsius said to be hiring restructuring attorneys, exploring financing options Fast facts Kirkland & Ellis is also advising Voyager Digital, which filed […]
crypto 1

DTI says no legal basis to ban Binance in the Philippines

The Philippines’ Department of Trade and Industry (DTI) said it cannot ban Binance for cryptocurrency-related sales and promotion as there are no clear regulations issued by the Banko Sentral ng Pilipinas (BSP), the nation’s central bank.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts “Cryptocurrency […]
PSG sells US$220,000 NFT tickets for first Japan tour in 27 years

PSG sells US$220,000 NFT tickets for first Japan tour in 27 years

Paris Saint-Germain F.C. (PSG), the winning football club of the French Ligue 1, is selling non-fungible token (NFT) tickets worth 30 million yen (US$220,000) each for its friendly matches this month with local teams in Japan as well as VIP access to players. See related article: NFTs Explained in Less than 4 Minutes Fast facts […]
Hong Kong

CoinFLEX deficit rises to US$84 mln; enters recovery arbitration

CoinFLEX has entered arbitration in the Hong Kong International Arbitration Centre (HKIAC) to recover US$84 million from a “large individual customer,” according to a blog post published by the crypto trading platform’s cofounders Sudhu Arumugam and Mark Lamb on Saturday. See related article: Roger Ver says he will issue statement on default dispute with CoinFLEX  […]
Circle’s reserve breakdown shows US$13.58B cash and US$42.12B U.S. Treasurys

Circle says customers could redeem all of USDC in one day

In an exclusive interview with Forkast Editor-in-Chief Angie Lau, Circle Chief Financial Officer Jeremy Fox-Geen said reserves backing the so-called USDC stablecoin are ring-fenced from any potential fallout from the contagion engulfing crypto markets.
YGG

As earnings from play-to-earn games dwindle, some turn to upskilling players

Players are being educated to turn into writers, content creators, streamers or e-sports players as earnings from play-to-earn games aren’t enough to substitute for a day job.
Singapore’s low taxes draw Japan’s Web 3.0 companies

Singapore’s low taxes draw Japan’s Web 3.0 companies

A large number of Japanese Web 3.0 companies are moving to or at least setting up new offices in Singapore, executives from Japanese blockchain gaming infrastructure builder Oasys told Forkast on Friday. See related article: Japan’s government approves policy to drive Web 3.0 adoption Fast facts Japanese firms operating in the Web3 sector need to […]
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crypto

India’s Directorate of Enforcement said to question crypto exchanges

The country’s federal agency charged with investigating money laundering and violations of foreign exchange laws has reportedly reached out to Indian crypto exchanges to probe possible violations of foreign exchange rules. See related article: CoinDCX double downs as the going gets tough in India Fast facts The Enforcement Directorate has sought “further details and documents” […]

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