The Sovereign Yidindji Government (SYG) in northeastern Australia has released a central bank digital currency (CBDC) and a digital ID system on blockchain wallet network MetaMUI. Fast facts The Aboriginal people of Yidindji have lived in the territory for over 60,000 years and in 2014 established the SYG. The SYG and the Australian government, including […]
Singapore-based medical service firm Zuellig Pharma is using its blockchain-based medical tracking tool eZTracker to enhance vaccine transparency by flagging expired or mismanaged Covid-19 shots. Fast facts The eZTracker system verifies the authenticity of vaccines and other medical products to improve supply chain transparency and prevent black market distribution of supplies. QR codes on product […]
Hong Kong’s financial regulators released new guidelines on Friday that restrict retail investor access to financial products that invest directly in digital assets. Fast facts In a joint circular released by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), the regulators placed sales restrictions on non-derivative products such as crypto […]
Digital payments are commonplace in Asia, but gifting crypto as lucky money remains niche.
The Bank of Japan’s (BOJ) chief called on the U.S. and Europe to cooperate on creating a global technical standard for a central bank digital currency (CBDC), Reuters reported on Friday. Fast facts The central bank has not made a decision on the issuance of a CBDC, but has conducted experiments while deliberating on the […]
The record label conglomerate Warner Music Group (WMG) announced it will create a music-themed digital world in The Sandbox metaverse. Fast facts WMG confirmed its partnership with The Sandbox on Thursday, expanding the music company’s venture into non-fungible tokens (NFTs) and the metaverse. The Sandbox is a subsidiary of blockchain unicorn Animoca Brands, with high […]
South Korean game developer Netmarble announced its crypto and play-to-earn (P2E) strategies at a press conference on Thursday, including plans to issue its own cryptocurrency. Fast facts Netmarble CEO Kwon Young-sik said the company is preparing to issue and list a crypto token that would act as a key currency for Netmarble games. Netmarble has […]
Hong Kong’s central bank digital currency (CBDC) project with three other central banks and the Bank of International Settlements (BIS) will enter its pilot stage this year to test international trade settlements, a Hong Kong government official said. Fast facts Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, said on Wednesday the […]
Apple is planning a new service that will allow small businesses to accept credit card payments directly on their iPhone without additional hardware, according to a report by Bloomberg. Fast facts Apple’s move has stoked speculation that the company may be paving the way for its devices to also allow crypto payments in the future. […]
OpenSea is the world’s largest open marketplace for NFTs. Find out what’s driving everyone there in this Forkast explainer.
The U.S. Securities and Exchange Commission is scrutinizing the cryptocurrency companies Celsius Network, Gemini Trust and Voyager Digital about their practice of paying interest on crypto token deposits, Bloomberg.com reported on Thursday. Fast facts The SEC has begun an enforcement review focused on whether these tokens are unregistered securities, the report states, citing unnamed sources […]
CBDCs can increase financial inclusion and prevent crime, according to blockchain expert Tiana Laurence. What’s not to like about state-backed digital money?
With new products and services being launched and international exchanges setting up camp, crypto startups thrive despite the shadow of a crypto ban.
South Korea’s media regulation agency has launched a council to discuss user protection on the metaverse, including the issue of sexual harassment targeting minors. Fast facts The council, under the Korea Communications Commission, consists of 30 professionals in media, law, technology and industrial management, and will discuss issues in the metaverse such as violence, sexual […]
The Russian finance ministry called for the regulation of cryptocurrencies on Tuesday, opposing the central bank’s proposal last week to ban crypto mining and usage. Fast facts Ivan Chebeskov, director of the finance ministry’s financial policy department, told Russian outlet RBC that a ban on crypto transactions and mining could hamper the country’s growth in […]
Klaytn, a public blockchain platform under South Korean internet giant Kakao, has joined China’s Blockchain-based Service Network’s (BSN) international infrastructure. Fast facts Klaytn’s joins fellow public blockchains Ethereum, Solana, Tezos and Polkadot in BSN International, to become accessible to the 25,000 developers in the ecosystem. The BSN is a Chinese state-backed project that is split […]
San Francisco-based Ripple Labs announced Tuesday that on the heels of a strong year it bought back the shares it sold in a 2019 fundraise and is now valued at US$15 billion. Fast facts The blockchain payments platform developer is in the middle of a 13-months-long lawsuit filed by the U.S. Securities and Exchange Commission […]
The global cryptocurrency market rose along with smaller gains in the broader equity and bond markets in the aftermath of a Federal Reserve Open Market Committee statement Wednesday afternoon that it would leave interest rates untouched at near zero but expects to raise them soon. As the market digested the latest report, prices began trending […]
The amount of cryptocurrency used in money laundering activities increased 30% in 2021 compared to the year before, but represents a smaller portion of total transactions, according to an annual crypto money laundering report by Chainalysis, a blockchain data analytics firm. Fast facts Cybercriminals laundered US$8.6 billion worth of cryptocurrency last year, with the total […]
Political chaos and power shortages are causing miners to flee a nation that only recently became the world’s second-largest Bitcoin producer.
Top blockchain and crypto news: Market chills make investors shiver. Hacking storm at OpenSea. Has Beijing tamed NFTs?
Boston Consulting Group (BCG), one of the Big Three global management consulting firms, says the South Korean crypto market will be worth around 1,000 trillion won (about US$835 billion) in 2026, while calling for a brand new regulatory framework. Fast facts The number comes from BCG Korea’s Future of Asset 2022 report, which said South […]
People.cn, the online arm of the Communist Party of China’s party newspaper People’s Daily, launched a “digital collectibles” NFT gallery on Tuesday and hinted that it might launch artwork trading, even though authorities in the past have criticized the non-fungible token (NFT) market for its hype and speculative behavior by investors. Fast facts “Digital collectibles” […]
Thailand’s financial authorities have unveiled a plan to issue regulations that would “limit the widespread adoption of digital assets as a means of payment for goods and services” in a bid to protect the country of 70 million people. Fast facts Thailand’s Securities and Exchange Commission (SEC), Ministry of Finance (MOF) and The Bank of […]
Kazakhstan has cut off the power supply for crypto miners amid blackouts and a growing power crisis in a central Asian region that also includes Kyrgyzstan and Uzbekistan, a local Bitcoin miner told Forkast. Fast facts The Bitcoin miner said Kazakhstan’s authorities are blocking all electricity for crypto mining through Jan. 31, confirming a Bloomberg […]
Philippines-based Asian Development Bank (ADB) has launched a blockchain project to make cross-border securities transactions in Asia-Pacific more efficient. Fast facts The regional development bank of 68 member countries is aiming to use blockchain to directly connect central banks and securities depositories in the Association of Southeast Asian Nations region plus Japan, China and South […]
The metaverse could be life-changing for the world’s unbanked, writes Pavel Matveev of Wirex. Interoperability between the real and virtual worlds will be key.
The Bank for International Settlements (BIS) Innovation Hub announced on Tuesday that its Hong Kong Center will explore this year whether decentralized finance (DeFi) can improve financing for small and medium enterprises. Fast facts In Hong Kong, the BIS has been working with central banks of China, Hong Kong, United Arab Emirates and Thailand on […]
Crypto regulations run the gamut from wait-and-see to total prohibition. What are the dos and don’ts of smart regulation?
The tech-savvy nation is deemed a prime environment to grow the metaverse. What comes next, and will some be left out by a digital divide?
A survey of more than 1,000 digital respondents found 79% of Indians want more clarity on cryptocurrency and non-fungible token (NFT) regulations in the budget session of Parliament starting on Jan. 31, according to new survey findings. Fast facts The survey, conducted by tax and advisory firm Grant Thornton Bharat, also found that 61% of […]
South Korean police have provided global police agency Interpol with information on a crypto-related voice phishing case after receiving a purple notice on two international crimes that victimized locals, according to local media reports. Fast facts Last May, an individual was reported to be disguised as a public prosecutor to convince a victim to buy […]
A federal judge on Monday has given the U.S. Securities and Exchange Commission (SEC) until Feb. 17 to fight her earlier order to turn over to the defendant Ripple Labs certain sensitive government documents in the agency’s lawsuit alleging the XRP token is an unregistered security. Fast facts Ripple and XRP investors initially believed they […]
China’s Zhejiang wants six of its cities to compete for the next digital yuan pilots, which may open the door for the eastern coastal province to showcase the central bank digital currency (CBDC) during the September Asian Games. Fast facts
China’s state-backed blockchain network disclosed eight platform partners today in line with the soft launch of its non-fungible token (NFT) platform, the BSN-DDC network. Fast facts The auction house Rong Bao Zhai, Hainan International Culture and Artworks Exchange Center — an essential part of China’s free trade port — and EY Blockchain are among the […]
OpenSea NFT marketplace has suffered a front-end attack with the exploiter withdrawing 332 ETH (US$800,000), as reported by security and data tracker PeckShield. Fast facts PeckShield noted the issue overnight Asia time, revealing the attacker received 10 ETH from Ethereum mixer TornadoCash, which was then wrapped to wETH to carry out the attack. The non-fungible […]
Despite Singapore’s reputation as a crypto-friendly hub, the truth is more complicated. Is the city-state purposely keeping out small companies?
Bitcoin and Ethereum fall below psychologically important levels as rising uncertainty clouds markets. Is the Fed also depressing crypto’s prospects?
Shenzhen Institute of Financial Technology, a subsidiary of the People’s Bank of China’s Digital Currency Institute, released 132 job listings, hinting at the expansion of digital yuan pilot programs in 2022. Fast facts
Fantom has overtaken Binance Smart Chain (BSC) to become the third-largest blockchain in decentralized finance (DeFi) as measured by total value locked (TVL), according to DeFiLlama. Fast facts Fantom’s TVL bucked the global crypto market downtrend and increased more than 60% to US$12.2 billion over the past week, as of publishing time. Fantom is an […]
The Bitcoin mining difficulty level rose to an all-time high in its latest adjustment on Friday while the total Bitcoin hashrate also reached an all-time-high during a global cryptocurrency sell-off. Fast facts The mining difficulty level rose by 9.32% to 26.64 trillion at block height 719.712, reflecting its most difficult level in history, according to […]
South Korea’s statistics bureau announced on Sunday that it will include virtual assets in its annual household finances report, which can set the stage for incoming crypto tax rules next year. Fast facts Statistics Korea (KOSTAT) will sample 20,000 households on their crypto holdings valued on March 31, but the survey results will not be […]
K-pop fans are waging online campaigns against their favorite artists over NFTs, denouncing the technology’s carbon footprint. How polluting are NFTs?
Global NFT sales are exploding in 2022, but experts predict this is only the beginning of a bigger surge in Asia.
The top contenders jockey for position on initial coin offerings and other blockchain-based innovations. How did crypto become a critical factor in the race?
Meta’s Facebook and Instagram are exploring plans that would allow non-fungible tokens (NFTs) to be used as profile pictures, according to a report. Fast facts The plans include the showcasing, minting and selling of NFTs, several insiders told Financial Times. Meta staff members are also reportedly discussing the launch of a marketplace to buy and […]
Though the world’s most powerful central bank does not stake a position, its discussion paper is a big step toward supporting a future US digital currency.
The price of Bitcoin dropped below US$40,000 on Friday for the second time in two weeks, in the face of headwinds from the Russian central bank’s call to ban crypto trading. Fast facts Bitcoin lost up to 11% on Friday morning Asia time and was trading at US$38,599 at press time, according to CoinMarketCap. The […]
Guangdong Province’s 2022 Government Report says its capital city Guangzhou will become a digital yuan testbed and a blockchain innovation application pilot center in 2022. Fast facts Guangzhou applied to become a new digital yuan pilot city in September 2021. Guangzhou is one of the major cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). […]
South Korea’s science ministry announced on Thursday a five-year strategy to lead the global metaverse race. Fast facts South Korea aims to produce 40,000 experts in the metaverse field to propel the nation into the ranks of the five leading nations in the global metaverse market. South Korea’s Ministry of Science and ICT (MSIT) said […]
Foxconn Chairman Young Liu said that the Apple parts manufacturer will step up its plans to tap into the metaverse arena this year, the company told local media on Wednesday. Fast facts Liu labelled 2022 as the Taiwanese tech giant’s “first year of the metaverse”. The company sets to incorporate metaverse elements into its product […]
The U.S. Federal Reserve’s report on central bank digital currencies (CBDCs) released on Thursday did not contain policy recommendations or decisions on digital dollar issuance. Fast facts The paper acknowledged that the Fed will not proceed in creating a digital dollar without clear support from lawmakers, ideally through a specific authorizing law. The Fed said […]
The fast-growing crypto exchange Crypto.com discloses large amounts of Bitcoin and Ether were stolen from 483 customers.
Russia needs new laws for a comprehensive ban on crypto and crypto-related activities within its borders, the Bank of Russia stated in a report published Thursday. Fast facts The recommendation is the latest in a global cryptocurrency crackdown from China and other Asian nations to the United States, as governments fear instability and loss of […]
The gaming industry suffers from a talent shortage, but blockchain technology and Gen Z’s obsession with self-expression are relieving cost pressures.
BIT Mining’s Ohio mining site has achieved about 50 megawatts of power capacity in the midst of its U.S. expansion, the crypto miner announced on Tuesday. Fast facts BIT Mining’s Ohio data center will continue scaling for a planned capacity of up to 150 MW. The site currently conducts self-mining operations while hosting third-party miners. […]
The digital yuan is undergoing its final preparations in the leadup to the Beijing Winter Olympics, despite the expected absence of a general audience due to Covid-19 concerns. Fast facts The People’s Bank of China (PBOC), the central bank, said all payment channels for the 2022 Winter Olympics, including the digital yuan, are set to […]
Several mainland tech giants are launching digital collectibles as a novel gifting option for the Chinese New Year holiday season, which starts Feb. 1. Fast facts Digital collectibles are essentially non-fungible tokens (NFTs), but the term has been discouraged by authorities. Chinese search engine Baidu’s XuperChain has launched its digital collectibles platform, with a series […]
Hyundai Card vice president Chung Tae-young said on Wednesday the rise of NFTs (non-fungible tokens) and the metaverse is helping crypto to move past the Dutch tulip mania stage. Fast facts “Although there might be ups and downs, it seems cryptocurrencies are passing the ‘Dutch tulip stage,’” Chung wrote in a Facebook post. Hyundai Card, […]
Google has hired former PayPal executive Arnold Goldberg to run its payments division as the company eyes offering a broader range of financial services including cryptocurrencies. Fast facts “Crypto is something we pay a lot of attention to,” Google’s president of commerce Bill Ready told Bloomberg. PayPal has already incorporated cryptocurrency into its business, recently […]
Alternative approaches to governance have never been more important, writes Alexander Filatov of TON Labs. Here is how DAOs can change the world.
Top blockchain and crypto news: Asian governments target crypto. Managing MATIC. China’s expanding metaverse.
One of the largest private banks in Pakistan has asked customers to avoid conducting cryptocurrency transactions through its banking channels, according to multiple media reports. Fast facts Bank Alfalah reportedly has sent SMS alerts to users informing them that cryptocurrencies are not legal tender and no entity is authorized to provide related services in the […]
Cryptocurrency ATM operators in Singapore halted operations on Tuesday to comply with new guidelines issued by the Monetary Authority of Singapore (MAS), the country’s central bank, Bloomberg reported. Fast facts Crypto ATM operators Daenerys & Co. and Deodi Pte shut their operations down as they await further clarification from MAS. New central bank guidelines issued […]
The numbers are in: digital yuan’s historical transactions reached 87.565 billion yuan (US$11.238 billion) as of the end of 2021, the People’s Bank of China (PBOC) announced on Tuesday. Fast facts
Presidential candidates from South Korea’s democratic and conservative parties have said on Wednesday that initial coin offerings (ICO) should make a comeback in the nation, as crypto continues to be a key theme in the March elections. Fast facts ICOs have been banned by financial regulator in South Korea since 2017 in a booming cryptocurrency […]
The total number of legal judgments involving crypto-related crime in China slightly dipped in 2021 to 5,137 cases, as the nationwide clampdown continues, according to a research report. Fast facts China’s legal system published 5,170 judgments in 2020, a significant leap from 3,474 in 2019, Chinese blockchain data tracker Zhongke Lianan found in its report. […]
Microsoft announced on Tuesday a US$68.7 billion acquisition plan of gaming giant Activision Blizzard as part of its reach for the emerging metaverse market. Fast facts “Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms,” said Satya Nadella, […]
Malaysian exchange will offer equity tokens representing direct shares on the blockchain, claiming it will be the world’s first fully regulated equity-token IPO.
Hong Kong-based Animoca Brands announced a US$358,888,888 capital raise Tuesday that values the blockchain gaming and open metaverse company at US$5 billion. Fast facts The round was led by New York-based Liberty City Ventures, with more than 18 other investors around the world, including Kingsway Capital, Sequoia China, Smile Group, Soros Fund Management and Winklevoss […]
The Indian government may not introduce a much-anticipated crypto bill in the upcoming parliamentary budget session, according to a report by the Economic Times of India. Fast facts The government is reportedly seeking to reach consensus with industry stakeholders before proposing legislation. The government may also be waiting for the Reserve Bank of India to […]
Polygon’s upgrade, which piggybacks off Ethereum’s EIP-1559, makes MATIC deflationary while allowing users to estimate gas fees more accurately.