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BIS Head Office in Basel, Switzerland

BIS: DeFi has few real-economy uses, says ‘decentralization is an illusion’

With suitable regulation in place, DeFi could yet play an important role in the financial system, BIS suggests.
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Tokyo | Japan to limit issuance of stablecoins

Japan may limit stablecoin issuers to banks, wire transfer companies

Japan’s Financial Services Agency (FSA) is planning a legislative proposal for the upcoming year to restrict the issuance rights of stablecoins to banks and wire transfer companies, according to a Nikkei Asia report. Fast facts The FSA’s decision to limit the issuance is meant to lower risks for stablecoin users, as FSA-authorized banks and wire […]
Kotak set to become first major Indian bank to embrace crypto

Kotak 1st major Indian bank to embrace crypto with WazirX partnership

Kotak Mahindra Bank, a leading private bank in India, has struck a partnership with crypto exchange WazirX, the Economic Times reported. Fast facts WazirX has opened an account with Kotak that can be used to pay and receive money from investors, according to the ET report. The account will be activated after the completion of […]
OpenSea's new CFO wants to take the company public, but users are not happy

OpenSea’s 1st CFO wants to take company public, but some users are not happy

Brian Roberts, who recently resigned from ride-sharing firm Lyft, has become the first CFO of OpenSea and is charting a course for its initial public offering, according to a Bloomberg report. Fast facts Roberts, who previously worked at Microsoft and Walmart, is set to step down after a seven-year stint at Lyft. Roberts will, however, continue […]
Bilibili

Chinese video site Bilibili tests ‘UPowerchain’ to develop metaverse

Bilibili — one of China’s biggest video sites particularly known for its content dedicated for anime, comics and games fans — is testing its blockchain UPowerchain that could help the company build its metaverse business, as Chinese tech giants are sparing no efforts to enter the metaverse space. Fast facts Bilibili has confirmed with Forkast.News […]
Fidelity Symbol

Fidelity launches spot Bitcoin ETF in Canada

One of the world’s largest asset managers sought SEC approval of a spot Bitcoin ETF in March and is still awaiting a response.
Flag of Thailand depicted with code, Thai tourism tries to attract crypto holders

Can Thailand emerge as a ‘crypto-positive’ travel destination?

Tourism officials want to attract more crypto-wealthy travelers to Thailand’s shimmering shores. But will the crypto faithful come if Thailand still has a ban on SHIB and Dogecoin?
Golden bitcoins and South Korea flag | FSC deputy director quits to work at Bithumb exchange

South Korean regulator jumps to a crypto exchange

Experts expect more disruption as the crypto industry matures and a younger generation places different values on status and job security.
India IT ministry releases 'National Strategy on Blockchain' for e-governance

India releases ‘National Strategy on Blockchain’ for e-governance

The Indian ministry of electronics and information technology (MeitY) has released a 52-page “National Strategy on Blockchain” document that urges closer cooperation between government and the private sector to build blockchain infrastructure across the world’s second-most populous nation. Fast facts It is to be noted that the current NSB document is an updated version from […]
Navi files for India's second blockchain fund

Navi files for India’s second blockchain fund

The fund will track companies that use and benefit from the technology underlying cryptocurrencies, but will not invest in crypto or crypto exchanges.
GettyImages 1345021815

Self-proclaimed Satoshi to pay US$100M in damages

A jury cleared Craig Wright of all but one charge in a civil trial brought by the estate of his alleged former business partner, David Kleiman.
people's bank of China,

PBoC has established an e-CNY distributed ledger

But the head of the central bank’s digital currency research institute says issues remain such as technical standards for blockchain interconnectivity.
binance animoca

Binance, Animoca Brands launch $200M investment program to accelerate GameFi startups

Binance Smart Chain (BSC) has joined hands with Animoca Brands — a Hong Kong-based blockchain gaming, metaverse and non-fungible token (NFT) company — to launch a US$200 million investment program to accelerate and incubate early crypto gaming startups built on BSC, according to a company statement released Monday. Fast facts Specifically, the duo are co-investing up to US$100 million […]
The Security Service of Ukraine uncovered a clandestine crypto farm

South China’s Hainan province hikes electricity fees on those who have mined crypto

On top of China, authorities in Russia and Ukraine are busting underground miners, while U.S. Senator Elizabeth Warren presses a New York miner.
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Bitget suspended over its Army Coin, named after fanbase of K-pop boy band BTS

Bitget suspended over Army Coin, named after K-pop boy band BTS fanbase

Singapore-based crypto exchange had claimed the fan token would support BTS members — while the band’s agency denied any association with it.
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CZ

Binance chief CZ wants to bring business back to UK: report

Binance, the world’s largest cryptocurrency exchange by trading volume, is working to rebuild its operations in the U.K. after it was told to close down the business there back in June, the company’s CEO Changpeng Zhao, or CZ, told the newspaper the Sunday Telegraph. Fast facts CZ told the local press the company is making […]
Gensokishi Online -META WORLD- | Japan's Elemental Knights Online releases metaverse version

Japan’s Elemental Knights Online game to release play-to-earn metaverse version

Japan’s mobile game Elemental Knights Online is planning to release Gensokishi Online -META WORLD-, which is its newest version incorporating elements of play-to-earn, user-generated NFTs (non-fungible tokens), and the metaverse. Fast facts Gensokishi Online’s “Meta World” metaverse will allow players to purchase land and freely edit in their creations, such as buildings and characters. The […]
ALlseeingSeneca

Bored Ape Yacht Club artist exhibits new NFT collection at Art Basel Miami

The lead artist behind the breakthrough non-fungible token series “Bored Ape Yacht Club” (BAYC), known as All Seeing Seneca, has released a new set of NFTs over the weekend at Dfinity’s Iconoclast gallery event at Art Basel Miami, according to the artist’s Twitter profile. Fast facts With over US$1 billion in sales attributed to the […]
Bitcoin

Global markets downturn hits crypto as well; BTC trading below $50K

For the second weekend in a row, markets were hit with a massive shock due to external factors. Market watchers weigh in on price movements and what to expect.
terry gou

Foxconn’s Terry Gou: mainstream monetary finance could not be decentralized

Terry Gou, founder of Foxconn, which manufactures components for Apple’s iPhone, said Saturday at an event that mainstream monetary finance could not really be decentralized and only an underground economy would adopt cryptocurrency, as reported by Taiwanese local media Economic Daily News. Fast facts Gou later said in a Facebook post — to clarify comments […]
PlayerUnknown's Battlegrounds by KRAFTON | South Korean game developer KRAFTON invests in the Zepeto metaverse

South Korean online game developer KRAFTON invests in metaverse

Signaling a growing interest in business opportunities in the interactive virtual world, KRAFTON, one of South Korea’s major game developers, quietly invested 5 billion Korean won (around US$4.2 million) in Naver Z back in July. Naver Z, under internet giant Naver, services the fast-growing Zepeto metaverse platform. Fast facts KRAFTON told local media that its […]

First NFT exchange-traded fund falls in NYSE debut

NFTZ opened for trading on the NYSE in the midst of turmoil and fears of inflation and Omicron.
GettyImages 82880353

SEC denies WisdomTree’s spot Bitcoin ETF

The SEC’s second rejection of a spot Bitcoin ETF again cited concerns about fraud and manipulation.
GettyImages 1356399590

Yellen clarifies anti-money-laundering reporting rules for DeFi

In written responses to questions from Sen. Pat Toomey, Treasury Secretary Janet Yellen releases non-custodial service providers from strict reporting rules.
Indian crypto community gets silver lining after first week of parliamentary session

Indian crypto community sees silver lining after 1st week of parliamentary session

A cabinet note suggests the government intends to regulate cryptocurrencies as assets with the Securities and Exchange Board of India at the helm.
NFT Studios

‘The Irishman’ producer Niels Juul hopes to make film fully funded by NFTs

Hollywood executive producer Niels Juul, who produced “The Irishman,” has founded a new startup called NFT Studios, in hopes of fully funding a film with non-fungible tokens (NFTs). Fast facts The startup’s first film, “A Wing and a Prayer,” will be based on the true story of Brian Milton, the first man to fly around […]
Astar Network logo | Japan's Astar Network wins Polkadot parachain auction

Japan’s Astar Network winner of 3rd Polkadot parachain auction

Astar Network won Polkadot’s third parachain slot auction today. Polkadot will launch Astar Network and four other parachains on its platform on Dec. 17. Fast facts “This is a huge step for the entire Astar ecosystem, since we have been developing the network for more than 2.5 years to become a Polkadot parachain,” said Sota […]
badger

DeFi protocol BadgerDAO suffers $120M exploit

BadgerDAO, a decentralized autonomous organization (DAO) focused on bringing Bitcoin to decentralized finance (DeFi), is the latest to suffer an exploit that was estimated to result in losses of US$120 million. Fast facts Crypto security firm PeckShield said in a Thursday tweet the total loss has amounted to at least 2,100 BTC and 151 ETH. […]
The e-CNY logo at the entrance of Zhenning Food Market, Shanghai,

New round of digital yuan coupons issued as Beijing Winter Olympics near

In Beijing, four state-run banks released a new batch of digital yuan (e-CNY) coupons on Thursday to promote its adoption rate in rehearsal for the upcoming Winter Olympics. This batch of coupons tests the e-CNY’s application in small-amount and high-frequency payment scenarios. Fast facts According to an announcement from Beijing financial authorities, coupon use cases […]
Cyclist passing by the Bank of Japan in Tokyo, Japan | Japan's central bank urged to speed up CBDC efforts

Japan’s central bank is urged to speed up its digital yen project

With economic security as a top priority, the Kishida administration anticipates the release of competing CBDCs.
chinese yuans in a magnifying glass 2021 08 29 01 34 01 utc

The digital yuan’s de-dollarization

Why the Federal Reserve and other major central banks are likely to speed up development of retail CBDCs.
Aussiemates

AussieMates NFT project launches for mental health awareness

Much of the world has been living under lockdown over the past few years, and collective mental health has been severely impacted. One Australian firm is looking to raise awareness and funds to address the issue with a new Down Under themed non-fungible token series, according to a press release shared with Forkast.News. Fast facts […]
Hashed Logo | South Korean blockchain investment firm Hashed

South Korea’s Hashed raises $200 million for Web3

Distinguished names in South Korean industry have invested in Hashed Venture Fund II to promote the Web3 ecosystem.
a content creator works from home, Creator economy in 2022: what lies ahead for creators?

What lies ahead for the creator economy in 2022?

A new normal forced by the pandemic is bringing out a wave of creators and influencers for a decentralized economy, writes Alex Shkor of DEIP. Here’s what to expect in the year to come.
dalmore

Scottish whisky brand The Dalmore to offer limited-edition liquor NFT

The non-fungible token (NFT) frenzy has extended to the luxury wine and spirits industry. The Dalmore, best known for its Scottish whiskies, has partnered with BlockBar, an NFT platform for luxury liquor brands, to offer a limited-edition liquor NFT with a set of The Dalmore Decades No.4 Collection, the brand said in a Wednesday statement. […]
After Facebook's name change to Meta, Square has now become Block

After Facebook’s name change to Meta, Square has now become Block

When Facebook and payments giant Square launched, they were trailblazers in the industry. Now, after Facebook, Square too has changed its name — to Block — in a bid to embrace the future of technology. Fast facts Square CEO Jack Dorsey and Facebook CEO Mark Zuckerberg have never gotten along. Dorsey has jibed at Zuckerberg […]
Golden bitcoins and South Korea flag | Korea Exchange CEO calls for institutionalization of crypto

Korea Exchange CEO calls for institutionalization of crypto

Sohn Byung-doo, chief executive officer for Korea Exchange (KRX), urged South Korea to prepare an institutional infrastructure as virtual assets have become a major investment asset in the country. Fast facts In his speech at the 2021 Global ETP Conference, Sohn insisted that the “virtual asset market is no different from the capital market in […]
griid

Bitcoin miner Griid set to go public via Adit EdTech merger

Griid Infrastructure, a U.S.-based Bitcoin mining company, is set to go public through a merger with Adit EdTech Acquisition Corp., a special purpose acquisition company (SPAC), in a deal that would value the combined company at about US$3.3 billion, according to a company statement released Tuesday. Fast facts Upon completion of the deal, the combined […]
Marathon Digital discloses SEC investigation and raises US$650M in debt

Chinese cybersecurity firm Qihoo 360 develops crypto mining tracking system to facilitate clampdown

Qihoo 360, a Chinese internet company best known for its antivirus software programs, has built a system that could help the Chinese government track cryptocurrency mining activities, as the country continues to crack down on the sector. Fast facts Qihoo 360 said in a Tuesday statement that it detected 109,000 active mining IP addresses on […]
lunar projection above a city, Terra

Is Terra — whose LUNA coin is now at another all-time high — really where the smart money is?

LUNA is now the 12th largest crypto, and Terra’s platform has been called ‘Alipay on the blockchain.’ What are Terra’s investment risks? Forkast.News explains.
Singapore

Binance crypto license plans in Singapore uncertain

Will crypto exchange Binance withdraw its license application in Singapore and look elsewhere in its search for a new global home?
Lucille Ball

Living ‘Eco-NFTs’ and holograms on display at Art Basel Miami Beach

The firm behind legendary sci-fi series Star Trek, Roddenberry Entertainment, has immortalized a key moment in entertainment history — in a way that may in time become an equally iconic moment in blockchain history. Gene Roddenberry’s signature on the first contract between himself and Lucille Ball’s Desilu Productions, which made Star Trek a reality, has […]
1inch

1inch Network closes $175M Series B funding round

After greatly expanding its goals for the round, decentralized exchange aggregator 1inch Network has closed a US$175 million Series B funding round from institutional investors, led by Amber Group, according to a company blog post. Fast facts Joining Amber Group were about 50 other investors including VanEck, Alameda Research, Celsius and Gemini Frontier Fund who […]
Indian crypto investors overreacting with crypto ban fears

Crypto-ban fears may be an overreaction in India

A former finance secretary says too much is yet unknown about the new crypto bill for investors to expect the worst.
Clayton Gensler collage

SEC chair Gensler calls stablecoins ‘poker chips’ again

Conversation between current and former SEC chairs at annual digital asset compliance summit focused on regulating crypto.
kimchi cabbage korean traditional food 2021 08 30 18 54 46 utc

Kimchi Premium hits highest level since May

The Korea Premium Index for Bitcoin reached 7% last Sunday, which may indicate an influx of retail investors.
Cube

K-pop agency Cube bets big on NFT and metaverse

The impresario behind superstars BTOB and (G)I-DLE tells Forkast.News there’s ‘no upper limit’ to how much Cube will invest in NFTs and a metaverse for concerts.
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Investors queasy as prospect of India crypto ban returns

Investors queasy as prospect of India crypto ban returns

Top blockchain and crypto news: Are India’s CBDC plans crowding out crypto? Jack Dorsey goes full Bitcoin bro. China’s digital yuan hopes claim another victim.
Shinhan Bank headquarters in Seoul, Korea | South Korea’s Shinhan bank to issue stablecoin on Hedera Hashgraph

S. Korean, S. African banks team up for stablecoin-based remittances

South Korean heavyweight lender Shinhan Bank has completed a proof-of-concept rollout of a stablecoin project for international remittances in partnership with South Africa’s Standard Bank, using Hedera Hashgraph. Fast facts The project’s aim is to test the issuance and distribution of stablecoins for international remittances, which often frustrate senders and receivers due to their high […]
The moon

LUNA, Shiba Inu Coin soar as Ethereum nears all-time high

As the market recovers from a weekend sell-off, Terra and Shiba Inu tokens shine bright while Ethereum eyes new price heights. What’s behind their rally?
Opensea

NFTs on China’s BSN migrate to OpenSea to tap global market

Non-fungible tokens (NFTs) featuring famous traditional Chinese paintings by culture studio Rongbaozhai have been successfully transferred from China’s Blockchain-based Service Network (BSN) WenChang Chain to the OpenSea marketplace on the Ethereum blockchain, a milestone in the development of interchain NFT technology. Fast facts The transfer was made on Nov. 16 across four blockchains: WenChang Chain […]
SG

Huobi Group poised to establish regional hub in Singapore

Huobi Group, which operates Chinese cryptocurrency exchange Huobi Global, has decided to set up a regional hub in Singapore, a representative of company has told Forkast.News. Fast facts In November, Huobi Global pledged to stop offering services to Singapore-based users from March 31, 2022, to comply with local laws, according to a company statement. Huobi […]
Zepeto metaverse avatars | HYBE and SoftBank participates in Series B round of Naver Z

HYBE, Softbank invest big in Zepeto metaverse creator Naver Z

South Korea-based Naver Z Corporation — the operator of metaverse platform Zepeto — raised 223.5 billion Korean won, or about US$189 million in a Series B round, which included investments from SoftBank, Mirae Asset and three of K-pop’s largest talent agencies. Fast facts Japan’s SoftBank led the funding round by investing about US$148 million in Naver […]
Is an IPO in the cards for India's first crypto unicorn CoinDCX?

Is an IPO in the cards for India’s first crypto unicorn CoinDCX?

Is CoinDCX — India’s first crypto company to achieve unicorn status, or US$1 billion in valuation — going public? CoinDCX co-founder Neeraj Khandelwal set off a frenzy of excitement when he told Bloomberg in a recent interview that CoinDCX may pursue an initial public offering as soon as legislation permits. But a CoinDCX spokesperson told […]
Cosmos, internet of blockchains

What is Cosmos — the ‘internet of blockchains’?

The Cosmos ecosystem is expanding rapidly with inter-blockchain transfers on the rise. What makes Cosmos different from other blockchains? Forkast.News explains.
National Assembly Building of the Republic of Korea

Crypto tax delay is a chance for South Korea to fix loopholes, experts say

Now that South Korea’s crypto tax is delayed a year, what will the final form look like? Should crypto gains be taxed like stock profits — or winning the lottery?
GettyImages 1356397495

Stocks, Bitcoin fall on Omicron, inflation concerns

Fed chairman Jerome Powell signaled that tighter monetary policy may be coming, which sent Bitcoin price’s down slightly.

Crypto exchange Bullish announces soft launch

Initial operations are available to invited institutional investors including Hong Kong crypto finance service provider, Amber Group.
Hong Kong skyline

Huobi Brokerage launches crypto lending for institutions

Hong Kong Stock Exchange-listed Huobi Technology Holdings today announced that it will be launching Huobi Lending, a cryptocurrency lending service for institutions and high net worth individuals (HNWI) through its new digital asset brokerage platform Huobi Brokerage, according to a company announcement. Fast facts Alongside growing institutional interest in digital assets, crypto lending services leveraging […]
A scene from Netflix's Squid Game | Hong Kong metaverse firm partners with Squid Game's VFX creator

Hong Kong metaverse developer ViLab partners with Squid Game special effects maker

Hong Kong-based ViLab Limited, a metaverse developer, announced today that it has signed a memorandum of understanding (MOU) with Gulliver Studios, the effects creator behind the Netflix hit series Squid Game, to develop technology that can be used for creating virtual identities and other features for the metaverse. Fast facts ViLab and Gulliver Studios will […]
South Korea’s KB Bank presents metaverse bank testbed

South Korea’s KB Bank unveils a metaverse bank testbed

KB Kookmin Bank, one of South Korea’s largest financial institutions, announced yesterday that it has developed the KB Metaverse VR Branch Testbed for experimenting with allowing customers wearing a head-mounted VR device to access banking services in a metaverse. Fast facts Simple transactions, such as remittances, can be managed at a teller window, while an […]
metaverse and decentralization, Why a decentralized metaverse is the web’s new frontier

Why a decentralized metaverse is Web 3.0’s new frontier

The metaverse is a convergence of the physical and digital worlds, writes Gloria Wu of Ontology. How can the metaverse escape Web 2.0’s failings?
Invesco

Bitcoin spot ETP launches in the EU

While the wait for a U.S. Bitcoin spot exchange-traded fund continues, Invesco, a U.S. investment firm with US$1.6 trillion in assets under management, has partnered with CoinShares to launch a European exchange-traded product physically backed by Bitcoin, according to reporting on Nasdaq.com. Fast facts The Invesco Physical Bitcoin ETP will be listed on Deutsche Börse […]
Fed chair

New York Fed and BIS join hands to launch fintech hub

The Federal Reserve Bank of New York has joined hands with the Bank for International Settlements (BIS) to launch an innovation hub in New York— dubbed the New York Innovation Center (NYIC) — to explore and build financial technology products for the central bank community. Fast facts The NYIC will focus on five areas — […]
Bitcoin, Shiba Inu

Bitcoin, Ether prices hold rebound as SHIB surges; crypto funds see record inflows

Bitcoin (BTC) and Ethereum’s Ether (ETH) prices on Tuesday morning Asia time held their rebound from the Black Friday sell-off of global equities and cryptocurrencies following news of the new Covid-19 Omicron variant. Bitcoin was trading at US$57,184 and Ethereum at US$4,445, as of publishing time, according to CoinGecko data. Fast facts Institutional investors appear […]
Solana Energy

Solana claims 1 transaction on its network uses less energy than 2 Google searches

As the pushback over environmental concerns of the blockchain industry continues, a recent report by Solana says that a single transaction on the network uses less energy than just two Google searches. Fast facts Completed under the guidance of an independent energy and climate advisor, Solana’s November Energy Report found that a single Solana transaction […]
GettyImages 1321753328

Twitter CEO Jack Dorsey resigns

Twitter’s stock rose 10% on the news, and his other company, Square, also opened up 4%.
nigeria

Nigeria charges ahead with CBDC deployment with 600K app downloads

In Nigeria, the eNaira — the country’s newly launched central bank digital currency (CBDC) — has already seen nearly 600,000 downloads, according to local media Nairametrics citing the Central Bank of Nigeria (CBN). Fast facts The local media reported Saturday that the CBN governor has revealed the country’s total digital transactions rose by more than […]
e-CNY

China’s new mobile payment rules could pave the way for e-CNY, experts say

In the long run, the new rules may ‘lay the perfect foundation’ to improve risk management, says an ICBC expert.
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The South Korean National Assembly. | South Korea's 20% crypto tax will be postponed

South Korea’s 20% tax on virtual asset gains is postponed

A new amendment to South Korea’s income tax law, which includes delaying the taxation on crypto gains by one year, was agreed upon by South Korean political parties at the National Assembly today. Fast facts The ruling Democratic Party and the opposing conservative People Power Party officially made a resolution at the National Assembly Strategy […]
cyber crime, Chinese central bank officer: will establish a crypto asset transaction tracking system

China central bank to establish crypto asset transaction tracking system

The director of China’s central bank’s anti-money laundering office said the People’s Bank of China will establish a tracking system for the virtual assets, such as cryptocurrencies and NFTs, for cracking down on virtual-related crimes, adopting technologies such as artificial intelligence and machine learning, mainland China local media reported. Fast facts Gou Wenjun said at […]
Golden bitcoins and South Korea flag | SK Square becomes second largest shareholder of Korbit exchange

South Korea’s SK Square is 2nd-largest shareholder of crypto exchange Korbit

SK Square, a new investment firm under one of South Korea’s largest conglomerates, SK Group, chose cryptocurrency exchange Korbit as one of its first investments. The two companies aim to upgrade the trading platform’s environment in order to deliver more accurate and trustworthy investment information to users, and plan future businesses in the metaverse and […]

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