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Michelle Lim

Michelle is a journalist at Forkast. Prior to joining the team, she wrote for CNN and served with the Singapore Foreign Service. She holds a Master of Journalism from the University of Hong Kong and a Bachelor of Business Administration from the National University of Singapore.

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June 2021

U.S. SEC settles with Loci over unregistered securities offering

The U.S. SEC has settled charges against Loci and its CEO, John Wise, for allegedly making false statements in connection with a sale of digital asset securities.

Polkadot DeFi hub Acala’s Karura network wins first Kusama auction

Decentralized finance hub Acala Network’s sister network, Karura, has won the first parachain lease auction on Kusama, Polkadot’s pre-production network, and is now successfully producing blocks, according to an announcement today. Fast facts: The successful completion of Kusama’s first parachain slot auction and Karura’s launch brings Polkdot ever closer to its rollout. Karura raised more […]

French central bank, SEBA Bank wrap CBDC securities settlement test

France’s central bank has successfully completed a central bank digital currency experiment involving the settlement of listed securities with Switzerland’s SEBA Bank.

Bearish crypto sentiment focused on Bitcoin, CoinShares says

Bitcoin is in its sixth consecutive week of institutional outflows, with US$89 million exiting the coin, according to a weekly fund flows report.

Iron Finance’s DeFi bank run — and how Mark Cuban got ‘rekt’

Iron Finance, once a DeFi darling, went from billions to bust in a day. Should investors have seen the crash coming? How stable are algorithmic stablecoins?

Bybit joins growing list of crypto exchanges in Canadian regulator’s crosshairs

The Ontario Securities Commission (OSC) is seeking to bring enforcement action against Singapore-based crypto derivatives exchange Bybit for allegedly violating the Canadian province’s securities laws, according to a statement. Fast facts: “Bybit, incorporated in the British Virgin Islands, is operating an unregistered crypto asset trading platform, encouraging Ontarians to use the platform, and allowing Ontario […]

CoinShares partners with Germany’s Finanzen Zero on crypto ETPs

European digital asset manager CoinShares hasannounced a partnership with German financial news portal Finanzen.net to bring crypto exchange traded products to investors with no trading fees.

Asia’s newest unicorn, crypto trading firm Amber Group, raises $100 million

Forkast.News speaks with Michael Wu, Amber Group’s co-founder and CEO, on how the crypto firm is going from $100 million to $1 billion in valuation.

U.S. securities watchdog’s regulatory agenda turns blind eye to crypto

Dashing hopes of greater regulatory clarity for the cryptocurrency industry, the U.S. Securities and Exchange Commission’s recently released annual regulatory agenda does not mention Bitcoin or cryptocurrency regulations.

Grayscale eyes 13 more crypto assets including Polygon, Bancor

Institutional digital asset manager Grayscale announced today that it is exploring 13 more assets for its trusts, mainly related to decentralized finance.

How DeFi exchanges like SynFutures may challenge TradFi and CeFi

Singapore-based decentralized exchange SynFutures has closed a $14 million series A round to bring crypto derivatives to new users around the world.

Singapore DeFi derivatives exchange SynFutures closes US$14M fund raise

SynFutures, a Singapore-based decentralized derivatives exchange, today announced the closure of a US$14 million series series-A funding round led by Polychain Capital.

How Singapore and Cambodia see digital currencies for cross-border use

In a recent conference, central bankers from Cambodia and Singapore discuss how digital currencies are transforming existing payment systems for the better.

Singapore’s PSB Academy launches Ethereum-hosted blockchain diploma

PSB Academy, a private education institution in Singapore, ACCESS, a crypto non-profit, and learning platform Skilltree today announced the launch of a blockchain diploma program.

BitDAO raises US$230M with Peter Thiel, VCs to drive DeFi adoption

BitDAO — a new decentralized autonomous organization that aims to promote and propel the mass adoption of open finance and the decentralized tokenized economy — has announced the completion of a US$230 million private sale.

Diginex and crypto exchange EQUOS rebrand as EQONEX

Nasdaq-listed Diginex, a Singapore-based digital asset financial services company, today announced a rebranding of its businesses, including the EQUOS cryptocurrency exchange, as EQONEX.

R3 and ASEAN network partner on CBDC sandbox for banks and fintechs

The ASEAN Financial Innovation Network (AFIN) is partnering with enterprise software firm R3 on a central bank digital currency (CBDC) sandbox.

Court denies SEC request for info on Ripple’s recent XRP transactions

A judge has denied the U.S. Securities and Exchange Commission’s request for documents related to Ripple’s XRP transactions and lobbying efforts that took place after the SEC filed its lawsuit last December, according to a new legal filing. Fast facts: “As discussed in the Court’s earlier Opinion and Order denying access to Ripple’s privileged communications, […]

ConsenSys, Hong Kong university launch Ethereum-powered Covid passport

The Chinese University of Hong Kong and Ethereum software company ConsenSys today announced the launch of a Covid-19 digital health passport.

Thailand tightens rules for crypto exchanges and bans meme, fan, NFT tokens

Thailand’s securities regulator has announced new rules for cryptocurrency exchanges in the country, including a ban on utility tokens and meme tokens.

Ethereum sees record institutional outflows of US$12.7M

Ethereum saw its largest institutional outflows on record last week as outflows from Bitcoin eased, according to a report by CoinShares.

Court gives Ripple execs go-ahead to obtain XRP info from 16 foreign exchanges

A judge overseeing discovery in the U.S. Securities and Exchanges Commission’s lawsuit against Ripple Labs has granted the SEC’s request to extend deadlines by 60 days as well as a request by co-defendants Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen to obtain information from 16 cryptocurrency exchanges outside the United States. Fast facts: […]

Huobi launches Blockchain Assets Center for token listings

Huobi Group has announced the launch of a Blockchain Assets Center to provide a standardized, streamlined process for projects seeking to list on its cryptocurrency exchange, Huobi Global.

Plasm Network closes $10M fundraise to bolster Polkadot ambitions

With Kusama slot parachain auctions underway, the first starting next week, Plasm and Shiden networks prepare for a multi-chain future with Polkadot.

Indian crypto exchange WazirX in probe over US$382M in suspect transactions

India’s Enforcement Directorate has issued a show cause notice to cryptocurrency exchange WazirX for alleged foreign exchange violations involving 27.9 billion rupees (US$382 million).

Singapore’s GIC takes 8% stake in HK’s digital asset company BC Group

GIC, Singapore’s sovereign wealth fund, is investing in BC Group—the parent company of OSL, Hong Kong’s first licensed cryptocurrency exchange.

Cross-chain NFTs coming with Polkadot’s Unique Network and RMRK

Unique Network, an NFT chain for Polkadot, and NFT protocol RMRK announced today that they are partnering on expanding the functionalities of NFTs across blockchains.

Basel Committee starts public consultation on banks’ crypto asset exposures

The Basel Committee on Banking Supervision has launched a public consultation on preliminary proposals for the treatment of banks’ crypto asset exposures.

Jump Trading partners with Solana-based DeFi protocol Oxygen

Jump Trading, a high-frequency trading firm, is joining Oxygen, a decentralized finance prime brokerage protocol, as a strategic partner and market-maker to provide liquidity on the Oxygen platform.

BIS, Swiss and French central banks team up for CBDC Project Jura

The BIS, together with the central banks of France and Switzerland, are collaborating on a wholesale central bank digital currency experiment for cross-border settlements.

Coinbase partners with 401(k) provider ForUsAll on crypto retirement plans

Retirement investment platform ForUsAll is partnering with Coinbase to expand access to cryptocurrencies through the U.S. 401(k) pension scheme.

Singapore central bank says blockchain can boost Asia’s low-carbon future

Ravi Menon, managing director of the Monetary Authority of Singapore, says technologies such as blockchain will help Asian nations to reduce carbon emissions.

Crypto wallet firm Ledger closes US$380M funding round

Paris-based crypto hardware wallet provider Ledger announced today the completion of a US$380 million series-C fundraise.

Asian crypto exchange Kikitrade wins funds from UK billionaire Alan Howard

Kikitrade today announced a US$12 million fund raise with investment from British hedge fund billionaire Alan Howard to accelerate its growth.

Ripple: Delaying SEC lawsuit would pose ‘existential threat’ to XRP

In a new court filing, Ripple describes the damage the SEC lawsuit has already done to XRP and the payment company’s now-frozen US business.

Vitalik Buterin: Why Eth2 will propel Ethereum’s use in enterprise

In a talk this week, Vitalik Buterin explains Ethereum’s growing use in enterprise and the importance of building diverse, open-source communities.
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Iranian president calls for crypto regulation to mitigate risks

Iran wants to “preserve and protect national interests” in the field of digital currencies and cryptocurrencies, Iranian President Hassan Rouhani says.

Cardano to roll out smart-contract tools in new product suite

Cardano is set to provide tools for developers, end users and businesses to execute smart contracts in financial agreements through a new suite of products.

UNICEF invests in blockchain startups for financial inclusion

UNICEF Venture Fund is awarding up to $100,000 to blockchain startups, including India’s GovBlocks, in its latest funding round. Here are the other projects.

Hong Kong eyes digital currency as part of new fintech plan

Hong Kong will be initiating a study on a digital Hong Kong dollar as part of its plans to “future proof” the city for central bank digital currencies.

Ripple proposes federated sidechains for XRP Ledger smart contracts

Ripple is inviting feedback from its developer community on a plan to introduce federated sidechains on the XRP Ledger.

KuCoin exchange in Ontario regulator’s sights after law breaches

The Ontario Securities Commission is set to take enforcement action against two companies behind the cryptocurrency exchange KuCoin for violating the province’s securities laws.

How NFTs are redrawing Asia’s art scene from artists to galleries

From Phillips auction house in Hong Kong to Art Fair Philippines, non-fungible tokens are redefining how Asia appreciates, buys and profits from art.

Ripple asks court to ignore 70+ SEC actions against cryptos before XRP

Did Ripple have ‘fair notice’ that SEC might deem the XRP a security? Ripple calls report on SEC’s prior anti-crypto enforcement actions ‘misleading.’

Crypto exchange Fasset expands to Southeast Asia

Cryptocurrency exchange Fasset has received three licenses from the Labuan Financial Services Authority in Malaysia for business operations in the country.

XRP sees robust institutional inflows; Ethereum ‘altcoin of choice,’ report says

XRP last week saw inflows of US$7 million into investment products, the most since April, according to CoinShares.

Ripple accuses SEC of ‘noncompliance’ in sharing XRP, Bitcoin and Ether communications

Ripple is also asking court to order SEC to reveal the agency’s internal employee policies on trading cryptocurrencies and other digital assets.

CoinShares lists Bitcoin, Ethereum and Litecoin ETPs on Germany’s Börse Xetra

CoinShares has announced that its Bitcoin, Ethereum and Litecoin physically-backed exchange traded products have cross-listed on Germany’s Börse Xetra exchange.

Binance launching NFT platform with ‘100 Creators’ campaign

Binance today announced a “100 creators” campaign featuring creative talents from around the world as part of the launch of its non-fungible token marketplace on June 24.

What blockchain games like Alien Worlds say about life outside metaverses

In a special Q&A, Sarojini McKenna of Alien Worlds discusses play-to-earn gaming, digital assets like Trilium, and lives increasingly lived inside virtual worlds.

Prominent Chinese economist urges public to ‘avoid confusion’ between digital currency and cryptocurrencies

It is important to distinguish between developing a digital currency for currency digitalization and digitalization of assets or cryptocurrencies so that China can be more focused on preventing risks in the financial sector, said Fan Gang, a Peking University professor and a prominent advocate in China for economic reform. Fast Facts: In a keynote speech […]

BitFlyer to launch Bitcoin-Japanese yen pair for U.S. traders

BitFlyer announced today that it is launching a Bitcoin-to-Japanese yen pair for currency traders in the U.S.

Ripple execs seek info to defend XRP trades from 16 foreign crypto exchanges

To defend themselves against SEC lawsuit, Ripple’s CEO and chairman ask court for help getting XRP info from a who’s who list of offshore crypto exchanges.

DBS Bank tapping on tokenized bonds as a new way to invest

From digital bonds to real estate, blockchain-enabled security token offerings and tokenization are redefining corporate fundraising and investing.

Cardano and Nervos to launch cross-chain bridge

Input Output Hong Kong and Nervos announced today that they will be launching a cross-chain bridge to connect the two networks.

Ethereum investment products hit market-share high of 27%, report says

Ethereum has hit a market-share high of 27% of all digital asset investment fund products following recent price corrections.

S. Korean banks process US$57B linked to crypto exchanges

South Korean banks processed over 64 trillion won (US$57 billion) of deposits and withdrawals linked to crypto exchanges in the first quarter.

Financial Stability Board seeks faster, cheaper cross-border payments

The Financial Stability Board has launched a public consultation on global targets for cross-border payments.

Thailand’s DeFi sector targeted for regulation over coin offerings

Thailand’s Securities regulator has announced that digital tokens issued and offered for transactions must have its approval.

Singapore’s DBS Bank launches its first digital bond

Singapore’s DBS Bank has announced its first security token offering on the DBS Digital Exchange.

May 2021

Are 73 SEC actions against crypto enough warning to Ripple about XRP?

SEC says Ripple had plenty of ‘notice’ that XRP transactions could be violating the law via its many enforcement actions against other crypto companies.

Cardano launches first Alonzo smart-contract testnet

Input Output Hong Kong, one of the companies behind the Cardano blockchain, today announced the launch of the first testnet for Cardano’s Alonzo upgrade.

Hong Kong crypto exchanges seek to wash hands of dirty power problem

Hong Kong-based cryptocurrency exchange Crypto.com has announced that it is committed to becoming carbon-negative within 18 months, following carbon-neutral initiatives launched by other Hong Kong-based cryptocurrency exchanges FTX and BitMEX.

U.S. securities watchdog looks to regulate crypto trading like stock exchanges

Gary Gensler, chairman of the U.S. Securities and Exchange Commission, has said he wants to see regulation to protect consumers built into the operations of cryptocurrency exchanges.

Almost four in ten consumers have bought cryptocurrencies, study finds

Consumer adoption of cryptocurrencies has grown, with 38% of respondents to a survey saying they have either invested in or bought a cryptocurrency, according to digital wallet provider Skrill, part of payments provider Paysafe.

Tokenization to transform financial system, DBS Bank CEO says

The power of tokenization can fundamentally transform the fabric of the financial system, Singapore’s DBS Bank CEO Piyush Gupta told the Consensus by CoinDesk 2021 conference taking place this week.

How Ripple found new ways to grow XRP business despite SEC lawsuit

Ripple’s CEO Brad Garlinghouse says Ripple was hit hard financially after SEC filed its lawsuit, but the company is now expanding uses for XRP’s technology.

Hong Kong treasury chief says new rules will boost crypto despite investment threshold

A proper regulatory system for cryptocurrencies and virtual assets can facilitate development, protect investors, and adhere to international regulatory standards, says treasury chief Christopher Hui

Vitalik Buterin speaks: What lies in the future of Ethereum?

Breaking into occasional Mandarin at a Hong Kong conference, Ethereum’s visionary creator tells all — including why Ethereum 2.0 is taking so long.

Digital currencies gain ground as governments launch CBDC initiatives

Cashless payment methods are on the rise as governments step up central bank digital currencies (CBDCs) initiatives.

Polygon and Aleph.im partner to protect NFTs from disappearing

Fast-growing Ethereum scaling platform Polygon and decentralized storage network Aleph.im join forces to ‘supercharge’ Polygon’s NFT ecosystem.

Ripple partners with Oman’s Bank Dhofar for cross-border mobile payments

Ripple is partnering with Bank Dhofar, Oman’s second largest bank, to facilitate cross border mobile payments through RippleNet.