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South Korea’s Busan city to establish digital asset exchange

Busan, the “blockchain city” of South Korea, is in the early stages of building its own platform for digital asset transactions. Fast facts According to Coindesk Korea, Busan city has started setting up detailed plans and strategies in establishing a digital asset exchange. Its plans include building an ecosystem for securities token-based digital asset transactions […]

Crypto exchange FTX.US daily trading volumes jump 150-fold in a year

FTX.US, the U.S. affiliate of Hong Kong-based cryptocurrency exchange FTX, saw its average daily trading volumes soar 150-fold in June compared to the same month a year before, according to the company’s mid-year results. Fast facts The company reported that FTX.US had a daily volume that ranged between US$150 million and US$1 billion in the […]

IMF wants to be part of world’s transition to a digital economy

The International Monetary Fund says it has a mandate to help countries around the world adopt and adapt to digital currencies, but only if the digital money is in the public interest — which Bitcoin is not, according to an IMF report published yesterday. Fast facts While the IMF recognizes the potential benefits of digital […]

Here are Japan’s crypto investing bottlenecks, according to new report

Japan’s crypto-asset business association published a report yesterday that highlights issues in crypto investing for the country’s institutional investors.  Fast facts This report is an update of the latest use cases and projects from the “Discussion Paper Interim Report on Cryptocurrency Use Cases” published on May 7, 2021, and is a supplementary material to the […]

Robinhood closes 8% down in underwhelming IPO

Robinhood’s hotly-anticipated market debut had an underwhelming start on Thursday, closing 8% down on its debut price of US$38, according to data from TradingView.com. Fast facts Trading under the ticker HOOD, Robinhood’s stock had an immediate rocky start, falling 10% before recovering slightly. But HOOD still ended the day at US$34.82. As Forkast reported recently, […]

Over 220 million people are now crypto users, says new report

The number of crypto users around the world grew to 221 million in June, double the number in January, according to a report released today by Hong Kong-based cryptocurrency exchange, Crypto.com. Fast facts Bitcoin drove the growth in crypto use from January to April, with companies such as Microstrategy, PayPal, Tesla and Visa buying into […]

Friends may forgive debts, but WeChat’s new blockchain IOU won’t let anyone forget it

China’s internet giant Tencent launched a blockchain-based digital IOU service on its flagship product WeChat, one of the nation’s most popular apps for messaging and payments.  Fast facts Aside from Wechat’s existing “mini receipt” and “mini contract,” Tencent says its new IOU function would allow friends to borrow money more easily from each other, according […]

Number of new crypto investors in South Korea drops over 90%

New data provided by lawmaker Kim Hee-gon shows a significant decline in new users and the amount of transactions on the four largest cryptocurrency exchanges in South Korea. Fast facts The data aggregated by the four largest crypto exchanges in Korea — Upbit, Bithumb, Korbit and CoinOne — shows that their total of new users […]

Iran’s electric utility issues warning about Chinese crypto miners

Iranian state electric company Tavanir has warned judicial officials about Chinese cryptocurrency miners coming to Iran, an influx that could worsen the country’s power outage problems, according to local media reports. Fast facts Tavanir CEO Mohammad Hussein Motevallizadeh said in a letter published by local news website Eghtesadnews that the Chinese government’s crackdown on crypto […]

PayPal unveils plan to greatly expand crypto services

PayPal customers will soon have access to a greater range of crypto services through the global payment platform, CEO Dan Schulman said during PayPal’s Q2 2021 investor update call yesterday. Fast facts Describing the upgrade as “code complete,” Schulman said the wallet should be fully available for customers in the Unite States in the next […]

Stoner Cats cause trouble on Ethereum as NFT cartoon goes live

Sales of non-fungible tokens for “Stoner Cats,” the new adult cartoon featuring Ethereum creator Vitalik Buterin alongside Hollywood A-listers, resulted in losses totaling 344.6 ETH (US$790,000) to fans yesterday due to the influx of buyers who overwhelmed the Ethereum network and failed transactions, according to data from Dune Analytics. Fast facts The show, which sold […]

Blockchain developer platform Biconomy Raises $9M, led by Mechanism Capital

Biconomy, a Singapore-incorporated technology company building transaction infrastructure for blockchain applications, today announced it had raised US$9 million in a private funding round led by digital asset fund manager DACM and investment firm Mechanism Capital, according to a company statement. Fast facts Other investors included Coinbase Ventures, Coinfund, Huobi Innovation Labs and Stani Kulechov, founder […]

Disguised crypto exchange bank accounts exposed by South Korean regulator

South Korea’s Financial Services Commission revealed today that it had discovered 14 bank accounts used by virtual asset exchanges that had been registered in names that were not those of the exchanges themselves. Fast facts It is not legal for crypto exchange bank accounts held under other names to accept customers’ funds on behalf of […]

Bank of Thailand promotes blockchain in new guidelines

Thailand’s central bank yesterday published guidelines to regulate and promote the use of blockchain technology in the financial sector.  Fast facts Released by Siritida Panomwon Na Ayudhya, assistant governor of the payment systems policy and financial technology group at the Bank of Thailand, the guidelines provides principles for blockchain technology adoption by financial services providers.  […]

South Korean crypto exchanges warned over treatment of customers

The Korea Fair Trade Commission has advised eight cryptocurrency exchanges to changes terms and conditions in their user agreements that it deems unfair to customers. Fast facts The commission discovered 15 types of terms and conditions that it said were unfavorable to customers. One condition stipulated that balances of less than a minimum withdrawal amount […]

Ripple partners with SBI Remit, Coins.ph to use XRP for Japan-Philippines remittances

San Francisco-based payments technology company Ripple has partnered with SBI Remit, Japan’s largest money transfer provider, mobile payments service Coins.ph and digital asset exchange platform SBI VC Trade to use XRP for remittances between Japan and the Philippines, according to a company statement. Fast facts The partnership — Ripple’s first on-demand liquidity service implementation in […]

Big Indian banks take stakes in trade finance blockchain firm

Fifteen of India’s largest banks have invested in a fintech firm that aims to use blockchain to speed up domestic letters of credit, a first in domestic trade finance, regulatory filings to the National Stock Exchange of India show. Fast facts Named the Indian Banks’ Blockchain Infrastructure Co., the firm uses blockchain technology to verify […]

Ethereum-based EthSign platform wins seed funding from Draper Associates

EthSign — a Singapore-based electronic signing platform built on the Ethereum blockchain — today announced additional seed round funding from Silicon Valley venture capital firm Draper Associates. Fast facts EthSign is a decentralized application that allows users to comment on, edit and access each version of an electronic agreement securely. Built on the Ethereum blockchain, […]

Dogecoin for dog food at Brazil’s Burger Kings

In the latest effort of crypto cross-promotion, Burger King Brazil is now accepting the memecoin Dogecoin as payment for a “Dogpper” — a special edible doggie treat for customer’s pets and a play on words of the fast-food chain’s famous burger, the Whopper. Fast facts The doggie treat is not new to Latin America. Burger […]

Mastercard launches new crypto startup accelerator program

In an effort to “expand and accelerate innovation around digital asset technology”, Mastercard is launching a new global program to support cryptocurrency startups by giving them access to Mastercard’s business network and technology. Fast facts Announced yesterday, Mastercard’s Start Path program already has signed up seven crypto-related startup companies: GK8, Mintable, Stacs, Supraoracles, Taurus, Uphold […]

Robinhood seeks to protect traders from crypto price volatility

Zero-fee trading app Robinhood is looking to introduce features to better protect users against the price volatility of crypto trading, according to a report by Bloomberg based on an analysis of the platform’s code by iOS developer Steve Moser. Fast facts According to a message in the code, a new feature called “price volatility protection” […]

South Korean authorities to collect delinquent taxes from crypto cold wallets

South Korea’s newly amended tax law will allow authorities to collect delinquent taxes hidden in cryptocurrency cold wallets. Fast facts The Ministry of Economy and Finance yesterday announced the 2021 Tax Law Amendment, which grants authorities the power to seize delinquent taxes transferred to crypto holdings. The seized crypto will be sold on exchanges and […]

OKEx parent’s USDK stablecoin revenue dives almost 90%

OKG Technology Holdings, the parent company of crypto exchange OKEx, suffered an 89.8% year-on-year slump in revenue from operating Ethereum stablecoin USDK, its FY 2021 annual report shows. Fast facts Its USDK revenue was just HK$159,000 (US$20,470). Currently, USDK, which launched in 2019, has a market cap of US$28.68 million and a circulating supply of […]

Thailand telecoms firm to expand into Bitcoin mining

Jasmine Telecom Systems, a publicly-listed unit of Thai telecoms operator Jasmine International, is set to ride the Bitcoin mining wave, with plans to install tens of thousands of mining machines over the next few years. Fast facts JTS is kicking off plans to deploy 500 mining machines in a data center in the third quarter […]

Tesla reports $1.3B in Bitcoin holdings in Q2 2021

Electric carmaker Tesla on Monday reported that it held US$1.3 billion of Bitcoin, according to the company’s Q2 2021 financial results update. Fast facts There was no change to Tesla’s Bitcoin holdings from the previous quarter, but the company took a Bitcoin-related impairment hit of US$23 million due to the fall in Bitcoin prices, according […]

Philippine Digital Asset Exchange user numbers skyrocket

The Philippine Digital Asset Exchange, a cryptocurrency trading platform licensed by the central bank of the Philippines, now has more than 450,000 users, a 22.5-times increase from 2019, the bourse has told local media.  Fast facts PDAX Chief Executive Nichel Gaba said many Filipinos were crypto-curious, which explained why the number of traders on the […]

IMF issues thinly veiled warning against crypto as legal tender

Following El Salvador’s making Bitcoin legal tender and ongoing speculation of further crypto adoption in Latin America, the International Monetary Fund has issued a thinly veiled warning to any country looking to follow suit. Fast facts While acknowledging the appeal to countries adopting cryptocurrencies as legal tender — especially for those with less stable economies […]

Crypto gets starring role in South Korean historical drama TV series

A cryptocurrency-themed TV drama series with a historical twist is currently in production in South Korea, depicting the make-believe arrival of a cryptocurrency in the country’s ancient Joseon Dynasty. Fast facts “The Age of Money,” as the show will be known, follows a fictional king trying to get to the bottom of an “invisible” brass […]

Goldman applies to launch decentralized finance ETF

As regulation permitting the establishment of Bitcoin exchange-traded funds remains stalled in the U.S., Goldman Sachs has officially applied for an ETF offering exposure to companies in decentralized finance and blockchain. Fast facts In a recent filing to the U.S. Securities and Exchange Commission, the bank said its fund — the Goldman Sachs Innovate DeFi […]

Amazon denies Bitcoin payment rumors

Amazon is quickly putting to rest rumors the online retail giant plans to offer crypto payment services for its customers, as reported by British newspaper CityAM, which claimed to have spoken to a company insider. Fast facts To shoot down the rumors and conjecture, an Amazon spokesperson told Coindesk.com on Monday: “Notwithstanding our interest in […]

Facebook digital currency wallet Novi looks to add staff in Philippines

Facebook’s Novi, a digital wallet designed for its digital currency, Diem, is in hiring mode in the Philippines. Fast facts Facebook’s careers page currently shows five openings in the country for positions dedicated to Novi, including help operations investigator, onboarding coordinator and learning business partner. It has only one other opening in the entire Asia-Pacific […]

CoinShares: Multi-asset crypto investments see inflows amid outflows from Bitcoin and Ethereum

For the third consecutive week, digital asset investment products last week saw outflows — this time, to the tune of US$28 million, according to CoinShares, Europe’s largest digital assets fund manager. Bitcoin saw the majority of outflows, but multi-asset investment products remained positive with inflows of US$3.1 million. Fast facts Bitcoin investment products saw US$24 […]

Singapore crypto license applications in final stages of review

Singapore’s central bank is in the final stages of reviewing applications for licenses to provide crypto services, including payments and the operation of cryptocurrency exchanges, according to Tharman Shanmugaratnam, minister in charge of the Monetary Authority of Singapore (MAS), which regulates financial institutions in Singapore. Fast facts To date, Singapore has received over 480 crypto […]

Bybit contributes $19M to BitDAO in ETH, USDT and USDC to support DeFi growth

Singapore-based crypto derivatives exchange Bybit today announced it had made a US$19.3 million contribution in Ethereum (ETH), Tether (USDT) and USD Coin (USDC) to BitDAO, one of the world’s largest decentralized autonomous organizations, which it helped launch last month. Fast facts Many crypto projects, especially those in decentralized finance, have organized themselves as DAOs for […]

Chinese crypto firms donate millions of yuan to flood-hit Henan

Three blockchain and crypto-related companies have donated hundreds of millions of yuan to China’s Henan Province, which has suffered deadly floods since last week. Fast facts Bitmain, a crypto mining firm was the first to announce a donation of 10 million yuan (US$1.54 million) on July 23 to a charity federation in Zhengzhou, the provincial […]

Binance expands in Singapore amid global crackdown

Binance, the world’s biggest cryptocurrency exchange by trading volume, appears to be expanding its Singapore office. At the time of publishing, Linkedin showed that it had 261 job vacancies in Singapore — where its CEO, Changpeng Zhao, allegedly lives — among 964 vacancies globally.  Fast facts The talent Binance is seeking ranges from futures growth […]

NFTs, smart contracts come to ADA as Alonzo mainnet debut approaches

Wolfram Blockchain Labs and Cardano are set to host a livestream event in which items from Wolfram’s computational universe will be “Liveminted” as NFTs on the Cardano network. Details of the event were shared on the website of Cardano’s parent company, Input Output Hong Kong recently, which said it would take place on July 28. […]

Bitmain joins hands with Kazakhstan mining farm Enegix to host rigs

Chinese cryptocurrency mining rig maker Bitmain has partnered with Enegix, which runs one of the biggest crypto mining data centers in Kazakhstan, to host its Antminer machines in the Central Asian nation. Fast facts Bitmain said in a statement on Friday that it had joined hands with Enegix, a data center operator in Kazakhstan, to […]

BIT Mining to exit lottery business for crypto mining expansion

BIT Mining — a New York Stock Exchange-listed company that only months ago became a big investor in Chinese cryptocurrency mining — has decided to exit its Chinese lottery-related business and focus more on mining outside the country. Fast facts BIT Mining, formerly known as 500.com, has operated online sports lottery services, but announced on […]

Singapore crypto take-up reaches 43% of adults

Cryptocurrencies are gaining traction in Singapore, especially among younger investors. A survey of 1,000 Singaporeans carried out by Toluna, a consumer insights provider, has shown that 43% of Singaporeans own crypto and that 74% of them have increased their wealth by using it as an investment.  Fast facts The survey is said to have been […]

Crypto-ransomware connection draws U.S. Senate scrutiny

Amid growing concerns surrounding ransomware attacks in the U.S., Senator Gary Peters has announced a bipartisan investigation of how cryptocurrencies could be facilitating such activity, Bitcoin.com reports. Fast facts In a statement, Sen. Peters, who is also the chairman of the Homeland Security and Governmental Affairs Committee, said: “The increased use of cryptocurrencies as the […]

Sichuan shuts 1,360 hydropower stations for suspected crypto-related checks

Authorities in Sichuan — a southwestern Chinese province that was once a hotbed for crypto mining, thanks to its abundant hydropower resources — is tightening scrutiny of small hydropower stations, without giving any exact reasons behind the move. Fast facts The Sichuan Provincial Water Resources Department said that it had listed 5,131 small hydropower stations […]

Seoul museum to sell NFTs of historic Korean alphabet book

Seoul’s Kansong Art Museum has announced a plan to turn Hunminjeongeum, a book documenting the principles of the Korean alphabet — a national treasure in South Korea — into a limited edition of 100 non-fungible tokens that will be sold for around US$87,000 each. Fast facts On July 22, the Kansong Art and Culture Foundation […]

DeFi puts down roots in the Bitcoin network

Despite Ethereum being the blockchain of choice for smart-contract capabilities, there has been a recent push to bring decentralized finance to the Bitcoin network. Fast facts One such project looking to do so is layer-one protocol Stacks (STX), whose introduction of its programming language Clarity has allowed the development of smart contracts on the Bitcoin […]

EL Salvadorans protest Bitcoin adoption bill

Demonstrators have gathered outside El Salvador’s National Assembly to protest President Nayib Bukele’s controversial bill to establish Bitcoin as official legal tender in the Central American nation, Decrypt reports. Fast facts Activists gathered despite a three-month ban on protests in the country, which was ostensibly put in place as a Covid-19 preventative measure. Despite the […]

Chinese electricity bills to become payable using digital yuan

A digital yuan wallet app launched by China’s central bank will include an electricity bill payment feature designed by the country’s State Grid, according to Economic Information Daily, a local financial media outlet.  Fast facts Users will be able to pay their electricity bills through the digital yuan app directly and do not need to […]

Australian buy-now-pay-later fintech Zip to launch crypto trading

In the latest example of a fintech company looking to branch into crypto, Australian buy-now-pay-later company Zip Pay has announced it will launch crypto trading services in the next 12 months, Reuters reports. Fast facts Zip co-founder Peter Gray told Reuters that crypto trading was one of the most requested features by users of the […]

India central bank plans digital Rupee rollout

India plans to implement the country’s digital currency in phases, Reserve Bank of India’s deputy governor Shri T Rabi Sankar said at a webinar organized by the Vidhi Centre for Legal Policy, New Delhi.  Fast facts “CBDC (central bank digital currency) will be in the arsenal of most if not all central banks in the […]

NatWest blocks customer payments to Binance

In the latest blow to Binance — the world’s largest cryptocurrency exchange — U.K. bank NatWest is now blocking its customers from making payments to Binance both in the U.K. and abroad, reports Yahoo Finance. NatWest acted after Binance has come under increasing regulatory pressures. Fast facts The move by NatWest — a Scotland-based bank […]

NFT platform Mintable to auction collection of comics legend Stan Lee

Mintable — a Singapore-based, Mark Cuban-backed non-fungible token platform — today announced the launch of a limited-edition NFT collection featuring comic book legend Stan Lee. Fast facts The collection, which includes three paintings by artist Rob Prior and a selection of photographs and videos of Lee taken by his friend and later caretaker, will be […]

Hyper-realistic virtual influencer Rae mints NFTs

It’s not only real-world idols that look to earn a profit from issuing non-fungible tokens. Rae — a virtual influencer in Singapore rendered through computer-generated imagery and powered by artificial intelligence — is selling “her” first NFTs on Mintable. Fast facts Rae — whose creators’ identities remain mysterious — has dropped her first NFT series […]

NFT buzz continues as OpenSea raises US$100M

OpenSea, the world’s second-biggest non-fungible token marketplace by trading volume, has raised US$100 million in a series B funding round led by venture capital firm A16z, the company has announced.  Fast facts The new funding raises the company’s value to US$1.5 billion, making it a unicorn — a start-up with a valuation of more than […]

Shipping network launches blockchain-based cargo app in China

Trade platform the Global Shipping Business Network has launched its first blockchain-based application in China to reduce paper usage and enhance efficiency and transparency in the shipping industry. Fast facts Named Cargo Release, the new blockchain-based app will connect the whole shipping supply chain, including shipping lines, consignees, their agents and terminals.  The app promises […]

U.S. crypto miner Core Scientific to list via SPAC merger

U.S. cryptocurrency miner Core Scientific Holding is set to list on the Nasdaq exchange through a merger with a special-purpose acquisitions company, boosting the value of the combined business to around US$4.3 billion. Fast facts Core Scientific, one of the biggest crypto mining companies in the U.S., announced yesterday that it had entered into merger […]

Australian bourse warns of centralized exchange crypto custody risks

ASX, which operates Australia’s stock market, says the custody of cryptocurrency held on centralized exchanges presents a significant cybersecurity risk to investors, and recommends that regulatory action be taken to protect digital assets. It made the comments in a submission to the country’s Senate Select Committee on Australia as a Technology and Financial Center. Fast facts […]

Chinese insurer Ping An seeks digital yuan payments for new Covid-19 policy

China’s trial of e-CNY, the digital version of the national currency, the yuan, has extended to the insurance industry, with conglomerate Ping An encouraging medical staff in the southern city of Shenzhen to pay premiums for a Covid-19 insurance plan using the new currency. Fast facts One Ping An branch in Shenzhen is offering insurance […]

SEC Chair Gensler: stablecoins could be treated as securities

Hinting at a potential future crackdown on stablecoins, Gary Gensler — the chair of the U.S. Securities and Exchange Commission — told the American Bar Association this week that cryptocurrencies whose prices are based on traditional assets could be subject to securities law enforcement. Fast facts Gensler’s remarks followed those of U.S. Treasury Secretary Janet […]

Blockchain gaming unicorn Animoca Brands and Brinc launch NFT accelerator

Hong Kong-based blockchain gaming company Animoca Brands and global venture accelerator Brinc have launched Launchpad Luna, a new accelerator program to identify, mentor, and invest in promising blockchain and non-fungible tokens (NFT) startups, according to a company statement. Fast facts Projects accepted into the accelerator program will receive training, end-to-end support and funding of up […]

Polkadot staking liquidity DeFi project Bifrost wins 5th Kusama parachain auction

Bifrost, a staking liquidity decentralized finance project on Polkadot and Kusama has won the fifth Kusama parachain slot auction, with more than 5,000 contributors staking 136,817 Kusama (KSM). Fast facts Bifrost is a DeFi protocol designed to connect Polkadot and different proof-of-stake blockchains and provide staking derivatives. Bifrost’s win marks end of the current round […]

EU to ban anonymous crypto asset wallets in AML/CFT push

The European Commission intends to tighten anti-money laundering and counter-financing of terrorism rules by banning anonymous crypto asset wallets as it seeks to align European Union law with Financial Action Task Force standards, according to legislative proposals presented yesterday. Fast facts A key change is a proposed amendment to the 2015 EU regulation on transfers […]

Robinhood seeks market valuation of US$35B in upcoming IPO

Fee-free trading app Robinhood is seeking a market valuation of US$35 billion in its upcoming initial public offering, according to a filing to the U.S. Securities and Exchange Commission. Although the amount is significant, it is lower than the US$40 billion initially estimated, due in part to slow crypto trading in recent months. Fast facts […]

China Mobile discloses virtual currency system patent, joins e-CNY team

China’s largest telecommunications company, China Mobile, has disclosed a patent on a virtual currency management system that can prevent the theft of hot-wallet keys. Fast facts The system achieves theft-prevention by separating the hot-wallet server interacting directly with a public data server via a system wallet server. The patent disclosure shows that China Mobile filed […]

Mastercard partners with USDC to pilot crypto payments

Mastercard has announced a pilot program in partnership with Circle’s USDC stablecoin and others to enable cardholders to pay merchants using cryptocurrency anywhere Mastercard is accepted, according to a company press release. Fast facts USDC will act as an intermediary between fiat and other cryptocurrencies in the new system, allowing all merchants to offer card […]

Bank of Canada makes case for CBDCs

The Bank of Canada has presented a positive case for issuing a central bank digital currency, saying it could be an effective competition policy tool and necessary to support innovation in the digital economy, as outlined in a recent report. Fast facts Current problems in Canada’s economy related to competition and wealth distribution were likely […]

Kakao’s Ground X wins South Korea’s CBDC bidding war

South Korea’s central bank has named Ground X, Kakao’s blockchain subsidiary, as its partner in the country’s central bank digital currency simulation project. Fast facts Ground X was designated as the preferred bidder, beating out Naver and SK C&C. Ground X has more experience in blockchain than the other bidders, operating public blockchain platform Klaytn […]

Are SEC commissioners bolstering Ripple’s defense in XRP lawsuit?

San Francisco-based Ripple Labs has asked a court to take into consideration recent comments by Securities and Exchange Commission members Hester Peirce and Elad Roisman on a lack of regulatory clarity over crypto in an effort to block the agency’s attempt to throw out Ripple’s fair notice defense, according to a new legal filing. Fast […]

Neon virtual machine allows Ethereum dApps, tools to scale on Solana blockchain

Neon Labs, a firm focused on secure blockchain technology, announced today that it will be deploying a cross-chain Ethereum virtual machine on the Solana testnet. Neon’s EVM will allow any decentralized application from the Ethereum ecosystem to leverage the high throughput and fast block times of Solana, and to access the lower gas prices of […]

Blockchain platform Enjin joins UN Global Compact to further sustainable NFT goals

Singapore-based Enjin, a non-fungible token and gaming blockchain platform, today announced it is joining the United Nations Global Compact corporate sustainability initiative as part of its efforts to develop a sustainable NFT ecosystem. Fast facts The Global Compact is a voluntary sustainability initiative for companies working towards implementing the UN’s Sustainable Development Goals. Through its […]

Chinese fireworks artist Cai Guoqiang auctions first NFT for $2.5M

Chinese fireworks artist Cai Guoqiang has entered the world of non-fungible tokens, recently auctioning off his first NFT work for US$2.5 million. Fast facts Cai’s work “Transient Eternity — 101 Ignitions of Gunpowder Paintings,” commissioned by the Rockbund Art Museum in Shanghai, was auctioned on TR Lab for US$2.5 million after a 48-hour bidding period […]

BlockFi ordered to stop offering interest accounts to New Jersey customers

U.S. crypto lending platform BlockFi has been ordered by the New Jersey Bureau of Securities to stop accepting new customers who are based in New Jersey for its interest-bearing accounts due to alleged violations of securities laws. The order takes effect from from July 22. Fast facts In a series of tweets, BlockFi’s CEO and […]

France calls for EU securities watchdog to regulate cryptos across bloc

The European Securities and Markets Authority should regulate digital currencies in the European Union, according to a proposal by the Autorité des marchés financiers, France’s securities regulator. Fast facts The AMF said it made sense for a single body to take charge of regulation across the bloc to ensure a Europe-wide framework could be applied, […]

Axie Infinity’s AXS token falls nearly 50% from peak

AXS, the governance token of blockchain-based game Axie Infinity, is down almost 50% from its all-time high of US$28.61 last Thursday, according to data from CoinMarketCap. It was trading at US$15.28 at press time. Fast facts Despite the slide, the gains AXS had made over the previous few weeks mean it is still trading more […]

Street performers embrace digital payments as cashless society emerges

Buskers and street performers who accept electronic or digital currency often receive larger sums than they do accepting only cash, according to a recent survey by RMIT, a university in the Australian city of Melbourne. The trend has accelerated following global lockdowns amid Covid-19 as familiarity with QR codes and other technologies grows. Fast facts […]

Crypto ‘Michelin Guide’ releases South Korea’s first token ratings report

The Korea Institute of Virtual Asset Valuation has released its first report evaluating the investment outlook for seven South Korean cryptocurrencies. KiVAV founder Park Jae-kyung said some domestic token issuers may be looking for quick money instead of developing their tokens long term. Fast facts KiVAV’s report, released yesterday, gave only the Mass Vehicle Ledger […]

U.S. needs ‘to act quickly’ to regulate stablecoins, treasury secretary says

U.S. Treasury Secretary Janet Yellen says that the United States needs “to act quickly to ensure there is an appropriate U.S. regulatory framework in place” for stablecoins. Fast facts Yellen made her comments at a Meeting of the President’s Working Group on Financial Markets, held on July 19. According to a readout of the meeting, […]

Turkey to debate crypto regulation bill in October

Turkey’s deputy finance minister says a draft bill to create a cryptocurrency regulatory framework will be submitted to parliament in October, according to a report by CNN Türk. Fast facts The bill will define different types of virtual currencies and principles for their issuance and distribution. The country’s Capital Markets Commission will supervise companies handling […]

Grayscale launches new DeFi fund to woo investors seeking token-free exposure

Cryptocurrency investment manager Grayscale has started a fund focused on decentralized finance tokens and based on CoinDesk’s new DeFi-specific index, the company has said in an announcement.  Fast facts The fund offers investors a selection of leading DeFi protocols through a market capitalization-weighted portfolio designed to track the index. It allows investors to allocate funds […]

Bitcoin sees outflows amid inflows for Ethereum, Cardano, XRP in crypto market ‘summer doldrums’

The cryptocurrency market remains quiet, with net inflows of just US$2.9 million last week, according to digital asset investment firm CoinShares’ weekly digital asset fund flows report. Fast facts “The summer doldrums are here, but in line with seasonal expectations,” wrote James Butterfill, a CoinShares’ investment strategist. Bitcoin investment products saw net outflows of US$10.4 […]

Hong Kong’s South China Morning Post to make NFTs to preserve history

Hong Kong newspaper the South China Morning Post is making a foray into the world of non-fungible tokens in the latest move by a Hong Kong publisher to preserve content through blockchain technology. Fast facts The SCMP today released its “ARTIFACT” lite paper, a project designed to advocate “a standardized metadata structure for recording accounts […]

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