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Search results: China

Shanghai turns to metaverse, NFTs to counter lockdown economic fallout

China’s second-most populous city will introduce a three-year plan to promote the metaverse in the tourism industry, and encourage non-fungible tokens (NFTs) in the art and culture industry, as part of a recovery plan for the city’s economy. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts See related article: NFTs, […]

US Justice Dept. seizes US$500K from North Korea-backed hackers

The U.S. Justice Department seized about US$500,000 from North Korea-backed hackers using ransomware, Deputy Attorney General Lisa Monaco announced on Tuesday. See related article: US Treasury says prioritize sanctioning North Korea for crypto hacking Fast facts Hackers demanded Bitcoin ransom from Kansas and Colorado medical providers that were attacked by a never-before-seen ransomware strain called […]

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

Digital assets are powering new industries, and DeFi will be the financial system of the future internet economy, writes Alex Tapscott in his new book, ‘Digital Asset Revolution.’

Tencent shuts down one of its NFT marketplaces

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

Chinese logistics network plans US fundraise via tokenized offerings

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

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

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

Bitcoin bounces back after US reports worst inflation in 41 years

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

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

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

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

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

NFT gallery drops on Tencent’s SEA music app JOOX

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

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

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

Henan promises to release frozen bank funds after violent protest

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

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

For central bank digital currencies to enhance cross-border payments, issuing institutions must take functionality into account to avoid unintended barriers, a joint report by three international financial bodies says.

CrossTower in pact with Ripple to offer NFTs on XRP Ledger

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

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

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

Sam Bankman-Fried’s Voyager debt emerges; Celsius reshuffles board

SBF’s Alameda Research debt to Voyager emerges. Meanwhile, South Korea agrees to cooperate with the US on Terra-Luna investigation.

Three Arrows Capital collapse sends tremors through crypto industry

Top blockchain and crypto news: Three Arrows target bankruptcy protection. Polium’s Web3 game plan pilloried. China’s tech giants get hands-on with NFTs.

Tencent’s music app tests NFT avatars, virtual music room

Tencent on Monday said it started testing non-fungible token (NFT) profile picture (PFP) avatars and the “virtual room” Music Zone on its QQ Music app. See related article: Tencent launches XR unit to develop ‘benchmark’ VR products Fast facts These NFT PFP avatars are two-dimensional cartoon characters based on Tencent’s blockchain, Zhixin Chain. QQ Music […]

India’s latest tax assault on crypto exchanges starts Friday

India’s government can’t seem to decide on following China with an outright ban on crypto trading. So is it bent instead on suffocating traders and exchanges with taxes?

Why tougher crypto regulations are urgently needed

Lack of public trust remain a big barrier to crypto adoption, writes Tristan Roozendaal. Here’s why regulators should ‘move fast and break things.’

Voyager calls time on Three Arrows as crypto fund teeters on the brink

Top blockchain and crypto news: Three Arrows fallout spreads. BIS calls BS on crypto. Chinese regulatory vacuum chills an NFT platform.

Tencent launches XR unit to develop ‘benchmark’ VR products

Tencent has launched an extended reality (XR) division, local media reported on Tuesday, citing Steven Ma, the senior vice president of the Chinese tech giant’s gaming arm Interactive Entertainment Group (IEG).  See related article: Tencent calls dibs on metaverse virtual concerts in patent application Fast facts Tencent will develop “benchmark” products for virtual reality (VR) […]

Compass Mining CEO, CFO resign after utility payment default allegations

Delaware-based Bitcoin mining hosting firm Compass Mining announced Tuesday that its chief executive officer Whitney Gibbs and chief finance officer Jodie Fisher have resigned, effective immediately. See related article: U.S. leads in Bitcoin mining as China’s share drops to zero: Cambridge data Fast facts The firm’s board has appointed chief technology officer Paul Gosker and […]

CoinFLEX issues recovery tokens; MAS says cryptos not currencies

CoinFLEX to solve its liquidity problems by issuing a recovery token. Meanwhile, Singapore’s central bank doubts crypto capabilities.

Chinese marketplace repurchases NFTs, citing uncertain policies

Non-fungible token (NFT) marketplace Yucang Digital Collectibles announced that it is buying back assets sold on its platform due to lack of regulatory clarity.  See related article: NFTs in China must be reviewed: China media watchdog Fast facts The marketplace said operations will continue, but sales and transfers of digital collectibles will be frozen and […]

Chinese blockchain developer calls crypto a Ponzi scheme

Cryptocurrency is a huge Ponzi scheme, Blockchain-based Service Network (BSN) — the developer behind China’s state-backed blockchain infrastructure — said on Sunday.  See related article: China’s BSN to launch overseas public chain without crypto support Fast facts Crypto is an old hoax in a new form, Zhiguang Shan, chair of BSN Development Alliance, and Yifan […]

Digital yuan transactions top US$73 mln in Guangzhou

It took two-and-a-half months for China’s southeastern city of Guangzhou to surpass 490 million yuan (US$73.2 million) in digital yuan transactions, People’s Bank of China Guangzhou branch deputy manager Guo Yunxi said, according to local media.  See related article: JD.com tops US$60 mln in digital yuan sales in 618 shopping festival Fast facts See related […]

Kakao’s Klaytn partners with OpenSea for NFT expansion in Asia

Singapore-based public blockchain platform Klaytn and non-fungible token (NFT) marketplace OpenSea announced on Friday a partnership to bolster the Asian NFT ecosystem. See related article: Kakao’s Klaytn to build blockchain in China with BSN Fast facts The partnership includes conference collaborations and ecosystem grants to promote Asian NFT projects to the global audience. Klaytn is […]

Mind the gap: Bridging the divide between DeFi and CeFi to grow yield

As traditional finance sector firms continue to seek upside crypto exposure, bringing DeFi yields to TradFi has a bright future, says B2C2’s Phillip Gillespie.

Chinese police say cryptocurrency being used to launder drug money

Cryptocurrencies were listed for the first time as a means to launder and transfer money related to the drug trade by the China Ministry of Public Security on Thursday. See related article: China explores ways to classify cryptocurrency crimes Fast facts See related article: The SEC is building a SWAT team to combat crypto crime

Sam Bankman-Fried agrees second bailout; Pride in the metaverse

Cryptocurrencies return to the red as inflation in the UK soars. Meanwhile, Sam Bankman-Fried agrees to bail out BlockFi for the second time.

Shenzhen financial regulators vow to prevent ‘further’ crypto risks

Three financial regulators in Shenzhen said they would “prevent further risks” in crypto trading, while warning that cryptocurrencies and related businesses are illegal in the mainland.  See related article: Law can’t cover crypto losses, China court reiterates Fast facts See related article: Why domestic and overseas Chinese should worry about China’s crypto ban

Bitcoin mining difficulty reading drops 2.35% in latest adjustment

Bitcoin mining difficulty dropped by 2.35% on Thursday, after recording a 1.3% increase earlier this month, according to data from BTC.com. See related article: China’s Guizhou province to slap backdated power charges on uncovered crypto miners Fast facts The mining difficulty reading is now at 29.57 trillion at a block height of 741,888, according to […]

Crypto winter ushers in account freezes as platforms feel the chill

Top blockchain and crypto news: Investors snowed in as liquidity crunch hits. Solend harpoons anti-whale maneuver. Chinese NFTs prove a tricky target.

Calls for policing NFTs gain ground as fraud cases rise

A perceived failure to address increasing fraud in the NFT industry prompts calls for regulation and the adoption of a more centralized approach to weed out bad actors.

STEPN’ing it up with crypto move-to-earn

Enticed by promises of crypto rewards, Joel Stein hits the streets of Los Angeles with a beautiful NFT sneaker. What does he earn — and learn?

Chinese maker of virtual garment designing software raises nearly US$100 mln

Linctex Digital Technology, headquartered in China’s southeastern province of Zhejiang, Tuesday said the pre B+ round included commitments from existing investors Hillhouse Ventures and CDH Investments. See related article: Fashion, art, games and community: What does a decentralized metaverse mean for you? Fast facts Linctex’s software allows designers to create virtual wear, digitize physical fabric, […]

NFT fraud in focus; Bybit job cuts

Crypto exchange ByBit lays off 30% of its staff. And as the NFT market grows, how do we combat against scams?

Chinese NFT platform apologizes for using Hong Kong movie star Louis Koo’s images

Lianwan, a Chinese “digital collectibles” platform that sells blockchain-based images, had claimed it was working with the Hong Kong action star. But Koo’s agency has denied any involvement. See related article: Storm in a teacup? WeChat bans account for flipping NFTs Fast facts On Saturday, Lianwan apologized for using Hong Kong action star Louis Koo […]

Crypto self-custody is no longer a choice. It’s an imperative.

Celsius and Babel Finance’s freezing of customer accounts highlights the risks of intermediaries, writes Nick Saponaro. Crypto users should take back control.

Storm in a teacup? WeChat bans account for flipping NFTs

The ban comes as Chinese companies seek to comply with Beijing’s diktat against speculative activity in non-fungible tokens (NFTs). See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts WeChat banned the official account of a Chinese NFT platform for “business activities related to secondary trading of digital collectibles or cryptocurrency.” […]

Bitcoin bounces back; South Korea crypto tax delay

Bitcoin recovers from it’s weekend slump, standing at over US$20K. Meanwhile, Elon Musk’s support sees Dogecoin gain 12%.

JD.com tops US$60 mln in digital yuan sales in 618 shopping festival

Chinese online retail platform JD.com reported 400 million yuan (US$60 million) in digital yuan sales at the “618” shopping festival, accounting for about 0.1% of the event’s total sales.  See related article: Double Eleven: 240,000 orders by e-CNY on top e-commerce platform Fast facts See related article: China’s zero-Covid policy realigning global economy, financial markets

Game theory: What’s holding back an explosion of play-to-earn?

Despite its rising popularity, GameFi has lessons to learn from Web 2.0 and elsewhere before it can gain a comparable user base, says Ethlas chief Wui Ngiap Foo.

3AC foreclosure concerns grow; Fed boost short lived

BlockFi’s Zac Prince says they have fully liquidated 3AC positions. Meanwhile, Hong Kong’s central bank works with the Bank of Israel to study CBDC security.

Hong Kong to research retail CBDC cybersecurity with Israel, BIS

The Hong Kong Monetary Authority (HKMA) announced a joint research project with the Bank of Israel (BOI) and the Bank for International Settlements Innovation Hub (BISIH) Hong Kong Centre to study cybersecurity issues in retail central bank digital currencies (CBDCs). See related article: Hong Kong now exploring retail CBDC in upcoming Project Aurum Fast facts […]

Bitcoin, Ether recover as Fed guidance reduces policy uncertainty

Despite short-term volatility weighing on prices, an inevitable easing of monetary policy in response to the pandemic and other crises means Bitcoin and other cryptos will find value as a hedge against runaway inflation, market participants tell Forkast.

Tencent, Alibaba, ByteDance have the most potential in the metaverse: report

The Chinese tech giants lead a list of the country’s top 200 companies with the most potential in the metaverse, according to rich list compiler Hurun Report. To be eligible, firms needed to have a market capitalization of US$1 billion or more.  See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts […]

Yahoo, Meta look to Hong Kong for metaverse tests

Yahoo will host virtual concerts and exhibitions featuring celebrities and influencers for Hong Kong residents on the Decentraland metaverse, the company announced on Wednesday. See related story: Hong Kong’s subway operator plans virtual station in metaverse Fast facts Yahoo is also launching a non-fungible token (NFT) exhibition called The Abyss of Kwun Tong to recreate […]

Cryptocurrencies take a pounding as inflation worries spark sell-off

Top blockchain and crypto news: Cryptos sink as inflation rises. Celsius freeze sends CEL token tumbling. Are Inner Mongolia’s miners catching a break?

Why Web3 will be critical to countering a dystopian ‘splinternet’

As the internet fractures into silos degraded by censorship and disinformation, DAOs and public blockchains may offer ways to restore trust.

The metaverse isn’t a fad but part of the future economy

An open and interoperable metaverse economy will drive consumer activity — and it’s on a similar track for growth as e-commerce, writes Ben Caselin of AAX.

Inner Mongolia’s closure of crypto mine operations slows since September

Inner Mongolia has closed 49 cryptocurrency mining farms in total, but only four since September, according to the Inner Mongolia Daily, indicating either the process has been successful or the shutdown drive mandated by Beijing is slowing. See related article: Beijing banned crypto mining, so China miners went underground Fast facts See related article: Crypto […]

On the shoulders of a giant: How a huge state fund is nurturing Web3

Singapore investment behemoth Temasek has been in the digital asset space for several years, and it’s doubling down on its commitment, says its blockchain chief.

Why the IMF is wrong about El Salvador’s Bitcoin experiment

Is El Salvador committing a major blunder in making Bitcoin legal tender — or finding its way out of the hell of dollarization? Bryan Hernandez explains.

Alibaba Cloud launches service to build NFT marketplaces

Alibaba Cloud on Wednesday said its service will help build NFT marketplaces in a fast and reliable way, without addressing compliance issues. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts See related article: Move-to-earn app STEPN to limit service in China

Bitcoin mining difficulty adjusts up 1.3%

Bitcoin mining difficulty recovered slightly on Wednesday, recording a 1.3% increase from the previous downward adjustment two weeks ago, according to data from BTC.com. See related article: Beijing banned crypto mining, so China miners went underground Fast facts The mining difficulty reading is now at 30.28 trillion at a block height of 739,872, according to […]

Binance comes out swinging as report links it to money laundering

Top blockchain and crypto news: Binance BNB slips amid allegations. STEPN marches through attacks. Is China’s slowdown straining crypto prices?

Hold onto your crypto bags, the regulators are coming

Falling prices, an imploding stablecoin, and more reports of hacks have occupied the cryptocurrency headlines in recent weeks, so it’s perhaps no surprise that regulators have noticed and they intend to do something about it.

University of Hong Kong develops blockchain-based system to monitor construction quality

An architecture research team at the University of Hong Kong (HKU) developed a blockchain-based system to remotely track the quality of construction of student residences, according to a press release. See related article: Blockchain-powered air quality sensor test launches in Hong Kong Fast facts The system, named E-Inspection 2.0, helps manage construction quality inspection documents, […]

With Artaverse, Hong Kong seeks to regain global arts influence

In hosting one of Asia’s largest outdoor NFT art exhibitions, the city — battered by lengthy quarantines and protests — is seeking to revolutionize the way art is presented.

How the bear market could accelerate the Web2 to Web3 migration

The downturn is forcing Web3 firms into a reset — and opening opportunities for Web2 entrepreneurs to enter the playing field, writes Lily Z. King of Cobo.

Prosecutor OKs arrest of Chinese executive accused of embezzling US$8 mln to mine Bitcoin

A prosecutor in Beijing has reportedly approved the arrest of a director of a Shanghai-listed Chinese big data company on suspicion of misappropriating the firm’s funds to mine Bitcoin, exchange filings showed. See related article: Beijing banned crypto mining, so China miners went underground Fast facts Li Qunnan, a director of the board of Zhongchang […]

GST slips as STEPN’s update tripped by DDOS attacks

STEPN, the move-to-earn blockchain game, suffered a distributed denial-of-service (DDOS) attack during an “anti-cheating” update over the weekend, leading to network issues and user frustrations.  See related article: Move-to-earn app STEPN to limit service in China Fast facts During the update, an attack of 25 million messages led to hours of server shutdowns, with some […]

Terra’s LUNA moonshot can’t escape gravity of market misgivings

Top blockchain and crypto news: Investors shun LUNA 2.0. Ethereum gains amid relief rally. China’s stimulus goes digital.

Memo to Crypto World: Wall Street is here to stay

Wall Street did it! At least that is one of the theories about the cause of the nearly US$50 billion meltdown of Terraform Labs stablecoin and LUNA cryptocurrency. How does that stand up?

Why children around the world need crypto education

Financial literacy is a life skill that is often neither taught at school nor home, writes Grace ‘Ori’ Kwan of Orca. How can we close this knowledge gap?

NFTs based on late Qing dynasty painter Wu Changshuo’s artwork sell out

Non-fungible tokens (NFTs) featuring Chinese late Qing dynasty painter Wu Changshuo’s artwork debuted on Tencent’s Huanhe NFT platform on Thursday with all 28,000 copies selling out immediately after the drop, reflecting a still robust market for such assets in China. See related article: Chinese stock image agency VCG tests NFT marketplace Fast facts The Wu […]

Terra 2.0 delayed; India’s Non Fungible League

StepN limits their services in China. Meanwhile, Terra 2.0 poses questions relating to investor trust.

Chinese stock image agency VCG tests NFT marketplace

Visual China Group (VCG), China’s largest stock image provider, has started a non-fungible token (NFT) marketplace that lets users outside of mainland China pay with Ether. See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts The platform, dubbed “Vault by 500px,” went live with a beta version on Wednesday, and […]

Huobi acquires Bitex for Latin America expansion

The world’s third-largest cryptocurrency exchange in terms of trading volume Thursday said it acquired Latin American crypto exchange Bitex to expand its footprint in the region. See related article: Huobi Group poised to establish regional hub in Singapore Fast facts Though terms of the deal were not disclosed, Huobi said it plans to integrate Bitex’s […]

Why a Hong Kong CBDC is coming — for institutions

Governments around the world are racing to develop their own digital currencies, but an e-HKD may not make sense for Hong Kong’s people. John Mitchell of Episode Six explains why Hong Kong is unique.