Singapore plans digital assets initiative with financial industry
The Monetary Authority of Singapore (MAS) has announced Project Guardian, a collaborative initiative with the financial industry to explore the economic potential and value-adding use cases of asset tokenization, according to a statement from Deputy Prime Minister Heng Swee Keat on Tuesday. See related article: Singapore wants to bring some adult supervision to crypto Fast […]
South Korea’s Dunamu, Sooho.io to develop SWIFT-like bridge for Web3
South Korea’s smart contract auditing firm Sooho.io is partnering with Lambda256, the blockchain subsidiary of Upbit operator Dunamu, to develop a bridge layer connecting the country’s fragmented decentralized finance (DeFi) and Web 3.0 ecosystem. See related article: Two crypto exchanges reach unicorn status in South Korea Fast facts The new bridge will work as a […]
Terra’s Mirror Protocol crisis averted; ETH crosses US$2,000 mark
Mirror Protocol’s price match error nearly led to another crisis for Terra. Meanwhile, Ethereum rises back up after nearly a week below US$2,000.
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?
India almost ready with crypto consultation paper: Official
The Indian government is studying how other countries have regulated the asset class before drafting laws for the industry, the secretary for economic affairs Ajay Seth told local media. See related article: Crypto regulation has to ‘take its time’: India FM Nirmala Sitharaman Fast facts “Our consultation paper is fairly ready. We have gone into […]
Russian official calls for crypto mining regulation: Report
Russia’s Deputy Minister of Industry and Trade Vasily Shpak called for regulating cryptocurrency mining as the industry has grown too big to ignore, Interfax news agency reported on Friday. See related article: Russia uncovers a crypto mining farm in its oldest prison: report Fast facts Shpak said that crypto mining activities took up over 2% […]
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?
Ethereum passes US$2,000 mark as crypto market rises
Ethereum gained over 10% in 24 hours to reach US$2,000 on Tuesday morning in Asia after spending the better part of a week below the mark. Ethereum was trading at US$1,985 at press time. See related article: Bitcoin, Ethereum, crypto at 2022’s lowest point Fast facts The world’s second-largest cryptocurrency hit a low of US$1,721 […]
India’s CBDC plans; Stablecoins vs CBDCs
The Reserve Bank of India explores digital rupee options. Meanwhile, Terra’s new Luna coin drops significantly since launch.
Governments pushing for CBDCs smell blood in Terra Classic’s struggles
Advocates for central bank digital currencies argue their inherent stability supersedes any benefits so-called stablecoins, algorithmic or otherwise, could offer.
Terra 2.0 new LUNA is down 70% since restart
The new LUNA was trading under US$6 on Monday morning Asia time, after peaking at US$18.87 shortly following the launch of the Terra 2.0 blockchain on Saturday, according to data from CoinGecko. See related article: Winning back the trust of the Terra community a tall order for Do Kwon: Experts Fast facts LUNA Classic (LUNC) […]
RBI wants its CBDC to bring ‘little or no disruption’
The Reserve Bank of India (RBI) is aligning its central bank digital currency (CBDC) design with monetary policy objectives and financial stability, the central bank said in its annual report. See related article: Report: Stablecoins, CBDCs may not resolve financial inclusion, international remittance challenges Fast facts Finance Minister Nirmala Sitharaman announced in February the RBI […]
Why DBS’ move into the digital asset space is more than a token gesture
The Singapore-based banking behemoth may have found its reach constrained in retail crypto markets, but it still has big plans, CEO Piyush Gupta tells Forkast.
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.
Winning back the trust of the Terra community a tall order for Do Kwon: Experts
Do Kwon’s proposal to create a new Terra network chain is set to go live this weekend — what does Terra 2.0 entail and will it successfully win back its following?
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 […]
‘Crypto is not something that can be ignored anymore’: NEAR Foundation CEO
Flament’s comments come as governments around the world step up regulation of the sector plagued by frequent frauds, high-profile run-on-the-banks and misrepresentation from the anonymity blockchain and cryptocurrency offer.
Bitcoin hashrate falls; Australia’s crypto future
Bitcoin’s hashrate has dropped since the crypto market crash. Meanwhile, Australia’s new Labor government could bring about changes for the crypto sector.
CoinDCX offers to let Indians earn yield on crypto holdings
The operator of the Indian cryptocurrency exchange is working with large institutional borrowers, third-party lending partners and staking platforms to generate yield on cryptocurrency and digital assets, CoinDCX said in a statement. See related article: CoinDCX investment arm to invest US$13 mln in Web3 startups Fast facts The yield program doesn’t come with lock-in periods […]
What does the new Australian Labor government mean for the crypto industry?
Changes in government don’t come about too often in Australia, so there’s always plenty to unpack when it does, including what’s in store for investors in the world of cryptocurrency.
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.
Crypto tax preparer CoinTracker launches in India
The digital assets tax compliance and portfolio tracking firm’s launch in India comes after the country announced a series of measures to benefit off the gains made in cryptocurrencies. See related article: India tax breaks crypto’s back Fast facts Crypto users in India can use CoinTracker to aggregate and reconcile cryptocurrency and non-fungible token (NFT) […]
E-CNY use widens in Chinese schools; Terra faces audit
A hydropower plant in China has been fined for illegally powering crypto mines. Meanwhile, South Korean auditors plan on auditing Terra and other crypto exchanges.
Terra, LUNA vote ends in favor of Do Kwon’s new chain proposal
Terra’s governance vote closed on Wednesday evening Asia time with 65.50% of governance voters in favor of Terraform Labs CEO Do Kwon’s proposal to create a new blockchain. See related article: Terra raises aUST initial token float to 30% in revival plan amendment Fast facts Kwon’s “Terra Ecosystem Revival Plan 2” ditches the algorithmic stablecoin […]
Tether USDT shaken by stablecoin market storm
Top blockchain and crypto news: Billions cut ties with Tether. Are Terra’s UST troubles just beginning? China’s miners stay one step ahead.
Kerner at Blockchain Coinvestors says Terra was a Ponzi strategy
The crypto community is still dealing with the fallout from the multibillion-dollar collapse of Terra-LUNA. At a Davos event organized by Forkast, we asked what caused the crash and if it was foreseeable.
How can I become a metaverse real estate mogul?
If buying a home is the American Dream and key to building wealth, what is that like in the metaverse? Crypto newcomer Joel Stein finds out.
Coinbase is the first crypto firm to make the Fortune 500 list
Nasdaq-listed Coinbase Global, Inc. became the first cryptocurrency company to make it to the Fortune 500 list of the biggest U.S. corporations on Monday. See related article: Coinbase blames India’s central bank for exit Fast facts Coinbase’s 2021 revenue of US$7.8 billion brought the company to the 437th rank in Fortune’s annual list. The top […]
S. Korea finance regulator to audit Terra and related exchanges
The Financial Supervisory Service (FSS) of South Korea will perform an on-site inspection of Terraform Labs and financial services linked to TerraUSD (UST) or LUNA. See related article: Are we heading for a post-Terra crypto winter? Fast facts The FSS said at an emergency National Assembly meeting on Tuesday that the audit aims to prevent […]
Hydropower plant in China’s Hubei province fined for powering crypto mining
Chinese authorities have fined a hydropower plant in Central China’s Hubei province 43,493 yuan (US$6,528) for “illegally supplying electricity to virtual currency mining operations,” as the country continues to crack down on cryptocurrency operations. See related article: Beijing banned crypto mining, so China miners went underground Fast facts In addition to the fine, the authorities […]
Terra embezzlement alleged; RBI reiterates crypto warning
A Terra employee has been accused of embezzlement. Meanwhile, a crypto mining farm has been found in Russia’s oldest prison.
China’s BSN to launch overseas public chain without crypto support
China’s state-backed infrastructure Blockchain-based Service Network (BSN) announced on Tuesday that it is preparing the launch of BSN Spartan on Aug. 31, a new international network for non-cryptocurrency public chains. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts “We’re not against public chains, but we’re against crypto,” BSN developer […]
Beijing banned crypto mining, so China miners went underground
Authorities and Bitcoin miners play a cat-and-mouse game as miners find means to stay off the government radar and dodge crackdowns.
Are we heading for a post-Terra crypto winter?
Terra’s LUNA and UST implosion is dragging down an already ailing market. What do other developments suggest about crypto’s long-term future?
Russia uncovers a crypto mining farm in its oldest prison: report
A deputy warden of Russia’s oldest prison has allegedly mined cryptocurrency in the facility and is under investigation on suspicion of stealing electricity to do so, Bitcoin.com reported on Monday. See related article: To stay relevant, crypto regulations need to evolve, decentralize: Crypto Rising Fast facts The deputy manager of Butyrskaya prison in central Moscow […]
S.Korean police probe Terra employee for alleged embezzlement
Seoul Metropolitan Police Agency’s Cyber Crimes Investigations Unit revealed on Monday that it has received a report alleging a Terraform Labs employee was involved in embezzling corporate funds, according to local media reports. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts The police are currently investigating the validity of the […]
Terra cofounder Do Kwon’s taxing questions; China’s underground mining
Terra co-founder responds to office closure allegations. Meanwhile, China re-emerges as a crypto mining hub despite 2021 ban.
Looking to invest in vintage wine? There’s an NFT coming for that
Startup platform Farandole has a plan to transform the traditional wine industry with NFTs, cryptocurrency and blockchain technology.
To stay relevant, crypto regulations need to evolve, decentralize: Crypto Rising
Russia’s invasion of Ukraine has shown that cryptocurrency regulations need to expand beyond the jurisdiction of a single government and blockchain technology can help with that, said panelists at ‘Crypto Rising,’ a series of virtual monthly events organized by Forkast.
Mastering the metaverse: TradFi’s space race to ‘the next internet’
Blockchain was once associated overwhelmingly with cryptocurrencies — and specifically its poster children, Bitcoin and Ethereum. The latter, in particular, has thrust the industry forwards into the realm of smart contracts integration. Ethereum started to bear fruit arguably most prominently last year amid a boom in non-fungible tokens (NFTs), while decentralized finance (DeFi) offered a […]
G7 calls for regulation; Bored Ape transfer blocked
South Korean LUNA investors file lawsuit against Terra. Meanwhile, Singapore’s High Court blocks sale of a Bored Ape NFT.
Australia’s Commonwealth Bank slams brakes on crypto services
The Commonwealth Bank of Australia (CBA) has paused the launch of crypto trading on its app amid heightened volatility in the crypto market, The Guardian reported. See related article: Commonwealth Bank first in Australia to offer crypto trading Fast facts Australia’s largest bank announced its plans to allow customers to trade up to 10 cryptocurrencies, […]
FTX.US forays into stock trading
Crypto exchange FTX.US has introduced FTX Stocks for select U.S. customers to allow stock trading and exchange-traded funds (ETFs) through its app. See related article: FTX reaches US$32B valuation after closing $400M series C Fast facts FTX.US will provide commission-free stock market trading where orders will be routed to Nasdaq through its clearing firm Embed, […]
Terra, UST collapse pushes G-7 call for swift crypto regulation
Finance ministers from the Group of Seven (G-7) urged the Financial Stability Board (FSB) to accelerate crypto regulations following the downfall of the Terra blockchain and its terraUSD (UST) algorithmic stablecoin, Reuters reported. See related article: LUNA pumps and dumps repeatedly in weekend’s roller coaster run Fast facts The inter-governmental political forum — consisting of […]
Bitcoin correlation continues; Terra vote starts positively
Indian crypto traders may soon be able to pay the crypto tax using foreign exchanges. Meanwhile, the Terra revival plan vote finally goes live.
Bullish claims to offer world’s deepest liquidity for BTC/USD
The development will help institutional clients trade at scale, with better pricing and lower risk, within a regulated market environment, Bullish said. Fast facts An internal study of publicly available Coinbase and Binance data over a two-month period ending on May 8 showed Bullish offering deeper liquidity than peers, the cryptocurrency exchange operator said. The […]
Knock, knock Do Kwon, investors have quite a lot of questions for you
The man at the center of one of crypto’s biggest flops is trying to resurrect the Terra-LUNA project as his tribe of followers and out-of-pocket investors want to know what went wrong.
Terra was a ‘house of cards’: Circle CEO Jeremy Allaire
Jeremy Allaire, CEO of Circle, which issues the second-largest stablecoin USDC, claims to have foreseen Terra and algorithmic stablecoin UST’s collapse six months ago because it was “a house of cards.” See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts “There were two things that […]
Terra commences voting on Do Kwon’s LUNA revival plan
A vote pertaining to Terraform Labs CEO Do Kwon’s “updated and final” Terra revival plan was posted at 7:17 p.m. Wednesday Hong Kong time, with the majority favoring the proposal, while a preliminary vote was rejected in a landslide. See related article: No hard fork, governance vote in Kwon’s updated Terra revival proposal Fast facts […]
LUNA bull Novogratz breaks silence
Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital, broke his weeklong silence on the TerraUSD turmoil, claiming “the global macro backdrop has been brutal for all risk assets this year” and that the UST is “a big idea that failed.” See related article: Blood moon: Terra’s LUNA rescue plan panned by industry, […]
Indian crypto traders may pay tax for using foreign exchanges: report
The Indian government may impose a reverse charge goods and services tax (GST) on cryptocurrency investors using foreign exchanges, according to a local media report. See related article: India GST Council weighs 28% tax on crypto transactions Fast facts The reverse charge would levy a goods and services tax on the investor instead of the […]
Binance looks to add Germany to its license collection
Binance is looking to win a cryptocurrency license in Germany after becoming a regulated digital asset service provider in fellow G7 nation France, CEO Changpeng Zhao said. See related story: Binance wants to play ball with regulators Fast facts Zhao said at an event in Germany on Wednesday that the cryptocurrency exchange is expanding its […]
Bitcoin, crypto drop as stocks slump in the US
Bitcoin’s increasing correlation with risk assets meant it got caught up in the overnight market selloff in the U.S. Investors dumped shares of Target and Walmart after the American retailers cautioned about possibly taking a margin hit from not being able to pass on price increases to customers. See related article: Has Bitcoin become a […]
A bipartisan case for why the US needs a Web3 regulatory overhaul
In a special op-ed, 2 former CFTC chiefs and a crypto executive make the case for why the US must prioritize policies that support the new Web3 economy.
China’s mining re-emergence; Terra community wants answers
China’s nationwide ban on crypto mining has not affected it’s high mining hashrate. Meanwhile, Terra’s community become frustrated as they struggle to find answers.
Blood moon: Terra’s LUNA rescue plan panned by industry, investors
Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.
Will ‘smart contracts’ rule the world? Maybe not in Singapore
Forkast sat down with Singapore’s biggest bank for insights into crypto regulations in the city-state. Singapore has a reputation for planning far ahead, so what’s in store for cryptocurrencies?
China banned Bitcoin mining and became world’s No.2 Bitcoin miner
The 2021 Bitcoin mining exodus has left underground miners thriving to push China’s hashrate share near to the top, new study finds.
Pakistani crypto exchange RAIN calls for tax on digital assets: report
Pakistani crypto exchange RAIN has urged the country’s finance ministry to regulate and impose a 15% tax on cryptocurrencies, local media reported. See related article: Pakistan takes a fresh look at cryptocurrency Fast facts RAIN told regulators that Pakistan can earn roughly US$90 million in taxes through a capital gains tax on cryptocurrency assets, according […]
Getty Images to launch NFT marketplace with Candy Digital
Online image gallery Getty Images announced it will launch a non-fungible token (NFT) marketplace and debut digital collectibles on the Ethereum Virtual Machine-based Palm sidechain. See related article: Hong Kong’s South China Morning Post to make NFTs to preserve history Fast facts See related article: From in-print to online to on-chain: How will Web 3.0 […]
Indian financial watchdog warns against celebrity crypto endorsements
The Securities and Exchange Board of India (SEBI) has suggested that no prominent public figures, including celebrities and sports personalities, should endorse crypto products, according to local media reports. See related article: India’s crypto ads to get ‘highly risky’ banners starting April Fast facts Trading cryptocurrencies is not illegal in India, but the activity is […]
Terra hard fork proposed; Temasek ‘doesn’t own Bitcoin’
As Terra continues to crash, Do Kwon proposes a hard fork solution, Meanwhile, Singapore’s Temasek gets ready for tokenized assets.
S.Korean lawmaker proposes summoning Do Kwon to the National Assembly
South Korea’s ruling party lawmaker Yun Chang-hyun said Terraform Labs founder Do Kwon should be called in for a parliamentary hearing on the collapse of the company’s stablecoin and cryptocurrency. See related article: News of LUNA’s demise greatly exaggerated Fast facts Yun at Tuesday’s National Assembly session said investors had been damaged by the debacle […]
What’s the solution to Terra’s UST and LUNA crisis?
Terra’s LUNA and UST stablecoin implosions are roiling the crypto world and beyond. Picking up the pieces won’t be easy — nor finding a good path forward.
Singapore’s Temasek says doesn’t own Bitcoin, but prepping for tokenized assets
The Bitcoin community got a lift last year when it was reported Singapore’s sovereign wealth fund had bought Bitcoin. The company told Forkast in an interview that they do not own BTC, but they are keen on blockchain investments.
Kakao’s Klaytn to build blockchain in China with BSN
Klaytn, South Korean internet giant Kakao’s public blockchain, will build an open-permissioned blockchain for China’s state-backed Blockchain-based Service Network’s (BSN) infrastructure for the Middle Kingdom’s domestic use. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts Klaytn said on Tuesday it will take part in establishing the Chongqing Chain, a […]
UST, LUNA mess hits S.Korean P2E tokens; stocks bleed red
TerraUSD (UST) and LUNA’s crash is causing tension among South Korean play-to-earn (P2E) projects and their tokens, such as C2X, a blockchain gaming project on the Terra mainnet developed by Com2uS. See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’ Fast facts Local gaming giant Com2uS’s P2E cryptocurrency C2X saw […]
Indian economy at risk of ‘dollarization’ from cryptocurrencies: report
Parts of the Indian economy can lead to “dollarization” due to cryptocurrencies, which would be against the national interest, top officials of the Reserve Bank of India (RBI) told a parliamentary panel, according to local media. See related article: India’s financial stability at risk from cryptos: IMF Fast facts Local media quoted unnamed officials in […]
Celsius Network’s mining arm plans public listing
Celsius Mining, a Bitcoin mining unit of cryptocurrency lender Celsius Network, is planning to go public, as the company doubles down on its mining business. See related article: SEC scrutinizing crypto lending by Celsius, Gemini, Voyager: reports Fast facts Celsius Mining said on Monday that it filed a Form S-1 draft registration with the U.S. […]
Chinese report slams LUNA; Terra’s LUNA revival plan response
Authorities in Asia use the LUNA debacle as rationale for oversight. Meanwhile, the LUNA community offers damage control solutions.
How Bitcoin in gaming could spur greater crypto use in the everyday economy
The future world will run on digital money—the most trusted being Bitcoin, writes André Neves of Zebedee. Here’s how gaming can bring BTC to the masses.