U.S. Bank launches Bitcoin custody service as more banks enter crypto realm
U.S. Bank, the country’s fifth-largest retail bank, will now offer custody services for cryptocurrencies, starting with Bitcoin, the bank announced on Tuesday. New York Digital Investment Group, a fintech firm dedicated to Bitcoin, is the first crypto sub-custodian in the bank’s network of providers, the statement said. Fast facts The services are geared toward institutional […]
What are the biggest challenges for institutions that adopt crypto?
What does it mean to provide ‘institutional’ crypto services, and what role does blockchain technology play? Robert Cooper of Digivault explains.
Korea crypto tax pause called for; TikTok jumps into NFTs
Korea crypto tax pause called for meanwhile Tiktok jumps into NFTs
Petitioners oppose looming 20% crypto tax in South Korea
Crypto investors say virtual asset gains will be taxed on uneven grounds compared to stock capital gains.
How Singapore is emerging as a safe harbor for the Chinese crypto industry exodus
As China intensifies its crypto crackdown, regulatory clarity is a beacon for safer shores in Southeast Asia.
What is Hong Kong’s future as a crypto hub?
Hong Kong, a hotbed for crypto startups and exchanges, is at a crossroads, writes Jeremy Ng of Gemini. Here’s how the industry can better secure its future.
Central and Southeast Asia among fastest-growing regions in global crypto adoption: Chainalysis
Much of the growth in the region is driven by strong grassroots adoption rates led by Vietnam, India and Pakistan, new data from Chainalysis shows
Bitcoin funds lead 7th consecutive week of inflows: CoinShares data
Bitcoin investment products saw inflows of US$69 million last week amid improving investor sentiment, according to digital assets fund manager CoinShares. Fast facts “We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors and more accommodative statements from the U.S. Securities [and] Exchange Commission and the Federal […]
e-CNY chat wallet launched; Korean illegal crypto transactions surge
China’s telecom giants to bring digital yuan transactions to mobile chatting boxes.
Why domestic and overseas Chinese should worry about China’s crypto ban
In a special Q&A, a Canadian law advisor who works with Chinese clients breaks down the ban’s potential legal boundaries and concerns held by overseas Chinese.
What are stablecoins, and why are some governments so afraid of them?
Stablecoins combine the portability of crypto with the price stability of fiat currencies. But are they all that stable?
How will China’s new dictates affect Hong Kong’s future as a crypto hub?
Mainland China’s recent clampdowns on crypto are reverberating beyond its borders. In a special Q&A, former regulator and crypto industry leader Angelina Kwan discusses what this means for Hong Kong.
Crypto on the beach: FTX and other players find paradise in the Caribbean
This week, FTX announced it is moving its headquarters from Hong Kong to the Bahamas, as the larger Caribbean region takes on a bigger role as host to virtual currency exchanges.
Singapore grants crypto licenses to DBS and Australian exchange Independent Reserve
The Monetary Authority of Singapore (MAS) today granted licenses to DBS Vickers (DBSV), the brokerage arm of DBS Bank, and Independent Reserve, an Australian cryptocurrency exchange, to provide digital payment token services under the Payment Services Act (PS Act). Fast facts Formal approval from MAS, which follows its earlier “in-principal approval” granted to both companies […]
Tech selloff positions Bitcoin as an inflation hedge
Markets on Tuesday in the U.S. were unsettled by the prospect that energy crises in Europe and China could lift inflation to new highs, compelling central banks to reverse accommodations sooner than expected. US Treasuries reacted with a fierce rise in yields and that spilled over to the equity markets. Although the markets drove down […]
South Korean game developer, crypto exchange team up for next level gaming
Mobile game company Gamevil buys a large share of crypto platform Coinone, planning to develop blockchain-based gaming.
DeFi benefits from China ban; Gamevil increases Coinone stake
DeFi benefits from China ban while Gamevil increases Coinone stake
A crypto-trading hamster is outrunning Warren Buffett
Although scarcely the size of a human palm, Mr. Goxx is earning big returns in the virtual currency market, raking in a 16% return as of Tuesday.
After the crackdown: go underground, go along, or buy the dip?
Chinese social media has been abuzz since authorities lowered the boom on crypto. Forkast.News has been following the chatter. Here’s what they’re saying on Weibo, the Chinese equivalent of Twitter.
dYdX price surges 80% in a week to all-time high
dYdX, the governance token for the dYdX exchange protocol, surged to a new all-time high of US$27.86 today, according to CoinGecko data. Fast facts dYdX is a decentralized exchange (DEX) built on Ethereum that currently supports perpetual contracts, margin trading and spot cryptocurrency trading, as well as lending and borrowing. It is a non-custodial exchange […]
Why China’s latest stomp on crypto is turbo-charging DeFi growth
DeFi tokens like dYdX soared after China’s latest move to throttle crypto. Is this a short-term spurt or decentralized finance shifting into high gear?
Who in the world should worry about China’s new crypto ban?
As Chinese authorities take aim at crypto violations outside mainland borders, Forkast.News asks lawyers in the know: Who is in China’s line of fire?
How China’s crypto clampdowns could reshape the rest of the world
Against the global tide of digital asset adoption, China’s harshest crypto ban yet heralds golden opportunities, writes Richard Byworth of EQONEX. Other governments should take note.
China crackdown legal concerns; Korea discusses virtual asset law
China crackdown legal concerns as Korea also discusses virtual asset law
South Korean banks find workaround to cash in on crypto services
NH Nonghyup is the third bank in South Korea to invest in a virtual asset custody service while they are prohibited from running their own.
Unmade in China: Beijing’s crypto cold war turns hot
Top blockchain and cryptocurrency news: Beijing’s crypto crusade comes to a head. Chinese mining caves in. Mr. Goxx reaps robust returns.
Retail malls, move over. Crypto mining is in for Malaysia’s Hatten Land
Malaysian property developer Hatten Land has signed an agreement, through a subsidiary, with Singapore-based digital asset management company Frontier to share proceeds from jointly operating at least 1,000 cryptocurrency mining rigs within Hatten Land properties in Malaysia, according to a company statement released today. Fast facts Hatten Land has previously announced that it would repurpose […]
BeePool, Tiger Brokers among the latest to respond to China’s crypto ban
China’s stepped-up cryptocurrency ban continues to send shockwaves through the industry, as more crypto service providers are shutting their doors to users in China. BeePool and Tiger Brokers are among the latest to announce service suspensions. Fast facts China-based BeePool, the fourth-largest Ethereum mining pool in hashrate, said Tuesday that it has stopped registering new […]
CFTC slaps $1.25M fine on crypto exchange Kraken for illegal offerings
The U.S. Commodity Futures Trading Commission has slapped a US$1.25 million fine on Kraken, one of the largest cryptocurrency exchanges in the U.S., for Commodity Exchange Act (CEA) violations, the CFTC announced yesterday. Fast facts The CFTC, in its settlement with Payward Ventures Inc., the San Francisco-based company doing business under the name Kraken, said […]
China fallout hits mining; Korea digital custody competition heats up
China fallout hits mining meanwhile Korea digital custody competition heats up
How central banks are wielding blockchain in soft power competition
China’s crypto ban is part of a global battle over freedom and ideology, writes Michael B. Greenwald. How can the US lead the world in a different path?
Crypto mining players continue to flee China as latest ban kicks in
China’s earlier efforts to eradicate mining may not have been as effective as the government had hoped, but Friday’s announcement is having an impact.
The curious timing behind China’s thunder and lightning at crypto
China assaulted crypto with a new ferocity just as Bitcoin options expired and Evergrande escaped death. Coincidence? Ben Caselin of AAX lays out the clues.
Crypto funds see 6th consecutive week of inflows led by Bitcoin: CoinShares data
Cryptocurrency investment products saw inflows of US$95 million last week, with total inflows over the past six weeks of US$320 million, according to digital assets fund manager CoinShares. Fast facts “The continued inflows suggest the recent headwinds for digital assets, such as the widened China ban, were seen as buying opportunities for investors,” wrote CoinShares […]
Binance to restrict Singapore users from buying crypto and spot trading on Binance.com
Amid growing regulatory heat, Binance — the world’s largest cryptocurrency exchange by trading volume — will restrict users in Singapore from buying cryptocurrencies using fiat, spot trading and liquid swaps on its main Binance.com platform starting Oct. 26, according to a company announcement. Fast facts Binance is advising Binance.com users in Singapore to cease all […]
Damage to South Korean crypto market limited despite mass closure, regulator says
South Korea’s virtual asset industry is expected to withstand major regulatory reconstruction
China’s crypto crackdown: What it means
China’s crypto crackdown and what it means
FTX CEO: This is the canary in China’s crypto ban coal mine
Amid China’s new clampdown, why is DeFi surging and the RMB-to-crypto market important? Sam Bankman-Fried analyzes what it all means and why FTX is leaving Hong Kong for a new home.
Chinese crypto exchange Huobi looks to the world as China shuts the door on crypto
Huobi’s diversified businesses outside of China reached nearly 70% in terms of trading volumes, and have been on the rise, its co-founder tells Forkast.News.
Industry players scramble, evaluate options as China bans all crypto transactions
China’s intensified crackdown on cryptocurrency leaves service providers looking to stay compliant with Friday’s abrupt announcement.
Ban or no ban, Indian crypto industry is thriving
India’s crypto industry will grow over 200% to reach $241M by 2030, a new study says.
China’s crypto ban: what you need to know
How is China’s latest clampdown on crypto different from its previous bans — and how do authorities plan to catch the scofflaws? Henri Arslanian of PwC breaks it down.
Crypto markets shrug off China’s latest saber-rattling
Is China’s influence over Bitcoin and the global crypto market waning? Chinese exchanges get a thrashing as decentralized exchanges get happy on clampdown news.
Why DeFi holds the key to metaverse success
A profound shift is underway in online culture, writes Anndy Lian of BigOne Exchange. Here’s how decentralized finance might one day power the NFT and metaverse economy.
The9 teams up with Polygon and Protocol Labs on new NFT platform, game projects
The9 Ltd., a Chinese gaming company that pivoted earlier this year to cryptocurrency mining — along with Polygon and Protocol Labs — are forming an ecosystem collaboration on The9’s non-fungible token (NFT) platform NFTSTAR and GameFi play-to-earn projects. Fast facts The company said in a statement released on Thursday that NFTSTAR and The9’s GameFi projects will […]
Crypto market is shaken as China declares all crypto transactions illegal
Bitcoin and Ethereum prices fall after Beijing intensifies crackdown on crypto trading, mining.
D-day for Korean crypto exchanges; e-CNY project speeds up
D-day for Korean crypto exchanges meanwhile e-CNY project speeds up
BIT Mining invests in crypto site in Ohio to expand U.S. operation
The cryptocurrency mining industry is attracting more investment money. Hong Kong-headquartered crypto miner BIT Mining said it had entered into an agreement to jointly invest in a crypto mining data center in the U.S. state of Ohio, with access to power capacity of up to 85 megawatts. Fast facts The development of the Ohio mining […]
How Southeast Asia flowered into a global crypto hub
Until recently, most Southeast Asians had no internet. Now the region is abloom with blockchain innovation. How did they do it?
81 of top 100 companies use blockchain technology, Blockdata research shows
Survey shows growing consensus on adoption, investment and use cases. ‘Blockchain is here to stay.’
Crypto unicorn Amber Group eyes listing in U.S. despite lack of regulatory clarity
Amber Group, a Hong Kong-based crypto financial services company, is eyeing a direct listing in the U.S. within the next two years, Amber Group co-founder and CEO Michael Wu told the South China Morning Post in an interview. Fast facts Founded in 2017, Amber Group propelled to unicorn status this year following its US$100 million Series […]
South Korea’s crypto crackdown: What you need to know
The country’s crypto industry has been turned upside down with stricter operating rules that take effect tomorrow.
VC names jump in on NFTs; Crypto investors brush off Evergrande
VC names jump in on NFTs meanwhile crypto investors brush off Evergrande
After Evergrande, will virtual real estate be the next alternative asset class?
The property market is increasingly expensive and out of reach for today’s younger generation. Digital land sales may hit home with some buyers.
Investors get ready, India crypto tax in the works
The Indian ministry of finance has formed a panel to examine how income from crypto investments can be taxed, according to a report by Inc42. Fast facts The panel will evaluate whether crypto income can be taxed as capital gains or if it requires the formation of a new category. The committee is required to […]
Bhutan to adopt Ripple’s XRP technology for CBDC pilot
Ripple’s win in Bhutan comes as it suffers a setback in a US court as judge rebuffs Ripple’s request for SEC’s internal trading decisions over XRP.
Crypto investors brush off Evergrande
The cryptocurrency market has rebounded in the past 24 hours as news broke that China Evergrande Group, the second largest property developer in the world’s most populous nation, has taken a step back from falling off a potential debt cliff today. Fast facts While the overall cryptocurrency market is still down for the week, all […]
Crypto platform Cobo raises $40M to expand one-stop DeFi shop for institutions
Cobo, a Singapore-based crypto custody and asset management platform, today announced the completion of its US$40 million Series B fundraise to accelerate the rollout of its decentralized finance (DeFi) as a service (DaaS) product. Fast facts In an interview, Cobo Chief Operating Officer Lily Zhuo told Forkast.News that Cobo’s DeFi as a service (DaaS) product, […]
Crypto markets plunge as roof falls in on Evergrande
Top blockchain and crypto news: Evergrande end-game roils crypto markets. SEC takes aim at stablecoins. How close is China’s digital yuan to the finish line?
What is Audius and could it be the next Spotify?
Audius is enjoying outsized buzz. Should Spotify be scared? In this Forkast.News explainer, learn how this blockchain startup could threaten music industry money — and power.
SEC chair Gensler doubts crypto longevity: interview
In an interview by the Washington Post on Tuesday, U.S. Securities and Exchange Commission Chairman Gary Gensler questioned the future of cryptocurrency, saying, “I don’t think there’s a long-term viability for five- or six thousand private forms of money. History tells us otherwise.” He added that “in the meantime, it’s worthwhile to have an investor […]
Evergrande debt woes hit crypto; Mooncakes in the metaverse
Evergrande debt woes hit crypto meanwhile Mooncakes are in the metaverse
Bitcoin miners expected to face tougher digging but demand continues growing
As total hashrate recovers, adjustment would follow four increases after as many declines since China intensified crypto mining clampdown.
How crypto enthusiasts in Asia are celebrating the Mid-Autumn Festival this year
From crypto-embossed mooncakes to mooncake NFTs to gatherings in the metaverse, how Asia’s crypto fans are celebrating the Mid-Autumn Festival.
Banks blocking transactions? No problem. Indians find ways to continue trading crypto
As major banks distance themselves from crypto business, alternative trading methods like peer-to-peer transfers are gaining popularity among investors
Why community is key to blockchain and crypto project success
Blockchain communities are instrumental to shaping how projects develop and operate, writes Humpty Calderon of Ontology. What are the signs of a thriving ecosystem?
Crypto exchange Coinbase nixes plan for lending product after SEC lawsuit threat
Coinbase, the largest cryptocurrency exchange in the United States, has dropped its plans to launch its high-yield-generating “Lend” product following the U.S. Securities and Exchange Commission’s threat to sue the exchange if they did. Fast facts Coinbase Chief Legal Officer Paul Grewal disclosed in a blog post earlier this month that the company had received […]
Bitcoin mining rigs generate as much e-waste as the Netherlands
The amount of electronic waste generated by the Bitcoin network is comparable to the amount of discarded electronic equipment in a small country like the Netherlands, a study published by the academic journal Resource, Conservation and Recycling states. Fast facts According to the paper, a Bitcoin mining machine can lose 35% of its profit potential […]
Upbit becomes South Korea’s first newly registered crypto exchange
Upbit can operate as a virtual monopoly as it becomes the country’s first licensed business to handle cryptocurrencies.
Upbit passes Korea crypto race post; P2P transactions surge in India
Upbit passes Korea crypto race post meanwhile P2P transactions surge in India
Kyrgyzstan cracks down on illegal crypto mining
Kyrgyzstan is cracking down on cryptocurrency mining farms that are using power illegally, local media outlet 24.kg reported Saturday, citing a release from the State Committee for National Security of Kyrgyzstan. Fast facts Authorities have spotted over 500 crypto mining farms that were illegally connected to power grids, leading to power shortages, as one set of […]
Binance faces US probe for possible insider trading and market manipulation
Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly now under investigation for possible insider trading and market manipulation by the United States Commodity Futures Trading Commission (CFTC). Fast facts According to a Bloomberg report that cited unnamed sources, investigators from the CFTC — the agency that regulates the U.S. derivatives markets — […]