SEC’s Gensler says proof-of-stake cryptocurrencies may be securities
When is a cryptocurrency a security and when is it not? Financial regulators around the world are raising that question. The answer that comes out of the U.S. may set the tone, but South Korea is also ahead in tackling it.
S.Korea finance regulator: crypto can be subject to capital markets law
South Korea’s Financial Supervisory Service (FSS) governor Lee Bok-hyun says he disagrees with the view that crypto cannot be seen as financial investment products or securities, while revealing he assisted local prosecutors in designating Terra-LUNA tokens as securities, according to local media reports. See related article: Securities or not? South Korea to evaluate Terra’s LUNA […]
Thailand bans crypto lending and staking services
The Thailand Securities and Exchange Commission (SEC) has prohibited cryptocurrency companies from offering digital assets lending and staking products, or depository services. See related article: Thailand’s SCBX scraps plan to buy 51% stake in crypto exchange Bitkub Fast facts The regulator said in a press release on Thursday that the decision was made to protect […]
Binance launches Ethereum staking ahead of Merge upgrade
Top blockchain and crypto news: Binance bets on Ethereum Merge. What does Terra’s sudden resurgence mean? China seeks to expand e-CNY ecosystem.
Markets: Bitcoin, Solana continue rally, Ether slips in anticipation of Merge
Bitcoin and Solana continued their rallies in Tuesday afternoon trading in Asia, both up over 10% in the past week. However, Ether continued to slip as the market awaited the upcoming Etherium “Merge.” See related article: Markets: Bitcoin, Solana lead gains in crypto top ten, Ether slips ahead of Merge Fast facts Bitcoin was up […]
Hacks, losses in cryptocurrency offer vast opportunity for insurers
Cryptocurrency-related insurance is a vast untapped market, with less than 1% of crypto investments covered amid hacks and losses in the industry running into the billions of dollars, Cointelegraph reported, citing an executive from decentralized insurance protocol InsurAce. See related article: DeFi insurance: Why buy coverage for your digital assets? Fast facts Dan Thomson, the […]
Markets: Bitcoin back above US$20,000, Ether rallies, Solana leads gains in Top 10
Bitcoin and Ether rallied in late Friday afternoon trading in Asia, helping drive up the global cryptocurrency market capitalization more than 5% to back above the US$1 trillion mark. Solana led the gains among tokens in CoinMarketCap’s top 10 by market capitalization. See related article: Markets: Bitcoin, Ether little changed; Polkadot leaps Dogecoin into crypto […]
Markets: Bitcoin, Ether little changed; Polkadot leaps Dogecoin into crypto top ten
Bitcoin and Ethereum were largely unchanged in Friday morning trading in Asia. Polkadot rose to leapfrog Dogecoin into the top 10 list by market capitalization, while Solana posted the biggest percentage gain on the list. See related article: Markets: Bitcoin climbs above $19,000, Ether bounces back, BNB gains on staking Fast facts Bitcoin rose less […]
Fed officials call for stablecoin regulations amid concerns over financial stability
Two U.S. Federal Reserve officials have called for new regulations specifically for stablecoins and reiterated the new asset class holds risks similar to traditional finance. See related article: Financial Stability Board calls for high regulatory standards for stablecoins Fast facts Michael Barr, the Fed’s vice chair for supervision, said on Wednesday at a Brookings Institution […]
Regulator alleges Celsius resembled Ponzi scheme in new filing
A financial regulator in Vermont has all but said that bankrupted Celsius Network LLC resembled a Ponzi scheme at times, alleging the crypto lender had used new investor funds to repay previous investors, as well as misled investors about its financial health and bolstered its balance sheets by using its CEL token. See related article: […]
Crypto could pose ‘major’ risk to S.Korea’s financial stability, think tank says
The country’s growing ties to crypto could expose its financial sector to volatility and ‘damage its credibility,’ a researcher says.
World Economic Forum argues for CBDCs, Australia latest to test use-case technology
With over 100 countries experimenting with the technology behind Central Bank Digital Currencies, the World Economic Forum of Davos fame lays out its views on the potential benefits and drawbacks of CBDCs.
Slowdown in crypto interest to continue for rest of the year: KPMG
A slowdown in crypto investment — particularly in firms offering coins, tokens and non-fungible tokens (NFTs) — will continue in the second half of the current year, according to a new report by global audit and consulting firm KPMG. See related article: Siloed regulatory efforts unlikely to help bring oversight to highly decentralized crypto industry […]
Crypto influencer collects, then returns, US$100K from investors in fake scheme
Crypto influencer Fatman Terra pitched his own fake investment scheme on Twitter — and found willing investors instantly — in an attempt to educate people about scams in the industry. See related article: Terra’s Mirror Protocol fixes exploit that drained more than US$2 million Fast facts “In two hours, I received over one hundred DMs,” […]
Markets: Bitcoin, Ether, Solana, Cardano, XRP extend gains on the day
Prices of Bitcoin, Ethereum, Cardano, XRP and Solana rose on Tuesday afternoon in Asia. See related article: Markets: Bitcoin rises slightly, Ether and Ethereum Classic gain amid price run for alternatives Fast facts Bitcoin rose 0.77% in the past 24 hours as of 4 p.m. in Hong Kong to US$19,906.86. Ethereum saw bigger gains today […]
Markets: Bitcoin rises slightly, Ether and Ethereum Classic gain amid price run for alternatives
Bitcoin rose slightly in Tuesday morning trading in Asia after falling below the key resistance line of US$20,000 on Monday morning. Ether posted the greatest gains in the crypto top ten by market cap as the rest of that list rose or fell by less than 1%. See related article: Markets: Bitcoin, Ether edge up; […]
New hire in Saudi Central Bank to work on crypto regulations: report
Saudi Arabia’s central bank has appointed Mohsen AlZahrani, a former managing director at consultancy firm Accenture, to head its virtual assets and central bank digital currency (CBDC) initiative, Bloomberg reported. See related article: Governments pushing for CBDCs smell blood in Terra Classic’s struggles Fast facts With the United Arab Emirates aiming to be a global […]
Bitcoin fluctuates, Ether gains, MATIC jumps on Robinhood inclusion
Bitcoin was fluctuating around US$20,000, while Ether was among the biggest gainers in the cryptocurrency top 10 by market capitalization in early Friday morning trading in Asia. Most other tokens on the list were little changed, though Cardano rose. See related article: Markets: Bitcoin, Ether, Cardano slip; remnants of Terra – USTC and LUNC – […]
Bank of Korea to institutionalize ICOs in new crypto law
South Korea will have to institutionalize initial coin offerings (ICO) when establishing its new crypto law, tentatively named the Digital Asset Basic Act, according to the Bank of Korea (BOK). See related article: South Korea’s all-encompassing crypto law is coming — what we know so far Fast facts South Korea’s Financial Services Commission banned ICOs […]
Operating profit at Upbit parent Dunamu drops 70%
Dunamu, the owner of South Korea’s leading cryptocurrency exchange Upbit, reported an operating profit of 566.1 billion Korean won (about US$419 million) for the first half of this year, a 70% decrease compared to the same period last year. See related article: Dunamu denies making US$100 million off of LUNA Fast facts Dunamu’s consolidated operating […]
What in crypto hell just happened to all your money?
Crypto investors were blindsided when firms like Voyager suddenly froze their accounts. How can we improve digital asset protection in the future?
Bitcoin miners, investors still active in BTC despite price fluctuations
Although the price of Bitcoin fell below US$20,000 for the first time since mid-June after sliding 7% in the 24 hours following Federal Reserve Chairman Jerome Powell’s hawkish speech, the number of addresses holding over 0.1 bitcoin hit all-time-high on Sunday. This was despite mining difficulty for the crypto likely to see its third-highest ever […]
An internet of blockchains: Interoperability in a multi-chain future
Interoperability among blockchains will be central to the next phase of the technology’s evolution, says Cosmos cofounder Ethan Buchman.
Siloed regulatory efforts unlikely to help bring oversight to highly decentralized crypto industry
Panelists speaking at Forkast’s recently live-streamed event “Crypto Rising: The future of crypto regulation: APAC and Beyond,” co-hosted by Crypto Council for Innovation (CCI), said there need to be international cooperation among regulators from around the world to make any oversight of the crypto industry effective.
Hodlnaut owes US$200 mln debt to 17,000 creditors: report
The Singapore and Hong Kong-based Hodlnaut has a funding gap of about US$193 million, and potentially 17,513 creditors, crypto media outlet The Block reported citing an affidavit the troubled crypto lender filed with the court last week. See related article: India authorities freeze Vauld exchange’s assets worth $46.5 mln Fast facts See related article: Hodlnaut […]
Problems with tokenizing real estate and how to fix it
Real estate as an investment is not very liquid, composable or accessible, writes Joel Lin of CitaDAO. Can tokenization and DeFi transform this market?
Crypto winter may be just what DeFi needs to grow and thrive
The decentralized finance sector is now a fraction of its former self. What will help companies survive this bear market and emerge stronger?
Eqonex closes crypto exchange as market woes prompt cost-cutting
Top blockchain and crypto news: Eqonex shutters exchange operation. Huobi denies sale report. Taiwan beefs up cyber defenses.
Jump Crypto to revamp core part of Solana’s infrastructure
Jump Crypto, the crypto arm of high-frequency trading firm Jump Trading Group, announced on Tuesday plans to develop a new open source validator client for the Solana network to boost throughput and reliability. See related article: Solana validators complete restart; Laos ends crypto ban Fast facts Jump Crypto will “propose a major upgrade to Solana’s […]
Crypto lender Hodlnaut seeks judicial management for protection against creditors
Singapore-based cryptocurrency lender Hodlnaut has filed an application with the Singapore High Court to be placed under judicial management, which could provide the company “the breathing space to focus our efforts on the recovery plan to rehabilitate the company,” Hodlnaut said on Tuesday. See related article: Crypto lender Hodlnaut halts withdrawals, ends token swap feature […]
Australia’s Holon Global got ahead of BlackRock with funds shrugging off crypto winter
Australia’s retirement fund industry, the world’s fifth largest at US$2.3 trillion, is one future target for investment funds offering cryptocurrencies.
BlackRock backflips on Bitcoin as latest institution to see promise in crypto
Something of a sea change? Financial institutions that once turned up their noses at cryptocurrencies are now figuring out ways to get access for their clients.
South Korea’s top financial regulator to accelerate new crypto legislation
A task force comprising private-sector experts and relevant ministries will “expedite the review process of bills on virtual assets,” said chairman of South Korea’s Financial Services Commission (FSC) Kim Joo-hyun at Thursday’s National Assembly meeting. See related article: South Korea’s all-encompassing crypto law is coming — what we know so far Fast facts Kim said […]
Klaytn chief says reducing ‘human elements’ can prevent hacks
After high-profile cyberattacks on decentralized apps, the blockchain industry is in a hurry to ramp up security. Sam Sangmin Seo, head of Klaytn, tells Forkast that minimizing human error may be the key.
Crypto lender Hodlnaut halts withdrawals, ends token swap feature
Singapore-based crypto lender Hodlnaut freezed withdrawals as well as ended its token swapping feature on Monday, just as the market is showing signs of recovery from the so-called crypto winter. See related article: Zipmex resumes withdrawals of certain tokens in phased manner Fast facts Hodlnaut said the withdrawal freeze is to “focus on stabilizing our […]
Why Singapore may be the ideal place for companies to rebuild post-crypto winter
Singapore is growing its digital assets industry while reducing risks, and its clear regulations allow firms to better plan for the future, writes Desmond Yong of DTC.
New US bill to give CFTC oversight of cryptocurrencies may speed up crypto legislation in other markets
The U.S. bill to bring cryptocurrencies under the oversight of the Commodities Futures and Trading Commission is likely to hasten legislation of such digital assets around the world.
South Korea’s all-encompassing crypto law is coming — what we know so far
Lawmakers are pulling together regulations for trading in digital assets. If all goes to plan, the so-called Digital Asset Basic Act will be in shape by the first half of 2023.
Lido community passes second proposal for token sale to Dragonfly Capital
The Lido decentralized autonomous organization (DAO) almost unanimously approved the sale of about US$25 million worth of treasury tokens to venture capital firm Dragonfly Capital on Thursday. See related article: Lido Finance floats 2nd proposal to sell LDO to Dragonfly Capital Fast facts The voting page shows over 99% of the community members voted in […]
S.Korea’s Bithumb links system with Samsung Securities, mobile apps
South Korea’s leading digital asset exchange Bithumb is linking its system with mobile applications from three major domestic financial institutions — Samsung Securities, NH Nonghyup and KB Kookmin Bank, Bithumb announced Thursday. See related article: Scarred by Terra-LUNA, South Korea moves ahead with digital asset reform Fast facts Bithumb users can now check up-to-date crypto […]
Filecoin on a tear as cautious optimism returns to crypto markets
Top blockchain and crypto news: Filecoin leads in market uptick. CryptoPunks in new glow as Tiffany jewelry. Chinese firms flock to Singapore.
BUSD reserves consist of 60.5% US Treasury bills, 4.21% cash
Binance and Paxos Trust Company, which issues the dollar-pegged stablecoin BUSD (Binance USD), released the first unaudited breakdown of the reserves backing the token on Aug. 1. See related article: Binance spent over US$1B on compliance, founder Changpeng Zhao says Fast facts According to the reserve report, BUSD was backed by US$738 million in cash, […]
Lido Finance floats 2nd proposal to sell LDO to Dragonfly Capital
Just two days after its initial plan failed to pass a community vote, staking giant Lido Finance submitted a new proposal on Monday for the sale of 10 million Lido DAO (LDO) tokens, about 2% of its total supply, to Dragonfly Capital. See related article: Fireblocks provides institutional investors access to Terra DeFi Fast facts […]
Why DeFi remains attractive to institutions in a bear market
Despite the bleak macro outlook, more institutions are looking to gain exposure to the DeFi sector, writes Robert Alcorn of Clearpool. Here’s why.
IMF warning shrugged off; US stablecoin bill race
The crypto market shrugs off IMF’s predicted recession risk. Also, U.S lawmakers racing to introduce the stablecoin bill.
Voyager gives Sam Bankman-Fried’s ‘low-ball’ bailout offer a single digit
Top blockchain and crypto news: SBF’s Voyager rescue deal spurned. Tesla pulls U-turn with BTC sale. Tencent cuts local NFT staff as it looks abroad.
IMF says crypto crash hasn’t quite harmed broader financial system
The International Monetary Fund (IMF) said Tuesday that the cryptocurrency market turmoil hasn’t quite affected global financial stability. See related article: Crypto volatility hasn’t had macroeconomic implications so far: Jerome Powell Fast facts In a report published Tuesday, the IMF said crypto assets have “experienced a dramatic selloff” that has led to losses in crypto […]
FTX said to be in talks to acquire S. Korea crypto exchange Bithumb
Crypto derivatives exchange FTX is reportedly in talks to purchase Bithumb, one of South Korea’s top five cryptocurrency exchanges. See related article: BlockFi’s deal with Sam Bankman-Fried’s FTX will prioritize clients Fast facts The two exchanges have been discussing the deal for several months, according to an anonymous source who told Bloomberg. Neither Bithumb nor […]
3AC cofounders resurface after five weeks, deny allegations
Three Arrows Capital (3AC) cofounders Su Zhu and Kyle Davies denied allegations by 3AC liquidators that they moved money out of the crypto hedge fund before its collapse. See related article: 3AC founders moved money out of troubled hedge fund, allege liquidators Fast facts Zhu and Davies claimed that they were forced into hiding due […]
Indonesia’s wholesale CBDC to be ready for bank use by year end: report
Indonesia’s central bank is working on releasing the conceptual design of its own digital currency for banks to use by the end of this year, Bank Indonesia Governor Perry Warjiyo said on Thursday. See related article: Governments pushing for CBDCs smell blood in Terra Classic’s struggles Fast facts Bank Indonesia’s digital rupiah will be the […]
Tesla’s Bitcoin bump; Zipmex freezes withdrawals
Bitcoin drops after Tesla sells 75% of its bitcoin holdings. Meanwhile, South Korean authorities raid 15 companies as part of their Terra Luna investigations.
Singapore’s MAS to further strengthen crypto regulations
The Monetary Authority of Singapore (MAS) said it will seek consultation in the next months on proposed measures toward regulating the crypto industry. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Singapore’s regulatory focus on crypto has been mainly toward containing money laundering and terrorist financing risks, MAS Managing […]
The Lummis-Gillibrand bill could reshape global crypto regulations
As a world leader, the US now offers a regulatory template for crypto that others are sure to follow, writes Michael Shing of XREX. Here are the key provisions.
Touchdown: How ex-NFL players are helping college athletes score with NFTs
As the NFT market slumps, some savvy former American footballers and their business partners have been spurred to push the technology’s potential.
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.
Court gives liquidators green light to claim 3AC assets
U.S. Bankruptcy Judge Martin Glenn gave liquidators authority to subpoena and lay claim to bankrupt crypto firm Three Arrows Capital (3AC)’s U.S-based assets on Tuesday. See related article: 3AC crypto contagion spreads to Blockchain.com: report Fast facts Liquidators can subpoena two dozen banks and crypto exchanges to obtain information about the bankrupt crypto hedge fund’s […]
Vitalik Buterin defends Ethereum ahead of merge; ‘not a security’
Ethereum co-founder Vitalik Buterin tweeted a defense of the network’s transition to proof of stake (PoS) on Tuesday, responding to arguments suggesting assets secured by such consensus mechanisms are a security. See related article: Ethereum one step closer to Eth2 with Ropsten testnet merger Fast facts “The fact that you can vote on something to […]
Financial Stability Board calls for high regulatory standards for stablecoins
The failure of a crypto market player may have spillover effects on traditional finance such as short-term funding markets, says the Basel-based international body.
Why Singapore needs to rethink its approach to regulating crypto
Singapore wants to attract institutional capital while shielding its people from crypto — but it can’t have it both ways, writes Donovan Choy.
Stablecoins, USDC and the ‘Circle of trust’
Investor confidence in stablecoins has plummeted since the Terra fiasco. Circle’s chief of finance assesses how they’re holding up amid a barrage of “FUD”.
Circle says customers could redeem all of USDC in one day
In an exclusive interview with Forkast Editor-in-Chief Angie Lau, Circle Chief Financial Officer Jeremy Fox-Geen said reserves backing the so-called USDC stablecoin are ring-fenced from any potential fallout from the contagion engulfing crypto markets.
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.
South Korea may team up with US to investigate crypto crimes
South Korea’s Justice Minister Han Dong-hoon met with U.S. investigative agencies in New York on Tuesday amid the countries’ separate investigations into Terra and its cofounder Do Kwon. See related article: South Korean authorities cite LUNA debacle to call for speedier crypto oversight Fast facts The minister met with Andrea M. Griswold, co-chief of the […]
South Korea’s Uprise said to have lost US$20 mln in client funds on LUNA short
The South Korean fintech startup that operates digital asset management and trading services reportedly had over US$20 million, or 99% of its client funds, liquidated amid the Terra-LUNA collapse in May. See related article: What lessons can we learn from Terra’s LUNA/UST meltdown? Fast facts The startup’s trading unit had placed client funds on a […]
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.
Three Arrows, Voyager failures raise questions of who is next in crypto fall from grace
The crypto winter is killing off companies that took on big risks when markets were booming. So is this the shakeout all financial markets go through?
Bank of England calls for greater crypto regulation
The Bank of England (BoE) called for stricter financial regulations on the back of the recent cryptocurrency crash in its Financial Stability Report released Tuesday. See related article: Crypto crash justifies RBI’s stance: central bank chief Fast facts Risk is growing with the cryptocurrency industry’s expanding connection with the wider financial system, the U.K. central […]
Crypto’s biggest problem is not volatility, but scalability
Notwithstanding this bear market, Web3’s more pressing issue is its inability to handle large volumes, writes Greg Gopman. Can sidechains offer a solution?
Crypto lender CoinLoan reduces its daily withdrawal limit by 99%
Estonia-based crypto lending platform CoinLoan is slashing its daily withdrawal limit from US$500,000 to US$5,000, in hopes to prevent liquidity-related interruptions due to surges in customer withdrawals. See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts CoinLoan says its decision wasn’t driven by market instability and claims to be “probably the […]
Monthly NFT sales fall below US$1 billion for first time in 12 months
Crypto industry sales are slumping, but it’s not just hedge funds and lenders that have been hit hard by the crypto winter. The NFT industry has also begun to feel the chill.
Three Arrows Capital files for Chapter 15 bankruptcy
Crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy in a federal bankruptcy court in the Southern District of New York on Friday, in hopes to shield its U.S. assets after a court in the British Virgin Islands reportedly ordered the firm into liquidation last week. See related article: Three Arrows Capital […]
As the frenzy fades, what value do NFTs really have?
With NFT trading volumes slumping and regulators stepping in, Vignesh Sundaresan, who paid US$69 million for a Beeple artwork, shares his views on the space.