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Innovation vs Regulation

Innovation and regulation are mutually exclusive in the world of crypto – and in the aftermath of the FTX collapse, getting the balance right is key.

NFTs ruled virtual property in China, its sales protected by law

The Hangzhou Internet Court has ruled that non-fungible tokens (NFT) are virtual properties protected by law, according to the court’s summary of a recent case posted on its official Wechat account on Nov. 29. See related article: China’s diktat against NFT trading spawns an ingenious industry  Fast facts See related article: Tencent’s Huanhe allows NFT […]

Will the next wave of FTX victims be unwitting tax cheats?

When a crypto exchange fails, will your transaction records vanish, too? Here’s why investors should take responsibility over their own trading data.

Australian crypto exchange Swyftx cuts 40% of jobs amid fallout from FTX collapse

Australian cryptocurrency exchange Swyftx cut 90 staff members — or 40% of its workforce — to prepare for a “worst-case scenario” in the market from the collapse of FTX.com.

Sam Bankman-Fried ‘not sure’ if he will testify before Congress on Dec. 13

Sam Bankman-Fried, founder and former chief executive officer of failed cryptocurrency exchange FTX, tweeted on Monday morning Hong Kong time that he may not testify before the U.S. Congress on Dec. 13.

Wemade in talks with Binance for custody of WEMIX cryptocurrency

Wemade Co. Ltd. said its in talks to have Binance Institutional Services take custody of its native cryptocurrency, WEMIX.

Cold comfort: Is Crypto Winter the right time to invest in Web3?

Amid the current crypto market carnage, Web3’s appeal for investors remains solid — and perhaps even stronger — says CVP NoLimit Holdings founder Gin Chao.

Hong Kong crypto exchange AAX has lost most staff, unlikely to reopen, says former executive

The exchange has gone silent since pausing withdrawals and liquidating all futures positions, with users fearing a repeat of the FTX collapse.

DeFi protocol Ankr to buy US$5 mln of BNB to cover funds lost in exploit

Decentralized finance (DeFi) protocol Ankr will buy US$5 million worth of BNB – the token of cryptocurrency exchange Binance – to compensate liquidity providers affected by Friday’s exploit

Digital ID Ready?

As the Philippine government ties to roll out a hugely ambitious ID system, we take a look at how blockchain could make data more secure.

NFT sales rise for first time in 7 months in November despite crypto price slump

NFT investors seemingly see opportunities in a month full of surprises and headwinds for the broader cryptocurrency market.

MetaComp becomes the latest crypto exchange to receive Singapore license

Singapore-based crypto exchange MetaComp has been granted Singapore’s license, enabling it to offer digital asset exchange and custody services to institutional investors.

S.Korea court to settle MIR4 maker Wemade, WEMIX legal battle

Following a hearing on Friday, the court is expected to finalize its decision on an injunction Wemade filed against four exchanges.

Coinbase disables NFT transfer on iOS app, citing hefty in-app fees

Cryptocurrency exchange Coinbase has disabled its non-fungible token transfer feature for iOS users, citing a dispute over Apple’s in-app purchase policy.

S. Korea energy conglomerate builds US$84 mln metaverse fund

Daesung’s venture capital subsidiary recently established a fund worth 110 billion Korean won (US$84.5 million) for expanding investments into metaverse startups.

Blockchain Security Issues

The blockchain sphere has been hit with a ton of security issues over 2022. What can we do about it to make things better?

VPN in China may be at risk as users report connection issues on Twitter

VPN services, a reliable tool for Chinese internet users to bypass the Great Firewall, are reporting connectivity issues in the mainland after anti-lockdown protest content flooded Twitter.

Sam Bankman-Fried points blame for FTX collapse to Alameda, says he was blindsided

Bankman-Fried beamed into New York from the Bahamas to give his version of what happened at FTX, mentioning his own failure of oversight and being “frankly surprised” by what was going on at his company’s sister brokerage.

FTX collapse will blunt activities of North Korea hackers, analyst says

The collapse of FTX.com and its far-reaching impacts will hinder North Korea’s ability to profit from cryptocurrency hacks, says one analyst.

Troubled Hong Kong crypto exchange AAX unlikely to reopen, says former executive

Hong Kong-based crypto exchange AAX is likely to end operations and restructure, former head of communications, Ben Caselin, told CoinDesk TV on Wednesday.

Indonesia central bank releases whitepaper on digital rupiah, to develop wholesale CBDC first

Indonesia’s central bank has released a whitepaper detailing plans for its central bank digital currency (CBDC), as the country looks to “advance digital transformation.”

Telegram plans decentralized crypto exchange, wallets following FTX collapse

Telegram plans to build non-custodial wallets and decentralized exchanges for cryptocurrencies following the collapse of the FTX exchange says CEO Pavel Durov.

It’s time for more institutions to adopt blockchain and crypto: Opinion

Despite the myriad benefits of blockchain and cryptocurrency, institutional interest remains mixed in Asia Pacific. What lessons should the industry learn from 2022 to overcome the barriers to adoption?
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Philippines’ Blockchain Future

The Philippines might have moved on from Axie Infinity and other NFT collections, but its still steaming ahe

Binance re-enters Japan with acquisition of regulated Sakura Exchange BitCoin

Binance returned to the Japanese market with the acquisition of regulated crypto exchange Sakura Exchange BitCoin (SEBC), according to a blog post on Wednesday.  See related article: Binance to help S. Korea’s Busan build first city-backed exchange Fast facts See related article: Crypto exchange Binance in regulators’ crosshairs as scrutiny mounts 

Philippine Blockchain Week: Blockchain adoption struggles in the Philippines as businesses ‘invest to survive’

Blockchain adoption in the Philippines is struggling because businesses are focused on survival, according to Dr. Donald Lim, lead convenor at Philippine Blockchain Week in Manila.

Grayscale holdings questioned amid crypto investment giant’s silence

Top blockchain and crypto news: Grayscale’s cryptic reserves. Binance rides to the rescue? China hit by protests and digital dissent.

China activists use NFTs, decentralized technology to counter censorship

Many are minting NFTs and posting articles on Matters, a decentralized content-sharing platform, amid protests across China against Covid-19 lockdowns that turned political.

Dominica releases ‘world’s first’ national crypto token with Huobi, Tron

The Commonwealth of Dominica in the Caribbean reportedly issued its national crypto token, DMC, on Tuesday, in partnership with crypto exchange Huobi Global, TronDAO and DMC Labs.

Swiss crypto bank SEBA Bank expands to Hong Kong

Swiss crypto bank SEBA Bank announced on Wednesday the opening of its Hong Kong office to serve global institutional clients as part of its Asia-Pacific expansion. See related article: Hong Kong said it remains upbeat on digital assets after FTX debacle  Fast facts See related article: Hong Kong needs engineering talent to reclaim role as […]

Digital Currency Group receives offers to buy CoinDesk: report

CoinDesk, an online crypto news site, has attracted potential buyers to take over the media outlet from Digital Currency Group amid market turmoil, Semafor reported.

S. Korea’s Wemade files injunction against country’s top 4 crypto exchanges

The blockchain game maker fights delisting of its symbolic WEMIX crypto token.

S. Korea releases ethical guidelines for the metaverse

South Korea’s science ministry released a guideline of core ethical principles for metaverse application participants.

Coinbase wallet ends support for ETC, BCH, XRP, XLM

The largest U.S.-based cryptocurrency exchange Coinbase Global Inc. announced that its wallet will no longer be supporting Ethereum Classic (ETC), Bitcoin Cash (BCH), XRP and Stellar (XLM).

CeFi vs DeFi

FTX’s collapse has now led to another crypto service filing for bankruptcy. Could this be the end for centralized exchanges?

India to roll out retail CBDC on Dec. 1

India will launch its retail CBDC pilot on Thursday with plans to gradually expand trials, the RBI announced on Tuesday.

FTX to resume paying wages

FTX Trading and its affiliates will resume paying wages to employees globally and to some non-U.S. contractors and service providers

BlockFi files for bankruptcy protection, set to sue Sam Bankman-Fried over collateral

The cryptocurrency lender was hit by the earthquake set off across the industry by the collapse and bankruptcy of the FTX crypto exchange this month, and other companies are looking vulnerable.

Kraken pays over US$360K to US Treasury to settle Iran sanctions allegations

U.S.-based cryptocurrency exchange Kraken has agreed to pay over US$362,000 to settle claims that it violated sanctions against Iran, the Treasury said Monday.

Will the future metaverse amplify the good or the evils of the real world?

The metaverse has the potential to improve access to opportunities and create a better version of the offline world. How do we prevent it from perpetuating society’s ills?

U.S. cryptocurrency lender BlockFi files for Chapter 11 bankruptcy, will lay off about 200 staff

Crypto lender BlockFi Inc. and eight of its affiliates have filed for Chapter 11 bankruptcy reorganization in the U.S.
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Making DeFi Fairer

Why does making the most of the crypto ecosystem remains out of reach for many?

LINE’s crypto exchange BITFRONT announces closure, to suspend trading by 2023

LINE’s cryptocurrency exchange based in the U.S., BITFRONT, has announced closure on Monday to shift its focus to developing LINE’s blockchain ecosystem.

U.S., S. Korea applied for over 75% of world’s metaverse patents: report

Companies based in the U.S. and South Korea have filed for more than 75% of patent applications related to the metaverse, VR and AR.

NFT images of anti-lockdown protests in China flood OpenSea

Pictures taken from protests against China’s zero-Covid policy across the mainland are now for sale on OpenSea, the largest NFT marketplace, as non-fungible tokens (NFT).  See related article: ‘Voice of April’ NFTs highlight Shanghai struggles amid lockdown  Fast facts See related article: Bitcoin price follows slide in Asia equity markets amid growing China protests against […]

Nigeria seeks distinction between digital assets and crypto 

Nigeria seeks to advance digital asset trading in the country but is drawing a distinction between digital assets and cryptocurrencies.

Changpeng Zhao says Binance has ‘no negative balances involved’ in proof of reserves

Changpeng Zhao tweeted that Binance’s proof of reserves have “absolutely no negative balances involved” after the exchange released its PoR on Friday.

Australian fintech firm launches new AUD stablecoin, AUDE

Australian blockchain fintech startup Ettle Pty Ltd. has completed the first transaction on its recently launched Australian dollar-pegged stablecoin, AUDE.

Singapore’s Matrixport eyes US$100 mln fundraiser at US$1.5 bln valuation

Singapore-based crypto lender Matrixport is hoping to raise US$100 million at a valuation of US$1.5 billion, according to a Bloomberg report citing unnamed sources.  

Binance releases proof of reserves

The world’s largest cryptocurrency exchange Binance released its proof of reserves (PoR) on Friday to provide transparency on user funds.

Can crypto return?

Terra, 3AC and now FTX, it’s been a difficult year, but can crypto come back stronger?

Sam Bankman-Fried could face decades in jail if convicted of law violations in FTX collapse, lawyers say

The former CEO of the collapsed crypto exchange “needs to keep his mouth shut” and stop making public comments that could be used against him in future court cases, lawyers tell Forkast.

S.Korean Wemade’s stock falls 30% after exchanges announce WEMIX token delisting; CEO blames Upbit exchange

The delisting poses a great obstacle to the game maker’s growing blockchain empire, while Wemade’s CEO blames the crypto exchange

MetaMask says “we changed nothing” in response to criticism update collects more user data

ConsenSys, which operates the popular cryptocurrency wallet MetaMask, said an update to the wallet has made no change to the data the platform collects from its users, only the wording had changed.

Binance says it will set up US$1 billion ‘recovery’ fund for distressed crypto businesses

Binance said it will establish a US$1 billion fund for its “Industry Recovery Initiative” to mitigate the damage from the collapse of the FTX exchange. 

Binance CEO Changpeng Zhao says he should have tweeted sooner about FTX woes

The chief executive officer of Binance, Changpeng Zhao, regrets sending ‘too late’ a tweet that contributed to the collapse of FTX.com.

Crypto exchange Bybit establishes US$100 million fund to aid institutional clients

Crypto exchange Bybit has established a US$100 million fund to support its institutional clients

Russia plans launch of national crypto exchange

Russian lawmakers aim to launch a national cryptocurrency exchange, supported by the country’s Ministry of Finance and the Central Bank of Russia.

Scam Center Slavery?

It’s no secret that crypto scams and fraud are abundant – but those doing the scamming might be victims of something even more sinister.

India’s CoinDCX crypto exchange publishes proof of reserves

Cryptocurrency exchange CoinDCX, India’s first crypto unicorn, published its proof of reserves on Thursday

Hex Trust bags virtual asset license from Dubai

Digital asset custodian Hex Trust received the MVP license from Dubai’s Virtual Assets Regulatory Authority on Nov. 24.

Question: How do financial rules work when rogue individuals run companies? Answer: Not very well.

Calls for tougher rules on cryptocurrency have been echoing ever louder through the offices of global financial regulators since the collapse of the FTX exchange. But the firm did not invent dodgy business practices, so what can regulators and the industry do?
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Digital Currency Group seeks to calm investors over Genesis loans: reports

Barry Silbert of DCG disclosed his company owes a US$575 million loan and a US$1.1 billion promissory note to its subsidiary Genesis Global Capital.

US senators call for holding FTX executives accountable to fullest extent of the law

U.S. Senators Elizabeth Warren and Sheldon Whitehouse called for holding former FTX CEO “and any complicit FTX executives” to the fullest extent of the law.

Chinese mafia forcing Filipinos to work for crypto scams, says Philippine Senator

The organized crime gangs victimize both the trafficked and those that get scammed, according to the official

Wallet linked to defunct crypto exchange BTC-e suddenly activates

A wallet address linked to defunct crypto exchange BTC-e sent its largest transaction since August 2017 on Wednesday.

Disgraced FTX founder SBF to speak at New York Times Dealbook Summit despite controversy

Sam Bankman-Fried will speak at a time when he’s reportedly facing investigations with FTX undergoing bankruptcy protection proceedings.

The crash and burn of FTX: What lessons does it teach us?

As FTX victims and creditors sift through the pieces, how much of this blowup should regulators have seen coming — and could it happen again?

Japan’s central bank to test digital yen with three megabanks: report

The Bank of Japan, the country’s central bank, will conduct experiments with three megabanks and regional banks on a digital yen, according to a report by Nikkei on Wednesday. 

New York Attorney General eyes ban of crypto purchases through retirement funds

New York Attorney General (NYAG) Letitia James has recommended prohibiting crypto investments in defined contribution plans and individual retirement accounts (IRAs).

Genesis jitters keep investors on edge as contagion risks grow

Top blockchain and crypto news: Fear stalks crypto as Genesis wobbles. FTX cleanup begins. China’s NFT scene shrinks.

India’s CoinSwitch launches platform to enable multi-exchange trading with single login

Indian crypto exchange CoinSwitch has launched CoinSwitch Pro, a multi-exchange trading platform that lets users trade crypto assets in Indian Rupees across multiple exchanges with a single login.