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How to solve the Bitcoin energy consumption problem

As the world grapples with crypto mining’s carbon footprint, Nischal Shetty of WazirX examines the technical and regulatory solutions.

Bitcoin mining difficulty drops further as China ban begins to bite

The difficulty of mining Bitcoin has dropped a further 4.81% in its latest fortnightly adjustment, according to data from BTC.com, bringing it to the lowest point since January last year. Fast facts The decline marks the fourth consecutive drop in the difficulty rate for the world’s leading cryptocurrency — the longest slide in its history. […]

Malaysian police are crushing it in illegal Bitcoin mining crackdown

In viral video, Borneo police use a giant steamroller to destroy 1,069 crypto mining rigs that had been caught running on stolen electricity.

Late digitization is Asia’s edge in crypto, says Fireblocks CEO

While the West has first mover advantage in traditional banking, Asia — not wedded to ol infrastructure — now has an edge in the crypto era, says Michael Shaulov of Fireblocks.

Bitcoin interest declines; Rolling Stone gets into NFTs

Bitcoin interest declines while Rolling Stone gets into NFTs.

South Korean exchange Bithumb cuts ties with platforms abroad

South Korean cryptocurrency exchange Bithumb announced today that Bithumb Global and Bithumb Singapore will no longer be licensed to use its name after their contracts expire on July 30. Industry experts say the South Korean business’s severing of links with eponymous operations outside the country is designed to prevent any association with possible future money […]

Bitcoin price Google searches at lowest point for 2021. Is BTC still an inflation hedge?

The price of gold is rising with inflation. Then why is ‘digital gold’ Bitcoin’s price stagnant — and public interest in BTC falling to a new low?
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Chinese crypto news service forced to shutter site

Bishijie’s suspension deprives users of industry news and community forum as Beijing continues campaign targeting cryptocurrency sector.

Hong Kong finance sector body prepares response to planned virtual asset rules

Hong Kong’s Financial Services Development Council — a cross-sector advisory body established by the government to engage the city’s financial services industry — is putting together industry feedback on the government’s legislative proposals related to virtual assets and virtual asset service providers. Fast facts In May, Hong Kong’s Financial Services and the Treasury Bureau released […]

Binance unauthorized in Italy, regulator warns

Italy has become the latest jurisdiction to clamp down on Binance amid regulatory pressure around the world centered on the biggest crypto exchange by trading volume. Fast facts Binance Group companies are “are not authorized to provide investment services and activities” in Italy, not even through the exchange’s website, “whose sections called ‘derivatives’ and ‘Stock […]

Axie Infinity fans play their way to payday as game token prices soar

Play-to-earn game Axie Infinity has caught the blockchain community’s attention in the past few months as the price of its governance token has kept rising. Now it’s hit an all-time high, players are earning some serious money.

Court grants Ripple bid to force ex-SEC director to testify in XRP case

Ripple scores major discovery win as judge rules ex-SEC official William Hinman must answer ‘central question’ on Ethereum in the globally-watched case about XRP.

Rolling Stone launches first NFT of cover featuring pop star Tones and I

Music magazine Rolling Stone Australia is releasing a cover as a non-fungible token to coincide with the release of the debut album by pop star Tones and I, according to a company blog post. The album is out today. Fast facts The cover on offer, which features the singer-songwriter, is Rolling Stone Australia’s debut cover […]

Square to build new Bitcoin DeFi platform, says CEO Jack Dorsey

CEO Jack Dorsey announced that his mobile payments company Square has created a new division dedicated to decentralized finance (DeFi) on Bitcoin. For now, Dorsey is referring to the new Square Bitcoin DeFi platform as TBD, having not yet decided on an official name.  Fast facts The DeFi space, which has grown exponentially over last […]

Has the NFT bubble burst? The data says otherwise

Axie Infinity, Meebits and Bored Ape Yacht Club are some of those keeping the market for non-fungible tokens alive.

India seeks crypto advice; K-drama joins NFT bandwagon

India seeks crypto advice meanwhile K-drama joins NFT bandwagon

Hong Kong raid uncovers suspected US$155M crypto laundering scheme

Tether stablecoins linked to funds funneled to banks in Singapore and elsewhere amid worldwide cryptocurrency crime increase.

Indian court seeks standardized disclaimers on crypto ads

The Delhi High Court has sent a notice to government agencies and crypto exchanges to seek guidelines on crypto-related advertising on national television. Fast facts The division bench of Justice D.N. Patel and Justice Jyoti Singh sought responses from the Ministry of Information and Broadcasting, the Securities and Exchange Board of India and crypto exchanges […]

Grayscale’s Bitcoin bounty. Circle’s SPAC listing controversy. NFTs for thieves.

Top blockchain and crypto news: Crypto markets await Bitcoin fund release. USDC issuer opts for the back door. In China, NFT copyrights and wrongs.

ICICI blocks crypto transfers; Korea banks to report crypto crime

ICICI blocks crypto transfers as South Korean banks are to report crypto crime.

New crypto mining firms in China now in scramble to leave

The9 and BIT Mining — non-crypto firms that pivoted to crypto mining during Bitcoin’s boom — now seek to ‘expand’ overseas.
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Chinese viral news photo debacle shakes confidence in NFTs

Proliferation of copycat non-fungible tokens based on media image sparks fresh concerns over authenticity, creators’ rights.

Turkey tells crypto firms to hand controllers’ info to tax office

Turkey’s tax authorities have told companies with cryptocurrency-related business to report information on their ultimate controllers as a part of their tax filings. Fast facts An official document states that the requirement is part of meeting Organisation for Economic Co-operation and Development guidelines on tax transparency. Crypto companies must submit their first filings by Aug. 31 […]

C.R.E.A.M. Finance’s Iron Bank and PleasrDAO execute $3.5M loan with NFTs as collateral

C.R.E.A.M. Finance’s Iron Bank today announced that it has facilitated a US$3.5 million loan with cypto art collective PleasrDAO using high-value non-fungible tokens as collateral, according to an announcement shared with Forkast.News. Fast facts Taipei-based C.R.E.A.M. Finance, part of the Yearn finance ecosystem, is a decentralized lending protocol for individuals, institutions and protocols to access […]

India’s ICICI bank blocks foreign crypto remittances

ICICI bank, one of India’s largest lenders, has warned its customers against using its international remittance services for transferring any form of cryptocurrency, the Bharat Express reports. Fast facts The Industrial Credit and Investment Corporation of India recently made an amendment to an international remittance form compelling customers to declare: “The above remittance is NOT […]

Singapore’s Temasek posts record returns, continues investing in blockchain and AI

Singapore state-owned investment firm Temasek has announced record returns of S$381 billion (US$283 billion) for the financial year ending March 2021, up 24.5% from the year before. Fast facts According to its latest annual review, Temasek is “increasingly shaping” its portfolio in line with four trends: digitization, sustainable living, future of consumption, and longer lifespans. […]

Crypto derivatives exchange Bybit and Ontario Securities Commission agree on enforcement proceeding schedule

The Ontario Securities Commission in Canada and Bybit, a cryptocurrency derivatives exchange headquartered in Singapore, have come to an agreement on the schedule for Bybit’s upcoming enforcement proceeding, according to the OSC. Fast facts The first hearing between Bybit and the OSC — the agency that oversees securities legislation in Canada’s largest province by population […]

UK police seize record US$408 million in cryptocurrency in money-laundering investigation

London police announced on Tuesday they have seized a record £294 million (US $408 million) in cryptocurrency in less than a month, as part of an ongoing investigation into money laundering. Fast facts According to London police, their recent £180-million (US$248.8 million) seizure in cryptocurrency comes less than three weeks after a £114-million (US$157.5 million) […]

Stablecoins promise much, but can they deliver?

As issuer Circle prepares to list and China sounds the alarm over speculation, the mood among regulators is mixed, despite stablecoins’ clear appeal to investors.

7 key developments in blockchain capital markets in 2021

In the second installment of a 2-part report, Lucas Schweiger of Blockdata examines the most notable current trends in blockchain and capital markets.

Band Protocol launches Phase 2 to bring off-chain data to DeFi

Oracle platform Band Protocol is aiming to enable data providers like Google Cloud and Bloomberg to work better with decentralized applications.

Korea crypto law applies to Binance; Samsung Next invests in Nifty’s

South Korean financial watchdog says the nation’s crypto laws will apply to foreign exchanges.

Science school’s toilets turn dumps into digital currencies

Science institute building given bio-fuel boost as users poo to accrue.
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Thai faithful pay up for religious trinket NFTs

Non-fungible tokens have gained traction across Asia, but in Thailand, the phenomenon has taken on a distinctive local twist: amulets featuring a revered abbot of a Buddhist monastery that believers say ward off evil spirits. Fast facts Crypto Amulets is a company that develops NFT amulets on the Ethereum blockchain. Founded in March, it offers […]

China explores ways to classify cryptocurrency crimes

A Shanghai procuratorate has held a seminar gathering judges, police, procurators and scholars to discuss how crimes related to cryptocurrency fit into China’s current legal framework. Fast facts The procuratorate said in a post on Monday that there had been confusion as to how to categorize cryptocurrencies. Some consider them data, while others regard them […]

Bull run or BS? Where will crypto markets go after the Bitcoin crash?

Soaring BTC and altcoin prices earlier this year drew in new investors, who now worry about the current slump. Will crypto prices rise again, or are modest valuations here to stay?

Grayscale registers large-cap crypto fund with SEC

Grayscale Investments — the world’s largest digital asset manager — has registered its Digital Large Cap Fund with the U.S. Securities and Exchange Commission following the filing of a registration statement Form 10 last year. Fast facts The company has also announced it is filing three additional registration statements via the same form for the […]

Bitcoin outflows near $7M in ‘quietest’ crypto trading week for nine months

Cryptocurrency investment products saw a total outflow of US$4 million last week in the “quietest trading week since October 2020,” according to digital asset investment firm CoinShares’ weekly digital asset fund flows report. Fast facts Cryptocurrency markets remained soft, with Bitcoin seeing US$6.9 million of outflows. Trading volumes in investment products totaled just US$1.58bn for […]

Korean banks extend crypto contracts; Axie Infinity tokens surge

Korean banks extend partnerships with crypto exchanges — for now. And also in Korea, how to earn crypto during bathroom breaks.

Gravity DEX brings DeFi into Cosmos network’s orbit

Cosmos’s DeFi capital pulling power is set to get stronger as Gravity DEX launches, with Gravity Bridge and the Emeris DeFi portal on the way.

TikTok bans crypto promotions amid concerns over targeting of young users

Ban on branded content covers range of financial services and ‘get-rich-quick’ schemes boosted by influencers with young followings.

CoinDCX introduces ETH-backed Liqueth token for Ethereum 2.0 staking

India-based cryptocurrency exchange CoinDCX has announced the launch of its new Liqueth (LQTH) token, which will enable users to stake Ether — the native cryptocurrency of the Ethereum blockchain. Fast facts Users will be able to stake ETH on Ethereum 2.0 from a minimum 0.1 ETH. LQTH, an ERC-20 token, will be generated and transferred […]

Ripple seeks to force ex-SEC director to testify on XRP next week

Despite opposition from the U.S. Securities and Exchange Commission, Ripple is pushing ahead with plans to question former SEC director William Hinman, the former head of the regulator’s Division of Corporation Finance, telling the judge overseeing discovery in the SEC v. Ripple Labs lawsuit that Hinman’s deposition has been rescheduled to July 19, according to a […]

Derivatives will be crypto’s ‘next big thing’ says 100x CEO

Crypto industry gets the ‘overleveraged’ label and authorities are cracking down on derivatives providers. Alexander Höptner of 100x believes the pushback foreshadows the industry’s next big thing — derivatives.

Delta variant spooking crypto markets? Fresh warning on crypto payments

Market dominance suggests that investors are flocking towards Bitcoin as Covid delta variant concerns hit markets. In Thailand, authorities remind the industry of their stance on cryptocurrency payments.

Secret Ukraine crypto farm shut down amid suspected power theft

Cryptocurrency miners blamed for blackouts as government eyes excess electricity for mooted state crypto mining operation.

China closes high-profile blockchain center, citing ‘registration’ issues

Closure of center comes despite — or perhaps because of — professional pedigree of crypto exchange founder board members.

South Korean regulators, developers face off over blockchain game NFTs

Regulators in South Korea clashed with blockchain game developers yesterday at an event entitled “The Future of Blockchain Games in Korea,” at which arguments centered on whether incorporating blockchain into gaming could lead to speculation and whether game developers were being discriminated against. Fast facts Blockchain games in South Korea include in-game items represented in […]

BIS: cooperation essential for CBDCs to improve cross-border payments

In a new report, BIS says countries must work together and design CBDCs with interoperability in mind. Hong Kong and Singapore lead mCBDC efforts.

Elizabeth Warren warns over crypto risks, presses SEC on regulation

U.S. Senator Elizabeth Warren has written to Securities and Exchange Commission Chair Gary Gensler enquiring about the SEC’s authority to regulate cryptocurrencies and asking what future congressional regulatory action is needed, according to a Reuters report. Fast facts Requesting a reply by July 28, Warren, who heads the Senate Banking Committee’s Subcommittee on Economic Policy, […]

Crypto prices continue to fall: Is the market ailing from the Covid Delta variant?

The price of Bitcoin and other cryptocurrency continue to slide as global failure to contain the Covid Delta variant lead to worries of another economic downturn.

Hong Kong manga finds virtual home on blockchain as authorities silence publishers

NFTs offer haven as authors self-censor amid intensifying crackdown on free expression.

Special series: ‘Let’s get serious’ — how blockchain is revolutionizing payment systems

Though Dogecoin and NFTs dominate headlines, their underlying technology — blockchain — is transforming our world in more meaningful ways, according to authors Kosrow Dehnad and Joe Duncan.
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Bitcoin parallel currency plan proves a hard sell in El Salvador

El Salvador’s government may face challenges in making Bitcoin legal tender, as more than three-quarters of the country remains skeptical of the plan, according to a report by Reuters. Fast facts A survey of 1,233 people across El Salvador earlier this month found that 54% of people said Bitcoin adoption was “not at all correct.” […]

SEC says Ripple not entitled to testimony on XRP from ex-director

Is William Hinman a former ‘high-ranking’ SEC official exempt from disclosing his prior communications on XRP, or must he provide testimony to Ripple?

Penalties for kimchi premium abusers; Digital yuan on trial again

Korea issues penalties for kimchi premium arbitrage as China holds its 15th digital yuan pilot trials.

US$1.5B South Korean ‘kimchi premium’ crypto scheme prompts 33 arrests

Customs officers use foreign exchange law to shut down cycle of foreign remittances and arbitrage.

Key takeaways from FATF’s latest report on virtual assets

The Financial Action Task Force — the global anti-money laundering and counter-terrorist financing standards-setter — this week released its second 12-month review on virtual assets and virtual asset service providers, and called on countries to implement the revised FATF standards, including travel rule requirements “as soon as possible.” “The global nature of the underpinning technology […]

Stablecoins could pose risks to global financial system, Chinese central bank official says

Warning comes as Beijing ramps up efforts to internationalize China’s currency through launch of digital yuan.

Robinhood sees near-threefold rise in women users, COO says

Trading app Robinhood has seen a 369% increase in the number of women using its services in the past year, according to COO Gretchen Howard. According to a report by Business Insider, women now make up 30% of its customer base. Fast facts The result comes following Howard’s setting up of a task force to […]

Jamaican state digital currency set for launch next month

The Bank of Jamaica’s much-anticipated central bank digital currency will launch next month, according to a report by the Jamaica Observer. Fast facts Previously due to launch in May, the CBDC will initially be implemented through the National Commercial Bank — the biggest financial institution in the country — before being expanded to other banks […]

Israel authorities order seizure of cryptocurrencies from Palestinian resistance group Hamas

Israel’s National Bureau for Counter Terror Financing has issued a seizure order against 84 cryptocurrency addresses associated with Palestinian resistance group Hamas as it looks to confiscate holdings of Bitcoin, Tether, Dogecoin and other cryptos. Fast facts “This action comes after a sizable uptick in cryptocurrency donations to Hamas in May following increased fighting between […]

Spending on crypto-linked Visa cards exceeds $1B in first half of 2021

More than US$1 billion was spent on crypto-linked Visa cards in the first six months of 2021, according to a Visa blog post this week. Fast facts Apart from enabling customers to buy cryptocurrencies like Bitcoin using its cards, Visa has partnered with 50 crypto platforms on card programs — such as Coinbase, the largest […]

How is blockchain going to disrupt capital markets?

In the first of a special two-part report, Lucas Schweiger of Blockdata explores what the future of capital markets could look like with blockchain-based infrastructure.

Ethereum: London calling. Will the SEC ever approve Bitcoin ETFs? Foreign miners reap rewards amid China crypto crackdown.

Top blockchain and crypto news: Ethereum upgrade, torque of the town. SEC in snafu over Bitcoin ETFs. Crypto miners flourish amid China fallout.

Meitu to lose big on BTC investments; SK banks warned over crypto laws

Chinese tech giant forecasts a US$17.3 million loss in its BTC investment as more musicians in Asia lean towards NFTs.

Iran crypto mining remains suspended amid blackouts

Iran has continued a suspension of cryptocurrency mining, with Vice President Eshaq Jahangiri urging all licensed miners to stop operating as the country continues to suffer power outages, according to a report by U.Today that cited a Farsi-language tweet by the Tasnim News Agency. Fast facts Jahangiri said the ongoing electricity supply problems could last […]

Chinese firm shut down by central bank for trading cryptocurrencies

China’s central bank has reiterated its ban on cryptocurrency trading and yesterday said it had ordered a company in Beijing suspected of offering software services for crypto trading to shut down as part of an ongoing nationwide crackdown on the crypto industry. Fast facts A Beijing office of the People’s Bank of China and a […]

Software firm Meitu loses US$17.3M on Bitcoin

Higher value of Ether investments softens blow to value of Bitcoin holdings.

Binance suspends SEPA euro deposits as CZ calls compliance a ‘journey’

Facing an onslaught of regulatory scrutiny, Binance CEO calls crypto regulations ‘positive sign’ of a maturing industry and announces new hires in compliance.

Hong Kong CBDC project looks to commercialize for cross-border payments

Eddie Yue, CEO of Hong Kong Monetary Authority lays out the future of the territory’s digital currency at a Hong Kong Academy of Finance event.

Will Basel Committee’s proposed rules for crypto banking fly?

The standards-setter for banks around the world wants to subject crypto like Bitcoin to higher capital requirements. What do industry players think?