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 […]
France, Singapore complete cross-border CBDC test
The Monetary Authority of Singapore and the Banque de France today announced the successful completion of a wholesale cross-border payment and settlement experiment using multiple central bank digital currencies (m-CBDCs). Fast facts The experiment between the two central banks, supported by J.P. Morgan’s Onyx, simulated cross-border transactions and cross-currency transactions involving a Singapore dollar CBDC […]
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.
Blockchain-based digital invoicing rollout continues apace in China
China’s blockchain-based digital invoicing systems are being increasingly put into large-scale use in major cities and provinces. Fast facts Blockchain-based digital invoicing is being used in multiple sectors in Hainan Province, China’s only free-trade port. Digital invoicing systems are in use in 2,795 organizations, including courts, schools and banks, according to Securities Daily, a Chinese […]
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 […]
Argentina proposes allowing salaries to be paid in crypto
An Argentine lawmaker presented a bill this week to allow employees and those exporting services abroad to be paid in cryptocurrency, Yahoo News reports. Fast facts Congressman José Luis Ramón said that he presented this bill to allow Argentina’s people — whose local currency, the peso, currently suffers from roughly 50% inflation a year — […]
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.
South Korea holds firm on AML compliance for banks serving crypto exchanges
The chief of South Korea’s main finance sector regulator has spoken out again against banks that have requested exemptions from anti-money laundering compliance rules in their contracts with cryptocurrency exchanges. Fast facts Eun Sung-soo, the chairman of the Financial Services Commission said yesterday: “Banks should use their own judgement to make decisions and apply for […]
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.
Crypto.com inks partnership deal with martial arts company UFC
Mixed martial arts organization UFC and Hong Kong-based cryptocurrency exchange Crypto.com today announced a partnership that will see Crypto.com become UFC’s first global official fight kit partner. Fast facts Apart from Crypto.com’s logo placement on UFC fight kits, Crypto.com will, as UFC’s cryptocurrency platform partner, have a brand presence inside the Octagon during all pay-per-view […]
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?
Hackers demand $70m in Bitcoin ransom from US software company Kaseya
A ransomware attack on U.S. software company Kaseya has likely affected between 800 and 1,500 businesses around the world, the company said in a statement on Monday, as the group claiming responsibility for the attacks demands US$70 million in Bitcoin to release user’s data. Fast facts Cybercrime group REvil, which is linked to Russia, claimed […]
Ethereum’s London hard fork to launch Aug 4
Ethereum’s long-awaited London hard fork — which earlier was expected to go live this month — is now going to launch on August 4 between 13:00 UTC and 17:00 UTC with block 12,965,000, Ethereum developer Tim Beiko said in a recent blog post. Fast facts Following the successful release of its three testnets, Ropsten, Goerli and […]
Huobi’s public blockchain expands with Animoca, CoinMarketCap and DeFi projects
Huobi Eco Chain, an open-source, decentralized public blockchain, today announced 11 new partners, including Hong Kong-based blockchain gaming company Animoca Brands and crypto data website CoinMarketCap — which is owned by Huobi rival Binance — that will run validating nodes to improve the stability and decentralization of the network. Fast facts Other new validators include […]
IBC Group moves out of China; Pavilions Hotels to accept crypto
IBC Group becomes the latest to seize Bitcoin and Ethereum mining operations in China as crypto gets the nod from Pavilions Hotels and Resorts.
CoinShares acquires Elwood’s Global Blockchain Equity Index
CoinShares, Europe’s largest digital asset investment firm, today announced that is acquiring Elwood Technologies’ Exchange Traded Fund Index Business and its equity research unit in a US$17 million equity swap. Fast facts The deal will see CoinShares adding over US$1 billion in assets under management through the Invesco Elwood Global Blockchain Equity UCITS ETF, which […]
Why decentralization is essential for protecting user data and privacy
Centralized data management is outdated and vulnerable to hacking, says Li Jun of Ontology. Here’s how blockchain can make data more secure.
Cryptocurrency tax holiday gets South Korean lawmaker’s vote
A legislator from the ruling Democratic Party of Korea today announced a proposal to defer tax on virtual assets for one year, after which income derived from cryptocurrencies would be treated as financial investment income for tax purposes. Fast facts Noh Woong-rae proposed deferring the levying of tax on income from crypto transactions until January […]
Bitcoin exchange data suggest selloff’s peak has passed
The supply of BTC held on exchanges has hit its lowest point since January, suggesting the worst of the coin’s selloff is over, according to data from crypto analytics firm Santiment. Fast facts Santiment tweeted yesterday: “The 6-month low is a promising sign, as it generally will indicate there is a decreased risk of more […]
Pavilions hotel chain to begin accepting crypto as payment
Global resort group Pavilions Hotels & Resorts will allow its customers to use crypto to book stays as of tomorrow, its managing director for Asia has told Forkast.News. Fast facts Scot Toon said Pavilions had partnered with British payment service Coindirect to allow guests paying in more than 40 cryptocurrencies, including Bitcoin and Ethereum, to […]
Japanese digital currency plans expected to take shape next year, lawmaker says
Japan’s plan to launch a digital yen is likely to come into sharper focus in late 2022, a lawmaker overseeing the ruling Liberal Democratic Party’s digital currency strategy has told Reuters. Fast facts The Bank of Japan launched the first phase of a central bank digital currency experiment in April. It hopes to move to […]
Barclays bank blocks customer payments to Binance
British lender Barclays is preventing its customers from making payments to Binance following a regulatory crackdown on the crypto exchange by the country’s Financial Conduct Authority last month, the Financial Times reports. Fast facts The bank said the move would not impact customers’ ability to withdraw funds from Binance, and that it would continue to […]
Bitcoin and Ethereum see positive institutional investment flows as Grayscale adds Cardano to large cap fund
Institutional sentiment appears to be shifting back to being positive toward crypto as crypto investment products saw inflows of US$63 million for the first time in five weeks, according to a report by CoinShares, Europe’s largest digital asset investment firm. Previously, there were four straight weeks of crypto fund outflows. Fast facts: “For the first […]
IBC Group to move all its crypto mining out of China
In the wake of crackdowns on crypto mining in China, investment firm IBC Group has announced it plans to shut all BTC and Ethereum mining operations in the country and relocate elsewhere.
Aussies look to crypto for retirement; Vietnam embracing crypto?
Aussies may be leaning towards crypto for retirement funds while Vietnamese Prime Minister greenlights pilot crypto program.
TWICE, 2PM K-pop agency JYP plans foray into NFTs
JYP Entertainment, a South Korean entertainment conglomerate that counts K-pop acts including 2PM and TWICE among its stars, has unveiled a plan to partner with blockchain company Dunamu to set up a non-fungible token platform dedicated to K-pop. Fast facts JYP’s partnership with Dunamu, the operator of Korea’s biggest crypto trading platform, Upbit, will involve […]
Cardano expands access to ecosystem with Nexo and Orion partnerships
Input Output Hong Kong, one of the companies behind the Cardano blockchain, is expanding the Cardano ecosystem through partnerships with Nexo, a cryptocurrency lending platform and decentralized finance liquidity aggregator Orion Protocol. Fast facts Input Output Hong Kong is partnering with Nexo to integrate ADA — the native cryptocurrency of the Cardano blockchain — to the […]
Ether hits two-week high as Ethereum’s London upgrade nears
The price of Ether has jumped to a fortnight high as Ethereum’s London EIP-1559 upgrade draws close and investors look to get back into alt-coins.
South Korean crypto exchanges tighten personal trading rules for employees
Three of the biggest cryptocurrency exchanges in South Korea have tightened restrictions on virtual currency trading by their employees in a move designed to comply with the nation’s crypto regulations. Fast facts Bithumb announced that starting this month, it had banned its employees from trading cryptocurrencies using Bithumb accounts. The exchange has made employees sign […]
Philippine bourse eyes role as crypto exchange
The Philippine Stock Exchange wants to be the country’s platform for trading crypto assets when regulators issue rules to govern the sector, according to a report by CNN Philippines. Fast facts Stock exchange President and CEO Ramon Monzon said the bourse’s management had first discussed the idea of setting up a domestic crypto exchange two […]
Wuhan incubator plan aims to boost blockchain sector
The Bureau of Economics and Information Technology in the Chinese city of Wuhan plans to cultivate more than 100 blockchain companies within three years. Fast facts Authorities in Wuhan issued a document outlining the blueprint, according to which rewards of up to 2 million yuan (about US$309,000) and blockchain technology research program subsidies of 500,000 yuan (US$77,250) […]
Marathon Digital boosts Bitcoin production 17%
Marathon Digital Holdings mined 265.6 Bitcoins last month, a 17% increase over the previous month, according to a company press release. Fast facts That mining increased the company’s holdings to 5,784 bitcoins with an estimated market value of US$206.1 million. The total includes a bulk purchase of 4,182 bitcoins the company bought in January for […]
Crypto ‘Michelin Guide’ to rate tokens in South Korea
The Korea Institute of Virtual Asset Valuation, launched last month, is set to release its first report in July 15, evaluating 10 domestic cryptocurrencies. The new non-profit organization is aiming to provide information to help protect investors from buying crypto coins based on misleading disclosures. Fast facts At the end of every month, 10 domestic […]
Coinbase seeks ‘hundreds’ of engineers for India tech hub
Despite uncertainty surrounding cryptocurrency regulation in India, Coinbase — the largest cryptocurrency exchange in the United States — is stepping up its expansion plans in the world’s second-most populous country and home to fast-growing projects such as Polygon and Instadapp. Fast facts Coinbase is looking to build out its India tech hub, which was announced […]
How blockchain is giving rise to a growing ‘Crypto Nation’
Being a ‘crypto native’ involves much more than using Bitcoin and DeFi, writes Alvin Lee of DeGate DAO. It’s sharing core values like freedom and inclusion.
WazirX, Binance boost compliance procedures; Forkast speaks to FTX CEO
Crypto exchanges WazirX and Binance look to implement stronger compliance measures. Forkast News speaks with FTX founder and CEO Sam Bankman-Fried about crypto regulatory measures in Asia. Chinese district rewards residents with e-Yuan for counting footsteps. We’ll have more on these stories and other news shaping the cryptocurrency and blockchain world in this episode of […]
Mintable closes $13M series-A, set to integrate Ripple XRP Ledger
Mintable, a Singapore-based non-fungible token platform, this week closed a US$13 million series-A funding round, with U.S. payments technology company Ripple Labs investing. Fast facts Mintable, currently built on the Ethereum and Zilliqa blockchains, enables users to create, buy and sell NFTs using fiat or cryptocurrency. Mintable intends to use the fresh capital to scale […]
One day, we’ll just call Bitcoin ‘money,’ says crypto veteran
El Salvador recently became the first country to recognize Bitcoin as legal tender, and it seems unlikely to be the last. Samson Mow, chief strategy officer of Bitcoin technology company Blockstream, looks forward to a future in which Bitcoin edges out fiat currency.
Crypto exchange Binance in regulators’ crosshairs as scrutiny mounts
As countries step up their implementation of the Financial Action Task Force’s standards, the list of regulators that have Binance in their crosshairs just keeps growing longer. Fast facts Thailand’s Securities and Exchange Commission today filed a criminal complaint against Binance — the world’s largest cryptocurrency exchange by trading volume — for operating a digital asset […]
Will court let Ripple force ex-SEC director to testify about XRP?
Ripple says William Hinman holds important insights into SEC’s stance on Bitcoin, Ether and XRP. How is Hinman’s 2018 speech on crypto relevant to the lawsuit?
Chinese ‘smart city’ to give away 3 million e-CNY to promote exercise
The Chinese city of Xiong’an, a prototype so-called smart city, has launched a new round of digital yuan giveaways. Fast facts Unlike previous giveaways, which have been based on a lottery system, authorities are handing out 3 million yuan in e-CNY based on the number of steps people walk in a bid to encourage fitness. […]
Musk sells memecoin fans another pup with Baby Doge
Elon Musk has once again sent a coin’s price skyward with a simple tweet; this time more than doubling the price of the memecoin Baby Doge by inserting its name into the lyrics of popular children’s song, “Baby Shark”. Fast facts Replacing the title of the song with the name of the coin, the tweet […]
Japan’s SoftBank Invests US$200m in Brazilian crypto exchange
Japanese conglomerate SoftBank’s Latin America fund has plowed US$200 million into Brazilian crypto exchange Mercardo Bitcoin, according to a Reuters report. Fast facts The investment is SoftBank’s largest in Latin America to date, and brings the valuation of Mercardo’s parent company, 2TM Group, to US$2.1 billion, making it the eighth-most valuable fintech firm in the […]
Coinbase’s high-interest savings account rollout raises questions over returns
Deposit account bears closer comparison to distressed debt fund than to mainstream bank account, expert says.
South Korean finance watchdog warns banks over crypto AML compliance
The chief of South Korea’s main finance sector regulator has said that no banks will be exempted from anti-money laundering and counter-financing of terrorism compliance when they sign contracts with virtual asset trading platforms. Fast facts According to South Korea’s crypto exchange regulations, crypto trading platforms must acquire contracts with local banks to provide their […]
Huobi to impose tighter OTC trading restrictions
Crypto exchange Huobi yesterday issued an announcement in simplified Chinese saying that it would implement a “T+1” withdrawal freezing time for all over-the-counter trades, meaning that traders can transfer cryptocurrency out only 24 hours after depositing it. In some cases, the freeze will last up to 36 hours. Fast facts At present, the announcement appears […]
A letter from the Editor-in-Chief
Dear Reader, Welcome to the next phase of Forkast.News! Our newly redesigned website is live, and we hope that it is faster, better to navigate, and easier for you to read, watch, and consume all things blockchain. When we founded Forkast in late 2018 in the height of crypto winter, we envisioned this day was […]
Trading platform Robinhood fined US$70M over outages, false information
Trading platform Robinhood has been fined some US$70 million in a case involving system outages and allegedly misleading information.
Bye-bye, Binance. Elon Musk spawns Floki Shiba Inu craze. Tickets for tokens in China.
Top blockchain and cryptocurrency news: Binance bounced out of Britain. Musk moves Shiba Inu prices again. China’s digital currency gets ready to roll.
How to assess the maturity of a network and DeFi ecosystem
What does a fully functioning network with DeFi applications look like, and why is it important to assess? Garrette Furo of Cosmos explains.
FTX signs deal with Tom Brady; blockchain startup Nansen raises US$12M | The Daily Forkast
Demand for blockchain analytics is on the rise as FTX partners up with NFL superstar quarterback Tom Brady and supermodel Gisele Bündchen.
Chinese cities roll out digital yuan to public transport networks
Adoption of e-CNY for urban transport networks marks first step in wider introduction of state-backed digital money.
Wealth managers need to create digital asset offerings, Capgemini says
Wealth management firms need to develop new offerings around emerging trends such as the rise of digital assets and sustainable investing, according to Capgemini’s World Wealth Report 2021.
Exchange Crypto.com revs up sports sponsorships as Formula 1 partner
Formula 1 has announced that Hong Kong-based Crypto.com will be an inaugural global partner for the new F1 Sprint series in 2021.
Taiwan to introduce new AML rules for crypto exchanges on July 1
Taiwan is set to enact new anti-money laundering rules that take effect July 1 to further boost AML requirements for crypto exchanges.
Mining rig maker Bitmain inks purchase deal with TeraWulf
Bitmain has signed a deal to sell 30,000 of its Antminer machines to TeraWulf, a U.S. crypto miner that claims to use mostly clean energy.
Institutional investors appear to cool on Bitcoin, data suggest
Institutional demand for cryptocurrency appears to be slowing, according to a report by analytics company Glassnode.
South Korean crypto exchange Bithumb dismisses ‘listing fee’ claims
Bithumb — South Korea’s second-largest crypto exchange — has rubbished claims that it is charging token issuers fees to list their coins on its platform.
Crypto exchange Coinbase to launch crypto app store in international strategy
Nasdaq-listed Coinbase, the largest cryptocurrency exchange in the United States, announced today its plans to expand its business internationally as it seeks to improve its asset-listing process and build a crypto app store. Fast facts: “We’re seeing crypto quickly mature from its initial use case of trading bitcoin to the trading of thousands of new […]
What is Theta blockchain, and how might it revolutionize online streaming?
With Theta’s new mainnet 3.0, the network aims to be the go-to blockchain-powered content delivery platform for online streaming. Will Theta succeed?
Hong Kong’s Cyberport invests in digital asset custodian Hex Trust
Hex Trust, a Hong Kong-based digital asset custodian, today announced that it has secured investment from Cyberport, a technology incubator project backed by the Hong Kong government.
Special Series, Part 3: Digital dragons and digital dollars
In the last installment of a 3-part series on blockchain in Asia, Forkast.News examines: Everyone knows money has value. But does it also have ‘values’?