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BSP says no crypto ban; Rehab for crypto addicts

Philippine BSP governor denies plans on banning crypto. Meanwhile, a former Coinbase employee has been arrested for insider trading.

Crypto trading volumes dip to 18-month low amid bear market

Spot and derivatives crypto trading volumes have declined by over 15% since May to around US$4.2 trillion, the lowest since January 2021, Bloomberg reported citing data from CryptoCompare.  See related article: Indian crypto trading volume drops as much as 63% after new tax Fast facts In June alone, spot trading volumes dropped by 28% to […]

India’s industry body dissolves its crypto advocacy council

The Blockchain and Crypto Assets Council (BACC), the advocacy body representing Indian crypto industry interests, has been dissolved by its parent organization, the Internet and Mobile Association of India (IAMAI), according to a statement seen by CoinDesk.  See related article: Coinbase blames India’s central bank for exit Fast facts IAMAI made the decision without discussing […]

Why Bitcoin is still a good investment despite the bear market

BTC remains a safe haven for investors for the long term amid this year’s soaring inflation and market volatility, writes Josef Tětek of SatoshiLabs.

Vauld halts withdrawals, trading, deposits; explores restructuring

Vauld has suspended all withdrawals, trading and deposits on its platform, the Singapore-headquartered cryptocurrency exchange said on Monday.  See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts The firm, backed by PayPal founder Peter Thiel’s Valar Ventures, Pantera Capital and Coinbase Ventures, said it is exploring “potential restructuring options.” Vauld said […]

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.

OSL cryptocurrency exchange cuts 15% of its staff

Hong Kong-based cryptocurrency exchange OSL is reportedly laying off 40 to 60 employees, or about 15% of its workforce, to join a growing list of digital asset companies in scaling down operations amid tanking cryptocurrency prices. See related article: Coinbase, biggest US crypto exchange, cuts workforce by 18% Fast facts The job cuts are not […]

India’s latest tax assault on crypto exchanges starts Friday

India’s government can’t seem to decide on following China with an outright ban on crypto trading. So is it bent instead on suffocating traders and exchanges with taxes?

India’s CoinDCX says it restricted crypto withdrawals

“There is a larger compliance requirement due to evolving regulatory needs resulting in increased scrutiny,” a senior executive at the Coinbase Ventures and B Capital backed cryptocurrency exchange said.  See related article: CoinDCX double downs as the going gets tough in India Fast facts “We have restricted crypto withdrawal from our platform,” with users being […]

STEPN’ing it up with crypto move-to-earn

Enticed by promises of crypto rewards, Joel Stein hits the streets of Los Angeles with a beautiful NFT sneaker. What does he earn — and learn?

Valar Ventures-backed Vauld to lay off 30% of staff

The Singapore-based cryptocurrency exchange said the actions of a “few market participants” are creating a lot of uncertainty in the eyes of customers. See related article: ‘Buckle up’ for downsizing crypto market as employees laid off Fast facts The layoffs impact every team with marketing and talent acquisition departments being affected the most, as Vauld […]

Bybit to cut up to 30% of its workforce

Dubai-based crypto derivatives exchange Bybit is looking to cut up to 30% of its staff to reduce costs, journalist Colin Wu reported on Twitter, citing anonymous sources.  See related article: Coinbase, biggest US crypto exchange, cuts workforce by 18% Fast facts “This was not an easy decision to make,” a Bybit spokesperson told Forkast in […]

Crypto self-custody is no longer a choice. It’s an imperative.

Celsius and Babel Finance’s freezing of customer accounts highlights the risks of intermediaries, writes Nick Saponaro. Crypto users should take back control.

Crypto rises on Fed hike; Three Arrows insolvency concerns

Bitcoin, Ethereum and TRX recover as the Federal Reserve raises interest rates. Meanwhile, Three Arrows Capital faces liquidation concerns.

Has ‘Crypto Winter’ arrived with Bitcoin, Ether prices falling?

After what seems like a dead cat bounce, cryptocurrencies are falling again in Asian trade as markets head into the Federal Reserve’s announcement of its decision on interest rates on June 15.
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Tron bolsters reserves again; Fed decision market wobbles

The USDD reserves sees US$500 million worth of USDC added to it. Meanwhile, the US Federal Reserve’s rate decision has the crypto market bracing for itself.

MicroStrategy, crypto firm shares plunge with Bitcoin’s freefall

MicroStrategy is leading Marathon, Riot and Coinbase in a cryptocurrency-exposed stock selloff, closing down over 25% on Monday, as the firm’s Bitcoin holdings dropped by around US$1 billion.  See related article: MicroStrategy posts Q1 revenue loss amid falling Bitcoin price Fast facts MicroStrategy became entangled with Bitcoin after founder Michael Saylor added record amounts to […]

Cryptocurrencies like ‘world of Caribbean pirates’: India chief economic adviser

India’s chief economic adviser V. Anantha Nageswaran compared cryptocurrencies to the “world of Caribbean pirates” in the absence of regulation where “winners take it all” from somebody else, local media reported.  Fast facts See related article: Coinbase blames India’s central bank for exit Cryptocurrencies fail to satisfy basic requirements such as having store value, widespread […]

Only the big fish will survive as India cracks the whip on crypto: Binance-backed WazirX

High taxes and lack of support from traditional finance make it difficult for smaller crypto operators to survive in India, a senior executive at one of the country’s largest crypto exchanges said.

‘Buckle up’ for downsizing crypto market as employees laid off

The industry should fasten its seat belt, an industry watcher told Forkast, as the largest of crypto firms headline widespread layoffs amid the 2022 market crunch.

CoinSwitch Kuber launches rupee index for Indian crypto market

Indian cryptocurrency exchange CoinSwitch Kuber launched CRE8 on Thursday, a rupee index tracking the Indian crypto market. See related article: India gets second crypto unicorn within two months Fast facts CRE8 claims to give traders real-time information on the Indian rupee-based crypto market, based on trades on the CoinSwitch exchange. “Until now, investors in India […]

Philippines gets new government, will new crypto taxes follow?

Cryptocurrency companies in the Philippines await legislation from the new Ferdinand Marcos Jr. administration on how the government will tax the industry. Some are worried.
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Memo to Crypto World: Wall Street is here to stay

Wall Street did it! At least that is one of the theories about the cause of the nearly US$50 billion meltdown of Terraform Labs stablecoin and LUNA cryptocurrency. How does that stand up?

India almost ready with crypto consultation paper: Official

The Indian government is studying how other countries have regulated the asset class before drafting laws for the industry, the secretary for economic affairs Ajay Seth told local media.  See related article: Crypto regulation has to ‘take its time’: India FM Nirmala Sitharaman Fast facts “Our consultation paper is fairly ready. We have gone into […]

Andreessen Horowitz’s crypto, Web 3.0 warchest swells to US$7.6B

a16z crypto said its fourth fund raised US$4.5 billion, bringing the total amount of funds raised for investment in crypto and Web 3.0 startups by the famed Silicon Valley venture capital firm to more than US$7.6 billion. See related article: Binance, a16z among investors backing Musk’s Twitter bid with US$7B Fast facts Around US$1.5 billion […]

Are we heading for a post-Terra crypto winter?

Terra’s LUNA and UST implosion is dragging down an already ailing market. What do other developments suggest about crypto’s long-term future?

To stay relevant, crypto regulations need to evolve, decentralize: Crypto Rising

Russia’s invasion of Ukraine has shown that cryptocurrency regulations need to expand beyond the jurisdiction of a single government and blockchain technology can help with that, said panelists at ‘Crypto Rising,’ a series of virtual monthly events organized by Forkast.

Mastering the metaverse: TradFi’s space race to ‘the next internet’

Blockchain was once associated overwhelmingly with cryptocurrencies — and specifically its poster children, Bitcoin and Ethereum. The latter, in particular, has thrust the industry forwards into the realm of smart contracts integration.  Ethereum started to bear fruit arguably most prominently last year amid a boom in non-fungible tokens (NFTs), while decentralized finance (DeFi) offered a […]

Bullish claims to offer world’s deepest liquidity for BTC/USD

The development will help institutional clients trade at scale, with better pricing and lower risk, within a regulated market environment, Bullish said. Fast facts An internal study of publicly available Coinbase and Binance data over a two-month period ending on May 8 showed Bullish offering deeper liquidity than peers, the cryptocurrency exchange operator said. The […]

Pantera Capital dodged bullet, says exited Terra before crash: report

Terraform Labs backer Pantera Capital gradually withdrew nearly 80% of its Terra LUNA holdings over the past year, saving itself from significant damages from the de-pegging of TerraUSD (UST) and the network’s collapse last week, The Block reported. See related article: LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report Fast facts […]

Blood moon: Terra’s LUNA rescue plan panned by industry, investors

Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.

Singapore’s Temasek says doesn’t own Bitcoin, but prepping for tokenized assets

The Bitcoin community got a lift last year when it was reported Singapore’s sovereign wealth fund had bought Bitcoin. The company told Forkast in an interview that they do not own BTC, but they are keen on blockchain investments.

Gimme shelter: Crypto companies head offshore as they hanker for regulation

A developmental shift in the cryptocurrency industry is ushering in geographical shifts among crypto companies, with a number of businesses abandoning locations once hailed as crypto hubs in favor of jurisdictions with regulatory regimes more to their liking.  Forkast sat down with two of the crypto industry’s rainmakers who are among those spearheading this trend […]

Terra plunges back to earth as UST stablecoin loses dollar peg

Top blockchain and crypto news: UST knocked out of Luna orbit. Making NFTs Instagrammable. China’s black market ‘digital collectibles’ trade.

CoinDCX investment arm to invest US$13 mln in Web3 startups

CoinDCX Ventures has pledged Rs 100 crore (US$13 million) to early stage cryptocurrency, blockchain and Web 3.0 startups over the next 12 months, cofounder Sumit Gupta announced on Tuesday. See related article: India’s crypto shakedown be damned, CoinDCX raises $135 million Fast facts Crypto exchange CoinDCX has vouched at least US$258,000 in blockchain and Web […]

Pantera Capital closes 10 deals in India, including one with crypto unicorn CoinDCX

Pantera Capital, a U.S. hedge fund specialized in cryptocurrency investment, has closed about 10 deals in India, including one with crypto unicorn CoinDCX, Paul Veradittakit, a partner at Pantera, told The Economic Times. See related article: Temasek leads $200M funding round in crypto firm Amber Fast facts “We plan on doing a lot more (investments) […]

What is ApeCoin and How It Made The Bored Apes Richer

Bored Ape Yacht Club owners rejoiced, as ApeCoin launched with a generous airdrop for the NFT collection’s holders. Learn what ApeCoin is and how it made the Bored Apes richer in this Forkast explainer.

Indian banks ask for clarity on use of UPI for crypto assets

India’s leading banks have asked the National Payments Corporation of India (NPCI) to issue a formal directive that explains the curbs on money transfers using the Unified Payments Interface (UPI) for trading in virtual digital assets. See related article: Coinbase snafu sets the cat among the crypto pigeons in India Fast facts Indian banks had […]

CoinDCX double downs as the going gets tough in India

CoinDCX cofounder Sumit Gupta tells Forkast in an exclusive interview the crypto exchange that recently raised US$135 million will look to triple its headcount by the end of the year.

A marathon not a sprint: How the US can win the digital asset race

Joe Biden’s executive order on crypto has put America on course for solid success in the digital asset space, says the Blockchain Association’s Kristin Smith.

Why blockchain bridges have become DeFi’s Achilles heel

In the short history of DeFi, bridge hacks have accounted for an enormous amount of stolen funds, writes Joshua Tobkin. What can stop these attacks?

Bitcoin and Ethereum spot ETFs landing in Australia next week

Australia’s mass retail appetite for cryptocurrency is about to be tested as two Bitcoin and one Ethereum spot exchange-traded funds (ETFs) have been approved for listing. See related article: New Australian ETF grants exposure to Bitcoin mining sector Fast facts All three ETFs are set to go live on Cboe (formally Chi-X) Exchange on April […]

India’s crypto shakedown be damned, CoinDCX raises $135 million

Indian cryptocurrency exchange CoinDCX’s latest funding comes as investors double down on the country’s potential to emerge as the world’s top market despite government apathy.  See related story: CoinDCX’s Sumit Gupta on CBDCs, regulation and India’s potential for crypto in 2021 Fast facts Series D funding was led by Pantera and Steadview Capital, the company […]

Blockchain, metaverse important for India’s growth: MP

Non-fungible tokens (NFTs) are going to be increasingly important with the rise in time spent on metaverses, Jayant Sinha, a member of parliament and Chairman of India’s Standing Committee on Finance, told The Economic Times on Monday.  See related article: India to make life hell for crypto investors: MP Fast facts Sinha’s comments come at […]

India’s crypto exchanges switch to P2P, bank transfers

Crypto exchanges in India are switching to facilitating user-to-user bank transfers and inward remittances to work around a withdrawal of support from the developer of the country’s ubiquitous UPI payments system, local media report.   See related article: Coinbase snafu sets the cat among the crypto pigeons in India Fast facts Indian cryptocurrency exchanges are trying […]

Chasing my first crypto wallet down a rabbit hole

In Part 1 of a special Forkast series, crypto newcomer Joel Stein dips a toe into Bitcoin and Doge by opening his first-ever crypto wallet.

Virgil Griffith jailed; Indian exchanges disable UPI

Welcome to The Daily Forkast – April 13, 2022 – Presented by Megha Chaddah. Coming up on today’s show: Former Ethereum developer Virgil Griffith gets 63 months in prison. Coinbase snafu sets cat among the crypto pigeons in India. Huawei becomes latest of China’s tech giants to issue NFTs.  We’ll have more on those stories […]

SFC allows HK’s MaiCapital to manage 100% digital-assets portfolio

The development allows the city to emerge as a top destination for asset managers looking to launch cryptocurrency-themed funds for professional investors. See related article: More traditional investors are eyeing cryptocurrency to diversify their portfolios Fast facts The Securities and Futures Commission (SFC)-licensed blockchain and virtual assets manager can manage portfolios that may comprise up […]

Indian taxes hit trading; Bored Apes movie debut

India’s crypto tax continues to break the crypto industry’s back. Meanwhile, Bored Apes are set to have a movie debut.

India tax breaks crypto’s back

Trading volumes at India’s major cryptocurrency exchanges slumped to their lowest in years after new taxes kicked in on April 1, according to research by Crebaco. See related article: Coinbase’s India launch hits road bump Fast facts U.S. dollar trading volume dropped by 72% on WazirX, 59% on ZebPay, 52% on CoinDCX and 41% on […]

Indian e-wallet provider MobiKwik yanks crypto support

Indian e-wallet service provider MobiKwik withdrew support for crypto exchanges from April 1, local media report.  See related article: Coinbase’s India launch hits road bump Fast facts MobiKwik’s withdrawal comes as the National Payments Corporation of India (NPCI) distanced itself from offering a payments gateway to Coinbase.  NPCI developed and operates India’s ubiquitous Unified Payments […]

Forkast Events

Our virtual and in-person events bring people together to join conversations that matter. Previous Events Crypto Rising CBDCS & Stablecoins: The Asia Perspective We are in a history defining moment where money is evolving. It’s not easy to replicate cash, and central bankers around the world face unique challenges. The U.S. is softening up to […]

Is Singapore retreating from its global crypto hub ambitions?

Singapore’s approach may seem increasingly anti-crypto to some, but not to those tracking its policies closely. Danny Chong of Tranchess explains what’s going on.

European Union to track all crypto transfers

European lawmakers have voted to introduce new legislation designed to stop illicit flows amid industry pushback claiming the measures will stifle innovation and infringe on privacy. See related article: EU votes against de facto Bitcoin mining ban Fast facts The proposal requires crypto service providers to collect information on senders and beneficiaries in all crypto […]

Killing it softly or regulating to innovate? India at the crypto crossroads

India’s crypto tax represents both a threat to the industry and an opportunity to create a regulatory framework to support it, says Polygon’s Jaynti Kanani.

The NFT Market By the Numbers

Global Sales Volume NFT sales amounted to US$18.5 billion in 2021—a 570-fold increase from 2020 as the record bid for Beeple’s digital collage and the strong reception for NBA Top Shot attracted new collectors and boosted prices, data from NFT industry data aggregator CryptoSlam showed. Companies from Gucci and Ray-Ban to McDonald’s and Coca Cola […]

Executive Summary

NFT sales amounted to US$18.5 billion in 2021 — a 570-fold increase from 2020 as avatars and digital art gained in popularity and organizations such as the NBA issued NFT collections that attracted an overwhelming response, data from NFT industry data aggregator CryptoSlam showed. With sales holding above US$2.5 billion in recent months and reaching […]

NFT Marketplace Competition Heats Up

Opensea, an NFT marketplace on the Ethereum blockchain founded in 2017, currently dominates the NFT landscape with a market share of over 80% as of February 2022. OpenSea’s monthly trading volume on Ethereum soared to a new record high of US$5 billion in January 2022, surpassing its previous peak of US$3 billion reached in August […]

Getting Creative | Interview with Audrey Ou

Traditional art and NFTs Art collectors have become much more interested in NFTs over the past year. Crypto-native NFT projects, like profile photos, are opening an entirely new market to art fans. The ranks of mainstream art collectors are also expanding, since many young NFT collectors go on to explore other forms of art, including […]

FIFA, Crypto.com set Qatar World Cup sponsorship deal

Adding to its ambitious roster of sports sponsorships, Crypto.com will be the exclusive cryptocurrency trading platform backing the Qatar World Cup after bagging the deal for an undisclosed amount, the international soccer association announced on Wednesday, Asia time.  See related article: Crypto.com discloses details of US$34M hack Fast facts Singapore-based Crypto.com stands to gain massive […]

Crypto is playing a prominent role in the Ukraine War — on both sides of the conflict

Amid Russia’s invasion of Ukraine, two divergent narratives about crypto are being told, writes Alex Tapscott. Which version is correct?

Which altcoins will take center stage in 2022?

Investors believe Bitcoin will stand its ground this year but in the altcoins world, some rising stars are brimming with potential.

Oracles are vital to DeFi. Here’s how they are evolving

In an era when anyone can claim anything as ‘truth,’ it’s more important than ever for oracles to be trustworthy and secure, writes Hart Lambur of UMA.

Japan urges crypto exchanges to comply with Russian sanctions

Japan’s Financial Services Agency and Ministry of Finance jointly announced penalties on crypto exchanges that do not comply with sanctions on Russia following its invasion of Ukraine, following G7 vows to tighten crypto sanctions. See related article:  Russians turn to crypto as Western sanctions hit the ruble Fast facts See related article: Russia faces crypto […]

Two sides to every coin: Crypto as a weapon in the fight for Ukraine

Cryptocurrency is being used both to fund Ukraine’s defense and prevent Russia’s ability to skirt sanctions in what may become a pivotal moment for the industry.

Chainalysis launches crypto wallet sanction screening tools

Blockchain analytics firm Chainalysis announced the launch of two screening tools on Friday that will allow cryptocurrency wallet owners to determine if wallets are compliant with global sanctions efforts and will be provided free of charge to the crypto industry.  See related article: Coinbase blocks 25,000 Russian crypto wallet addresses Fast facts Centralized exchanges widely […]

Russians turn to crypto as Western sanctions hit the ruble

As Russia’s economy began to tank, data shows many turned to Bitcoin and other cryptocurrencies as a store of value and means of transacting.

EU says crypto included in sanctions against Russia and Belarus

The European Union (EU) said on Wednesday that crypto assets fall under the scope of “transferable securities” in its sanctions imposed on Russia and Belarus. See related article: Russian banks turn to China’s UnionPay as Visa, Mastercard pull plug Fast facts The EU is extending its sanctions to Belarus for its involvement in Russia’s invasion […]

Russia faces crypto freeze as exchanges toe line on sanctions

Top blockchain and crypto news: Moscow faces crypto winter. DeFi doyen quits Fantom. China mulls metaverse moves.

Public will boycott crypto firms serving Russians: Ukraine minister

Cryptocurrency exchanges will face public backlash if they continue to operate in Russia, Alex Bornyakov, Ukraine deputy minister of digital transformation, said in an interview with Reuters on Tuesday, reiterating his call for a blanket ban on Russian crypto traders. See related article: Coinbase blocks 25,000 Russian crypto wallet addresses Fast facts “Private business decides […]

Burned out on crypto? Pro tips on finding calm in a bear market

The crypto market never sleeps, but you should take a breather, advises Ben Armstrong, aka BitBoy Crypto. Here’s how to recharge and fill your cup.

Conflict currency: How crypto has become enmeshed in the war in Ukraine

Bitcoin and other cryptos are being used on both sides of the fight, raising ethical issues that cut to the core of decentralization, says AAX’s Ben Caselin