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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 […]
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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’?
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A portfolio balanced by digital assets

Do cryptocurrencies follow broader market trends? Cryptocurrency has long been perceived as a hedge against the fluctuations of the broader equities market. The idea of cryptocurrency as an alternative investment has taken off during the Covid-19 pandemic as equity prices rose to stratospheric highs despite the fundamentals of the economy significantly weakening.  An example that […]

Evangelizing to different investor profiles

Millennials and Gen Z Millennials have earned the reputation of disrupting or killing traditional industries, and the financial sector is no exception.  The disconnect between millennials and traditional investments is the result of various factors, such as their firsthand experience with the long-term effects of the 2008 global recession on assets and investments, as well […]

Tokenized asset market sizing and analysis

How value is created Our methodology for calculating the value of this market includes tokenized commodity, energy, currency (i.e., stablecoins), gold and real estate projects. Calculations include publicly listed projects found via Blockexplorers. It excludes cryptocurrency, as it’s a native digital asset, as well as DeFi projects because of their extreme volatility. All tokenized assets […]

NFL star Tom Brady, supermodel Gisele Bündchen take stakes in FTX crypto exchange

Cryptocurrency exchange FTX today announced that American football star Tom Brady and his wife, Gisele Bündchen, are taking equity stakes in it, in a multi-year partnership.

Building liquidity

Although institutional interest in Bitcoin is rising, there is still the volatility conundrum to consider. Bitcoin’s market fluctuations, however, make it a poor store of value. But, at the same time, there is an advantage to keeping capital stored in crypto: cashing out crypto into fiat is almost always a taxable event and not ideal […]

Family offices are turning to digital assets

Interview with Trent Barnes, Principal at Zerocap Tokenization brings new models for raising capital, as well as institutional-grade opportunities Forkast.News: How does a digital asset become “institutional-grade”? What sort of criteria are institutional-level traders looking for? TB: The criteria would include clear guidelines and regulatory frameworks as to how digital assets are treated, deepening pools […]

Metaverse hot in South Korea; Decentralized theme park hits HK | The Daily Forkast

South Korea’s top asset managers are racing to get into the metaverse game while Forkast.News visits a decentralized theme park in Hong Kong.

What kind of new regulation can help Australia become a global crypto hub?

Through tomorrow, a Senate committee is taking public comments on how best to make Australia into a global crypto leader and fintech hub.

Hong Kong’s Securities and Futures Commission’s new crypto rules will hinder opportunity

Hong Kong’s Securities and Futures Commission chief, Ashley Alder, kicked off a firestorm during Hong Kong FinTech Week 2020 by announcing a plan to regulate all cryptocurrency exchanges that operate in the city or target its citizens.  These new proposed rules would replace a voluntary framework introduced in 2019 that allowed exchanges to opt in […]

Trends and opportunities

Top three digital asset market trends shaping the future Three key trends in the digital asset market are: Tokenization of widely traded traditional assets, such as stocks and bonds; Tokenization of previously untraded or under-traded assets, such as real estate and fine art; Institutional adoption and trading of digital tokens. During the past year the […]

Gold loses shine for India’s crypto-curious young investors

Crypto investment in India has grown from about US$200 million to nearly US$40 billion in the past year, driven in large measure by demand among young investors.
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Singapore crypto exchange Coinhako sees trade soar 500%, eyes IPO

Singapore cryptocurrency exchange Coinhako today announced a 500% increase in trading volume during the first five months of 2021 compared to the whole of 2020.

China’s Agricultural Bank launches fintech center in ‘smart city’ of Xiong’an

Agricultural Bank of China has set up a fintech innovation center in Xiong’an, a model for a so-called smart city.

Huobi bans users in China, Taiwan from crypto derivatives trades

Chinese cryptocurrency exchange Huobi has stopped providing crypto derivative trading services to users in China and Taiwan.

Why big investors are pouring money into blockchain data analytics for crypto

Nansen, a Singapore startup, is the latest darling of venture capitalists like Andreessen Horowitz (a16z) bullish on the growing field of crypto analytics.

The importance of a third-party custodian

Interview with Phil Mochan, founder of UK-based custody provider Koine Forkast.News: What is a custody solution? What’s the difference between simple cold storage and custody? Phil Mochan: Custody is about a lot more than simply managing safes (or cold stores). The trade settlement process is an integral part of the function of the custodian. At […]

Ethereum’s institutional outflows hit record US$50M, CoinShares data says

Ethereum is bearing the brunt of negative sentiment on crypto, with net outflows from institutional products related to the token hitting a record of US$50 million last week.

Custodians: looking after your assets

The need for custody Who holds the keys? Who looks after the digital assets? The person with control has custody. For an exchange, that custodian should be a third party for better risk management, more robust security and improved accountability. There is no shortage of examples of the inherent problems that can arise when exchange […]

Samsung Asset Management launches metaverse fund

Samsung Asset Management, South Korea’s biggest asset manager, has launched a fund tied to a virtual world known as the metaverse.