Seoul will organize visits to crypto exchanges for regulatory oversight.
Singapore’s Stake Technologies completes a US$10 million fundraiser to meet parachain goals.
Australian office space company Business Hub to allow crypto as rent payment option.
More on that story and other news shaping the cryptocurrency and blockchain world in this episode of The Daily Forkast.
Welcome to The Daily Forkast, June 11, 2021. I’m Justin Solomon from Forkast.News filling in for Editor-in-Chief Angie Lau who is on assignment. Let’s get you up to speed from Asia to the world in South Korea.
The government is stepping up efforts to help the crypto industry toe the line on new regulations. The Financial Service Commission will be visiting the country’s Crypto exchanges if requested. This follows the FSC’s in-person consultation with 30 platforms which requested more regulatory clarity. The biggest challenge for most exchanges currently is securing contracts with local banks for real names of users in order to prevent crimes like money laundering. For smaller exchanges, this on-site consultation may be their last chance at successfully meeting the crypto exchange law requirements. The FSC’s given deadline is September 24th.
“[I believe] clear guidelines should be announced first, then exchanges can prepare accordingly. Banks on the other hand can review these applications and give feedback on what’s missing.”
Local exchange Kordax will request the in-person meeting. They tell Forkast.News it’s a good opportunity to get feedback on properly meeting the FSC standards.
Now, taking a quick look at the markets, starting with Bitcoin, which ended the Asian trading day here in Hong Kong, up just point 0.5% to close just over US$37,100 by 4:00 p.m. local time. And in the top ten for cryptocurrencies, it’s been mostly red across the board with Uniswap and Polkadot being some of the worst performers ending the day deep in the red, down 6.5 and 5.5% respectively.
Speaking of Polkadot, it’s getting closer to its rollout with the first Kusama parachain slot auction taking place next week. Singapore-based Stake Technologies, the company behind Plasm and Shiden Networks, has announced the completion of a US$10 million fundraiser led by China-based Fenbushi Capital to support its goal of being one of the first parachains in the Polkadot ecosystem. The firm plans on funneling that money into supporting its network in the upcoming parachain auctions,
“Multi-chain is the future. So one of the most exciting use case after becoming a parachain is we would like to use Bitcoin for purchasing NFT or, you know, using Ethereum for possible payment, and so on, so by using cross-chain messaging passing, we can have a lot of new innovative use case.”
And finally, there’s this — paying rent in Australia just got a lot more interesting. A provider of serviced offices there will be accepting rent in the form of what else but crypto. That’s starting next year. Adelaide-based company Business Hub plans to launch the scheme in July of 2021. The company says it’s already seeing interest from many of its members. But what about the volatility of the crypto markets?
“We have two options. Once we receive the cryptocurrency, we can either convert back to Australian dollars on the same day and that mitigates the volatility risks. Or we keep it on our balance sheet. At the moment, we’re more inclined to keep it on our balance sheet because we believe in cryptocurrency as a future payment method.”
It seems crypto is slowly turning into some prime real estate.
And that’s The Daily Forkast from our vantage point right here in Asia. For more, visit Forkast.News. I’m Justin Solomon. Until next time.