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Top blockchain and crypto news: Silvergate woes spark bankruptcy talk. LDO dips on false enforcement rumors. Chinese leaders push digital development.

U.S.-based cryptocurrency exchange Kraken is working on establishing its own bank, despite the recent regulatory headwinds

Critics fear CBDCs could mean the end of cryptocurrencies, and an increasing number of countries are racing to develop their own.

Australia has outlined potential use cases and providers for a central bank digital currency (CBDC), with a pilot program to be launched in the coming months.

The U.S. Federal Reserve, FDIC and the OCC have issued a joint statement to warn banks of the risks with crypto assets.

ICBA vice-president Brian Laverdure believes that community banks are unfazed by FTX’s collapse, but remain split on cryptocurrencies.

Shinhan has opened a metaverse to provide financial and non-financial services, claiming to be the first bank in the country to provide such a platform.

Institutional adoption of Web3 in finance means getting traditional banks involved, which will in turn reshape the way banks work, says SC Ventures’ Alex Manson.

Crypto-asset related activities may pose “novel risks” to banks and their customers, prompting the U.S. Federal Reserve to develop further regulations, Fed vice chair for supervision Michael Barr said in a speech Wednesday at D.C. Fintech Week. See related article: U.S. Fed has growing interest in CBDCs, says Jeng at Crypto Council for Innovation Fast […]

Bank of New York Mellon Corp., a 238-year-old bank based in the U.S., is now allowing select U.S. clients to hold and transfer Bitcoin and Ether, the bank announced in a press release on Tuesday. See related article: Crypto self-custody is no longer a choice. It’s an imperative. Fast facts BNY Mellon will store private […]

Top blockchain and crypto news: Celsius founder in hot water. European bank woes cast crypto shadow. Will BSN’s Chinese roots thwart its global ambitions?

Where does money fit into the future of the internet? We take a closer look as DBS plans to buy land in the metaverse.

Tokyo-based financial services group Nomura Holdings, Inc., recently announced its new digital asset subsidiary named Laser Digital and respective holding company Laser Digital Holding, which will be active in Switzerland. See related article: Japan’s government approves policy to drive Web 3.0 adoption Fast facts Laser Digital will focus on secondary trading, venture capital and investor […]

South Korea’s internet-only bank KakaoBank has signed a contract with local cryptocurrency exchange Coinone to provide withdrawal and deposit accounts to investors under their real names, per local regulations. See related article: South Korea’s crypto crackdown: What you need to know Fast facts While the partnership deal has been settled, it has not been announced […]

European Union (EU) banks with exposure to highly volatile cryptocurrencies like Bitcoin should face higher capital requirements, according to a proposed amendment to a European financial services law.  See related article: Bitcoin miner Stronghold to return mining rigs to cut debt; shares plunge as losses widen Fast facts Crypto assets like Bitcoin, which are considered […]

The U.S  Federal Reserve published what it called “final guidelines” for how crypto banks could be granted “master accounts” that are needed to transact directly with the Fed and the broader global banking system.  See related article: Federal Reserve to taper bond purchases, prompting concerns over BTC impact  Fast facts The Fed referred to these […]

The crypto winter may have chilled many in Web3, but metaverses are an increasingly hot prospect in traditional finance, says DBS Bank’s legal chief

The U.S. Federal Deposit Insurance Corporation (FDIC) clarified in a statement on Friday that it only protects insured bank customers in case a bank fails, and not assets issued by crypto companies.  See related article: Crypto lender Voyager ordered to stop misleading claims over deposit insurance Fast facts The FDIC’s comments come a day after […]

An employee on the foreign exchange team of South Korea’s BNK Busan Bank allegedly embezzled 1.48 billion Korean won (US$1.1 million) in customer funds to invest in Bitcoin, local media reported. See related article: Illegal foreign exchange trading with Bitcoin ‘Kimchi Premium’ probed in S.Korea Fast facts The employee, whose name was not released, reportedly […]

Prosecutors in South Korea are reportedly investigating foreign remittances of over 2 trillion Korean won (US$1.5 billion) at the country’s banks on suspicions of money laundering by crypto speculators. See related article: US$1.5B South Korean ‘kimchi premium’ crypto scheme prompts 33 arrests Fast facts The Seoul Central District Prosecutor’s Office is examining foreign exchange transactions […]

Sumitomo Mitsui Financial Group (SMBC Group), which runs one of Japan’s largest banks, said Friday it will work together with blockchain startup HashPort to develop non-fungible token (NFT) and Web3 projects. See related article: PSG sells US$220,000 NFT tickets for first Japan tour in 27 years Fast facts SMBC and HashPort plan to set up […]

Taiwan’s financial regulator is asking banks and credit card companies not to allow credit cards as a means of payment for virtual assets services, local media reported Thursday. See related article: Taiwan has a chance to develop crypto amid China’s clampdown, Filecoin Foundation director says Fast facts Taiwan’s Financial Supervisory Commission Friday told Forkast that […]

The failure of a crypto market player may have spillover effects on traditional finance such as short-term funding markets, says the Basel-based international body.

While critics say the bubble has burst on crypto, Wall Street is moving in to take advantage of what could be some fire-sale asset prices.

The Victor Smorgon Group has used ANZ Banking Group’s Australian dollar-pegged stablecoin, A$DC, to purchase tokenized carbon credits in a transaction facilitated by crypto asset investment firm ZeroCap. See related article: Australian crypto industry watches as sole trader charges two top banks with ‘debanking’ Fast facts The carbon credits were tokenized to create digital security […]

The Reserve Bank of India (RBI) has launched a blockchain-based trade financing pilot project in collaboration with top lenders including HDFC bank, ICICI Bank and State Bank of India, among several others, Economic Times reported, citing unidentified sources.  See related article: India FM: RBI to issue blockchain-based digital rupee Fast facts Belgium-based SettleMint, U.S.-based Corda […]

Most banks offer short-term loans for emergency situations. But what about the 1.7 billion adults around the world with no access to banking services? Can blockchain offer an alternative solution? Find out in this Forkast video explainer.  What you’ll learn: How lack of banking infrastructure affects underdeveloped regions. How blockchain can democratize access to banking […]

While the banking system has been working well for citizens in first-world economies, people in underdeveloped regions often struggle to gain access to the same financial services that others are taking for granted. Can a blockchain-based financial system restore financial neutrality and bank the world’s unbanked? Find out in this Forkast.News video explainer.  What you’ll […]

The Commonwealth Bank of Australia (CBA) has paused the launch of crypto trading on its app amid heightened volatility in the crypto market, The Guardian reported.    See related article: Commonwealth Bank first in Australia to offer crypto trading Fast facts Australia’s largest bank announced its plans to allow customers to trade up to 10 cryptocurrencies, […]

South Korean digital bank KakaoBank announced on Tuesday at its quarterly business performance conference it is reviewing a partnership with a local cryptocurrency exchange. See related article: South Korean banks seek green light on crypto Fast facts “As [crypto] is considered a major asset amongst customers, we are reviewing how we can provide virtual assets […]

Goldman Sachs Group Inc. offered its first Bitcoin-backed loan, setting another milestone in Wall Street’s cryptocurrency adoption, Bloomberg reported on Friday. See related article: Crypto milestone on Wall St.: Goldman Sachs makes OTC Bitcoin trade  Fast facts The cash loan’s Bitcoin collateral was owned by the borrower, according to the Bloomberg report. The banking giant […]

Top blockchain and crypto news: Crisis response brings crypto relief. North Korea’s Lazarus Group named in Ronin hack. NFTs face new risks in China.

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 […]

Self-regulatory bodies overseeing China’s banking and securities industries are urging members to “resolutely curb” the “financialization and securitization” wave of non-fungible tokens (NFTs).

Shinhan Bank became South Korea’s first domestic lender to trial real-name corporate accounts for cash-to-crypto transactions, paving the way for an institutional crypto boom in the peninsula. See related article: South Korean banks find workaround to cash in on crypto services Fast facts Local regulations permit only licensed and bank-partnered crypto exchanges to offer cash-to-crypto […]

Unregulated and fragmented, DeFi remains niche, writes John Mitchell of Episode Six. Here’s how programmable money can help banks do what decentralized finance is doing.

The Korea Federation of Banks (KFB) may request South Korea’s incoming presidential administration to approve local banks servicing cryptocurrencies, according to a leaked draft report. See related article: South Korea’s largest financial group mulls crypto ETFs Fast facts KFB, the largest body representing domestic lenders, wrote in its report that banks should be permitted to […]

Traditional banks are failing the nearly 2 billion people in the world without access to financial services, writes Khalid Howladar. But DeFi can be a lifeline.

HSBC, a leading global banking and financial services provider, announced a partnership with blockchain gaming platform The Sandbox, in a statement released on Wednesday, to build its presence in the Hong Kong-based firm’s metaverse. See related article: Who are the biggest players in the metaverse today? Fast facts HSBC will develop a plot of LAND, […]

As the war in Ukraine enters it’s second week, we take a look at how cyptocurrencies and digital assets can play a role in a conflict.

Mitsubishi UFJ Financial Group (MUFG) will close its blockchain payment venture due to slow profits, Japan’s largest bank announced on Tuesday.  See related article: Japan’s Mitsubishi UFJ to issue yen-pegged stablecoin: report Fast facts MUFG said it is preparing to halt and liquidate Global Open Network Japan, Inc. (GO-NET Japan). GO-NET Japan, set up in […]

South Korea’s KB Asset Management launched a committee on Monday that will develop investment strategies for releasing digital asset products such as exchange-traded funds (ETFs). See related article: South Korean banks find workaround to cash in on crypto services Fast facts The ‘Digital Asset Management Preparatory Committee’ aims to be the first to launch digital […]

Pakistan’s State Bank governor warns crypto’s risks, also in India, banks show crypto reluctancy.

Philippines-based Asian Development Bank (ADB) has launched a blockchain project to make cross-border securities transactions in Asia-Pacific more efficient. Fast facts The regional development bank of 68 member countries is aiming to use blockchain to directly connect central banks and securities depositories in the Association of Southeast Asian Nations region plus Japan, China and South […]

One of the largest private banks in Pakistan has asked customers to avoid conducting cryptocurrency transactions through its banking channels, according to multiple media reports.  Fast facts Bank Alfalah reportedly has sent SMS alerts to users informing them that cryptocurrencies are not legal tender and no entity is authorized to provide related services in the […]

Traditional banks are not going away and decentralized finance is here to stay, writes Edan Yago of Sovryn. Here’s how an amalgam of the two can take shape.

Today’s consumers are looking for more equitable financial services, writes Sean Rach of hi. Here’s how blockchain can offer a nonprofit banking alternative.

The transaction, using the Hedera Consensus Service network, bypasses intermediaries, lowering fees.

KB Kookmin Bank, one of South Korea’s largest financial institutions, announced yesterday that it has developed the KB Metaverse VR Branch Testbed for experimenting with allowing customers wearing a head-mounted VR device to access banking services in a metaverse. Fast facts Simple transactions, such as remittances, can be managed at a teller window, while an […]

The Industrial Bank of Korea (IBK) plans to launch on social media platform Cyworld Z’s metaverse. Other major banks in South Korea such as KB Kookmin, NH Nonghyup and Hana Bank plan moves toward the metaverse as well. Fast facts IBK announced yesterday its memorandum of understanding (MOU) with Cyworld Z. Cyworld Z is a […]

As global markets continue to watch the Evergrande debt crisis nervously, Chinese bank branch agrees to U.S. risk management measures.

Covid laid bare the gaps in people’s access to banking services. Moeda Seeds is looking not just to fill the gaps but to change the banking paradigm.

Blockdata co-founder Jonathan Knegtel thinks so. Almost a teenager, Bitcoin is reaching a level of maturity that’s defying the predictions of its critics.

ETH and SOL hit all-time highs as well as CBA offers crypto services

Amid debate in Australia surrounding the banking sector’s relationship with cryptocurrency, the country’s largest bank, Commonwealth Bank, will soon be allowing customers to buy, sell and hold crypto assets directly through its app — making it the first bank in the country to do so. Fast facts Partnering with leading global crypto exchange and custodian […]

While the government signals it is ready to promote the industry, the country’s banks remain unimpressed. ANZ has already settled its de-banking case with Allan Flynn, but as the tribunal with Westpac concluded over the weekend, what should we expect from the outcome?