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October 2023

Israel launches aid fund, SBF trial enters week 2, China looks to NFTs

Several crypto firms join forces to set up a humanitarian fund amid ongoing war and star witness in Sam Bankman-Fried’s trial gives testimony.

September 2023

Bitcoin, Ether remain under key levels; Sol leads gains in top 10 cryptos

Bitcoin and Ether have struggled to gain traction since the Securities and Exchange Commission (SEC) postponed its decision on seven Bitcoin ETF proposals.

China court says virtual assets legally protected as properties

Virtual assets remain legal property protected by law in China, said a Friday report from People’s Court Daily.

August 2023

All top 10 cryptos fall except Dogecoin, as boost from Grayscale ETF ruling fades

Bitcoin, Ether and most other top 10 cryptos dropped on Thursday after a Wednesday rally on news of Grayscale receiving a favorable ruling against the SEC.

If Chinese crypto holders sneeze, will global markets catch a cold?

Top blockchain and crypto news: China’s economic woes could spell trouble for crypto. Real fear in NFT markets. Can Friend.tech revive SocialFi?

Hackers hit Curve, China announces blockchain link & is FTX back?

Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

China is Binance’s largest market with US$90 billion despite crypto ban: WSJ

Binance users in China traded about US$90 billion worth of cryptocurrency-related assets in May despite the crypto ban since 2021.

Shanghai plans blockchain infrastructure hub to link with Hong Kong, Singapore by 2025

Shanghai plans to build a blockchain infrastructure by the end of 2025 and establish links with Hong Kong and Singapore.

July 2023

Shanghai sets guidelines to revamp industry, supply chains with blockchain, digital yuan

Shanghai on Tuesday published a set of guidelines to promote use of blockchain, the digital yuan, and the metaverse in the city’s legacy industries.

Bitcoin returns above key level, Ether inches up, XRP leads top 10 cryptos in gains

Bitcoin and Ether rose during Wednesday afternoon trading in Hong Kong, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization.

Chinese police uncover $54 million USDT money laundering scheme

Police in China’s Shanxi Province made 21 arrests in relation to an alleged USDT money laundering scheme amounting to over US$54 million.

Alibaba’s home province of Zhejiang sets up metaverse industrial association

China’s Zhejiang province, the home province of e-commerce giant Alibaba Group,has established a metaverse industrial association.

Beijing to train 10,000 engineers in digital technologies, including blockchain, each year

Beijing municipal government plans to train 10,000 engineering talents each year in emerging technologies including blockchain, AI and big data.

June 2023

China Mobile launches metaverse industry alliance

China Mobile, a leading telecommunication company of China, launched a metaverse alliance on Wednesday, whose members include Huawei, Xiaomi and Unity China. 

Shanghai targets US$6.9 billion metaverse revenue from culture, tourism projects

Shanghai on Wednesday released a three-year plan to build its culture and tourism metaverse.

Bitcoin slips but remains above US$30,000; Asian, European, U.S. stock futures stay down

Bitcoin prices drop 1.04% to US$30,416 in 24 hours, while Ether fell 0.98% to US$1,893.

Shanghai Clearing House launches digital yuan services for commodity trading

The Shanghai Clearing House started digital yuan clearing and settlement services for trading in commodities on Monday.

SEC’s crypto battle continues as Asia marches ahead with metaverse

In this week’s Forkast IQ with Megha Chaddah, we dive into the U.S. SEC’s crypto crackdown and the state of the East Asian metaverses.

Back to the physical: China metaverse seeks to boost real-world economy

The final story in a three-part series on Asia metaverse developments looks at China’s national strategy, which has seen dozens of cities and provinces release spending plans and training schemes to adopt this digital world in real-world industries. China’s initiatives, however, face challenges from regulation and global competition.

Nanjing city district announces bold metaverse goals as China competition heats up

Jiangning, a district in China’s Nanjing city, released a metaverse plan on Saturday that includes training thousands of professionals for the industry.

The Moment3 to launch NFTs with Alibaba’s e-commerce platform AliExpress

AliExpress, the global online platform of China’s e-commerce giant Alibaba Group, will launch NFTs on June 25 working with NFT project “the Moment3!”.

China state media covers SEC’s lawsuit against Binance, CEO Changpeng Zhao

CCTV, China’s largest national TV broadcaster, ran about a minute-long segment on Tuesday flagging SEC’s lawsuit against Binance and its founder Changpeng Zhao.

HK green lights retail crypto trading as Beijing releases Web3 white paper

Welcome to Forkast IQ, presented by Forkast Editor-in-Chief Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions.

What’s next for crypto miners after US debt ceiling deal?

Top blockchain and crypto news: Miners dodge tax bullet. Blur, Binance heat up NFT lending. Chinese cities’ plans reveal nationwide Web3 ambition.

Hong Kong to be digital asset rules sandbox for China, says former city regulator

Virtual assets will receive the same regulatory clarity in Hong Kong as their real-world counterparts, says former Hong Kong SFC regulator Angelina Kwan.

May 2023

Beijing releases Web3 white paper, highlights challenges in talent, rules

Beijing’s local government on Saturday released a white paper outlining plans and challenges for development of the city’s Web 3.0 industry.

China: Zhengzhou City proposes metaverse plan

China’s Zhengzhou city issued a set of policy proposals Wednesday to support metaverse companies, including a 10 billion yuan (US$1.42 billion) metaverse fund.

In battle to be Asia’s crypto hub, which city will emerge victorious?

Top blockchain and crypto news: Asia’s crypto hub race. Is US debt ceiling fight a boon or a bane for crypto? China’s red carpet for metaverse investment.

Hong Kong’s new crypto rules covered by China state TV in rare move from Beijing

Analysts say the move could signal a bull run in cryptocurrencies.

China’s Nanjing city launches state-backed metaverse entity

China’s Nanjing City launched a state-backed organization on Monday to promote and enhance metaverse studies throughout the nation.

Is Tether unmoored — or just dandy?

Top blockchain and crypto news: Fighting words over USDT erupt on Twitter. Litecoin surges amid memecoin fever. Chinese city bids for blockchain business.

Conflux Network, China Telecom unveil blockchain-based SIM card

Conflux Network and China Telecom on Tuesday unveiled their first blockchain-based SIM card, which will be piloted in Hong Kong.

China’s top prosecuting body issues warnings, guidance about country’s NFT market

China’s top legal authority issued a commentary on Monday about the risks and potential in NFTs, highlighting the need for legislation.

China’s Jiangsu Province to expand digital yuan adoption in education sector

China’s Jiangsu Province plans to expand the use of digital yuan to its public education system, as the province seeks to spearhead the country’s CBDC pilot.

China’s Fuzhou City offers cash, subsidies to attract blockchain companies, investment

China’s Fuzhou City on Friday unveiled a raft of policies to attract investment by blockchain-related companies, including rent subsidies and cash awards.

Memecoin frenzy fuels network congestion; China makes a surprise crypto move

Welcome to Forkast IQ, presented by Megha Chaddah, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

Bitcoin network buckles under weight of BRC-20’s runaway success

Top blockchain and crypto news: Memecoin fever strains BTC network. Binance slams brakes on Bitcoin withdrawals. Chinese court allows crypto for repaying debt.

China’s national blockchain research center aims to train 500,000 blockchain professionals

China’s national blockchain research center was launched in Beijing on Wednesday and plans to train over 500,000 blockchain professionals for the country.

Cryptocurrencies can be used for debt settlement in China: Supreme Court

Cryptocurrencies in China can be legally used to settle basic relations debts such as exchange and labor, according to the Supreme People’s Court of China.

China’s Henan state-owned investment group sets up US$22 mln metaverse fund

Henan Cultural Tourism Investment Group, a state-owned investment enterprise in Central China’s Henan province, has set up a 150 million yuan private equity investment fund to finance metaverse ventures.

April 2023

HKMA urges local banks to provide services to regulated digital asset firms

Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority, urged local lenders to provide banking services to regulated crypto firms.

Coinbase sues SEC in bid for clarity on crypto rules

Top blockchain and crypto news: Coinbase in court to force SEC’s hand. PEPE surge lifts memecoin mood. China paves CBDC path with payroll.

China’s Changshu city to pay civil servant salaries in digital yuan

State employees in China’s Changshu City will receive their salaries in digital yuan from May, as China’s CBDC expands in daily uses.

Bitcoin, Ether decline; equities fall amid U.S.-China tension

Bitcoin and Ether fell by the end of Asian trading hours on Friday afternoon, together with all top 10 non-stablecoin cryptocurrencies by market capitalization apart from the BNB token. Asian equities declined along with U.S. futures, amid mounting political pressure between China and the U.S. Fast facts See related article: EU green lights MICA but […]

Bitcoin rises to near US$31,000, Ether leads gains across top 10 cryptos

Bitcoin continued its rally to near the US$31,000 mark in Friday afternoon trading in Asia. All other top 10 non-stablecoin cryptos gained, led by Ethereum.

Bitcoin heads higher, Ether breaches US$2,000, U.S. equities rally on weak inflation readings

Bitcoin rose higher in the US$30,000 band on Friday morning in Asia amid strong gains among the top 10 non-stablecoin cryptocurrencies. Ether led the winners.

Hong Kong’s ZA Bank starts offering crypto-fiat conversion services: Bloomberg

ZA Bank, the largest virtual bank in Hong Kong, has started offering cryptocurrency conversion services through licensed crypto exchanges.

China fines crypto mining rig giant Bitmain US$3.6 million for tax violations

China has fined Bitmain, one of the world’s biggest producers of cryptocurrency mining rigs, nearly US$3.6 million for alleged tax violations, according to the Beijing tax authorities.

Bitcoin rises above US$30,000, Solana leads gains across top 10 cryptos

Bitcoin continued to rally past US$30,000, with Ether and all other top 10 non-stablecoin cryptocurrencies gaining in Tuesday afternoon trade in Asia. Solana was the biggest gainer at 11.09%.
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Ex-chief of HKMA heads Hong Kong’s new Web3 institute

Hong Kong has established the Institute of Web 3.0 to facilitate the development of the crypto ecosystem in the city, directed by a former head of HKMA.

Chinese state-owned company launches crypto funds in Hong Kong

A major state-owned firm in China is launching two cryptocurrency funds in partnership with investment firm Waterdrip Capital. 

Arbitrum’s AIP-1 proposal to be split after community backlash

Top blockchain and crypto news: Arbitrum to segment AIP-1. DeGods NFT collection moves to Ethereum. Crypto on the agenda at ‘China’s Davos.’

March 2023

Crypto platforms need regulation as form of investor protection: HK’s SFC chief

Government officials from Hong Kong and mainland China talked about cryptocurrencies at the Boao Forum in China, as both chase Web3 ambitions.

Binance denies China ties, says it started relocating staff out of China in 2021

The Binance comments came in response to a Financial Times article that cited internal documents and said the company had close ties with China despite claims it had left the country in 2017 following a government crackdown.

Binance concealed ‘extensive’ ties to China: Financial Times

Binance reportedly hid ties to China for years despite claiming to have left the country following Beijing’s regulatory clampdown in 2017.

Bitcoin buoyed as bank busts spook investors

Top blockchain and crypto news: Banking woes boost Bitcoin. Arbitrum counts down to launch. Chinese billionaire faces US crypto scam charges.

US accuses exiled Chinese tycoon Guo Wengui of $1 billion crypto-linked fraud

Guo Wengui, an exiled Chinese billionaire, was arrested in New York on Wednesday for allegedly orchestrating a more than US$1 billion fraud conspiracy that included cryptocurrency, according to the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). See related article: U.S. banking regulators warn against cryptocurrency fraud, contagion risks Fast facts […]

Circle’s USDC bounces back after Silicon Valley Bank bust

Top blockchain and crypto news: USDC stabilizes after SVB collapse. Silvergate closes shop. China tightens financial supervision.

China regulator says NFT-related complaints skyrocketed in 2022

Amid the NFT hype in 2022, Chinese buyers’ complaints about NFT scams and price manipulations surged 30,000% to 59,700 from 198 in the year before.

Worst week of 2023

Crypto markets slammed by Fed, Silvergate, lawsuits.

China’s parliament member to propose NFT regulation at ‘Two Sessions’

NFTs have entered China’s Two Sessions, with a delegate to propose an NFT regulatory framework.

Silvergate teeters as regulators circle and crypto firms cut ties

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

Bitcoin, Ether inch up as investors await U.S. Fed chair’s comments; Forkast NFT 500 index dips 0.44%

Bitcoin and Ether gained in Tuesday afternoon trade in Asia, along with most other top 10 non-stablecoin cryptocurrencies. Polygon’s Matic token led gains followed by XRP and Dogecoin.
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China’s WeChat social media giant integrates digital yuan into payment platform

WeChat, China’s leading social networking and payment app, has integrated the digital yuan into its payment network, which may help adoption of the CBDC.

China’s Blockchain Bet

The Chinese “Two Sessions” meetings began over the weekend, and blockchain technology could be at the forefront of Beijing’s vision for growth

Bitcoin gains, all other top 10 cryptos in the red amid Silvergate fallout

Bitcoin gained in Monday afternoon trade in Asia while all other top 10 non-stablecoin cryptocurrencies by market capitalization posted losses.
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Where is China’s digital economy heading? The ‘Two Sessions’ may give some pointers

Look for blockchain, self-reliance in technology discussions in China’s biggest political meetings of the year as China’s President Xi Jinping’s aims to build a digital economy.
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China’s digital yuan initiative gets cold reception from Hong Kong visitors

China is promoting digital yuan to Hong Kong visitors, but has not received much enthusiasm so far.

February 2023

Huawei forms Web3 alliance with Polygon, Morpheus Labs, others

Chinese smartphone maker Huawei partnered with multiple overseas Web3 firms, as part of the company’s blockchain and metaverse venture.

China’s Shenzhen city to stamp data ownership on blockchain

Shenzhen is adopting blockchain technology to safeguard data ownership, as China seeks to build a regulated data economy.

How Web3 in China is taking shape — with ‘Chinese characteristics’

What makes Web3 compelling to many is its promise to shift power from centralized players to individual users, but China is doing the opposite, writes Lily King.

Tencent confirms ‘personnel reshuffle’ at metaverse unit, denies team being disbanded

China technology giant Tencent said its reshuffling staff in its metaverse unit, but denied it was being disbanded, as reported by local media.