November 2022
Crypto fugitive Do Kwon said to be hiding in Europe, mocks ‘cops from world over’ in series of tweets
The South Korean founder of the collapsed Terra stablecoin faces multiple allegations of wrongdoing, the latest being price manipulation.
Bitcoin, Ether prices rise, Polygon leads top 10 in gains, Doge, Shib retreat
Bitcoin and Ether rose in Friday morning trading in Asia. Polygon’s Matic led gains in the top 10 tokens after Instagram said it would use Polygon to integrate NFTs into its platform.
Singapore still aims to be a crypto hub, minus speculative trading
The Monetary Authority of Singapore (MAS) wants to build the city-state into a “crypto hub” fueled by instant settlements, tokenized assets and programmable money, not “speculating in cryptocurrencies,” Ravi Menon, the central bank’s managing director, said at the Singapore FinTech Festival on Thursday.
Singapore’s Project Ubin+ to study cross-border FX with CBDCs
The MAS launched Project Ubin+ on Thursday, a collaborative initiative with international partners to explore cross-border foreign exchange settlements using wholesale CBDC.
Digital wallet Cryptillian seeks to back Ripple against SEC in XRP lawsuit
Digital wallet service provider Cryptillian Payment Systems has requested to file an amicus brief to support Ripple Labs Inc. in the latter’s ongoing court battle against the U.S. Securities Exchange Commission (SEC).
Crypto leaders differ over Do Kwon blame in May’s market crash
‘Bad actor’ or a ‘sliding market’? Blockchain industry leaders at Hong Kong FinTech Week offer insights into the Terra-LUNA crash.
Binance considers buying banks, bridging gap between crypto, TradFi
The world’s largest crypto exchange seeks to become a bridge between traditional finance and cryptocurrencies.
Markets: Bitcoin and Ether fall with crypto top 10 as Fed raises rates 75 bps
Markets: Bitcoin and Ether fall with crypto top 10 as Fed raises rates 75 bps
India’s finance minister urges G20 nations to come on board to regulate crypto
Indian Finance Minister Nirmala Sitharaman has urged all Group of 20 (G20) nations, as well as international bodies like the International Monetary Fund and Financial Stability Board, to come together to help regulate crypto assets. See related article: India’s finance minister sees 46% growth in blockchain technology use in next few years Fast facts Sitharaman […]
The Future of Exchanges
Nasdaq’s Head of Asia Pacific and Japan, Ulf Carlsson, tells us how stock exchanges could learn from crypto exchange operations.
BIS’ ‘Project Mariana’ to explore CBDC integration with DeFi
The Bank for International Settlements (BIS) has launched a new project with the central banks of Singapore, France and Switzerland to study the possibility of integrating some decentralized finance (DeFi) features with central bank digital currencies (CBDCs). See related article: mBridge participants to end domestic payments of foreign CBDCs Fast facts The BIS announced on […]
Payments platform StraitsX to show real-world stablecoin use at Singapore Fintech Festival
Singapore-based StraitsX, a payments infrastructure for digital assets, will pilot stablecoin applications at the ongoing Singapore Fintech Festival.
Markets: Bitcoin, Ether drop; Dogecoin rally ends
Bitcoin and Ether dropped in Wednesday afternoon trading in Asia amid losses among all top 10 cryptocurrencies by market capitalization, excluding stablecoins, led by Shiba Inu.
NEAR sets up Web3 hub in South Korea, eyes Asia expansion
NEAR Foundation is establishing a Web3 hub in South Korea to expand its allegiance with blockchain projects in Korea and Asia.
NFT sales decline for sixth straight month despite tailwinds
While October saw the emergence of two very popular NFT collections, sales failed to break US$500 million in the lowest figures since July 2021.
USDC stablecoin issuer Circle wins Singapore digital payment license
The issuer of the world’s second-largest stablecoin is joining a fleet of companies in the digital asset industry moving into Singapore. What’s the attraction?
Markets: Bitcoin, Ether prices flat; Dogecoin, SHIB lead gains in crypto top 10
Bitcoin and Ether were little changed in Wednesday morning trading in Asia along with most of the cryptocurrency top 10 by market capitalization, excluding stablecoins.
mBridge participants to end domestic payments of foreign CBDCs
Bank of Thailand’s Vachira Arromdee said on Tuesday the four central banks in the mBridge CBDC trials agreed to end use of foreign CBDCs domestically.
Markets: Bitcoin, Ether rise; Dogecoin, Shiba Inu biggest gainers in top 10 crypto
Bitcoin and Ether traded up in Tuesday afternoon trading in Asia, while memecoins Dogecoin and Shiba Inu were the biggest gainers among the top 10 coins by market capitalization excluding stablecoins.
India seeks info from crypto exchanges as it mulls GST on asset class: report
India’s Central Board of Indirect Taxes & Customs (CBIC), responsible for policy formulation and collection of indirect taxes like the goods and services tax (GST), has asked major cryptocurrency exchanges to provide details on the type of digital coins and tokens being traded and their valuation.
JP Morgan, Standard Chartered execs disagree over Bitcoin’s significance
JPMorgan Chase and Standard Chartered execs were in disagreement at Hong Kong Fintech Week over how significant Bitcoin and the wider crypto industry are.
S.Korea sees passing crypto investor protection as a priority: report
The country looks to pass an initial bill that focuses on protecting digital asset investors and preventing unfair trade acts, ahead of wider legislation.
Markets: Bitcoin, Ether prices fall; Dogecoin, Shiba Inu bull run continues; BNB gains
Bitcoin and Ether prices fell in Tuesday morning trading time in Asia, while memecoin Dogecoin and Shiba Inu had the biggest gains among the top 10.
October 2022
India shortlists nine banks to start CBDC trial from Nov. 1
India’s central bank, the Reserve Bank of India (RBI), will pilot the country’s first digital rupee in the wholesale segment (e₹-W) from Nov. 1 and has identified nine banks for participation in the trial.
Hong Kong announces policies to win back role as digital asset hub
Hong Kong reveals digital asset policies to distinguish itself from China, where cryptocurrency trading was banned in September last year.
Singapore’s DBS Bank trials use of digital SingDollar with vouchers
DBS Bank, the largest lender in Southeast Asia, has partnered the Singapore government’s Open Government Products (OGP) to pilot purpose-bound money-based vouchers (PBM) using tokenized Singapore dollars to facilitate live transactions with selected merchants.
Satoshi’s other big legacy: Bitcoin is propelling a green energy revolution
The Bitcoin white paper, published 14 years ago this day, launched an industry that is now subsidizing clean energy and turning waste into digital gold, writes Will Szamosszegi of Sazmining.
South Korea’s Wemade to remedy WEMIX token after ‘investment warning’ by crypto exchanges
South Korea-based blockchain game developer Wemade is working on a fix for WEMIX after four major crypto exchanges in the country added the cryptocurrency to an “investment warning” list for inaccurately reporting circulation numbers.
Hong Kong seeks to allow crypto futures ETFs
The city is seeking to allow digital asset-based exchange-traded funds (ETFs) to be publicly listed and traded in the city.
Terra CEO Do Kwon faces lawsuit in Singapore, next hearing on Wednesday
A hearing is scheduled in Singapore on a lawsuit filed against Terraform Labs’ Do Kwon on behalf of investors who lost about US$57 million in the collapse of Terra-LUNA.
Markets: Bitcoin, Ether, Cardano, XRP fall; BNB gains on Binance Twitter investment
Bitcoin and Ether fell in Monday morning trading in Asia, along with most other top 10 cryptocurrencies by market capitalization, excluding stablecoins.
Visa’s trademark filings hint at launch of crypto wallet
Visa International Service Association on Oct. 22 filed two trademark applications that hinted at plans of launching a crypto wallet.
SBF: FTX stablecoin, ‘Second Great Stablecoin War’ are coming
Sam Bankman-Fried, founder of the crypto exchange FTX, says he hopes FTX will soon join most other major exchanges in having launched a stablecoin.
How to manage your crypto assets beyond the grave
When the Grim Reaper comes, will he take all your Bitcoins, too? Here’s how to ensure your crypto wealth will survive and live on for your heirs.
Ethereum’s LooksRare latest NFT marketplace to make creator royalties optional
LooksRare is the latest NFT marketplace to make paying creator royalty fees optional as the industry struggles amid an ongoing slump in the NFT market.
Huobi Global to end HUSD trading, delist stablecoin
Crypto exchange Huobi Global will delist its stablecoin HUSD on Friday, refund holders 1:1 with USDT.
Markets: Bitcoin, Ether fall; Dogecoin gains as Elon Musk’s Twitter buyout moves ahead
Bitcoin’s recent price gains came to a halt in Friday morning trading in Asia though it remained above the US$20,000 support line.
Crypto a rising currency of choice for drug smugglers in India
India has witnessed an increase in drug smuggling using cryptocurrencies and the darknet, according to the country’s Home Minister Amit Shah.
Kazakhstan’s central bank to test CBDC on BNB chain
The National Bank of Kazakhstan [NKB] will be testing the integration of their central bank digital currency (CBDC) on the BNB Chain.
UK High Court shuts down PGI Global for alleged crypto scam
The United Kingdom High Court has shut down PGI Global UK Ltd. for allegedly running a crypto scam and has appointed the official receiver as the company’s liquidator.
World’s largest Bitcoin miner Core Scientific’s stock tumbles amid liquidity crisis
The Nasdaq-listed company expects to deplete its cash resources by the end of this year.
Hong Kong mulls plans to legalize retail crypto trading: Bloomberg
Hong Kong is mulling plans to legalize retail crypto trading to regain its status as a global digital asset hub.
Crypto a ‘better bet’ than gold, says Ethereum cofounder Vitalik Buterin
Ethereum founder Vitalik Buterin has called crypto “the better bet” over gold, and that “gold has less adoption than crypto.”
SEC takes no position on two motions in support of Ripple in XRP lawsuit
The SEC is not taking a position on two motions, submitted by non-profit organization Investor Choice Advocates Network and crypto wallet provider SpendTheBits, which seek to weigh in on the lawsuit between the SEC and Ripple.
A 100% reserve is a must for any stablecoin: Wemade CEO
A stablecoin that is not stable is an ‘oxymoron,’ said Henry Chang, CEO of South Korea-based blockchain game developer Wemade.
How Europe’s MiCA can pave the way for crypto’s revival
Europe’s new MiCA framework for regulating crypto shows the good that can happen when government works with and not against the industry, writes Nick Saponaro of Divi Labs.
Markets: Bitcoin price nears US$21,000 amid market rally as Ether, Dogecoin lead gains
Bitcoin continued its price run higher in Thursday morning trading in Asia as it neared US$21,000. Ether and the rest of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, also rose. The total crypto market cap exceeded US$1 trillion for the first time since mid-September. Leading memecoin Dogecoin was the best performer, while the […]
Cash App users can now receive Bitcoin via the Lightning Network
Cash App users in the U.S. can now buy, send, and receive Bitcoin using the Lightning Network, directly within the app.
Hong Kong crypto firm Q9 Capital gets Dubai provisional approval
Hong Kong-based crypto investment firm Q9 Capital has received a provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA), the company said on Wednesday in a statement shared with Forkast.
Aptos debut underwhelms amid questions over design and performance
Top blockchain and crypto news: Aptos launch falls short. Why FTX chief is calling for crypto regulations. Is Hong Kong paving way for a retail CBDC?
Singapore floats tests for retail crypto traders, plans to regulate stablecoins
The central bank is also considering options such as banning crypto firms from offering credit facilities, leverage or staking services to retail traders.
US alleges Chinese spies used Bitcoin to bribe law enforcement officer
Two Chinese intelligence officers allegedly paid a double agent to help steal files related to a federal investigation into a China-based global telecom firm, reported to be Huawei.
S.Korea’s Shinhan Securities lays groundwork toward hoped-for crypto expansion
As a leading financial institution of South Korea, Shinhan is gearing up for business expansion into crypto — while a local ban remains on the books.
As US midterms approach, poll says voters want policy interests to align with crypto, technology
Survey reveals popularity of crypto ownership among voters, their hopes for the industry’s growing potential and the need for regulation to protect consumers.
Markets: Bitcoin price back above US$20,000, Ether jumps as U.K. votes to regulate crypto
Bitcoin was trading above US$20,000 for the first time in almost three weeks on Wednesday morning trading in Asia.
The crypto industry needs to do more to help ordinary investors
Cryptocurrency was created to be accessible to the masses. So why are retail investors getting shut out from the best analytical and trading tools?
Markets: Bitcoin falls as mining difficulty hits record high, rest of crypto top 10 also decline
Bitcoin dipped in Tuesday morning trading in Asia, but held above the US$19,000 support line where it has been fluctuating for several weeks.
Bitcoin mining difficulty logs new high, up 3.4%
Bitcoin mining difficulty has reached a new high after a 3.44% increase in Monday’s biweekly adjustment, according to data from BTC.com.
Hong Kong, BIS explore CBDC-backed stablecoins in retail prototype
The BIS Innovation Hub Hong Kong Centre has completed its CBDC study, Project Aurum, which examined the feasibility of intermediated CBDCs and CBDC-backed stablecoins.
Is crypto dead? No, but doomsayers may profit from your panic
A lack of regulations means anyone can say bad things about crypto to stir up fear — and push you to sell. Even if they stand to make money from your losses.
SEC asks court to deny Ripple motion for summary judgment in XRP lawsuit
The U.S. SEC has filed a legal rebuttal to Ripple’s motion for summary judgment, a day after Ripple took a similar move against the SEC.
South Korea’s MIR4 maker Wemade launches stablecoin
WEMADE, a South Korean blockchain game developer, recently launched its stablecoin, WEMIX$, for growing its blockchain ecosystem, which houses NFTs and DeFi.
Markets: Bitcoin, Ether, Polygon gain; US equities see largest gains since June
Bitcoin and Ether were both gaining in Monday morning trading in Asia, as were all other top ten cryptocurrencies by market capitalization, excluding stablecoins.
What is XRP and what is Ripple?
Why has Ripple Labs been in the U.S. SEC’s crosshairs and what’s the difference between Ripple and XRP?
India Web3 talent driven away by lack of regulatory clarity, industry body says
India’s lack of regulatory clarity on crypto and Web 3.0 is a driving force of critical human capital flight, according to a new report by Nasscom.
NFT marketplaces ditching standard royalty fees labeled “short-sighted”
After Solana’s Magic Eden marketplace said it was bowing to pressure and making payment of royalties “optional” to NFT creators, industry insiders tell Forkast the policy is wrongheaded and damaging.
Software maker Hancom raided amid suspicions over token Arowana, slush fund
South Korean police raided local software company Hancom and home of chairman Kim Sang-cheol on Thursday amid speculation that Kim created a slush fund using crypto token Arowana, according to local media reports.
Ripple lawyer says ‘worth the fight’ as SEC hands over Hinman files in court case
The U.S. Securities and Exchange Commission (SEC) has handed over internal documents to Ripple Labs Inc. containing comments by former SEC Corporation Finance Division director William Hinman on cryptocurrencies, Ripple’s general counsel Stuart Alderoty said on his verified Twitter handle on Friday.
Markets: Bitcoin dips, 30-day volatility at 2 year low; Ether falls, Dogecoin gains
Bitcoin fell, but traded back above the US$19,000 support level in Friday morning trading in Asia. Ether lost ground along with most other top 10 cryptocurrencies by market capitalization, excluding stablecoins, but leading memecoin Dogecoin rose and Tron also edged higher. See related article: Twitter user prevents 200 billion BitBTC bridge exploit, highlighting major vulnerability […]
Crypto becomes approved financial product in South Africa
South Africa’s financial markets regulator has declared crypto assets as a financial product, setting the legal grounds to bring cryptocurrencies under regulatory purview. See related article: Nigeria to become 1st African country to launch a central bank digital currency Fast facts Crypto is not issued by a central bank but can be traded, transferred and […]
Fidelity Digital Assets to allow clients to trade Ether
Fidelity Digital Assets will allow clients to trade Ether from Oct. 28, according to a company email shared by Fidelity’s customers via Twitter. See related article: Fidelity considers Bitcoin trading on brokerage platform: WSJ Fast facts Institutional investors will be able to buy, sell and trade ETH, the second-largest cryptocurrency by market cap. “With the […]
First Digital Trust says HK, Singapore can join hands on crypto initiatives
In a Q&A with Forkast, First Digital Trust Chief Executive Officer Vincent Chok shared his views on Hong Kong getting back into crypto, regulations, and how the crypto pie in Asia is big enough for rivals Singapore and Hong Kong.