Cryptocurrency Assets

The JPEX scandal sheds light on the vulnerabilities in Hong Kong’s crypto marketplace, prompting reflection on regulatory safeguards as the city aspires to be a global digital asset hub, former SFC regulator Angelina Kwan says.

Dubai-based cryptocurrency exchange JPEX is shutting trading its platform amid a probe by the Hong Kong’s Securities and Futures Commission that said the firm was operating as an unlicensed entity, according to media reports. 

Bitcoin started the week below US$26,000 while Ether dropped to US$1,611. Toncoin and XRP lead losers in the last 24 hours.

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.

Cryptocurrency service providers in Singapore will have to keep customer assets under a statutory trust before the end of the year, for safekeeping purposes, the city state’s central bank announced Monday.

HKMA is urging lenders including HSBC, Standard Chartered and Bank of China to service crypto exchanges. Financial Times reported on Thursday.

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

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.

Seychelles-based cryptocurrency exchange Bitget expects more clarity on Hong Kong’s licensing regime from June as the city pushes ahead with plans to attract blockchain and cryptocurrency entrepreneurs.

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

As India moves forward with its one-year presidency of the Group of 20 (G20), it is discussing cryptocurrency and regulation with the group’s members, India’s Finance Minister Nirmala Sitharaman said. 

Crypto tax laws aren’t easy to follow, and as more investors are moving to put their cryptocurrencies into ledgers, how do traders keep track?

KuCoin, a Seychelles-based cryptocurrency exchange, on Monday released its proof of reserves report issued by third-party auditor Mazars, which concluded that the exchange’s reserves of Bitcoin, Ether, USDT and USDC are overcollateralized.

The exchange has gone silent since pausing withdrawals and liquidating all futures positions, with users fearing a repeat of the FTX collapse.

DeFi remains unusable for all beyond a niche community, writes Dennis Jarvis of Bitcoin.com. ‘Should it stay like this, it will never attract a wide audience.’

WazirX, India’s largest cryptocurrency exchange by trade volume, has introduced a profit and loss function for users to analyze and calculate their investments. 

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 […]

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.

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 […]

Hong Kong-based digital asset management firm JKL Group will set up a US$50 million fund to buy more mining machines to further expand its mining facilities, despite the current crypto winter.

As India prepares to begin its one-year presidency of the Group of 20 (G20) beginning Dec. 1, it will look to work toward a global, tech-driven regulatory framework for cryptocurrency, India’s finance minister Nirmala Sitharaman said. See related article: India’s finance minister calls on G20 to share information on crypto Fast facts “During our engagements, […]

Cryptocurrency exchange Blockchain.com has received in-principle approval from the Monetary Authority of Singapore (MAS) for a license to offer “digital payment token” services in the city-state.  See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts Blockchain.com is the second crypto exchange to earn the central bank’s in-principle approval […]

The second Forkast report on Asia Crypto Week’s anchor event explores what bets TradFi players are making, how Asian investment patterns differ from those elsewhere, and what cooperation between crypto companies and regulators should look like

India’s financial crime fighting agency has frozen over US$1.5 million in cryptocurrencies as part of a money laundering investigation against mobile gaming application E-nuggets, the Enforcement Directorate (ED) said on Wednesday.   See related article: Indian authorities probe alleged $125 mln money laundering cases involving crypto, report says Fast facts The ED launched a money laundering […]

A bill that proposed a regulatory and licensing framework for crypto companies was rejected by Gov. Gavin Newsom amid a broader national debate concerning the policing of digital assets.

SBI Digital Markets Pte. Ltd. (SBI DM) has received a Capital Markets Services (CMS) license from Singapore’s central bank, which allows it to provide custodial services and offer capital markets products. See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts SBI DM plans to launch a digital asset […]

APAC is leading in crypto use and adoption, according to a new report from U.S. blockchain analysis firm Chainalysis released on Wednesday, with China returning to the report’s top 10 countries for crypto adoption after it fell out of the list last year. APAC accounted for six of the top 10 countries in the index. […]

Tokenized assets are expected to expand into a US$16 trillion business opportunity by 2030 — making up 10% of global GDP by the end of the decade — from US$310 billion in 2022. This is according to a new report by global consulting firm BCG and the digital exchange for private markets ADDX. See related […]

Indian police in the state of Maharashtra have arrested a man on charges of cheating 1,441 investors in a fake cryptocurrency scam, according to a local media report.  See related article: Tax authorities recover US$9M from India’s biggest crypto exchanges Fast facts The scam may be in excess of 2.5 billion rupees (US$31.2 million) and […]

Singapore’s largest bank, DBS, aims to expand its cryptocurrency and digital assets offerings to 300,000 new clients in the face of the crypto bear market, according to a Financial Times report on Tuesday.  See related article: Why DBS’ move into the digital asset space is more than a token gesture Fast facts In an interview, […]

The embattled Ukrainian government has spent US$54 million, raised through donations in cryptocurrencies, to supply defenders with military equipment, armor, clothing, medicines and vehicles, a senior minister said.  See related article: Vitalik Buterin says he used Tornado Cash to donate to Ukraine Fast facts See related article: Ukraine’s NFT museum of Russian conflict goes live

Singapore-based cryptocurrency lender Hodlnaut has filed an application with the Singapore High Court to be placed under judicial management, which could provide the company “the breathing space to focus our efforts on the recovery plan to rehabilitate the company,” Hodlnaut said on Tuesday. See related article: Crypto lender Hodlnaut halts withdrawals, ends token swap feature […]

Crypto’s institutional boost is on the rise, meanwhile, Australia is proving to attract the crypto sector.

Iran has made the country’s first cryptocurrency payment with a US$10 million import order this week, which could be an option for the country to bypass broad trade embargoes, according to a media report. See related article: Crypto exchange Kraken reportedly under investigation for Iran sanctions breach Fast facts See related article: Is cryptocurrency a […]

A stolen painting may be lost forever, but a fraudulent Bitcoin transaction — with these legal strategies and tracing tools — can lead right to the criminal.

Chiliz (CHZ) cryptocurrency jumped as much as 25% on Monday evening in Asia after announcing a US$100 million investment in FC Barcelona’s Barça Studios for a 24.5% stake in the soccer club’s digital content and distribution hub. See related article: South Korea’s Ifland metaverse dives into play-to-earn Fast facts Under the partnership, Socios.com and Chiliz […]

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 […]

The adoption of cryptocurrencies is still low compared to traditional investment classes such as equities, payment technologies and private equity allocation by institutions, a joint report by Boston Consulting Group (BCG), Bitget and Foresight Ventures said.  See related article: Led by Vietnam and India, global crypto adoption jumps over 880% Fast facts The report estimates […]

Trading volumes at Indian crypto exchanges are recovering on the back of a rally in digital asset prices. Volumes had dropped after the government had imposed steep taxes.  See related article: Bitcoin bounces back after US reports worst inflation in 41 years Fast facts Trading volumes at crypto exchange WazirX rose about 35% to US$7.18 […]

Digital assets are powering new industries, and DeFi will be the financial system of the future internet economy, writes Alex Tapscott in his new book, ‘Digital Asset Revolution.’

Jordan Belfort, the man who inspired Martin Scorsese’s film “Wolf of Wall Street” and a once-avowed crypto critic, said Bitcoin is a long play while speaking on Yahoo Finance’s show The Crypto Mile.  See related article: Bank of England calls for greater crypto regulation Fast facts The former convicted financial criminal turned famous consultant and […]

Lack of public trust remain a big barrier to crypto adoption, writes Tristan Roozendaal. Here’s why regulators should ‘move fast and break things.’

Celsius and Babel Finance’s freezing of customer accounts highlights the risks of intermediaries, writes Nick Saponaro. Crypto users should take back control.

Binance, the world’s largest crypto exchange by trading volume, has resumed withdrawals on its Bitcoin (BTC) network after a short pause early on Monday, according to an official statement. See related article: CEL down over 50% since Celsius Network’s withdrawal freeze Fast facts On his verified Twitter handle, CEO Changpeng Zhao said the issue was […]

A proposed US crypto bill may place crypto under the CFTC’s primary oversight, but that won’t exclude the SEC from the industry, Sidley Austin’s Lilya Tessler says.

Singapore investment behemoth Temasek has been in the digital asset space for several years, and it’s doubling down on its commitment, says its blockchain chief.

Before the development, only traditional assets like stocks, bonds, cash and real estate could be used for an individual to have access to complicated investment options in private markets, ADDX said.  See related article: ADDX, Fullerton partner to tokenize PE fund of funds Fast facts ADDX’s move signals crypto’s status as an asset class in […]

The right balance of regulations can better protect gaming companies’ intellectual property as well as players’ assets, writes Henry Chang of Wemade.

Global crypto asset management platform Kassio has launched its services in India to help its users extract value from their crypto holdings beyond just trading, the company said in a statement. See related article: CoinDCX offers to let Indians earn yield on crypto holdings Fast facts Kassio offers instant crypto-backed loans and interest earnings up […]

If buying a home is the American Dream and key to building wealth, what is that like in the metaverse? Crypto newcomer Joel Stein finds out.

Indian tax authorities are exploring the implementation of a 28% goods and services tax (GST) on all cryptocurrency transactions, adding to a 30% tax on profits from crypto asset trading that kicked in on April 1, according to local media reports.  See related article: After crypto, India wants to come after DeFi Fast facts The […]

Bitcoin and other cryptos are being used on both sides of the fight, raising ethical issues that cut to the core of decentralization, says AAX’s Ben Caselin

Vice Prime Minister Mykhailo Federov said on Thursday that Ukraine would cancel a crypto airdrop created to reward its donors that had been announced just one day before. Fast facts “After careful consideration we decided to cancel airdrop. Every day there are more and more people willing to help Ukraine to fight back the agression. […]

Crypto donations raised by the Ukrainian government alone since the Russian invasion topped US$38.8 million on Thursday, as funds flowing into alternative channels bring total contributions to at least US$60 million.  See related article: Ukraine crypto donations top $36M amid Russian invasion Fast facts Aid for Ukraine, a decentralized autonomous organization set up by the […]

An Indian auto parts dealer became the victim of a US$267,000 cryptocurrency scam after local police closed the case on what was determined to be a hoax call on Friday, local media reported.  Fast facts 29-year-old victim Vinay Jain told police on Saturday that he had been robbed by the accused who had promised him […]

In South Korea, virtual asset investors with more than 500 million Korean won, or approximately US$418,935, worth of crypto assets in overseas accounts must report to their regional tax authorities beginning in 2023. Fast facts According to a new year guidebook by the Ministry of Economy and Finance, any resident or domestic corporation with overseas […]

It’s a myth that crypto transactions are anonymous, writes Warren Paul Anderson of Discreet Labs. Confusing anonymity with privacy is what causes trouble.

Global shifts are underway in crypto regulations, writes Huong Hauduc of Bequant. How might the political and market forces play out next year?

The billion-dollar intersection of sports and crypto is a big win for all, writes Ben Armstrong, aka BitBoy Crypto. Here’s how to make sense of this seismic cultural shift.

Crypto ETFs make it easy to invest in digital assets without the complexities, writes Kevin Tai of Linear Finance. Imagine what a crypto index can do.

Tourism officials want to attract more crypto-wealthy travelers to Thailand’s shimmering shores. But will the crypto faithful come if Thailand still has a ban on SHIB and Dogecoin?

Terry Gou, founder of Foxconn, which manufactures components for Apple’s iPhone, said Saturday at an event that mainstream monetary finance could not really be decentralized and only an underground economy would adopt cryptocurrency, as reported by Taiwanese local media Economic Daily News. Fast facts Gou later said in a Facebook post — to clarify comments […]

A former finance secretary says too much is yet unknown about the new crypto bill for investors to expect the worst.

Conversation between current and former SEC chairs at annual digital asset compliance summit focused on regulating crypto.

Now that South Korea’s crypto tax is delayed a year, what will the final form look like? Should crypto gains be taxed like stock profits — or winning the lottery?

The US Internal Revenue Service is taking a hard look at cryptocurrency transactions to crack down on tax dodgers. How can crypto holders protect themselves?

Three U.S. agencies released a joint statement outlining a plan to fast-track crypto-asset regulation in 2022.

The US Infrastructure Act has provisions that should make crypto advocates shudder, writes Alex Shipp of Offshift. Who will stand up for crypto’s core values?

The country will follow global crypto guidelines in excluding non-fungible tokens (NFTs) from its categorization of virtual assets — meaning income from NFTs may remain untaxed in Korea.

India digital payments giant Paytm will consider launching crypto-related services if it becomes a regulated asset class in the country, Paytm CFO Madhur Deora told Bloomberg TV on Thursday. Fast facts “Bitcoin is still in a regulatory gray area, if not a regulatory ban in India,” Deora said. “If it [Bitcoin and other cryptocurrencies] was […]

DeFi is a real-world experiment testing out a new model for finance, writes Alex Grebnev of Oxygen. What is the future of banking without Wall Street?

Against the global tide of digital asset adoption, China’s harshest crypto ban yet heralds golden opportunities, writes Richard Byworth of EQONEX. Other governments should take note.