Cryptocurrency Trading

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.

Billed as Asia’s largest crypto event, Token 2049 took place over Sept. 13-14 in the Southeast Asian city-state of Singapore. Drawing over 10,000 attendees from all parts of the world, there was excitement about blockchain adoption in the region. But repeat references to one man were a reminder of the U.S. regulatory concerns weighing heavily on the crypto industry.

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.

With nine months under its G20 presidency belt, India’s approach to cryptocurrency governance remains static. Amid regulatory ambiguity, the nation’s crypto industry struggles to cope with stringent tax rules.

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.

Binance announced the launch of Binance Japan on Tuesday, offering 34 cryptocurrencies.

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.

Seychelles-based cryptocurrency exchange OKX, which says it is the world’s second-largest crypto platform by trading volume, opened an office in Dubai on June 15 as part of its global expansion and aims to raise staff numbers to 30 to tap opportunities in the region.

EDX Markets, a cryptocurrency exchange with backing from major Wall Street players such as Citadel Securities, Fidelity and Charles Schwab, officially launched on Tuesday.

Independent Reserve may have a new Hong Kong office in the “next few months,” the Singapore chief of the Australian crypto exchange said in an exclusive interview. Focusing on institutional clientele, the exchange aims to double trade volumes and expand its user base this year.

The U.S. Securities and Exchange Commission (SEC) has been ordered on Tuesday by the United States Court of Appeals for the Third Circuit to respond to cryptocurrency exchange Coinbase’s pending petition for rulemaking within seven days. 

Hong Kong is the most crypto-ready jurisdiction in the world, based on the number of blockchain startups per 100,000 people and the number of crypto ATMs proportional to the population, according to a new study by forex education platform Forex Suggest. 

Hong Kong will allow licensed cryptocurrency trading platforms to offer services to retail investors and will implement a slew of measures to protect individual traders, the Securities and Futures Commission (SFC) said on Tuesday.

Bitcoin gained 1.71% and Ether climbed 2.35%. Polygon gained the most in 24 hours followed by Tron.

As U.S. regulators file lawsuits against cryptocurrency platforms, prompting some digital asset companies to seek more favorable jurisdictions, a fleet of cities in Asia are putting out the welcome mat, seeking to attract the jobs and investment that Web3 technologies promise. Right now, Hong Kong seems to be grabbing the limelight, but it has competition.

Bitget is looking to hire 300 more people across operations, compliance, research and development, and customer support, the cryptocurrency exchange said.

Cryptocurrency firms moving to Hong Kong should expect tight regulations as part of the city-state’s new regulatory regime, said Eddie Yue.

India is not against the blockchain technology, but currencies have to be monitored by either the government or the central bank, Finance Minister Nirmala Sitharaman said on Saturday. 

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.

Nothing in life is free. Be wary of crypto exchanges that offer ‘free trading,’ and ask hard questions about how they make money, writes Ben Caselin of MaskEX.

On-chain limit orders offer an alternative to centralized exchanges by improving transparency and security, writes Ramani Ramachandran of Dfyn. What are the drawbacks?

A common regulatory framework for all countries is underway, India’s Finance Minister Nirmala Sitharaman said on Monday.

Bitcoin and Ether continued to fall in Tuesday afternoon trade in Asia, along with most other top 10 cryptocurrencies by market capitalization, after regulators in the U.S. pulled up Binance, the world’s biggest crypto exchange, for allegedly violating trading mandates.

Angelina Kwan, who helped shape early Hong Kong automated trading services and internet trading regulation, told Forkast the upcoming virtual asset licensing regime is almost identical to that for traditional financial institutions.

Bitcoin and Ether fell in Tuesday afternoon trade in Asia after rallying through the past week, while financial authorities injected cash into markets to ease liquidity pressures and took other steps to address concerns over a banking sector crisis in the U.S. and Europe. 

The Monetary Authority of Singapore (MAS) aims to publish cryptocurrency and stablecoin consultations feedback by the middle of this year, it said Monday.

Crypto markets slammed by Fed, Silvergate, lawsuits.

DBS bank’s digital exchange, which serves institutional clients, said macroeconomic conditions last year were not suitable for security token offerings (STO), but it will explore opportunities for such listings in 2023 and plans to add more crypto tokens.

Cryptocurrency companies in Canada have 30 days to meet updated crypto registration guidelines released on Wednesday or risk losing their users.

China’s blanket ban on cryptocurrency trading can have the country miss critical opportunities for technological development, says former PBOC official.

Bitcoin this week broke through the US$23,000 price ceiling for the first time since Aug. 2022. Can the benchmark cryptocurrency maintain its momentum? Industry commentators share their views with Forkast on what the market is telling investors and the signals from the U.S. Federal Reserve on interest rates.

India announces its full year budget on Feb. 1, the last before general elections in 2024, and the cryptocurrency and digital asset industry is lobbying the government for changes in tax rules, among others.

Coinbase Global Inc., the world’s second largest cryptocurrency exchange by trade volume, has asked customers in Japan to withdraw crypto and fiat holdings by Feb. 16, as it halts operations “to conduct a complete review” of its business in the country.

Bitcoin rallied above the US$18,000 mark for the first time in nearly a month. Is this the start of a bull run or just another relief rally on the back of easing inflation pressure?

Some 90% of user assets at WazirX, India’s largest crypto exchange by volume, are held in wallets at Binance while the remaining 10% are stored in hot and warm wallets, revealed WazirX’s proof of reserves that the company released on Wednesday.

Indonesia plans to set up a crypto stock exchange in 2023, ahead of moving regulatory powers to securities authorities from a commodities jurisdiction.

Bitcoin and Ethereum prices inched up in Tuesday afternoon trading in Asia, along with most other top 10 non-stablecoin cryptocurrencies by market capitalization. XRP led gains at 3.22%, followed by Polygon at 1.76% and Litecoin at 1.74%.

Barry Silbert of DCG disclosed his company owes a US$575 million loan and a US$1.1 billion promissory note to its subsidiary Genesis Global Capital.

Indian crypto exchange CoinSwitch has launched CoinSwitch Pro, a multi-exchange trading platform that lets users trade crypto assets in Indian Rupees across multiple exchanges with a single login. 

Genesis Block, a cryptocurrency over-the-counter trading service in Hong Kong, will close its trading portal on Dec. 10, Reuters reported on Friday citing an email the company sent to customers.

Crypto exchange Bullish has said it does not have any exposure to now-bankrupt FTX and Alameda Research, and expects FTX’s bankruptcy to have no impact on Bullish’s operations. The exchange is operated by Bullish (GI) Limited and regulated by the Gibraltar Financial Services Commission. 

Sam Bankman-Fried says FTX US is insulated from FTX.com’s liquidity crunch, but the American-based platform could freeze trading in the next few days.

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 […]

Nasdaq’s Head of Asia Pacific and Japan, Ulf Carlsson, tells us how stock exchanges could learn from crypto exchange operations.

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. 

India has witnessed an increase in drug smuggling using cryptocurrencies and the darknet, according to the country’s Home Minister Amit Shah. 

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.

The central bank is also considering options such as banning crypto firms from offering credit facilities, leverage or staking services to retail traders.

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 […]

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.

German crypto bank Nuri (formerly known as Bitwala) has asked customers to withdraw their funds by Dec. 18 so that the “business can be terminated and liquidated.”

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, […]

The European Council on Wednesday approved a proposal for cryptocurrency regulation known as the Markets in Crypto Assets Regulation (MiCA), in the first move towards establishing a licensing mechanism for crypto exchanges and assets in Europe.  See related article:  Bitcoin, proof-of-work ban removed from European Union’s MiCA Fast facts Lawmakers at the European Parliament are […]

The Monetary Authority of Singapore (MAS) said illegal crypto-related businesses are operating in the city state and it is working with the police to identify and prosecute them. See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts In a reply to a Parliamentary question, Tharman Shanmugaratnam, senior minister […]

DBS Bank Ltd., Southeast Asia’s largest lender, has launched a self-directed cryptocurrency trading service for accredited wealth clients.  See related article: Asia banking giant DBS jumps into The Sandbox metaverse Fast facts The bank’s wealth clients have been favoring self-directed options, with digital trades dominating 90% of equity transactions, DBS said in a press release […]

Crypto exchanges in India say the number of female investors isn’t huge, but it is growing even as prices slide and new taxes eat into revenue.

EDX Markets Crypto Exchange, backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial, seeks to settle trades on the blockchain for greater speed and efficiency at lower cost, eliminating the need for bilateral settlements, according to a press release on Tuesday. See related article: FTX agrees to help South […]

In facing a government hostile to cryptocurrency trading, Indian exchanges are trying to attract new business with suites of different investment products.

Indonesia will launch a crypto stock market by the end of this year, said the country’s deputy trade minister Jerry Sambuaga, according to a media report. See related article: Indonesia’s biggest tech firm buys local crypto exchange Fast facts The Southeast Asian nation had earlier announced a 2021 launch but revised it to the first […]

Ant Group, Chinese tech giant Alibaba’s fintech affiliate, has partnered with Malaysian investment bank Kenanga to launch a wealth management app with features to trade cryptocurrencies. See related article: Tencent gets patent nod to use blockchain for missing persons’ notices Fast facts Kenanga Investment Bank Berhad announced on Wednesday that it signed a memorandum of […]

Over 50% of Indian crypto investors intend to increase their investments over the next six months as they view the asset class as a long-term investment rather than hype, according to a report by cryptocurrency exchange Kucoin.  See related article: Most Indian traders impacted by India’s crypto tax: survey Fast facts While 56% of crypto […]

The Korea Financial Intelligence Unit (KoFIU) has requested investigative authorities to block 16 unregistered foreign-based Virtual Asset Service Providers (VASPs) that reportedly targeted domestic consumers by offering services in Korean. See related article: South Korea’s all-encompassing crypto law is coming — what we know so far Fast facts According to a press release, these unregistered […]

The Federal Deposit Insurance Corporation (FDIC), one of the two federal agencies insuring savings in American depository institutions, may be asking banks to refrain from providing services or extending credit to cryptocurrency companies, Republican Senator Pat Toomey alleged. See related article: New US bill to give CFTC oversight of cryptocurrencies may speed up crypto legislation […]

Indian crypto exchange Bitbns said on Thursday that withdrawals in Indian rupees (INR) have been delayed as law enforcement officers have blocked its bank account.  See related article: India authorities freeze Vauld exchange’s assets worth $46.5 mln Fast facts “If a cybercrime case is raised for say even an amount of 10,000 Indian rupees (US$125), […]

The United Nations Conference on Trade and Development (UNCTAD) has urged limits on cryptocurrencies across developing nations, in a series of policy briefs released on Wednesday. See related article: IMF says crypto crash hasn’t quite harmed broader financial system Fast facts The UNCTAD, part of the UN Secretariat, said cryptocurrencies could curb the effectiveness of […]

What’s a crypto trader to do when the government freezes exchange assets, sparking a war of words between supposedly ‘merged’ exchanges?

Thailand’s central bank will receive more power as the South-East Asian nation steps up regulation of digital assets, said Thai Finance Minister Arkhom Termpittayapaisith. See related article: Thailand bans Bitcoin and crypto payments Fast facts Thailand plans to tighten its supervision of platforms and exchanges that offer trading in cryptocurrencies and other digital assets, Bloomberg […]

Indian cryptocurrency exchange WazirX will delist and cease trading on all trading pairs for EasyFi (EZ) on Aug. 11. It will continue to support withdrawals of these tokens from WazirX until Nov. 12.  See related article: Binance to stop off-chain transfers with India’s WazirX Fast facts WazirX periodically reviews each digital asset it lists and […]

Indian crypto exchange WazirX said its operations are being conducted as usual, even after Binance denied owning equity in Zanmai Labs, the entity operating WazirX. The spat over ownership — Binance had reportedly acquired WazirX in 2019 — surfaced after Indian authorities reportedly froze US$8 million in WazirX assets, alleging possible violation of foreign exchange laws. […]

An Indian firm providing crypto tax calculation services is introducing a software as a service (SAAS)-based solution to tackle India’s myriad crypto taxation regime. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts SAAS-based TaxCryp software aims to simplify tax computation, compliance and reporting requirements, India-based TaxCryp Technologies said on […]

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 […]