Government

The U.S. Securities and Exchange Commission (SEC) has advised publicly-listed firms to disclose their exposure to the cryptocurrency market, in light of the fallout of the FTX collapse.

The push to regulate DeFi is stronger than ever, and the sector would be wise not to fight but participate in that inevitability, writes Michael Shing of XREX.

Innovation and regulation are mutually exclusive in the world of crypto – and in the aftermath of the FTX collapse, getting the balance right is key.

Singapore-based crypto exchange MetaComp has been granted Singapore’s license, enabling it to offer digital asset exchange and custody services to institutional investors.

The Commonwealth of Dominica in the Caribbean reportedly issued its national crypto token, DMC, on Tuesday, in partnership with crypto exchange Huobi Global, TronDAO and DMC Labs.

Asset tokenization and DeFi hold tremendous potential for the finance sector, writes Han Kwee Juan of DBS Bank. Here’s how the Singaporean government is at the forefront of change.

The former CEO of the collapsed crypto exchange “needs to keep his mouth shut” and stop making public comments that could be used against him in future court cases, lawyers tell Forkast.

Bitcoin and Ether were both trading up as the U.S. Federal Reserve released meeting minutes suggesting it is looking to slow the rate of interest rate rises.

Singapore-based DBS bank, the largest lender in Southeast Asia, has said it is the first bank in Asia to complete an intraday repurchase transaction on a blockchain-based network. 

The Monetary Authority of Singapore (MAS) said on Monday that it was not possible for the central bank to protect local users from FTX’s collapse as the crypto exchange operated offshore and was not licensed by MAS.

The U.S. SEC has received support from sports investing group New Sports Economy Institute, which submitted its amicus brief on Friday to weigh in on the ongoing lawsuit between the SEC and Ripple.

U.S. lobby group Blockchain Association, along with other institutions and firms, have formally filed amici briefs to support Ripple Labs Inc. in the ongoing lawsuit between the U.S. SEC and Ripple.

U.S.-based cryptocurrency exchange Coinbase has officially submitted its amicus brief to support Ripple in the lawsuit the U.S. SEC filed in 2020 against Ripple.

The Monetary Authority of Singapore (MAS) has partnered The New York Innovation Center of the Federal Reserve Bank of New York, to study if wholesale central bank digital currencies (wCBDCs) can make cross-border payments more efficient.

Three more companies and organizations have requested to weigh in on the ongoing lawsuit the SEC filed in 2020 against Ripple.

Bitcoin rose on Friday in Asia along with Ether and most other major tokens, reversing  a three-day slump as the Consumer Price Index (CPI) released Thursday showed inflation in the U.S. slowed in October.

Bitcoin gained 5% after the U.S. Bureau of Labor Statistics reported that the consumer price index (CPI), a key inflation indicator, rose 0.4% in October from September. CPI was up 7.7% from a year earlier, less than the expected 7.9%, and down from 8.2% in September. October’s CPI recorded the smallest 12-month increase since January. 

The U.S. SEC has received approval from the court to extend the time for all parties to submit reply briefs, in the ongoing lawsuit the SEC filed in 2020 against Ripple.

Bitcoin and Ether fell in Monday morning trading in Asia as the crypto market gave up some gains made on the weekend on the back of U.S. job numbers on Friday.

HashKey Capital Singapore, an investment arm of Hong Kong-based HashKey Group, said on Friday that it received an in-principle approval for the Capital Markets Services license from the Monetary Authority of Singapore (MAS).

Cryptocurrency exchanges and Web 3.0 companies, including Coinbase and Polygon, have formed the Bharat Web3 Association in India to strengthen regulation and consumer protection for the industry.

U.S. computer scientist Stuart Haber, recognized with Scott Stornetta as the co-inventor of blockchain, says he is excited to see the evolution of the technology, not only in the financial sector, but also in entertainment, business, and technology industries.

Hong Kong and Singapore are now locked in a battle over the future of crypto in Asia – but who will emerge victorious?

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. 

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 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).

Markets: Bitcoin and Ether fall with crypto top 10 as Fed raises rates 75 bps

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 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 […]

Singapore-based StraitsX, a payments infrastructure for digital assets, will pilot stablecoin applications at the ongoing Singapore Fintech Festival. 

DBS, the largest bank in Southeast Asia, said it tested trading of foreign exchange and government bonds using permissioned decentralized finance (DeFi) liquidity pools on a public blockchain as part of the city-state’s Project Guardian exploration of blockchain in finance.

The bank is in the center of developments shepherded by the Monetary Authority of Singapore to explore digital financial technologies emerging around blockchain.

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?

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. 

Cryptocurrency exchanges in Singapore are shifting focus to heavy-hitter investors, such as family offices and financial institutions, in line with the central bank’s warnings about the risks in retail crypto trading.

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. 

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. 

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.

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.

Google agreed to improve its legal compliance process in a settlement with the U.S. Department of Justice after failing to produce data on the now-defunct crypto exchange BTC-e in 2016.

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

Survey reveals popularity of crypto ownership among voters, their hopes for the industry’s growing potential and the need for regulation to protect consumers.

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.

Bitcoin and Ether were both gaining in Monday morning trading in Asia, as were all other top ten cryptocurrencies by market capitalization, excluding stablecoins.

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.

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.

Top blockchain and crypto news: Mark Zuckerberg’s empty metaverse. South Korea to roll out blockchain IDs. Macau bets on digital money.

The IRS updated its annual income tax instructions in a Monday draft that does away with the taxable category “virtual currency” and replaces it with the term “digital assets,” which explicitly includes NFTs.

The Commodity Futures Trading Commission and the Securities and Exchange Commission of the U.S. are investigating whether bankrupt crypto hedge fund Three Arrows Capital (3AC) misled investors about its balance sheet and failed to register with the two agencies, according to a Bloomberg report which cites two people familiar with the matter. See related article: […]

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, […]

South Korea’s Supreme Prosecutors’ Office is looking to hunt down illegal crypto funds by purchasing a software program that tracks down crypto transactions and sources, a local media outlet reported Friday. See related article: DPRK hackers sneak US$52 mln in crypto into S.Korean exchanges: Chainalysis Fast facts The tracking program is expected to be used […]

Bitcoin traded back above US$19,000 in Friday morning trading in Asia, rebounding with U.S. equities from a sharp drop that followed a September inflation reading in the U.S. Consumer Price Index (CPI) report on Thursday that was higher than expected. BNB and memecoin Shiba Inu were two other tokens among the top 10 by market […]

There’s a power struggle over who regulates crypto in the US – and it could all depend on how the midterm elections go this year.

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 […]

Bitcoin gained in Thursday morning trading in Asia, with the world’s largest cryptocurrency holding above support at US$19,000. Ether, second on the list of top 10 cryptocurrencies by market capitalization, excluding stablecoins, also gained. Other coins on the top 10 moving higher included Solana, XRP and Tron. Cardano fell. See related article: Binance to hard […]

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 U.S. Securities and Exchange Commission (SEC) is reportedly probing Yuga Labs, Inc., the company behind the top-selling non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), for its issuance of the digital assets, according to a Bloomberg report.  See related article: SEC fines Kim Kardashian US$1.26 mln for promoting EthereumMax Fast facts The report […]

Bitcoin fell but held above US$19,000 in Wednesday morning trading in Asia as the world’s leading cryptocurrency continued its month-long dalliance with that support level. Excluding stablecoins, most of the top ten cryptocurrencies by market capitalization fell, led by Solana. Dogecoin was the only token on the list to gain ground. See related article: BNB […]

Singapore-based Coinhako cryptocurrency exchange, one of a handful to have a full license to operate in the city-state, has launched “Coinhako Treasures” to offer more products that suit the needs of institutional clients, like corporates and family offices, as it seeks to grow its institutional user base.   See related article: How a market slump may […]

Bitcoin and Ether fell along with all other top ten cryptocurrencies by market capitalization in Tuesday morning trading in Asia, with the world’s largest cryptocurrency barely holding at the support line of US$19,000, a mark it has fluctuated around for much of the past month. See related article: Markets: Bitcoin rises but remains below US$20,000; […]

The Monetary Authority of Singapore is exploring blockchain-based payments solution to solve the challenges in cross-border transactions.  See related article: Singapore warms up to crypto industry — on its own terms Fast facts The current state of cross-border payments “is slow, costly, opaque, and inefficient, relying on an archaic network of correspondent banks,” Ravi Menon, […]

Bitcoin has gained slightly but was still trading below US$20,000 on Monday morning in Asia, having fallen below that support line late last week after fluctuating around that level for most of the past month. Ether and the rest of the crypto top 10 by market capitalization also rose slightly, with XRP seeing by far […]

Ripple Labs has spoken against the U.S. Securities and Exchange Commission’s opposition to motions from two firms that had requested to file amicus briefs in support of Ripple, in the lawsuit that the SEC filed in 2020 against Ripple. See related article: SEC opposes motions from two firms seeking to back Ripple in XRP lawsuit […]

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 […]

South Korean ruling party lawmaker Yoon Sang-hyun asserted that the country needs to appoint a special prosecutor to investigate the Terra-LUNA collapse, which affected over 280,000 people locally, in comments at the National Assembly’s parliamentary audit on the Financial Services Commission (FSC), South Korea’s top financial regulator. See related article: South Korea’s investigation of Do […]

Kim Joo-hyun, the chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), said on Thursday the agency will promote blockchain technology and user protections in the crypto market. See related article: South Korea’s all-encompassing crypto law is coming — what we know so far Fast facts “In cooperation with the National Assembly, […]

Bitcoin fell in Thursday morning trading in Asia but held above the US$20,000 support line. Ether also lost ground. XRP was the only token in the cryptocurrency top 10 by market capitalization to gain. See related article: Is crypto money? A South Korean court says no Fast facts Bitcoin fell 0.9% in the past 24 […]

The U.S. Securities and Exchange Commission (SEC) has objected to motions from two firms that had requested to file amicus briefs in support of Ripple Labs Inc., in the lawsuit that the SEC filed in 2020 against Ripple. See related article: Two firms seek to weigh in on XRP lawsuit between SEC, Ripple Fast facts […]

Reality TV star Kim Kardashian has been fined US$1.26 million by the U.S. Securities and Exchange Commission (SEC) for promoting EthereumMax (EMAX) tokens on her Instagram account without disclosing the US$250,000 payment she received for the endorsement. See related article: Bollywood megastar Amitabh Bachchan ponies up tax on NFT sale Fast facts The SEC said […]

Two companies have sought to be amicus curiae (Latin for friend of the court) in support of Ripple Labs in the lawsuit that the Securities and Exchange Commission filed in 2020 against Ripple. See related article: XRP price surges after U.S. court rejects SEC objection in Ripple lawsuit Fast facts I-Remit Inc., a global payment […]

Bitcoin was back under US$19,000 in Monday morning trading in Asia, a level it has fluctuated around for most of the past two weeks, boxed in by global macroeconomic concerns that have also hit equity markets. Ether also fell. BNB was the only gainer among the top 10 cryptocurrencies by market capitalization. See related article: […]

India’s financial crime fighting agency has frozen additional cryptocurrencies worth around US$58,000 as part of an ongoing money laundering probe against mobile gaming application E-Nuggets and its former executive. See related article:  Indian authorities probe alleged $125 mln money laundering cases involving crypto, report says Fast facts The additional cryptocurrencies include WRX, the utility token […]