Asia-Pacific

From US crackdowns on Binance and Coinbase to new business-friendlier frameworks in Hong Kong and Europe, seismic shifts in crypto regulations are under way.

Top blockchain and crypto news: Binance, Coinbase in SEC firing line. Solana NFTs slump as Bitcoin’s surge. New dawn in Hong Kong crypto regulations.

Circle Singapore said Wednesday it has received a Major Payment Institution license from the Monetary Authority of Singapore.

MUFG, Japan’s leading bank, is pioneering the crypto industry by supporting stablecoin issuance on the Progmat Coin platform, offering an alternative route for entry and exit in the volatile cryptocurrency market.

FATF’s travel rule is looming over the crypto industry as an existential threat, writes Jack Jia of Unlimit. Here’s why it’s especially worrying to DeFi and self-custody wallet users.

OSL is one of only two digital assets trading platforms in Hong Kong licensed to offer services to professional investors.

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.

Japan’s All Nippon Airways, or ANA Group, has launched a non-fungible token platform known as “ANA GranWhale NFT MarketPlace” to trade art and photograph collectibles through its metaverse subsidiary ANA NEO, the company tweeted on Thursday.

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

The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority have agreed to strengthen cooperation in regulating virtual assets.

Leaders in Hong Kong’s Web3 industry announced the formation of two new associations, Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour, on Monday.

Temasek, Singapore’s state-owned investment firm, said on Monday that it has cut the pay of senior management and the investment team involved in the decision to invest in the now-bankrupt FTX cryptocurrency exchange.

Bitcoin couldn’t maintain its Monday morning gains as the world’s largest cryptocurrency dropped below US$28,000 in the afternoon.

A former executive at Coinone pleaded guilty on Thursday to accepting bribes in exchange for listing certain cryptocurrencies on the platform.

The launch of Hong Kong’s very own CBDC comes with new regulations for crypto trading platforms operating in the city.

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 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. 

South Korean lawmakers unanimously approved a new bill requiring public officials to disclose their crypto holdings to be implemented in December.

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

Japan will introduce strict anti-money laundering rules on cryptocurrency transactions from June 1, the Southeast Asian nation’s cabinet decided on Tuesday.

OCBC Bank will offer tokenized equity-linked structured notes to accredited investors, in a partnership with private market exchange ADDX.

Bitcoin dropped 2.33% to US$26,671. Ether lost 2.15% but traded above US$1,800.

Only 4.2% of South Korean citizens have said that they regularly use metaverse services, a recent survey results show.

For crypto to grow for the long term, the industry must show greater respect for global standards that combat crime, writes Slava Demchuk of AMLBot.

While U.S. regulators continue debating over whether cryptocurrencies are securities or commodities, the digital assets industry is being pleasantly welcomed by several Asian cities. And the competition is really hotting up now.

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.

The Philippines Securities and Exchange Commission warned the public last week not to use crypto exchange Gemini’s derivatives platform.

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.

A South Korean ruling party lawmaker proposed all public officials and candidates disclose their crypto holdings in a new bill unveiled last Friday.

Investors remain cautious as U.S. debt talks continue despite slowing inflation and large NFT purchases.

Ripple Labs has launched a new payment platform for a central bank digital currency in Hong Kong.

Rollout of the central bank digital currency in Hong Kong is a potential game-changer and a move that others may soon look to follow.

World’s largest cryptocurrency exchange halts Australian dollar services after payment provider cuts off service.

Smart Communications, one of the Philippines’ largest telcos, is entering the Web3 space through a partnership with Web3 community enabler in Southeast Asia, BlockchainSpace.

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

Bitcoin fell 0.58% while Ether dropped 0.36%. Solana was the biggest loser of the day, dropping 1.67%.

South Korean prosecutors have raided Upbit, Bithumb and the crypto wallet unit of Kakao, as part of their investigation into lawmaker Kim Nam-kuk.

Bitcoin rose 2.07% to US$27,409 in 24 hours while Ether gained 1.27% to US$1,829. Litecoin was the biggest gainer of the day, rising 7.65%.

Bank of Korea, the central bank, seems uncomfortable with the Financial Services Commission, the country’s regulator, having the mandate over the cryptocurrency industry. The bank is pushing for more say, arguing crypto can influence the stability of the overall financial market and that involves the central bank.

While the community might be small, there’s a growing buzz around Web3 in Japan, with overseas companies now taking note. For clues on how to make it big in the land of the rising sun, follow the lead of the nation’s largest firms, says Sebastien Guillemot, co-founder of Paima Studios.

Bitcoin and Ether fell during Friday afternoon trading in Asia, along with most of the top 10 non-stablecoin cryptocurrencies by market capitalization, apart from the XRP token.

Japan was an early believer in blockchain and cryptocurrencies until exchange hacks brought a crackdown. But that was then. Now the government has become a crypto cheerleader.

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

The three-day NexTech Week trade show kicked off Wednesday in Tokyo, celebrating all things technology, including blockchain and Artificial Intelligence.

Terraform Labs co-founder Shin Hyun-seung and seven others will face trial on May 26 on charges of fraud related to the Terra-Luna crypto collapse.

Bitcoin lost 0.43% while Ether dipped 0.60% in 24 hours. Polygon’s Matic token was the biggest loser and dropped 2.16%.

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

A South Korean court has approved prosecutors’ request to freeze assets and properties worth 233.3 billion Korean won that belong to Kwon.

Hong Kong-based OSL Asset Management Ltd said it won a local license to offer investment products in blockchain, Web3 and AI companies.

Bitcoin dropped 1.25% and Ether fell 0.25% in Tuesday afternoon trade in Asia. All other top 10 non-stablecoin cryptocurrencies also dropped.

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. 

The prosecutor leading Korea’s investigation into the Terra-Luna project said its founder Do Kwon should be extradited to Seoul to face trial.

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. Coming up on today’s show: JPMorgan Chase set to rescue First Republic Bank. CITI cuts Coinbase stock Weekly crypto market wrap; “US$100K for Bitcoin” – Standard Chartered report; Weekly NFT market […]

Top blockchain and crypto news: JPMorgan swoops as another bank falls. NFT market rivalry heats up. Bitget seeks Hong Kong exchange license.

Temasek, Singapore’s state-owned investment firm, has denied that it had invested in Array, an algorithmic cryptocurrency developer.

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.

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

The current US approach to regulating crypto flies against its history of supporting tech innovation and undermines its own national interest, writes Hamilton Keats of Krayon Digital.

South Korea’s legislation on how to regulate digital assets passed the first phase of review in the country’s National Assembly on Tuesday.

Bitcoin fell in Tuesday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies. Polygon was the biggest loser followed by Solana.

India’s Finance Minister Nirmala Sitharaman, in commending the potential of distributed ledger technology (DLT), has urged for a global consensus in regulating crypto while emphasizing that regulation did not equate to government control over the technology. 

Top blockchain and crypto news: Bittrex in SEC line of fire. Bored Apes fall after whale sale. Chinese banks court crypto clients.

Welcome to The Daily Forkast – April 20, 2023 – presented by Megha Chaddah. Bitcoin is down more than 5% Thursday morning in Asia. Ethereum also fell to lose hold of the US$2,000 price support in a sell-off across all top 10 non-stablecoin tokens. In the multi-chain economy, the Forkast Labs indexes trade mixed.

Bitcoin dropped on Tuesday afternoon in Asia but remained above US$29,000, while Ether and most top 10 non-stablecoin cryptocurrencies gained. Dogecoin and Solana fell on the day and rose on the week.

Bitcoin dropped on Monday afternoon in Asia and continued to trade below US$30,000. Cardano led losers among top 10 non-stablecoin cryptocurrencies in a mixed market. Solana led gains, followed by Binance’s BNB token and memecoin Dogecoin.

The global culture of decentralized autonomous organizations arrived in Japan last week for DAO Tokyo, the first event of its kind in Asia according to the organizers, drawing over 350 founders and contributors from all corners of the world for discussions on all things DAO.

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

Top blockchain and crypto news: Ethereum fork prompts price fall fears. Satoshi is found — in Apple software. Hong Kong ramps up Web3 plans.

Nasdaq-listed Equinix and Indonesian conglomerate Astra International have set up a joint venture to help local businesses and multinationals capitalize on emerging technologies.

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

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%.

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.