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Asia-Pacific

161 articles

June 2024

Australia’s first Bitcoin ETF to debut on ASX

VanEck’s Bitcoin ETF, launching on ASX, marks a pivotal moment for Australian crypto investment.

South Korea classifies select NFTs as cryptocurrencies

New guidelines by South Korea’s FSC will regulate certain NFTs under cryptocurrency laws.

April 2024

Hong Kong debuts Bitcoin and Ethereum ETFs

Hong Kong’s first spot Bitcoin ETFs rise on first trading day as Ether ETFs drop.

Hong Kong to debut Bitcoin and Ethereum ETFs on April 30

City’s first spot cryptocurrency ETFs to offer regulated investment options.

Binance converts US$1 bln fund; eyes India comeback after obtaining Dubai license

Cryptocurrency giant Binance converts $1B safety fund to USDC, signaling a strategic move to enhance transparency and re-enter the Indian market.

Hong Kong expected to approve spot Bitcoin ETFs mid-April

Hong Kong’s SFC is set to approve spot Bitcoin ETFs, offering new investment avenues.

February 2024

South Korean crypto criminals to face life sentence

Crypto criminals with more than US$3.76 billion in profits may face life in South Korea.

Unlicensed crypto exchanges face shutdown in Hong Kong

Only two exchanges are licensed to provide crypto trading services to Hong Kong’s retail sector so far.

Bybit eyes Hong Kong license: crypto expansion plans

Crypto derivatives exchange Bybit seeks to enter Hong Kong’s market with a new license application.

January 2024

Hong Kong sees first spot Bitcoin ETF application

Hong Kong could welcome its first spot Bitcoin ETF, courtesy of Harvest Global’s recent filing.

HashKey joins unicorn club after US$100 mln raise

HashKey Group achieves unicorn status following a US$100 million funding round, reaching a US$1.2 billion valuation.

Apple removes Binance, KuCoin apps in India

Major crypto exchanges vanish from Apple’s App Store in India, adhering to FIU mandates.

Upbit Singapore secures coveted MPI license

Upbit joins 15 other crypto firms permitted to provide digital payment token services in Singapore.

November 2023

What asset tokenization will look like in 2024 and beyond

Tokenization is on the rise not only in the private sector. In Asia, governments are leading the charge to use this technology for the greater public good.

From Silicon Valley to Sand Dunes: Why Indian crypto firms eye Dubai expansion

Indian crypto companies flock to Dubai, escaping high local taxes and finding solace in the emirate’s favorable regulatory environment.

UBS allows crypto ETFs for Hong Kong investors with at least US$2 mln assets

Three SFC-authorized crypto ETFs will be available on UBS’ Hong Kong platform.

Grassroots crypto adoption to follow real-world use cases, says Chainalysis APAC policy lead

Blockchain-based gaming and remittances among top drivers toward adoption in central and South Asia.

Ripple partners with Onafriq for African cross-border payment channels

The partnership aims to reduce the high costs and lengthy transfer times associated with traditional remittance payments.

SEBA crypto bank receives license in Hong Kong

Hong Kong’s legal system provides a solid foundation for crypto-related services, said SEBA Group CEO Franz Bergmueller.

Mitsubishi UFJ launches joint stablecoin study with Ginco, Progmat

The joint study aims to create the infrastructure for issuing regulatory-compliant stablecoins for improved cross-border settlement.

Is Hong Kong really in the forefront of the global digital money race?

Hong Kong is charging ahead in its digital currency initiatives, but more must be done to address the e-HKD’s environmental impact and security concerns.

SBF convicted on all charges, Hong Kong buzzes with Web3 events

SBF is found guilty of fraud, Hong Kong hosts Fintech Week, Neo advances Web3, Backpack launches NFT exchange, and more.

Okto pledges US$5 mln to support Vauld users

The US$5 million fund aims to help Vauld users who can’t withdraw their assets from the platform.

Nomura-backed Komainu partners Crypto Garage for institutional crypto services

The collaboration aims to build institutional crypto services in Japan.

October 2023

Singapore, Japan, Switzerland and U.K. to collaborate on digital assets pilots

The MAS said that its previous tokenization pilots demonstrated great potential benefits of the technology.

Standard Chartered’s Zodia Custody to launch in Hong Kong

The move is part of an Asia Pacific expansion effort by the cryptocurrency custodian.

Thailand’s Kasikorn Bank buys majority stake in Satang crypto exchange

The lender, known as K-bank, said it will also open three additional crypto subsidiaries.

Bitcoin ETF fever sends crypto prices up, SBF trial testimony, Nepal’s blockchain future

Bitcoin soars to its highest price in a year and a half as Grayscale’s legal victory against the U.S. SEC gets finalized.

Astar, Startale Labs announce Web3 partnership with Japanese telecom giant, KDDI 

Astar Network and Startale Labs partner with Japanese telecom giant KDDI to boost Web3 adoption.

Philippines’ Coins.ph may have lost US$6 million worth of XRP in hack: The Block

Coins.ph, a cryptocurrency exchange based in the Philippines with millions of users, appeared to have lost 12.2 million XRP tokens, The Block reported on Friday.

Dubai’s crypto boom, Australia’s rules & Binance’s battles

Web3 leaders gather in the Future Blockchain Summit in Dubai and we take a deep dive on the woes of crypto’s largest exchange, Binance.

Binance’s rollercoaster week: expansion, setbacks, and the ghost of FTX’s collapse

Top blockchain and crypto news: Is Japan a new frontier for Binance? AI art sweeps NFT sales. ETF buzz electrifies Bitcoin.

Over 40% of Hong Kong investors shun digital assets post-JPEX Scandal, survey reveals

The survey aimed to measure the public attitude towards virtual asset investments, following the JPEX incident.

Rampant scams highlight critical need for greater crypto literacy

The plight of the Philippines — which has a high rate of crypto adoption but is also plagued by fraud — offers a window into why the industry’s ‘do your own research’ mantra isn’t enough.

Binance Japan — death knell or savior for the nation’s smaller crypto exchanges?

Few tokens and too many exchanges are a bad recipe for Japan’s smaller crypto trading houses. The experts say there’s room for up to five only. So what happens to the little guy now that the world’s largest exchange Binance has rolled back into town?

OSL exchange’s HK$1 billion sale is “factually inaccurate,” says BC Technology

OSL’s parent firm said investors should exercise caution due to the “unusual movement” in the company’s stock price.

Upbit Singapore receives in-principal license from MAS

Singapore’s major payment institution license will enable Upbit to continue offering regulated digital asset services while awaiting its full license.

Australian Treasury to release crypto draft legislation by 2024 

The Australian Department of the Treasury said it will accept feedback on the draft bill by December.

Japanese yen-backed digital currency set to launch next July

The DCJPY could play a central role in the future’s currency system, according to DeCurret Holdings.

Philippines Coins.ph partners with Circle for USDC remittances

Coins.ph joins forces with Circle to introduce USDC remittances, targeting a more efficient and affordable money transfer solution for millions of Filipinos abroad, supporting the UN’s goal of trimming remittance costs by 2023.

S.Korea’s crypto market rebounds in H1 but down 48.5% from 2021 close

South Korea’s cryptocurrency market has bounced back during the first half of this year but is still almost 50% below its value at the end of 2021, according to the Korea Financial Intelligence Unit (KOFIU), a government agency that oversees the nation’s anti-money laundering regime. See related article: Hamas crypto donation accounts frozen by Israel […]

Binance users in Hong Kong hooked by US$450,000 phishing attacks

The Hong Kong police warned on Monday that 11 Hong Kong-based Binance users lost over US$446,000 (HK$3.5 million) in cryptocurrencies to phishing text messages in the last two weeks. See related article: Gitcoin error sends US$460,000 to digital void Fast Facts See related article: CMCC Global raises US$100 mln to launch Hong Kong Web3 fund

Coinbase is “doubling down” on Singapore following license, says country director

The largest U.S.-based cryptocurrency exchange will be launching more products and services in the Lion City, Coinbase’s Hassan Ahmed says.
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SBF trial kicks off, Singapore gives crypto licenses as blockchain data comes to rescue

Welcome to Forkast IQ, presented by Forkast’s Megha Chaddah, where we look beyond the headlines to get you insights that power smarter decisions.

HKEX to launch smart contract settlement platform

Hong Kong Exchanges and Clearing Limited (HKEX) announced on Wednesday that it is implementing a smart contract upgrade to its Connect, a system that bridges Hong Kong and China’s stock markets, to enhance post-trade workflows and reduce settlement risk. See related article: SFC to monitor illegal VATP activities with Hong Kong Police Force Fast Facts […]

CMCC Global raises US$100 mln to launch Hong Kong Web3 fund

CMCC Global, a Hong Kong-based blockchain-focused venture capital fund, announced Wednesday that it raised US$100 million to launch the “Titan Fund.” See related article: SFC to monitor illegal VATP activities with Hong Kong Police Force Fast Facts See related article: Valkyrie CIO expects US spot Bitcoin ETF approval in Q2 2024 (Update adds comment from […]

SFC to monitor illegal VATP activities with Hong Kong Police Force

The Securities and Futures Commission (SFC) of Hong Kong and the Hong Kong Police Force announced Wednesday the establishment of a working group to monitoring and investigating illegal activities related to Virtual Asset Trading Platforms (VATPs).  See related article: Hong Kong crypto network Mixin loses US$200 million in hack Fast Facts See related article: JPEX […]

Bank of Korea to kick off wholesale CBDC pilot

South Korea’s central bank will be launching a pilot program for its central bank digital currency (CBDC) to explore infrastructure requirements, according to an Oct. 4 joint statement by the Bank of Korea (BOK), the nation’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). See related article: CBDCs are coming. Here’s why you […]

Ripple attains Singapore license to offer digital payment token services

The Asia-Pacific branch of Ripple Labs has received a Major Payments Institution license from the Monetary Authority of Singapore.

Coinbase obtains Singapore’s Major Payment Institutions license

The Major Payment Institution license from Singapore’s central bank allows the exchange to expand its digital payment token services in the Lion City.

September 2023

Taiwan tightens crypto governance, HK acts on JPEX; El Salvador stockpiles Bitcoin

Asia is stepping up the regulatory ground for the digital asset and take a look at El Salvador’s Bitcoin future.

Philippines no plans to mirror U.S. SEC’s ‘crypto crackdown’, to publish crypto framework by H1 of 2024, says securities regulator

The Philippine Securities and Exchange Commission delayed the publishing of a crypto framework earlier this year citing the FTX collapse in late 2022 as the reason.

‘There’s no doubt we picked a side here’ — Chainalysis founder Michael Gronager talks analytics, Ukraine and crypto adoption in Asia

In the second in a series of 1-on-1 interviews from the Token 2049 crypto conference in Singapore held Sept. 13-14, Michael Gronager, founder of blockchain analytics firm Chainalysis, spoke to Forkast about crypto use in the Ukraine conflict, tracking illicit on-chain activity and digital asset adoption in Asia.

SEC Chair Gensler faces bipartisan backlash over strict crypto regulations

Top blockchain and crypto news: U.S. lawmakers berate SEC over ETF applications. NFTs down but not dead. Hong Kong sees year’s biggest crypto heist so far.

South Korea sentences ex-Coinone crypto exchange executives for bribery

Two former employees at Coinone were sentenced Tuesday for accepting bribes in exchange for listing certain cryptocurrencies on the platform.

Binance Japan partners with mega bank MUFJ on stablecoin project

Mitsubishi UFJ and Binance Japan will collaborate on the issuance of fiat-pegged stablecoins.

Hong Kong crypto network Mixin loses US$200 million in hack

Mixin Network announced Monday that the database of its cloud service provider was hacked, resulting in the loss of approximately US$200 million.

Bitcoin, Ether fall with Toncoin leading losses in top 10 cryptos

Bitcoin fell below US$26,500 while Ether dipped below US$1,600 in the past 24 hours.

South Korean entertainment firm NHN to build blockchain games on Sui despite local ban

NHN Corporation announced Friday that it has partnered with U.S.-based Mysten Labs to launch an on-chain game scheduled for 2024.

AI, Asia and analytics — an interview with Nansen’s Alex Svanevik

Blockchain analytics are key to understanding the nascent crypto industry. But the analysis sector is far from immune from the pressures of the ongoing crypto bear market. In the first of a series of 1-on-1 interviews from the Token2049 conference held in Singapore Sept. 13-14, Alex Svanevik, CEO of blockchain analytics firm Nansen, sat down with Forkast to discuss current crypto challenges, the Asia growth market and the increasing use of artificial intelligence in the industry.

HK’s SFC & US SEC crack the whip as Blockchain Week rocks Manila

It’s a week for regulatory enforcement in the cryptocurrency space as blockchain takes center stage in the Philippines.

Hong Kong may tighten enforcement amidst JPEX scandal, says former SFC official

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.

South Korea’s Kakao, Com2Us wind down metaverse units

South Korea’s top internet company Kakao and leading game developer Com2uS are sizing down their metaverse teams after large losses.

US SEC to tighten regulatory enforcement beyond Coinbase, Binance.US

Top blockchain and crypto news: U.S. SEC steps up regulatory enforcement. Gaming giant Zynga moves into NFTs. Woes ahead for JPEX exchange after HK arrests.

South Koreans hold nearly US$100 billion in crypto overseas

South Korean investors and corporations hold over 131 trillion Korean won (US$97.9 billion) worth of cryptocurrencies in overseas accounts.

How Singapore is redefining Web3’s public-private landscape

Now a top-ranked crypto hub, Singapore is a shiny example of the central role that government can play in nurturing industry growth while bolstering consumer protections.

JPEX crypto exchange shuts trading amid Hong Kong regulator probe

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. 

BNB leads winners in top 10 cryptos; Bitcoin, Ether rise 0.8% in afternoon trading 

BNB led gainers in the top 10 cryptocurrencies by market capitalization, despite Binance’s growing challenges. Bitcoin and Ether rose during afternoon trading in Asia, as market analysts are saying it could start picking up more bullish momentum above the US$26,000 mark. See related article: Weekly Market Wrap: Deutsche Bank’s crypto move propels Bitcoin to US$26,750 […]

Friend.tech a surprise hit among crypto investors at Token2049 as they urge ecosystem expansion

Funders see the novel social media network as emblematic of an abundance of opportunity in crypto and DeFi amid infrastructure gaps and increased integration with real-world assets

Half a world away — Gary Gensler’s SEC dominates discussion at Singapore’s Token 2049

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.

Binance.US cuts manpower, FTX liquidates crypto as people throng to TOKEN 2049

We bring you to one of the biggest crypto events in Asia.

Most top 10 cryptos rise; Tron, Toncoin biggest gainers

Bitcoin rises past US$26,500. All other top 10 cryptos gain, except BNB.