NFTs based on late Qing dynasty painter Wu Changshuo’s artwork sell out
Non-fungible tokens (NFTs) featuring Chinese late Qing dynasty painter Wu Changshuo’s artwork debuted on Tencent’s Huanhe NFT platform on Thursday with all 28,000 copies selling out immediately after the drop, reflecting a still robust market for such assets in China. See related article: Chinese stock image agency VCG tests NFT marketplace Fast facts The Wu […]
RBI wants its CBDC to bring ‘little or no disruption’
The Reserve Bank of India (RBI) is aligning its central bank digital currency (CBDC) design with monetary policy objectives and financial stability, the central bank said in its annual report. See related article: Report: Stablecoins, CBDCs may not resolve financial inclusion, international remittance challenges Fast facts Finance Minister Nirmala Sitharaman announced in February the RBI […]
Terra 2.0 delayed; India’s Non Fungible League
StepN limits their services in China. Meanwhile, Terra 2.0 poses questions relating to investor trust.
Move-to-earn app STEPN to limit service in China
STEPN on Friday said it would stop providing Global Positioning System (GPS) and Internet Protocol (IP) location services to users in mainland China starting mid-July. See related article: Chinese runners offer substitute running to earn STEPN’s GMT for commission Fast facts STEPN said the move was made to abide by Chinese regulations and that it […]
Chinese stock image agency VCG tests NFT marketplace
Visual China Group (VCG), China’s largest stock image provider, has started a non-fungible token (NFT) marketplace that lets users outside of mainland China pay with Ether. See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts The platform, dubbed “Vault by 500px,” went live with a beta version on Wednesday, and […]
Non-Fungible Man NFT hero coming to Comic Con India
Pop culture event Comic Con India (CCI) will dive into the metaverse with the launch of non-fungible token (NFT) collectibles Non-Fungible League. See related article: How the metaverse is closing the gap between virtual and reality Fast facts The Non-Fungible League will create and mint heroes for the metaverse, and will contain a series of […]
Bitcoin hashrate falls; Australia’s crypto future
Bitcoin’s hashrate has dropped since the crypto market crash. Meanwhile, Australia’s new Labor government could bring about changes for the crypto sector.
CoinDCX offers to let Indians earn yield on crypto holdings
The operator of the Indian cryptocurrency exchange is working with large institutional borrowers, third-party lending partners and staking platforms to generate yield on cryptocurrency and digital assets, CoinDCX said in a statement. See related article: CoinDCX investment arm to invest US$13 mln in Web3 startups Fast facts The yield program doesn’t come with lock-in periods […]
What does the new Australian Labor government mean for the crypto industry?
Changes in government don’t come about too often in Australia, so there’s always plenty to unpack when it does, including what’s in store for investors in the world of cryptocurrency.
China Supreme Court calls for mass blockchain adoption in judicial system
The Supreme People’s Court of China urged the local judicial system to adopt blockchain technology to build up connections between courts across the country by 2025. See related article: How blockchain technology is shaking up courtrooms in Asia Fast facts The Supreme Court said in a document published on Wednesday that blockchain can utilize the […]
Why a Hong Kong CBDC is coming — for institutions
Governments around the world are racing to develop their own digital currencies, but an e-HKD may not make sense for Hong Kong’s people. John Mitchell of Episode Six explains why Hong Kong is unique.
Crypto tax preparer CoinTracker launches in India
The digital assets tax compliance and portfolio tracking firm’s launch in India comes after the country announced a series of measures to benefit off the gains made in cryptocurrencies. See related article: India tax breaks crypto’s back Fast facts Crypto users in India can use CoinTracker to aggregate and reconcile cryptocurrency and non-fungible token (NFT) […]
E-CNY use widens in Chinese schools; Terra faces audit
A hydropower plant in China has been fined for illegally powering crypto mines. Meanwhile, South Korean auditors plan on auditing Terra and other crypto exchanges.
China expands use of the digital yuan to high school campuses
The Lu Xun High School in China’s Hainan province has provided students with a new campus smart card device with digital yuan payment functionalities, further expanding use of the e-currency at education institutions, China’s largest state-owned broadcaster China Central Television (CCTV) reported Tuesday. See related article: Covid-19, postponed Asian Games to push digital yuan into […]
S. Korea finance regulator to audit Terra and related exchanges
The Financial Supervisory Service (FSS) of South Korea will perform an on-site inspection of Terraform Labs and financial services linked to TerraUSD (UST) or LUNA. See related article: Are we heading for a post-Terra crypto winter? Fast facts The FSS said at an emergency National Assembly meeting on Tuesday that the audit aims to prevent […]
Hydropower plant in China’s Hubei province fined for powering crypto mining
Chinese authorities have fined a hydropower plant in Central China’s Hubei province 43,493 yuan (US$6,528) for “illegally supplying electricity to virtual currency mining operations,” as the country continues to crack down on cryptocurrency operations. See related article: Beijing banned crypto mining, so China miners went underground Fast facts In addition to the fine, the authorities […]
Terra embezzlement alleged; RBI reiterates crypto warning
A Terra employee has been accused of embezzlement. Meanwhile, a crypto mining farm has been found in Russia’s oldest prison.
China’s BSN to launch overseas public chain without crypto support
China’s state-backed infrastructure Blockchain-based Service Network (BSN) announced on Tuesday that it is preparing the launch of BSN Spartan on Aug. 31, a new international network for non-cryptocurrency public chains. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts “We’re not against public chains, but we’re against crypto,” BSN developer […]
Beijing banned crypto mining, so China miners went underground
Authorities and Bitcoin miners play a cat-and-mouse game as miners find means to stay off the government radar and dodge crackdowns.
Crypto crash justifies RBI’s stance: central bank chief
Reserve Bank of India (RBI) governor Shaktikanta Das said in a local media interview that the central bank has rightly been cautioning against cryptocurrencies, following the collapse of Terra’s UST and LUNA. See related article: RBI calls for crypto ban in India, again Fast facts Das told CNBC TV18 on Monday that if crypto had […]
Hang Seng Index adds 30 metaverse-related Chinese companies
Hang Seng Index Company launched the China Metaverse Index on Monday to track the performance of 30 metaverse-related listed businesses in Hong Kong, Shanghai and Shenzhen. See related article: Asian Games set for digital yuan, metaverse pilots, tech firm claims Fast facts Hang Seng Index Company is a subsidiary of major Hong Kong bank Hang […]
Russia uncovers a crypto mining farm in its oldest prison: report
A deputy warden of Russia’s oldest prison has allegedly mined cryptocurrency in the facility and is under investigation on suspicion of stealing electricity to do so, Bitcoin.com reported on Monday. See related article: To stay relevant, crypto regulations need to evolve, decentralize: Crypto Rising Fast facts The deputy manager of Butyrskaya prison in central Moscow […]
S.Korean police probe Terra employee for alleged embezzlement
Seoul Metropolitan Police Agency’s Cyber Crimes Investigations Unit revealed on Monday that it has received a report alleging a Terraform Labs employee was involved in embezzling corporate funds, according to local media reports. See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon Fast facts The police are currently investigating the validity of the […]
Terra cofounder Do Kwon’s taxing questions; China’s underground mining
Terra co-founder responds to office closure allegations. Meanwhile, China re-emerges as a crypto mining hub despite 2021 ban.
Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon
Terraform Labs CEO and cofounder Do Kwon claimed on Saturday that the closure of two offices in South Korea was “purely coincidental,” and not a response to the national tax authorities’ investigation. See related article: LKB, 5 clients file lawsuit against Terra, Do Kwon to ‘Grim Reaper’ Fast facts Terraform Labs closed its two offices […]
G7 calls for regulation; Bored Ape transfer blocked
South Korean LUNA investors file lawsuit against Terra. Meanwhile, Singapore’s High Court blocks sale of a Bored Ape NFT.
Australia’s Commonwealth Bank slams brakes on crypto services
The Commonwealth Bank of Australia (CBA) has paused the launch of crypto trading on its app amid heightened volatility in the crypto market, The Guardian reported. See related article: Commonwealth Bank first in Australia to offer crypto trading Fast facts Australia’s largest bank announced its plans to allow customers to trade up to 10 cryptocurrencies, […]
Singapore court’s blocking of NFT transfer tests legal oversight
In an exclusive interview with Forkast, the lawyer representing the claimant discusses what the result means for NFTs and digital ownership.
Sony Music’s RCA Records Web3 venture breaks into Greater China
Sony Music Entertainment has set up a new Greater China venture for its American label RCA Records to explore opportunities in streaming, non-fungible tokens (NFTs) and the metaverse. See related article: John Legend’s OurSong raises US$7.5 mln to fuel music NFTs Fast facts The new label, dubbed “RCA Records Greater China,” will make key hires […]
LKB, 5 clients file lawsuit against Terra, Do Kwon to ‘Grim Reaper’
Five South Korean Terra (LUNA) investors with an accumulated loss of around 1.4 billion Korean won (US$1.1 million) represented by local law firm LKB & Partners have filed a complaint against Terraform Labs CEO Do Kwon and co-founder Shin Hyun-seung for two charges including fraud, according to local media reports. See related article: Knock, knock […]
Bitcoin rig maker Canaan reports over US$200 mln in Q1 revenue
Chinese crypto mining rig maker Canaan booked robust revenue growth in Q1 2022 despite logistical issues and supply chains disruptions from the pandemic, the company said on Thursday. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts Canaan recorded 1.36 billion yuan (US$214 million) in revenue in the […]
Bitcoin correlation continues; Terra vote starts positively
Indian crypto traders may soon be able to pay the crypto tax using foreign exchanges. Meanwhile, the Terra revival plan vote finally goes live.
Knock, knock Do Kwon, investors have quite a lot of questions for you
The man at the center of one of crypto’s biggest flops is trying to resurrect the Terra-LUNA project as his tribe of followers and out-of-pocket investors want to know what went wrong.
LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report
South Korean investors that have been financially damaged by the TerraUSD (UST) and LUNA fiasco are reportedly seeking legal action and applying for property seizure from Terraform Labs CEO Kwon Do-hyung. See related article: S.Korean lawmaker proposes summoning Do Kwon to the National Assembly Fast facts Local law firm LKB & Partners has made a […]
Indian crypto traders may pay tax for using foreign exchanges: report
The Indian government may impose a reverse charge goods and services tax (GST) on cryptocurrency investors using foreign exchanges, according to a local media report. See related article: India GST Council weighs 28% tax on crypto transactions Fast facts The reverse charge would levy a goods and services tax on the investor instead of the […]
China’s mining re-emergence; Terra community wants answers
China’s nationwide ban on crypto mining has not affected it’s high mining hashrate. Meanwhile, Terra’s community become frustrated as they struggle to find answers.
Blood moon: Terra’s LUNA rescue plan panned by industry, investors
Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.
Will ‘smart contracts’ rule the world? Maybe not in Singapore
Forkast sat down with Singapore’s biggest bank for insights into crypto regulations in the city-state. Singapore has a reputation for planning far ahead, so what’s in store for cryptocurrencies?
China banned Bitcoin mining and became world’s No.2 Bitcoin miner
The 2021 Bitcoin mining exodus has left underground miners thriving to push China’s hashrate share near to the top, new study finds.
Indian financial watchdog warns against celebrity crypto endorsements
The Securities and Exchange Board of India (SEBI) has suggested that no prominent public figures, including celebrities and sports personalities, should endorse crypto products, according to local media reports. See related article: India’s crypto ads to get ‘highly risky’ banners starting April Fast facts Trading cryptocurrencies is not illegal in India, but the activity is […]
Netflix Sweet Home producer to build K-drama metaverse in the Sandbox
The Sandbox metaverse has partnered with Studio Dragon, a Korean drama production company behind titles Crash Landing on You, Sweet Home and Kingdom: Ashin of the North, to build a K-drama metaverse. See related article: South Korea wants to be the physical home of the metaverse Fast facts The Sandbox said on Tuesday the pair […]
Terra hard fork proposed; Temasek ‘doesn’t own Bitcoin’
As Terra continues to crash, Do Kwon proposes a hard fork solution, Meanwhile, Singapore’s Temasek gets ready for tokenized assets.
S.Korean lawmaker proposes summoning Do Kwon to the National Assembly
South Korea’s ruling party lawmaker Yun Chang-hyun said Terraform Labs founder Do Kwon should be called in for a parliamentary hearing on the collapse of the company’s stablecoin and cryptocurrency. See related article: News of LUNA’s demise greatly exaggerated Fast facts Yun at Tuesday’s National Assembly session said investors had been damaged by the debacle […]
Singapore’s Temasek says doesn’t own Bitcoin, but prepping for tokenized assets
The Bitcoin community got a lift last year when it was reported Singapore’s sovereign wealth fund had bought Bitcoin. The company told Forkast in an interview that they do not own BTC, but they are keen on blockchain investments.
Kakao’s Klaytn to build blockchain in China with BSN
Klaytn, South Korean internet giant Kakao’s public blockchain, will build an open-permissioned blockchain for China’s state-backed Blockchain-based Service Network’s (BSN) infrastructure for the Middle Kingdom’s domestic use. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts Klaytn said on Tuesday it will take part in establishing the Chongqing Chain, a […]
China southeastern city tops US$3mln digital yuan transactions in pilot month
Jinhua, a city in China’s southeastern province Zhejiang, has announced that it has totaled at least 23,929,100 yuan (US$3.5 million) in digital yuan transactions in its debut month, with 556,600 digital yuan wallets opened for individuals, and 34,700 for business and institutions. See related article: Covid-19, postponed Asian Games to push digital yuan into the […]
UST, LUNA mess hits S.Korean P2E tokens; stocks bleed red
TerraUSD (UST) and LUNA’s crash is causing tension among South Korean play-to-earn (P2E) projects and their tokens, such as C2X, a blockchain gaming project on the Terra mainnet developed by Com2uS. See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’ Fast facts Local gaming giant Com2uS’s P2E cryptocurrency C2X saw […]
Australia’s taxman starts knocking on cryptocurrency investors’ doors
The Australian Taxation Office (ATO) warned the country’s cryptocurrency investors to appropriately report any capital gains or losses from digital assets — including non-fungible tokens (NFTs) — in an announcement on Sunday ahead of the upcoming tax season, starting July 1. See related article: Australian Tax Office warns: taxpayers on the hook for crypto tax […]
Indian economy at risk of ‘dollarization’ from cryptocurrencies: report
Parts of the Indian economy can lead to “dollarization” due to cryptocurrencies, which would be against the national interest, top officials of the Reserve Bank of India (RBI) told a parliamentary panel, according to local media. See related article: India’s financial stability at risk from cryptos: IMF Fast facts Local media quoted unnamed officials in […]
Chinese report slams LUNA; Terra’s LUNA revival plan response
Authorities in Asia use the LUNA debacle as rationale for oversight. Meanwhile, the LUNA community offers damage control solutions.
China state paper slams crypto and LUNA crash; applauds crypto ban
Chinese state-backed publication Economic Daily cited LUNA and UST’s crash to state cryptocurrencies “once again, proved its own risks and that it is a bubble” amid the Federal Reserve’s rate hike. See related article: Chinese runners offer substitute running to earn StepN’s GMT for commission Fast facts See related article: Tax authorities in China jump […]
South Korean authorities cite LUNA debacle to call for speedier crypto oversight
South Korean financial regulators have reportedly begun an emergency assessment of digital assets, geared toward accelerating the establishment of the “Digital Asset Basic Act” — the country’s upcoming regulation on cryptocurrencies. See related article: LUNA pumps and dumps repeatedly in weekend’s roller coaster run Fast facts The LUNA debacle will likely speed up the enactment […]
Do Kwon’s wife seeks police protection
The wife of the CEO of Terraform Labs sought protection after an unidentified individual visited their home in South Korea, local police told Forkast.
Can ETFs in Australia do for Bitcoin what they did for gold trading?
After the launch of three cryptocurrency exchange-traded funds on Thursday, Forkast spoke with company officials behind two of the funds, along with others in the industry, to see what the new investment platforms offer to investors.
Chinese runners offer substitute running to earn STEPN’s GMT for commission
Over 170 advertisements in Chinese tech titan Alibaba’s second-hand marketplace are offering running services to earn cryptocurrency GMT for STEPN users in exchange for fiat commissions. See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts STEPN is a blockchain-based decentralized application that allows users to earn GMT cryptocurrency rewards by […]
S.Korean president’s plan to raise crypto tax threshold hits road bump
The South Korean National Assembly Research Service (NARS) asserted a 20% tax on cryptocurrency gains set for 2023 must maintain a 2.5 million won (US$1,942.20) threshold, contradicting new president Yoon Suk-yeol’s initiative to raise the limit to 50 million won, according to a report released on Thursday. See related article: S.Korea finance minister nominee wants […]
Terra’s LUNA sacrifice; Australian crypto ETFs launch
Terra’s sacrifice of LUNA pushes the UST up to US$0.84. Meanwhile, South Korea plans the institutionalization of crypto.
Hong Kong police arrest suspect in nearly US$200,000 crypto theft
Hong Kong police announced on Tuesday the arrest of a 24-year-old who is suspected of stealing HK$1.5 million (US$191,076) in cryptocurrencies in a physical cash-to-crypto transaction. See related article: Hong Kong sees high engagement with crypto, Visa research shows Fast facts The police labeled the rare on-site cryptocurrency theft as a serious crime punishable by […]
South Korea hopes to institutionalize crypto by 2024
South Korea’s new administration under President Yoon Suk-yeol announced it plans to establish a new regulatory framework for crypto institutionalization to go into effect by 2024 after proposing legislation in 2023. See related article: A crypto bull wins the presidency: What it means for South Korea Fast facts Yoon’s administration intends to develop a bill […]
China’s industry lobby forms metaverse committee to help draft standards
China’s state-backed computer industry association set up a dedicated committee for metaverse development on Wednesday amid the country’s growing expansion into the virtual-reality world, local media reported. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts In an online seminar organized Wednesday by the industry lobby, Tan Jianrong, a professor of […]
Australia’s first Bitcoin and Ethereum spot ETFs go live
Australia’s first three cryptocurrency exchange-traded funds (ETF) launched on the Cboe exchange on Thursday, bringing Bitcoin and Ethereum products to the stock market. See related article: Launch of three crypto ETFs in Australia delayed Fast facts One of the funds, the Cosmos Purpose Bitcoin Access ETF (CBTC) from Cosmos Asset Management, tracks the Purpose Bitcoin […]
Coinbase blames India’s central bank for exit
The travails of the largest cryptocurrency exchange in the U.S., highlight the perilous path foreign companies have to brave in India’s evolving, but often ambivalent regulatory environment, especially when it comes to new technologies, and industries.
Terra plunges back to earth as UST stablecoin loses dollar peg
Top blockchain and crypto news: UST knocked out of Luna orbit. Making NFTs Instagrammable. China’s black market ‘digital collectibles’ trade.
Covid-19, postponed Asian Games to push digital yuan into the slow lane?
China’s central bank is driving the adoption of the digital currency, but a spate of lockdowns is slowing the economy and raising questions about the rollout.
Coinbase halted India services due to RBI’s ‘informal pressure’: Armstrong
Coinbase CEO Brian Armstrong admitted in Tuesday’s earnings call that the exchange disabled the unified payments interface (UPI) in India because of the central bank’s “informal pressure.” See related article: Coinbase snafu sets the cat among the crypto pigeons in India Fast facts Armstrong’s comments come a month after Coinbase suspended its India services three […]
Bitcoin kimchi premium spikes to 2022 high before dropping to 3%
South Korea’s kimchi premium dropped to around 3.39% on Wednesday after climbing up to its highest since December, 6.28%, on Tuesday, according to CryptoQuant data. See related article: Korea’s Bitcoin kimchi premium explodes as Kakao rises on Upbit rumors Fast facts Kimchi premium describes the higher price gap between tokens on South Korean exchanges and […]
Terra’s UST loses dollar peg; Philippines expects Marcos Jr win
Coinhako becomes third Singaporean exchange to receive full license. Meanwhile, the blockchain industry reacts to Philippine election results.
CoinDCX investment arm to invest US$13 mln in Web3 startups
CoinDCX Ventures has pledged Rs 100 crore (US$13 million) to early stage cryptocurrency, blockchain and Web 3.0 startups over the next 12 months, cofounder Sumit Gupta announced on Tuesday. See related article: India’s crypto shakedown be damned, CoinDCX raises $135 million Fast facts Crypto exchange CoinDCX has vouched at least US$258,000 in blockchain and Web […]
TZ APAC, NUS join for blockchain, computing education
Blockchain consultancy TZ APAC has partnered with the National University of Singapore School of Computing (NUS Computing) to set up the Centre for Nurturing Computing Excellence, the company said in a statement. See related article: CoinDCX chimes in on India’s growing blockchain education needs Fast facts The new center will enable students to learn from […]
India GST Council weighs 28% tax on crypto transactions
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 […]
China broadens digital yuan trial to select hospitals, Tianjin civil salaries
The city of Tianjin has begun paying the wages of some finance department workers in digital yuan, while local Chinese media reported that selected hospitals in Hangzhou and Guangzhou have begun accepting digital yuan payments for medical treatments. See related article: Central banks double down on CBDC issuance: BIS report Fast facts See related article: […]
Three Australian crypto ETFs to debut on Thursday after delays
Australia’s first cryptocurrency exchange-traded funds (ETFs) are set to go live on Thursday May 12 on the country’s Cboe exchange after delays kept the financial products off the market for two weeks. See related article: Launch of three crypto ETFs in Australia delayed Fast facts Three funds were initially announced for listing in late April […]