June 2022
NFTs in China must be reviewed: China media watchdog
Digital collectibles in mainland China will enjoy copyright protection only after a review, National Press and Publication Administration blockchain copyright director Liu Tianjiao said. See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts See related article: China-run media outlet criticizes NFT platform as a payment risk
Huobi closes Thai crypto unit, regulator revokes license
Huobi Thailand will shut its cryptocurrency trading platform’s Thailand unit on July 1 after the country’s Securities and Exchange Commission (SEC) revoked its license. See related article: Can Thailand emerge as a ‘crypto-positive’ travel destination? Fast facts Huobi Thailand said the firm will no longer have any connections or legal bindings with Huobi Group following […]
Crypto rises on Fed hike; Three Arrows insolvency concerns
Bitcoin, Ethereum and TRX recover as the Federal Reserve raises interest rates. Meanwhile, Three Arrows Capital faces liquidation concerns.
Tencent, Alibaba, ByteDance have the most potential in the metaverse: report
The Chinese tech giants lead a list of the country’s top 200 companies with the most potential in the metaverse, according to rich list compiler Hurun Report. To be eligible, firms needed to have a market capitalization of US$1 billion or more. See related article: ‘Metaverse’ enters government radar at China’s Two Sessions Fast facts […]
Coinbase lays off 8% of its India workforce
The job cuts in India were much lower than the global average of about 18%, a senior executive at the Nasdaq-listed cryptocurrency exchange said. See related article: Coinbase, biggest US crypto exchange, cuts workforce by 18% Fast facts The largest cryptocurrency exchange by trading volume in the U.S. Wednesday said about 8% of its India […]
Yahoo, Meta look to Hong Kong for metaverse tests
Yahoo will host virtual concerts and exhibitions featuring celebrities and influencers for Hong Kong residents on the Decentraland metaverse, the company announced on Wednesday. See related story: Hong Kong’s subway operator plans virtual station in metaverse Fast facts Yahoo is also launching a non-fungible token (NFT) exhibition called The Abyss of Kwun Tong to recreate […]
Cryptocurrencies take a pounding as inflation worries spark sell-off
Top blockchain and crypto news: Cryptos sink as inflation rises. Celsius freeze sends CEL token tumbling. Are Inner Mongolia’s miners catching a break?
Inflation bashes crypto market; South Korea’s new listing rules
Inflation hits crypto markets hard as Bitcoin drops almost 8%. Meanwhile, South Korean exchanges work on new rules to prevent another Terra Luna incident.
South Korean exchanges cooperate to prevent another Terra-LUNA debacle
To protect the country’s investors, South Korea’s top five crypto exchanges are forming a joint council to monitor the listing and delisting of cryptocurrencies. See related article: S. Korea finance regulator to audit Terra and related exchanges Fast facts Upbit, Bithumb, Coinone, Korbit and Gopax, five exchanges authorized to provide cash-to-crypto services in Korea, will […]
Manny Pacquiao is launching NFTs in memory of dog ‘Pacman’
Philippines senator and boxing legend Manny Pacquiao is launching non-fungible token (NFT) project Pacman to commemorate his late Jack Russell Terrier. See related article: Are PewDiePie, Manny Pacquiao and Spencer Dinwiddie riding the blockchain wave? Fast facts The cartoonish boxer dog-themed NFT collection pays tribute to Pacquiao’s pet Pacman, who was accidentally run over by […]
Inner Mongolia’s closure of crypto mine operations slows since September
Inner Mongolia has closed 49 cryptocurrency mining farms in total, but only four since September, according to the Inner Mongolia Daily, indicating either the process has been successful or the shutdown drive mandated by Beijing is slowing. See related article: Beijing banned crypto mining, so China miners went underground Fast facts See related article: Crypto […]
India’s crypto tax a blessing in disguise, stockbroker says
Indian crypto investors got lucky after February’s tax announcements reduced trading activities ahead of the market crash, Nithin Kamath, founder and CEO of online stockbroker Zerodha said. See related article: Short selling is good for any market, including crypto: Jim Rogers Fast facts “Even when trading stocks, the biggest reason for losses is trying to […]
Do Kwon loses appeal; India’s crypto pirate warning
As the Terra saga continues to unfold, Do Kwon loses an appeal against the SEC. Meanwhile, Circle’s head of policy slams CBDCs.
RBI to gradually launch India’s CBDC in FY23: deputy governor
The Reserve Bank of India (RBI) is planning to introduce a central bank digital currency (CBDC) in stages this fiscal year, T Rabi Shankar, deputy governor of the central bank, said in a press conference on Wednesday. See related article: RBI wants its CBDC to bring ‘little or no disruption’ Fast facts “Process of [the] […]
Steph Curry, Jaylen Brown NBA Top Shot NFTs to be on China public auction
Beijing Poly International Auction teased an online auction of 32 NBA Top Shot non-fungible tokens (NFTs), including collectibles of basketball stars Stephen Curry, Kevin Durant, and Kyrie Irving, with starting prices ranging from 100 yuan (about US$15) to 50,000 yuan (US$ 7,471). See related article: NBA is taking the lead with blockchain, crypto Fast facts […]
Cryptocurrencies like ‘world of Caribbean pirates’: India chief economic adviser
India’s chief economic adviser V. Anantha Nageswaran compared cryptocurrencies to the “world of Caribbean pirates” in the absence of regulation where “winners take it all” from somebody else, local media reported. Fast facts See related article: Coinbase blames India’s central bank for exit Cryptocurrencies fail to satisfy basic requirements such as having store value, widespread […]
Litecoin gets the boot; India’s tax typo
Litecoin revealed to have broke privacy laws in South Korea. Meanwhile, the Indian government corrects a typo which mistakenly altered a crypto tax.
Japan’s government approves policy to drive Web 3.0 adoption
The Japanese government on Tuesday gave the green light to a new policy that plans to develop and expand the Web3 environment in the country, including the use of cryptocurrencies, non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs). See related article: Japanese crypto firms team up to form a metaverse association Fast facts The approved […]
Litecoin anonymity update gets it booted from South Korean exchanges
Litecoin (LTC), the 20th-largest cryptocurrency in the world, is being ousted from South Korean crypto exchanges after its Mimblewimble Extension Blocks (MWEB) upgrade allowed the token to be sent anonymously — which is against local anti-money laundering regulations. See related article: South Korea’s crypto crackdown: What you need to know Fast facts Upbit, Bithumb, Coinone, […]
India crypto tax cut to 0.1% was a ‘typo’; gov’t issues clarification
A typo error on the Income Tax Department’s website mistakenly altered a 1% tax-deducted-at-source (TDS) figure to 0.1%, and has since been rectified, the Income Tax Department said on Wednesday. Fast facts See related article: India’s crypto tax will incur losses for government, says WazirX CEO “Some media reports have come to the notice of […]
US senators’ crypto bill; India’s crypto taxes bite
A bipartisan crypto bill has been introduced in the US Senate. Meanwhile, Singaporean investment company ADDX plans on recognizing crypto assets.
Binance comes out swinging as report links it to money laundering
Top blockchain and crypto news: Binance BNB slips amid allegations. STEPN marches through attacks. Is China’s slowdown straining crypto prices?
Hold onto your crypto bags, the regulators are coming
Falling prices, an imploding stablecoin, and more reports of hacks have occupied the cryptocurrency headlines in recent weeks, so it’s perhaps no surprise that regulators have noticed and they intend to do something about it.
Hyundai Card building its first NFT marketplace and wallet service
Hyundai Card, Hyundai Motor Group’s credit card arm, announced a joint venture with South Korean tech startup Like Lion to launch a non-fungible token (NFT) marketplace in the second half of this year. See related article: Hyundai Motor drives into metaverse branding with Meta Kongz NFT project Fast facts The joint venture, coined Modern Lion, […]
Only the big fish will survive as India cracks the whip on crypto: Binance-backed WazirX
High taxes and lack of support from traditional finance make it difficult for smaller crypto operators to survive in India, a senior executive at one of the country’s largest crypto exchanges said.
University of Hong Kong develops blockchain-based system to monitor construction quality
An architecture research team at the University of Hong Kong (HKU) developed a blockchain-based system to remotely track the quality of construction of student residences, according to a press release. See related article: Blockchain-powered air quality sensor test launches in Hong Kong Fast facts The system, named E-Inspection 2.0, helps manage construction quality inspection documents, […]
Singapore’s ADDX to include crypto assets in determining eligibility for private market investments
Before the development, only traditional assets like stocks, bonds, cash and real estate could be used for an individual to have access to complicated investment options in private markets, ADDX said. See related article: ADDX, Fullerton partner to tokenize PE fund of funds Fast facts ADDX’s move signals crypto’s status as an asset class in […]
With Artaverse, Hong Kong seeks to regain global arts influence
In hosting one of Asia’s largest outdoor NFT art exhibitions, the city — battered by lengthy quarantines and protests — is seeking to revolutionize the way art is presented.
Hong Kong says NFTs on certain assets may class as regulated securities
Non-fungible tokens (NFTs) can be regulated if they represent similar characteristics to securities, particularly in the category of “collective investment schemes,” Hong Kong’s Securities and Futures Commission (SFC) said on Monday. See related article: Hong Kong retail investors blocked from Bitcoin spot ETFs Fast facts See related article: Hong Kong to propose bill to license […]
Canada’s 3iQ launches Bitcoin and Ethereum feeder ETFs in Australia
Following Australia’s recent approvals of crypto-based exchange-traded funds (ETFs), Canada’s 3iQ Digital Asset Management launched two crypto feeder ETFs on the Cboe Australia Exchange on Tuesday. See related article: Canada’s 3iQ could be first to launch Australian crypto ETF Fast facts The two feeder funds, one in Bitcoin and another in Ether, track the asset’s […]
Google approves South Korea’s Cyworld metaverse app
Cytown, the metaverse currently being developed under South Korean software developer Hancom and local social media service Cyworld Z, recently received the green light from Google to launch a mobile app on the Playstore. See related article: Be kind, rewind! South Korea’s Cyworld is back in Web 3.0 avatar Fast facts Hancom will launch the […]
China’s zero-Covid policy realigning global economy, financial markets
Beijing’s official GDP growth target is 5.5% this year, but some analysts don’t see how that makes sense in the face of Shanghai-size lockdowns. Could a China slowdown be good news for central bankers trying to tame inflation?
Chongqing joins China’s digital yuan tax pilots
A Chongqing-based company became the first in the city to pay taxes with China’s central bank digital currency (CBDC), the digital yuan, according to local media. See related article: China to issue free digital yuan to boost locked down economy Fast facts See related article: What I learned from my role in digitizing the yuan
Prosecutor OKs arrest of Chinese executive accused of embezzling US$8 mln to mine Bitcoin
A prosecutor in Beijing has reportedly approved the arrest of a director of a Shanghai-listed Chinese big data company on suspicion of misappropriating the firm’s funds to mine Bitcoin, exchange filings showed. See related article: Beijing banned crypto mining, so China miners went underground Fast facts Li Qunnan, a director of the board of Zhongchang […]
To improve focus on studies, South Korean students turn to the metaverse
Studying in the metaverse is picking up steam among students in South Korea, who feel it helps them concentrate better and keep pace with peers akin to studying together at a library or at a cafe. See related article: South Korea places $185M bet on the metaverse Fast facts Students preparing for school or national […]
Bitcoin payments for local taxes in the works, Gold Coast mayor says
The mayor of Australia’s Gold Coast, Tom Tate, has suggested that city residents could be paying council rates, or local property tax, in Bitcoin. See related article: Aussie watchdog obtains cold wallet holding US$20M in Bitcoin involved with alleged scam Fast facts “It sends a signal that we’re innovative and bring in the younger generation,” […]
Singapore warms up to crypto industry — on its own terms
Crypto companies have voted with their feet in response to the city-state’s restrictions on their business. But they are still keeping an eye on opportunities.
CoinSwitch Kuber launches rupee index for Indian crypto market
Indian cryptocurrency exchange CoinSwitch Kuber launched CRE8 on Thursday, a rupee index tracking the Indian crypto market. See related article: India gets second crypto unicorn within two months Fast facts CRE8 claims to give traders real-time information on the Indian rupee-based crypto market, based on trades on the CoinSwitch exchange. “Until now, investors in India […]
Singapore’s crypto warning; Bitcoin takes a tumble
Singapore issues a crypto warning for retail investment. Meanwhile, Bitcoin took a tumble sparking market concerns
South Korea arrests man for allegedly stealing crypto based on personal data
South Korean police said Wednesday they arrested a man in his 30s on fraud charges for allegedly stealing about US$658,000 in cryptocurrencies based on personal data leaked on local social media platform Naver Band. See related article: Guilty verdicts handed down in S.Korea’s biggest crypto scam Fast facts The man allegedly stole cryptocurrencies from 90 […]
Retail investors shouldn’t invest in crypto: Singapore’s deputy PM
Singapore’s Deputy Prime Minister Heng Swee Keat cautioned retail investors to steer clear of investments in cryptocurrencies, saying the nascent asset class “is a highly risky area.” See related article: Singapore wants to bring some adult supervision to crypto Fast facts Many investors suffered losses and even lost their life savings in the recent meltdown […]
Singapore’s digital assets initiative; Shanghai lockdown ends
Singapore announces plans for a digital assets initiative. Meanwhile, Shanghai’s lockdown finally ends, but markets remain hesitant.
Terra’s LUNA moonshot can’t escape gravity of market misgivings
Top blockchain and crypto news: Investors shun LUNA 2.0. Ethereum gains amid relief rally. China’s stimulus goes digital.
Philippines gets new government, will new crypto taxes follow?
Cryptocurrency companies in the Philippines await legislation from the new Ferdinand Marcos Jr. administration on how the government will tax the industry. Some are worried.
South Korea to launch crypto oversight committee after Terra crash
In its urgency to reign in the cryptocurrency industry in the wake of the Terra collapse, South Korea will launch a “Digital Asset Committee” by the end of June, according to a local news report. See related article: South Korean authorities cite LUNA debacle to call for speedier crypto oversight Fast facts The committee will […]
Macao needs China’s heft in tech to introduce CBDC, official says
Lei Wai Nong, Macao’s secretary for economy and finance, said China’s expertise in developing its digital yuan could help the specially administered region introduce a central bank digital currency (CBDC), according to local media reports. See related article: China to issue free digital yuan to boost locked down economy Fast facts Lei said he will […]
Dunamu denies making US$100 million off of LUNA
Dunamu, the South Korean fintech company and operator of the country’s largest crypto exchange Upbit, rebutted claims that it profited by over 130 billion Korean won (US$105 million) off of LUNA Classic last year. See related article: S.Korea eyes restraints on crypto unicorn Dunamu over monopoly concerns Fast facts Last week, multiple local media reports […]
Kassio launches crypto-based financial services in India
Global crypto asset management platform Kassio has launched its services in India to help its users extract value from their crypto holdings beyond just trading, the company said in a statement. See related article: CoinDCX offers to let Indians earn yield on crypto holdings Fast facts Kassio offers instant crypto-backed loans and interest earnings up […]
Singapore plans digital assets initiative with financial industry
The Monetary Authority of Singapore (MAS) has announced Project Guardian, a collaborative initiative with the financial industry to explore the economic potential and value-adding use cases of asset tokenization, according to a statement from Deputy Prime Minister Heng Swee Keat on Tuesday. See related article: Singapore wants to bring some adult supervision to crypto Fast […]
May 2022
South Korea’s Dunamu, Sooho.io to develop SWIFT-like bridge for Web3
South Korea’s smart contract auditing firm Sooho.io is partnering with Lambda256, the blockchain subsidiary of Upbit operator Dunamu, to develop a bridge layer connecting the country’s fragmented decentralized finance (DeFi) and Web 3.0 ecosystem. See related article: Two crypto exchanges reach unicorn status in South Korea Fast facts The new bridge will work as a […]
Terra’s Mirror Protocol crisis averted; ETH crosses US$2,000 mark
Mirror Protocol’s price match error nearly led to another crisis for Terra. Meanwhile, Ethereum rises back up after nearly a week below US$2,000.
India almost ready with crypto consultation paper: Official
The Indian government is studying how other countries have regulated the asset class before drafting laws for the industry, the secretary for economic affairs Ajay Seth told local media. See related article: Crypto regulation has to ‘take its time’: India FM Nirmala Sitharaman Fast facts “Our consultation paper is fairly ready. We have gone into […]
India’s CBDC plans; Stablecoins vs CBDCs
The Reserve Bank of India explores digital rupee options. Meanwhile, Terra’s new Luna coin drops significantly since launch.
Tezos, generative NFTs take spotlight at Art Basel, Hong Kong
The Tezos blockchain showcased the evolving relationship between art, technology and culture at a three-day interactive exhibition, The Ever-Evolving World of Art, at Art Basel, Hong Kong, which ended Sunday. See related article: How Asia’s generative NFT art is reshaping the global creative culture Fast facts The event featured NFT works from 22 international digital artists, […]
China to issue free digital yuan to boost locked down economy
Shenzhen, Guangzhou, and Xiong’an New Area announced they are distributing free digital yuan “red packets” to boost local consumption amid China’s economic slowdown fueled by mass Covid lockdowns. See related article: Covid-19, postponed Asian Games to push digital yuan into the slow lane? Fast facts See related article: What I learned from my role in […]
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.