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Asia-Pacific

161 articles

May 2022

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 […]

Coinhako receives full license in Singapore

The Monetary Authority of Singapore granted the crypto exchange a Major Payment Institution license, allowing it to provide Digital Payment Token (DPT) services under the Payment Services Act, the company said.  See related article: Singapore wants to bring some adult supervision to crypto Fast facts In Singapore, cryptocurrency exchanges are required to be licensed and […]

How tokenization could transform Hong Kong’s fixed income markets

Tokenizing capital markets could offer greater efficiency and liquidity. How would that work in Hong Kong’s regulatory environment?
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India’s oldest depository launches blockchain for bonds

India’s National Securities Depository Ltd. (NSDL) introduced a distributed ledger technology platform for the Debenture Covenant Monitoring system on Saturday to enhance monitoring of bonds. See related article: Indian market regulator asks depositories to use blockchain Fast facts The Debenture Covenant Monitoring system’s decentralized ledger will provide an immutable and verifiable audit trail of transactions […]

Digital yuan gets green light on buses, trains in Xiamen, Guangzhou cities

China’s digital yuan is now accepted on Guangzhou city trams and can be used to recharge Xiamen’s city public transport card, as the metropolises join an expanding network of cities using the digital currency. See related article: Chinese state media calls for wider e-CNY adoption Fast facts See related article: Xiamen issues China’s first blockchain-based […]

China’s diktat against NFT flipping spawns an ingenious industry

Despite Beijing’s rhetoric against speculation in non-fungible tokens, some in mainland China are trading on WeChat groups, spawning an industry that caters to the fervor over the asset class.

Global NFT Sales Rise; Hong Kong Embraces NFTs

Bitcoin falls as Nasdaq hits its worst drop since 2020. Meanwhile, NFT exhibitions are popping up in Hong Kong.

SEC places Chinese crypto mining rig maker Canaan on pre-delisting list

T​he Securities and Exchange Commission (SEC) said it determined that Canaan used an auditor whose working papers cannot be inspected or investigated completely by the Public Company Accounting Oversight Board (PCAOB).  See related article: Canaan to buy back up to $100M shares to drive value Fast facts The SEC Wednesday said it is placing 88 […]

Pantera Capital closes 10 deals in India, including one with crypto unicorn CoinDCX

Pantera Capital, a U.S. hedge fund specialized in cryptocurrency investment, has closed about 10 deals in India, including one with crypto unicorn CoinDCX, Paul Veradittakit, a partner at Pantera, told The Economic Times. See related article: Temasek leads $200M funding round in crypto firm Amber Fast facts “We plan on doing a lot more (investments) […]

KoinBasket raises US$2 mln from global marquee investors

KoinBasket, a cryptocurrency investment start-up, has raised US$2 million in an early-stage funding round with the participation of leading global crypto veterans, the company said in a statement. See related article: India’s crypto shakedown be damned, CoinDCX raises $135 million Fast facts The Singapore-based company will use the funds for product and geographical growth, technology […]

President-elect’s crypto plans disappoint S.Korean fintech groups

The Korea Society of Fintech & Blockchain (KSFB) and the Korea Digital Asset Service Provider Association (KDA) labeled President-elect Yoon Suk-yeol’s cryptocurrency policy proposals as disappointing for leaving out crucial objectives. See related article: S.Korea’s incoming administration pushes to end ICO drought Fast facts South Korea’s incoming right-wing administration released 110 national tasks on Monday […]

Bitcoin’s role in a recession; Virtual NFT vacations

KakaoBank reviews a partnership with a local crypto exchange. Meanwhile, an Indian travel company launches NFTs of travel landmarks.

Otherdeeds NFT sale puts Ethereum scalability in glaring spotlight

Top blockchain and crypto news: Otherdeeds debacle stings with gas fee spike. Algorand scores World Cup deal. Will China be forced to embrace Bitcoin?

Wildlife conservatory Australia Zoo announces NFT project with Algorand

Australia Zoo, a wildlife conservatory related to the family of noted conservationist Steve Irwin, has announced a non-fungible token (NFT) series on the green blockchain Algorand to celebrate the 20th anniversary of its Wildlife Warriors conservation project.  See related article: Algorand becomes 2022 Qatar World Cup’s new blockchain partner Fast facts Created in partnership with […]

S.Korea’s incoming administration pushes to end ICO drought

South Korean president-elect Yoon Suk-yeol’s administration has included approval of initial coin offerings (ICOs) among its 110 national tasks announced Monday. See related article: Crypto is presidential election campaign issue for South Korea Fast facts The right-wing government will prepare a two-lane regulatory framework for ICOs by classifying digital assets as securities and non-securities. The […]

S.Korean KakaoBank considers crypto exchange partnerships

South Korean digital bank KakaoBank announced on Tuesday at its quarterly business performance conference it is reviewing a partnership with a local cryptocurrency exchange. See related article: South Korean banks seek green light on crypto Fast facts “As [crypto] is considered a major asset amongst customers, we are reviewing how we can provide virtual assets […]

MakeMyTrip launches NFT collection of top Indian travel spots

Indian online travel company MakeMyTrip has launched a non-fungible-token (NFT) collection of Indian tourist destinations, becoming the first Indian travel brand to step into the NFT space.  See related article: Is there a future for the NFT beyond digital art? Fast facts The NFT collection “Virtual Vacations!” aims at bringing to life “a kaleidoscopic meta-world […]

Square Enix sells Tomb Raider; US, China’s crypto fate

Algorand becomes FIFA’s new blockchain partner for the 2022 competition. Meanwhile, Square Enix sells Tomb Raider IP for blockchain ventures.

After crypto, India wants to come after DeFi

The Indian government is exploring ways to levy additional taxes on interest earned on cryptocurrencies through decentralized finance (DeFi) platforms located outside India, according to an Economic Times report. See related article: India tax breaks crypto’s back Fast facts The government wants to impose a 20% tax deducted at source (TDS) or factory-gate levy for […]

The Mooch is back, and batting for crypto!

Anthony Scaramucci, founder of investment firm SkyBridge Capital and former White House communications director, says governments such as those in China and the US will inevitably allow for people to own and trade cryptocurrencies.

S.Korea finance minister nominee wants to delay crypto tax for two years

Choo Kyung-ho, the yet-to-be-confirmed nominee for deputy prime minister and finance minister, said Monday a planned 20% tax on capital gains from digital asset investments and stock market investment should be pushed back until January 2025. See related article: South Korea’s 20% tax on virtual asset gains is postponed Fast facts During a National Assembly […]

Indian crypto exchanges ordered to record customer data for five years

The Indian Ministry of Electronics and IT has issued a new directive that requires cryptocurrency exchanges to collect and preserve a wide range of client data for five years, 60 days after the date of issuance on April 28.  See related article: Indians see future in crypto, government sees revenue, FM says Fast facts “During […]

Canada’s 3iQ could be first to launch Australian crypto ETF

Last-minute delays to three Australian cryptocurrency exchange-traded funds (ETFs) could allow Toronto-based 3iQ Digital Asset Management to launch the first of such products in the country, the Australian Financial Review reported. See related article: Launch of three crypto ETFs in Australia delayed Fast facts The Canadian firm lodged disclosure documents with the Australian Securities and […]

BTC Markets partners with Australian Fashion Week for couture NFT

Australian crypto exchange BTC Markets Pty Ltd has partnered with the 2022 Australian Fashion Week (AFW) in launching a couture dress as a non-fungible token (NFT) in collaboration with local designer Daniel Avakian. See related articles: How high fashion is waking up to blockchain’s possibilities Fast facts The dress will be displayed physically during the […]

April 2022

Another crypto firm leaves Singapore; South Korean secrets sold for crypto

Another crypto exchanges moves out of Singapore into Dubai. Meanwhile, two South Koreans have been charged for treason.

Perpetrator of South Korea’s ‘Bitcoin-gate’ untraceable

A loophole in South Korea’s recent ‘Travel Rule’ means the North Korean hacker behind the stunning espionage saga involving Bitcoin may evade authorities, Forkast learns.

Samsung Asset to list blockchain ETF in Hong Kong: report

South Korean asset manager Samsung Asset Management is reportedly set to list a blockchain exchange-traded fund (ETF) on the Hong Kong stock exchange (HKEX), local media reported on Thursday. See related article: South Korea’s largest financial group mulls crypto ETFs Fast facts The ETF set to list in Hong Kong will have the identical structure […]

Chinese streaming service Bilibili debuts NFTs for foreign buyers

Bilibili, a video streaming platform popular with China’s Generation Z, Thursday announced a batch of Ethereum-based non-fungible tokens (NFTs) for sale overseas. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts Bilibili said the NFTs will be a series of auto-generated characters with different features such as faces, clothes, skin […]

Flipkart launches innovation lab to explore future of e-commerce

Flipkart, the Indian e-commerce marketplace, plans to explore Web 3.0 and metaverse use cases including non-fungible-tokens, virtual storefronts, play-to-earn and other blockchain technologies under its new initiative, Flipkart Labs, the company said.  See related article: Chinese e-commerce giant JD.com offers NFTs despite state media criticisms Fast facts Flipkart Labs, based in Bengaluru, will also serve […]

Three Arrows Capital to ditch Singapore for Dubai

Three Arrows Capital, a cryptocurrency trading and hedge fund manager, is moving its headquarters to Dubai from Singapore, becoming the latest among a growing number of firms looking to expand their presence in the Middle East. See related article: Dubai could be crypto’s promised land, Citi says Fast facts Su Zhu, cofounder of Three Arrows […]

Singapore’s responsible crypto aim; Okay Bears storm the charts

Singapore says it wants to be a “responsible crypto hub”. Meanwhile, the Okay Bears lift Solana’s sales figures.

South Korean crypto CEO, soldier, sold military secrets to North Korea for Bitcoin

The Seoul Central District Prosecutor’s Office has indicted a local executive from a cryptocurrency investment firm and an active-duty military officer for violating the National Security Act by leaking military secrets to a North Korean hacker in exchange for Bitcoin and other cryptocurrencies, according to the prosecutor’s investigation report shared with Forkast. See related article: […]

Singapore wants to bring some adult supervision to crypto

The city-state wants to position itself as a hub for cryptocurrency service providers while holding onto its reputation as an important cog in the global AML, ATF compliance machinery.

Crypto regulation has to ‘take its time’: India FM Nirmala Sitharaman

Regulating crypto will take time to ensure the government takes a considered approach, Indian finance minister Nirmala Sitharaman said at Stanford University on Wednesday. See related article: Indians see future in crypto, government sees revenue, FM says Fast facts “We recognize that there is a lot of potential and already well-grounded progress made in the […]

Tax authorities in China jump onto NFT bandwagon

More state departments in China are embracing NFTs, with tax bureaus in Shanghai and Chengdu releasing tokens based on Tencent’s blockchain. See related article: ‘Voice of April’ NFTs highlight Shanghai’s struggles amid harsh lockdown Fast facts Shanghai will drop 2,000 NFTs themed on its tax office mascot on Friday. Chengdu’s tax office dropped 1,000 NFTs […]

Philippines central bank to trial wholesale CBDC

Bangko Sentral ng Pilipinas (BSP) will launch a wholesale central bank digital currency (CBDC) pilot project, coined CBDCPh, as part of its efforts to promote the stability of the country’s payment system. See related article: Report: Stablecoins, CBDCs may not resolve financial inclusion, international remittance challenges Fast facts The central bank’s pilot will test the […]

South Korean police arrest man behind NFT sale of cat-like character CatSle

The Seoul Metropolitan Police Agency’s cyber bureau has arrested a 26-year-old man for allegedly defrauding nine investors of 210 million KRW (US$165,798) over the sale of non-fungible tokens (NFTs) of a cat-like character named CatSle. See related article: S.Korean regulators to strengthen watch over NFTs and the metaverse Fast facts According to the police, the […]

Singapore grants in-principle license to Revolut

The Monetary Authority of Singapore (MAS) has granted in-principle approval to fintech firm Revolut to offer digital payment token (DPT) services under the Payment Services Act, according to media reports. See related article: Caught between a rock and a hard place, Singapore tightens crypto oversight Fast facts Revolut Technologies Singapore Pte. Ltd. (RTS) is already […]