The Indian government and the Reserve Bank of India (RBI) are working in “complete harmony” and any decision on cryptocurrency will be made jointly, finance minister Nirmala Sitharaman said in a press conference on Monday. Fast facts Discussions on crypto have been ongoing between the government and the RBI — India’s central bank — even […]
Exchanges say the crypto tax was announced without key directives. While exchanges await clarity, they struggle to figure out their role in the tax system.
Union minister Bhagwat Karad said on Saturday that cryptocurrencies are not legal in India and that their future is uncertain at the moment. Fast facts Many investors and exchanges had viewed a decision to impose a 30% tax on cryptocurrency profits as a step toward validating the industry. Finance minister Nirmala Sitharaman, however, clarified last […]
Bitcoin’s hashrate reached an all-time high over the weekend, despite many miners being forced to move operations out of Kazakhstan. Fast facts The total Bitcoin hashrate surged by 31.7% to an all-time high of 248.11 exahashes per second in raw values on Saturday, according to data from Blockchain.com. The latest hashrate read at 209.63 EH/s […]
South Korea’s Sungkyunkwan University will issue non-fungible token (NFT) certificates to three students who won in-school competitions at the institution’s upcoming online graduation ceremony on Wednesday. Fast facts Sungkyunkwan University said NFT certificates can be used any time as official proof of graduation without the risks of losing the original or fear of forged copies. […]
Phillips, a global auction house, launched a nine-day non-fungible token (NFT) auction on Monday, Valentine’s Day, in Hong Kong. Fast facts Six artworks are being auctioned as NFTs. One NFT for bidding is an auction data-generated NFT “Drowning in Love” made by MonoC, a virtual artist developed by Gusto Collective. MonoC is a virtual metahuman […]
Reserve Bank of India’s chief sends crypto warning. In addition, Korean crypto execs gets jailed
Seven executives of scam crypto exchange V Global were found guilty on Friday and sentenced to jail time — but it might not be enough to console victims.
The Philippine Digital Asset Exchange (PDAX) has raised US$50 million in a Series B funding round led by Tiger Global. Fast facts UBX, the venture fund of UnionBank of the Philippines, Kingsway Capital, Jump Capital, U.S. blockchain payments company Ripple, among others, also participated in the round. The funding round started in August last year […]
North Korea’s foreign affairs ministry wrote on its website Tuesday that the U.S. is behind the claim that the socialist state hacked millions of dollars worth of cryptocurrency. Fast facts The Democratic People’s Republic of Korea (DPRK) warned that it considers the act of spreading rumors about a “non-existent” cryptocurrency theft to be a serious […]
Reserve Bank of India Governor Shaktikanta Das said in a press conference that cryptocurrencies have no underlying value and that they are “not even a tulip,” warning investors of its risks. Fast facts Das’s comments come just over a week after India’s central government announced a 30% taxation plan on income from crypto assets as well […]
Netmarble revealed Thursday that it has formed a strategic partnership with Binance to establish a global blockchain gaming ecosystem. Fast facts Binance will provide its blockchain platform and tech infrastructure to Netmarble. Netmarble will build a new sidechain on the Binance Smart Chain (BSC) for developing GameFi and an initial game offering (IGO) on the […]
Japanese gaming giant Bandai Namco plans on a metaverse with their IP meanwhile, Russia does a crypto flip.
Upcoming digital yuan trial to piggyback on Hong Kong’s popular Faster Payment System for smoother cross-border transactions.
The announcement of a crypto tax dispelled fears of a ban but left exchanges wondering whether they may be hurt in the long run.
China does not expect significant impact on its monetary system if the digital dollar were introduced, said Mu Changchun, director-general of the People’s Bank of China Digital Currency Initiative on Wednesday. He spoke at a panel organized by the Atlantic Council think tank to support the release of the International Monetary Fund’s report on central […]
The United Nations specialized agency for telecommunications standardization, ITU-T, has approved a non-fungible token (NFT) technical framework proposed by Chinese tech giants including Tencent Holdings and Ant Group, state-owned media reported. Fast facts The framework, which introduces an NFT standard, proposes technical and security requirements for digital collectibles on the blockchain. The international standards approved […]
Bandai Namco is investing 15 billion Japanese yen (US$130 million) into building an “IP Metaverse” with its array of games and content, the Japanese entertainment conglomerate announced on Tuesday. Fast facts “Through the IP Metaverse, we will establish communities among Bandai Namco and fans, as well as among fans themselves,” the company wrote in its […]
Indian crypto trading exchange CoinDCX says it has crossed the 10 million user mark. Fast facts CoinDCX had 3.5 million customers as of August last year. CoinDCX became India’s first crypto unicorn after its Series C funding round led by former Facebook co-founder Eduardo Saverin’s B Capital and others. Established in 2018, the company’s milestone […]
Kakao Games announced Tuesday that Friends Games, its subsidiary, will now become Meta Bora to focus on blockchain-based games and entertainment supporting its Bora cryptocurrency. Fast facts “We will work our hardest to help the development of the Web 3.0, such as in blockchain and the metaverse, by integrating Kakao Games’ game industry network and insight […]
The Hong Kong government intends to propose a licensing system for crypto exchanges, according to a discussion paper published on Monday. Fast facts The proposed amendments to the Anti-Money Laundering and Counter-Terrorist Financing bill will designate any crypto exchange as a “regulated virtual asset activity” and any person who seeks to engage in this work […]
South Korean crypto exchange Bithumb goes for Olympic gold, meanwhile in India clouds cast over crypto tax questions
Bithumb, one of South Korea’s largest cryptocurrency exchanges, says it will distribute digital art non-fungible tokens (NFTs) for traders who meet the criteria every time South Korea wins a medal at the Beijing Winter Olympics. Fast facts Held jointly with blockchain-based sports content platform 300FIT, the NFTs will be accessible to traders who have transacted […]
“Digital collectibles” issued by Shanghai Securities News are trading at least 13 times their original price on China’s largest second-hand trading platform, despite state media’s criticism of the non-fungible token (NFT) frenzy. Fast facts In China, the phrase “digital collectibles” is often used to avoid references to NFTs. The collectibles are now available on the […]
Binance, the world’s largest crypto exchange, has partnered with YG Entertainment, a top K-pop entertainment agency, to develop non-fungible tokens (NFTs), metaverse and gaming projects, despite fans’ concerns over the potential environmental impact. Fast facts Binance announced Tuesday that it will provide the NFT platform and technology support, while YG will supply the content. Helen […]
Japan’s largest bank, Mitsubishi UFJ Trust (MUFJ), plans to issue a yen-pegged stablecoin in 2023 for instant settlement of securities transactions, according to Nikkei Asia. Fast facts By accelerating the settlement process, Mitsubishi UFJ hopes to cut costs arising from settling securities transactions by fiat, which usually takes a few days to process. Japan’s Financial […]
An Indian auto parts dealer became the victim of a US$267,000 cryptocurrency scam after local police closed the case on what was determined to be a hoax call on Friday, local media reported. Fast facts 29-year-old victim Vinay Jain told police on Saturday that he had been robbed by the accused who had promised him […]
Over 54,000 crypto investors have signed a petition urging the Indian government to reconsider a planned 30% tax rate announced earlier this week. Fast facts Blockchain and crypto education provider Crypto India co-founder Aditya Singh started the petition on Thursday to stop the government from comparing crypto to “social evils like betting and gambling.” The […]
The beloved Pinkfong Baby Shark franchise is getting its own blockchain-based play-to-earn (P2E) game, set for a worldwide release in the first half of this year, South Korean developer CityLabs announced on Thursday. Fast facts The Baby Shark Bubble Pong Friends game has been teased as a bubble-shooter puzzle game where players transact in cryptocurrencies […]
Australian resources mining billionaire Andrew “Twiggy” Forrest is taking Meta (formerly Facebook) to court alleging the social media giant breached local money-laundering laws by failing to prevent false cryptocurrency advertisements on its platform. Fast facts In legal proceedings lodged in the Western Australia Magistrates Court, Forrest alleges Meta “failed to create controls or a corporate […]
Top blockchain and crypto news: New Delhi’s crypto give and take. Malice in Wonderland? Hong Kong’s selective spot ETF rules.
In a first for the country, the Sovereign Yidindji Government in Australia has issued a CBDC with its first transaction occurring this week.
Indian crypto exchanges are experiencing a surge in trading volume since finance minister Nirmala Sitharaman announced a 30% tax on crypto transfers at the budget session of parliament on Tuesday. Fast facts Binance-owned WazirX’s 24-hour trading volume has soared by 56.26% while its WRX token price jumped 25.3%, as of press time. The trading volume […]
Indian Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday that a 30% tax will be levied on income from all cryptocurrency or digital assets transfers. Fast facts The levy on cryptocurrency will also apply to non-fungible tokens (NFTs) and gifts, where the recipient will be taxed. In case of losses from crypto […]
Indian Finance Minister Nirmala Sitharaman confirmed at the parliament budget session on Tuesday that the Reserve Bank of India (RBI) will issue a digital rupee based on blockchain, as she proposed the issuance for financial year 2022-23. Fast facts “Digital currency will also lead to a more efficient and cheaper currency management system,” the minister […]
Thailand has axed plans to apply a 15% withholding tax on crypto transactions after a backlash from crypto traders within the country, the Financial Times reported. Fast facts Last week, Thailand’s financial authorities announced plans to tighten regulation on the industry — including the 15% tax — aimed at limiting the widespread adoption of digital […]
All eyes will be on Beijing for the upcoming games — will China use the spotlight to officially launch its CBDC?
The Sovereign Yidindji Government (SYG) in northeastern Australia has released a central bank digital currency (CBDC) and a digital ID system on blockchain wallet network MetaMUI. Fast facts The Aboriginal people of Yidindji have lived in the territory for over 60,000 years and in 2014 established the SYG. The SYG and the Australian government, including […]
Singapore-based medical service firm Zuellig Pharma is using its blockchain-based medical tracking tool eZTracker to enhance vaccine transparency by flagging expired or mismanaged Covid-19 shots. Fast facts The eZTracker system verifies the authenticity of vaccines and other medical products to improve supply chain transparency and prevent black market distribution of supplies. QR codes on product […]
Hong Kong’s financial regulators released new guidelines on Friday that restrict retail investor access to financial products that invest directly in digital assets. Fast facts In a joint circular released by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), the regulators placed sales restrictions on non-derivative products such as crypto […]
The Bank of Japan’s (BOJ) chief called on the U.S. and Europe to cooperate on creating a global technical standard for a central bank digital currency (CBDC), Reuters reported on Friday. Fast facts The central bank has not made a decision on the issuance of a CBDC, but has conducted experiments while deliberating on the […]
South Korean game developer Netmarble announced its crypto and play-to-earn (P2E) strategies at a press conference on Thursday, including plans to issue its own cryptocurrency. Fast facts Netmarble CEO Kwon Young-sik said the company is preparing to issue and list a crypto token that would act as a key currency for Netmarble games. Netmarble has […]
Hong Kong’s central bank digital currency (CBDC) project with three other central banks and the Bank of International Settlements (BIS) will enter its pilot stage this year to test international trade settlements, a Hong Kong government official said. Fast facts Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, said on Wednesday the […]
Russian Ministry of Finance against the latest crypto ban, meanwhile in Korea, there are plans to protect metaverse users.
With new products and services being launched and international exchanges setting up camp, crypto startups thrive despite the shadow of a crypto ban.
South Korea’s media regulation agency has launched a council to discuss user protection on the metaverse, including the issue of sexual harassment targeting minors. Fast facts The council, under the Korea Communications Commission, consists of 30 professionals in media, law, technology and industrial management, and will discuss issues in the metaverse such as violence, sexual […]
Klaytn, a public blockchain platform under South Korean internet giant Kakao, has joined China’s Blockchain-based Service Network’s (BSN) international infrastructure. Fast facts Klaytn’s joins fellow public blockchains Ethereum, Solana, Tezos and Polkadot in BSN International, to become accessible to the 25,000 developers in the ecosystem. The BSN is a Chinese state-backed project that is split […]
Political chaos and power shortages are causing miners to flee a nation that only recently became the world’s second-largest Bitcoin producer.
Boston Consulting Group (BCG), one of the Big Three global management consulting firms, says the South Korean crypto market will be worth around 1,000 trillion won (about US$835 billion) in 2026, while calling for a brand new regulatory framework. Fast facts The number comes from BCG Korea’s Future of Asset 2022 report, which said South […]
People.cn, the online arm of the Communist Party of China’s party newspaper People’s Daily, launched a “digital collectibles” NFT gallery on Tuesday and hinted that it might launch artwork trading, even though authorities in the past have criticized the non-fungible token (NFT) market for its hype and speculative behavior by investors. Fast facts “Digital collectibles” […]
Thailand’s financial authorities have unveiled a plan to issue regulations that would “limit the widespread adoption of digital assets as a means of payment for goods and services” in a bid to protect the country of 70 million people. Fast facts Thailand’s Securities and Exchange Commission (SEC), Ministry of Finance (MOF) and The Bank of […]
The Bank for International Settlements (BIS) Innovation Hub announced on Tuesday that its Hong Kong Center will explore this year whether decentralized finance (DeFi) can improve financing for small and medium enterprises. Fast facts In Hong Kong, the BIS has been working with central banks of China, Hong Kong, United Arab Emirates and Thailand on […]
The tech-savvy nation is deemed a prime environment to grow the metaverse. What comes next, and will some be left out by a digital divide?
A survey of more than 1,000 digital respondents found 79% of Indians want more clarity on cryptocurrency and non-fungible token (NFT) regulations in the budget session of Parliament starting on Jan. 31, according to new survey findings. Fast facts The survey, conducted by tax and advisory firm Grant Thornton Bharat, also found that 61% of […]
South Korean police have provided global police agency Interpol with information on a crypto-related voice phishing case after receiving a purple notice on two international crimes that victimized locals, according to local media reports. Fast facts Last May, an individual was reported to be disguised as a public prosecutor to convince a victim to buy […]
China’s Zhejiang wants six of its cities to compete for the next digital yuan pilots, which may open the door for the eastern coastal province to showcase the central bank digital currency (CBDC) during the September Asian Games. Fast facts
China’s state-backed blockchain network disclosed eight platform partners today in line with the soft launch of its non-fungible token (NFT) platform, the BSN-DDC network. Fast facts The auction house Rong Bao Zhai, Hainan International Culture and Artworks Exchange Center — an essential part of China’s free trade port — and EY Blockchain are among the […]
Korea will include virtual assets in its financial survey, while China’s central bank hunts for CBDC talents.
Despite Singapore’s reputation as a crypto-friendly hub, the truth is more complicated. Is the city-state purposely keeping out small companies?
South Korea’s statistics bureau announced on Sunday that it will include virtual assets in its annual household finances report, which can set the stage for incoming crypto tax rules next year. Fast facts Statistics Korea (KOSTAT) will sample 20,000 households on their crypto holdings valued on March 31, but the survey results will not be […]
K-pop fans are waging online campaigns against their favorite artists over NFTs, denouncing the technology’s carbon footprint. How polluting are NFTs?
South Korea envisons itself becoming a top metaverse leader, while Russia’s central bank proposes crypto ban.
The top contenders jockey for position on initial coin offerings and other blockchain-based innovations. How did crypto become a critical factor in the race?
Guangdong Province’s 2022 Government Report says its capital city Guangzhou will become a digital yuan testbed and a blockchain innovation application pilot center in 2022. Fast facts Guangzhou applied to become a new digital yuan pilot city in September 2021. Guangzhou is one of the major cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). […]
South Korea’s science ministry announced on Thursday a five-year strategy to lead the global metaverse race. Fast facts South Korea aims to produce 40,000 experts in the metaverse field to propel the nation into the ranks of the five leading nations in the global metaverse market. South Korea’s Ministry of Science and ICT (MSIT) said […]
South Korean company Hyundai Card’s VP says crypto passing through the “tulip stage”, meanwhile NFT is shifting towards Asia.
BIT Mining’s Ohio mining site has achieved about 50 megawatts of power capacity in the midst of its U.S. expansion, the crypto miner announced on Tuesday. Fast facts BIT Mining’s Ohio data center will continue scaling for a planned capacity of up to 150 MW. The site currently conducts self-mining operations while hosting third-party miners. […]
The digital yuan is undergoing its final preparations in the leadup to the Beijing Winter Olympics, despite the expected absence of a general audience due to Covid-19 concerns. Fast facts The People’s Bank of China (PBOC), the central bank, said all payment channels for the 2022 Winter Olympics, including the digital yuan, are set to […]
Several mainland tech giants are launching digital collectibles as a novel gifting option for the Chinese New Year holiday season, which starts Feb. 1. Fast facts Digital collectibles are essentially non-fungible tokens (NFTs), but the term has been discouraged by authorities. Chinese search engine Baidu’s XuperChain has launched its digital collectibles platform, with a series […]