July 2023
Bitcoin dips but holds above US$30,000, all other top 10 cryptos drop
All top 10 cryptocurrencies, including Bitcoin and Ether, drop over the last 24 hours while investors brace for more interest rate hikes in the U.S.
Singapore, Thailand clarify crypto rules; NFTs become new cultural frontier
Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:
Tokenization makes the world a better place, and Asia is paving the way: Opinion
Hong Kong, Japan, Singapore and Thailand have regulations supporting the growth of tokenization, showing the world the benefits of fractionalizing assets.
How did Do Kwon move US$18 mln in stablecoins to ‘unfreezable’ tokens while in Montenegro jail?
A South Korean academic tracking on-chain data says Do Kwon, the imprisoned founder of the now collapsed Terra-Luna crypto project, seems to have outside help in moving stablecoins from his digital wallets into other cryptocurrencies.
No surprise as Singapore, Thailand step up crypto regulation
Southeast Asia steps up regulation. No end in sight for NFT market decline. Voyager’s shrinking portfolio.
Singapore’s DBS starts e-CNY bank services for China clients
Singapore-based DBS bank has introduced a “merchant collection solution” using e-CNY – China’s central bank digital currency – to allow corporate clients of DBS China to collect payments from their customers in e-CNY, and avail the automated settlement of e-CNY directly into their bank deposit account.
Australian regulator searches Binance’s local offices: Bloomberg
Australian Securities and Investments Commission (ASIC), the country’s financial services regulator, searched the local offices of Binance on Tuesday as part of an ongoing investigation of the exchange’s derivatives business, a Bloomberg report said.
Airchains to record land ownership with NFTs for Indian city
Indian Web3 firm Airchains has announced a partnership with the New Town Kolkata Development Authority of West Bengal, to release 500,000 NFTs in hopes to enhance registration and transfer of land ownership.
Singapore to require crypto firms to hold customer assets in a trust; restricts lending, staking by retail users
Cryptocurrency service providers in Singapore will have to keep customer assets under a statutory trust before the end of the year, for safekeeping purposes, the city state’s central bank announced Monday.
Hong Kong launches task force to promote blockchain initiatives, developments
Hong Kong’s local government on Friday set up the Task Force on Promoting Web3 Development to promote the benefits of blockchain to real-world industries.
Blockchain Alliance’s Raj Kapoor says the technology can reshape India’s governance systems
Kapoor founded the India Blockchain Alliance five years ago and gives an update on how the technology is being used in police reports to real estate transactions, as well as challenges of CBDC adoption and plans for tokenization of assets. He spoke in an interview for Forkast IQ.
South Korea approves crypto bill to protect investors, goes into effect in one year
South Korea approved a bill to protect cryptocurrency investors as part of building the country’s first legal framework devoted to digital assets.
June 2023
Ripple executive spells out Asia future after license success in Singapore
Ripple Labs’ Asia-Pacific branch is offering digital payment services in Singapore after receiving in-principle approval of its license application from the MAS on June 22. What does that mean for the company’s Asia business?
Bitcoin ETFs, Azuki NFTs take off; India presses for crypto rules
Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:
Crypto gets a boost following reports of Fidelity’s imminent Bitcoin spot ETF filing
Top blockchain and crypto news: Fidelity Investment is reportedly close to filing its own Bitcoin ETF. NFT traders seek liquidity. Singapore eyes asset tokenization.
Bitcoin dips but holds above US$30,000, all top 10 cryptos drop
Despite a slight dip in crypto prices, positive investor sentiment persists, buoyed by the potential of Bitcoin ETFs, rising institutional adoption, and recovery from regulatory concerns.
Crypto in the land of geisha — the global Web3 community arrives in Kyoto
Geisha, kimono, tea ceremony — the Japanese city of Kyoto is a place rich in traditional culture. But as the national government pivots toward the cutting edge potential of digital assets and Web3, the city is this week playing host to one of Asia’s largest crypto get-togethers.
Singapore outlines design framework for interoperable networks in collaboration with financial firms
The Monetary Authority of Singapore (MAS), the city state’s central bank, has proposed a framework for designing open, interoperable networks for digital assets, developed jointly with the Bank for International Settlements and other financial institutions.
Crypto is sweeping South and SE Asia. Here’s why it matters to the rest of the world
Five countries in South and Southeast Asia now rank in the global top 10 for cryptocurrency adoption, embracing DeFi and defying government attempts to discourage crypto use. Is this a harbinger of larger trends to come?
Bitcoin slips but remains above US$30,000; Asian, European, U.S. stock futures stay down
Bitcoin prices drop 1.04% to US$30,416 in 24 hours, while Ether fell 0.98% to US$1,893.
Japan exempts cryptocurrency issuers from 30% tax on unrealized gains
Cryptocurrency issuers in Japan are now exempt from paying a 30% corporate tax on unrealized gains on tokens.
SoftBank-backed crypto bank Xapo to expand services in India
Xapo Bank, a Gibraltar-based cryptocurrency bank backed by SoftBank, DST Global and Ribbit Capital, has announced its expansion to India, the world’s most populous nation.
Ripple gets in-principle approval for Singapore digital payment license
The Asia-Pacific arm of San Francisco-based technology firm Ripple Labs saidThursday it received in-principle approval to start offering digital payment services in Singapore.
Singapore central bank, Amazon, IMF unveil ‘purpose-bound’ money technical concept
The Monetary Authority of Singapore (MAS) released on Wednesday a whitepaper for “purpose bound” money, detailing a technical overview of digital currencies designed for specific purposes.
Hong Kong is the crypto industry’s beacon amid the current storm: Opinion
The relationship between Hong Kong and crypto will likely only grow stronger over time, as it’s based on mutual respect as well as need, writes Lily King.
How Japan is illuminating the path of blockchain’s future: Opinion
In the Land of the Rising Sun, where the culture and ethos already align with the principles of blockchain games, the dawn of a new era of in gaming has arrived, writes Daiki Moriyama of Oasys.
How Dubai and Hong Kong are shifting crypto’s power dynamics: Opinion
As the US grapples with crypto regulation, Hong Kong and Dubai are emerging as leaders in the global digital economy, writes Ben Caselin of MaskEX.
Hong Kong’s Cyberport signed up 150 Web3 firms in past year, says city’s financial secretary
Paul Chan, Hong Kong’s financial secretary, said more than 150 Web3 companies had registered at the Cyberport business park.
Crypto firms eye Hong Kong amid tough US regulations, says fintech association chair
Amid growing regulatory scrutiny in the U.S., crypto firms eye Hong kong for its strategic location and friendly regulations, yet Singapore and Dubai remain strong competitors, says FinTech Association of Hong Kong’s Neil Tan.
Independent Reserve plans Hong Kong office, explores further Southeast Asia expansions
Independent Reserve may have a new Hong Kong office in the “next few months,” the Singapore chief of the Australian crypto exchange said in an exclusive interview. Focusing on institutional clientele, the exchange aims to double trade volumes and expand its user base this year.
SEC’s crypto battle continues as Asia marches ahead with metaverse
In this week’s Forkast IQ with Megha Chaddah, we dive into the U.S. SEC’s crypto crackdown and the state of the East Asian metaverses.
SEC lawsuit sees Binance.US wobble, trading platforms delist cryptos
Top blockchain and crypto news: Binance.US at risk. Ex-SEC official’s comments complicate Ripple suit. Hong Kong lawmaker aims to entice exchanges.
Japan’s Fujitsu to launch blockchain-based project for cross-border collaborations
Tokyo-based information technology company Fujitsu will launch a new platform on June 30 to connect different economies using blockchain.
Hong Kong Monetary Authority urges banks to service crypto firms: Financial Times
HKMA is urging lenders including HSBC, Standard Chartered and Bank of China to service crypto exchanges. Financial Times reported on Thursday.
Bitcoin rises above US$26,000; all other top 10 cryptos gain as U.S. regulatory battle rumbles on
All top 10 cryptos, including Binance’s BNB, gained on Tuesday afternoon trade in Asia for the first time this week amid ongoing lawsuits with the U.S. SEC.
The SEC has spoken: The future of finance is not in America
The SEC’s one-two punch of Coinbase and Binance couldn’t have come at a better time for Hong Kong and Singapore, as US crypto firms look to shift to friendlier shores, writes Hamilton Keats of Krayon Digital.
Charting the digital continent — East Asia’s real-world race to build the metaverse
South Korea, China, Japan — East Asia’s three industrial powerhouses are taking their economic rivalry to the virtual world. Each is developing a domestic metaverse in a race to become the region’s industry leader. This first account in a three-part series takes a look at what’s happening in South Korea.
Bitcoin stays below US$26,000 in mixed market, Binance’s BNB biggest loser in 24 hours
BNB token of crypto exchange Binance dropped 5.5% in 24 hours amid lawsuits against the exchange by the U.S. SEC.
Hong Kong legislator encourages Coinbase to set up shop in city under new crypto rules
Local legislator suggests global cryptocurrency exchanges such as U.S.-based Coinbase set up operations in Hong Kong as the city’s new licensing regime for crypto retail trading took effect on June 1.
The grand experiment in crypto compliance: What will the future look like?
From US crackdowns on Binance and Coinbase to new business-friendlier frameworks in Hong Kong and Europe, seismic shifts in crypto regulations are under way.
Why the US is waging war on Binance, Coinbase
Top blockchain and crypto news: Binance, Coinbase in SEC firing line. Solana NFTs slump as Bitcoin’s surge. New dawn in Hong Kong crypto regulations.
USDC stablecoin issuer Circle obtains Singapore license for digital payments, others
Circle Singapore said Wednesday it has received a Major Payment Institution license from the Monetary Authority of Singapore.
MUFG enables bank-backed stablecoin issuance amid new Japanese regulations
MUFG, Japan’s leading bank, is pioneering the crypto industry by supporting stablecoin issuance on the Progmat Coin platform, offering an alternative route for entry and exit in the volatile cryptocurrency market.
Why G7’s proposed crypto regulations will be bad for DeFi
FATF’s travel rule is looming over the crypto industry as an existential threat, writes Jack Jia of Unlimit. Here’s why it’s especially worrying to DeFi and self-custody wallet users.
Hong Kong’s crypto rules offer level playing field, investor protection, says OSL exchange executive
OSL is one of only two digital assets trading platforms in Hong Kong licensed to offer services to professional investors.
HK green lights retail crypto trading as Beijing releases Web3 white paper
Welcome to Forkast IQ, presented by Forkast Editor-in-Chief Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions.
Japan’s ANA airline launches NFT marketplace, sees future in metaverse projects
Japan’s All Nippon Airways, or ANA Group, has launched a non-fungible token platform known as “ANA GranWhale NFT MarketPlace” to trade art and photograph collectibles through its metaverse subsidiary ANA NEO, the company tweeted on Thursday.
Hong Kong to be digital asset rules sandbox for China, says former city regulator
Virtual assets will receive the same regulatory clarity in Hong Kong as their real-world counterparts, says former Hong Kong SFC regulator Angelina Kwan.
May 2023
UAE and Hong Kong central banks to collaborate on crypto regulation
The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority have agreed to strengthen cooperation in regulating virtual assets.
Hong Kong Web3 industry forms new associations to push crypto hub ambition
Leaders in Hong Kong’s Web3 industry announced the formation of two new associations, Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour, on Monday.
Singapore’s Temasek cuts employee compensation for failed FTX investment decision
Temasek, Singapore’s state-owned investment firm, said on Monday that it has cut the pay of senior management and the investment team involved in the decision to invest in the now-bankrupt FTX cryptocurrency exchange.
Bitcoin drops below US$28,000, Tron’s deflation slows losses
Bitcoin couldn’t maintain its Monday morning gains as the world’s largest cryptocurrency dropped below US$28,000 in the afternoon.
South Korea: Former Coinone executive pleads guilty to bribery
A former executive at Coinone pleaded guilty on Thursday to accepting bribes in exchange for listing certain cryptocurrencies on the platform.
Hong Kong Solidifies Crypto Regulations even as Malaysia bears down on Huobi
The launch of Hong Kong’s very own CBDC comes with new regulations for crypto trading platforms operating in the city.
In battle to be Asia’s crypto hub, which city will emerge victorious?
Top blockchain and crypto news: Asia’s crypto hub race. Is US debt ceiling fight a boon or a bane for crypto? China’s red carpet for metaverse investment.
Hong Kong is world’s most crypto-ready jurisdiction, new study claims
Hong Kong is the most crypto-ready jurisdiction in the world, based on the number of blockchain startups per 100,000 people and the number of crypto ATMs proportional to the population, according to a new study by forex education platform Forex Suggest.
South Korea will require all public officials to disclose crypto holdings from 2024
South Korean lawmakers unanimously approved a new bill requiring public officials to disclose their crypto holdings to be implemented in December.
Hong Kong’s new crypto rules covered by China state TV in rare move from Beijing
Analysts say the move could signal a bull run in cryptocurrencies.
Japan to implement anti-money laundering rules for crypto: report
Japan will introduce strict anti-money laundering rules on cryptocurrency transactions from June 1, the Southeast Asian nation’s cabinet decided on Tuesday.
Singapore’s OCBC Bank, ADDX exchange launches tokenized structure notes
OCBC Bank will offer tokenized equity-linked structured notes to accredited investors, in a partnership with private market exchange ADDX.
Bitcoin drops below US$27,000, Dogecoin biggest loser
Bitcoin dropped 2.33% to US$26,671. Ether lost 2.15% but traded above US$1,800.
Only 4% of South Koreans use metaverses, survey reveals
Only 4.2% of South Korean citizens have said that they regularly use metaverse services, a recent survey results show.
Crypto’s aversion to anti-money laundering standards is only hurting itself
For crypto to grow for the long term, the industry must show greater respect for global standards that combat crime, writes Slava Demchuk of AMLBot.
Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race is on for the Web3 hub of Asia | Part 2
While U.S. regulators continue debating over whether cryptocurrencies are securities or commodities, the digital assets industry is being pleasantly welcomed by several Asian cities. And the competition is really hotting up now.
Hong Kong to open crypto to retail traders, plans guardrails
Hong Kong will allow licensed cryptocurrency trading platforms to offer services to retail investors and will implement a slew of measures to protect individual traders, the Securities and Futures Commission (SFC) said on Tuesday.
Philippines regulator warns against Gemini Derivatives for unregistered securities
The Philippines Securities and Exchange Commission warned the public last week not to use crypto exchange Gemini’s derivatives platform.
Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race is on for the Web3 hub of Asia | Part 1
As U.S. regulators file lawsuits against cryptocurrency platforms, prompting some digital asset companies to seek more favorable jurisdictions, a fleet of cities in Asia are putting out the welcome mat, seeking to attract the jobs and investment that Web3 technologies promise. Right now, Hong Kong seems to be grabbing the limelight, but it has competition.
S.Korean lawmakers propose public officials disclose crypto holdings
A South Korean ruling party lawmaker proposed all public officials and candidates disclose their crypto holdings in a new bill unveiled last Friday.
Big buys fail to lift NFT markets as regulatory uncertainty weighs heavy on crypto
Investors remain cautious as U.S. debt talks continue despite slowing inflation and large NFT purchases.
Ripple joins Hong Kong CBDC pilot, partners with Fubon Bank
Ripple Labs has launched a new payment platform for a central bank digital currency in Hong Kong.
Hong Kong’s e-HKD pilot puts the world on notice
Rollout of the central bank digital currency in Hong Kong is a potential game-changer and a move that others may soon look to follow.
Binance suspends Australian dollar services
World’s largest cryptocurrency exchange halts Australian dollar services after payment provider cuts off service.