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Asia-Pacific

161 articles

November 2021

Crypto exchange Bithumb gets South Korea regulatory approval

South Korea’s Bithumb exchange has been officially registered under the Financial Intelligence Unit (FIU). This makes all four major exchanges of the country licensed to operate virtual assets including cash-to-crypto services. Fast facts The FIU announced on Nov. 19 it has registered Bithumb as an official virtual asset business. The country’s other three major exchanges […]

Crypto market cap plunges; South Korean banks head into metaverse

Crypto market cap plunges as South Korean banks head into metaverse

South Korea’s great crypto mystery: What’s up with Upbit at 9 am?

Every morning at Upbit, the nation’s largest cryptocurrency exchange, a brief and odd surge in random altcoin prices takes place. Which crypto will it be tomorrow?

Major South Korean banks plan virtual branches in the metaverse

The Industrial Bank of Korea (IBK) plans to launch on social media platform Cyworld Z’s metaverse. Other major banks in South Korea such as KB Kookmin, NH Nonghyup and Hana Bank plan moves toward the metaverse as well. Fast facts IBK announced yesterday its memorandum of understanding (MOU) with Cyworld Z. Cyworld Z is a […]

South Korea CBDC development continues: Bank of Korea official

Bank of Korea’s (BOK) deputy governor Bae Joon-suk says its central bank digital currency (CBDC) development is “not one step behind that of any other country.” However, South Korea still has no plan to adopt a state-backed digital currency. Fast facts Bae spoke at Bank of Korea’s online conference on payment and settlement systems yesterday, […]

How a 12-year-old boy developed an NFT voting platform for the Philippines

Blockchain-powered iVote.ph lets users ‘vote’ on NFTs depicting presidential candidates in the Philippines. Can the underlying technology be trusted?

Amid crypto crackdown Bitmain donates US$1.7M to Chinese lab

Crypto mining rig manufacturer appears to be seeking chip-making capability in the midst of supply-chain shortages.

Indians may be allowed to trade, but not pay with, crypto

While fears of a complete ban on virtual currencies have been dispelled, Indian investors are still in the lurch about what may or may not be allowed.

More Chinese crypto news services appear to become unavailable

A few more Chinese cryptocurrency news sites are currently unavailable amid the country’s ongoing clampdown on the sector. Fast facts The website of ChainNews, one of China’s largest crypto news websites, was not available as of press time on Thursday. It tweeted on Nov. 15 that the site will be down for eight to 10 […]
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Bit Digital completes mining rig migration from China to US

Bit Digital, a Nasdaq-listed Bitcoin mining company headquartered in New York that had significant operations in China, said in its latest Q3 update that the exit of its mining fleet from China is now complete, with all of its miners having arrived in North America. Fast facts Bit Digital said it started the migration back in […]

Crypto exchange Coinhako receives in-principle approval for Singapore license

Singapore-based cryptocurrency trading platform Coinhako has received in-principle approval from the Monetary Authority of Singapore for a digital payment token (DPT) service license — making it the first local native cryptocurrency exchange to announce that it is close to being granted the much-coveted license. Fast facts Coinhako is now working through the conditions of its […]

How will CBDCs benefit economies in Southeast Asia?

Central banks around the world are exploring digital currencies, writes Aymeric Salley of StraitsX. Here’s why Southeast Asia may be especially ripe for them.

South Korea a metaverse hub; NFTs go from digital to physical

South Korea a metaverse hub, also NFTs go from digital to physical

TV home shopping in South Korea moves to the metaverse

A ticket to the metaverse is highly coveted in South Korea, whether it’s by an individual, a public company or a city government.

Texas faces new concerns over power grid burdens as crypto miners flood in

China’s mining exodus has flowed to the cowboy state that embraces crypto, but it might have to take into consideration the surging power loads.

Bitcoin ETFs beckon as SEC spurns sweet spot

Top blockchain and crypto news: Spot ETFs stymied as SEC stands firm. Is Bitcoin’s Taproot upgrade worth the wait? China’s crypto mining goes underground.

Chinese mining rig maker Canaan reports record-high earnings

China may be banning crypto mining activities, but rig makers appear to be spared from the clampdown.

Indian regulator greenlights first blockchain feeder fund

Indian investors will now get exposure to global companies in the blockchain ecosystem as the Securities and Exchange Board of India greenlighted the Invesco CoinShares Global Blockchain ETF Fund of Fund (FoF). Fast facts The feeder fund will invest in the Invesco CoinShares Global Blockchain UCITS exchange-traded fund (ETF), formerly known as Invesco Elwood Global […]

3 teams, including ConsenSys, win Singapore’s CBDC Global Challenge

The projects topped 300 rivals in their potential to improve the future digital Singapore dollar in payment services and financial inclusion. Who were the other winners?

ICBC agrees to Federal Reserve risk compliance measures

As global markets continue to watch the Evergrande debt crisis nervously, Chinese bank branch agrees to U.S. risk management measures.

Metaverse ETFs in South Korea bring significant profits for investors

South Korean financial companies bring investors results a month after their metaverse exchange-traded funds were listed, with one fund gathering nearly $170M in net asset value.

China pledges to raid state-owned entities for crypto mining activities

China has yet again reiterated its determination to crack down on the cryptocurrency mining sector and revealed today that authorities will focus on state-owned entities engaging in virtual currency mining. Fast facts Wei Meng, a spokesperson of the National Development and Reform Commission (NDRC), the country’s top economic planner, said at a press briefing today […]

Circle contributes to $4.3M Series A funding round for yen-backed stablecoin

As Circle expands into Asia as part of a global expansion plan, what does the investment in a yen-back stablecoin mean for the market?

China sees another digital yuan fraud case

Chinese police have busted yet another tele-fraud case related to e-CNY money laundering as the country continues to test the digital currency.
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India’s 1st parliamentary meeting on crypto ends with consensus on regulation — and no ban

While the government has yet to figure out the details, a crypto regulatory regime is expected to be released before February.

Baby Sharks from most-viewed YouTube video released in NFTs

The maker of the catchy children’s song and dance video of Pinkfong Baby Shark is launching NFTs (non-fungible tokens) of its globally beloved characters with upgraded design and music. Fast facts SmartStudy, a South Korean educational entertainment company and the creator of the Pinkfong Baby Shark, announced a partnership with MakersPlace, a digital art marketplace. […]

Earnings for Axie Infinity players drop below Philippines minimum wage

After shooting to prominence earlier in the year and bringing huge profits to early adopters, earnings for players of blockchain-based game Axie Infinity have dropped below the minimum wage line for most players in the Philippines, according to a recent report by research firm Naavik. Fast facts Using data sourced from the official website of […]

A crypto trader is rescued after being kidnapped by local gang for six days

A crypto investor in Hong Kong was rescued six days after being kidnapped earlier this month when he tried to meet a buyer offline who promised to purchase his Tether tokens.

7 in 10 wealthy South Koreans won’t invest in crypto, survey says

A recent survey in South Korea revealed a majority of its wealthier investors are not willing to make investments in virtual assets, due to concerns over experiencing losses. Fast facts KB Financial Group’s Korea Wealth Report 2021 surveyed 400 South Korean citizens with over 1 billion Korean won, or about US$847,816 in financial assets. Out […]

Taiwan has a chance to develop crypto amid China’s clampdown, Filecoin Foundation director says

As crypto projects are relocating from China to friendlier shores, it represents ‘huge opportunity’ for Taiwan.

Animoca Brands dreams big with K-pop agency Cube to build metaverse and NFTs

Animoca Brands, a Hong Kong-based blockchain gaming unicorn, announced today that it has teamed up with Cube Entertainment, a major K-pop entertainment agency, to form a joint venture dedicated to building a music metaverse and issuing non-fungible tokens (NFTs), joining a slew of K-pop labels to make forays into the NFT and metaverse space. Fast […]

China ousts former official for supporting crypto mining, corruption

A former Chinese official has been expelled from the Communist Party of China for “serious violations of discipline and law” as he was found to introduce and support cryptocurrency mining activities, in what may be the first time for China’s anti-graft watchdog to expel an official over crypto mining. Fast facts The country’s anti-corruption watchdog […]

Algorand Foundation, Blockchain Association Singapore partner to grow blockchain ecosystem

The Algorand Foundation, a Singapore-based blockchain organization supporting the development of the Algorand ecosystem, has partnered with the Blockchain Association Singapore to drive the development of blockchain technology in Singapore and the wider Southeast Asia region. Fast facts In a memorandum of understanding signed on Nov. 12, the ecosystem partnership will see the Algorand Foundation […]

Hong Kong’s First Digital Trust to custody security tokens on IX Swap

First Digital Trust, a Hong Kong-regulated trust and custodian specializing in digital assets, has become the first official custodian of IX Swap, a security token and cryptocurrency exchange, according to a company announcement today. Fast facts IX Swap is a decentralized finance (DeFi) automated market maker and liquidity pool for security tokens and tokenized stocks. […]

South Korea’s crypto exchange Coinone makes the cut, but not Bithumb

The Financial Intelligence Unit (FIU) has accepted Coinone’s compliance report with South Korea’s latest crypto regulations, while Bithumb is left as the only crypto trading platform out of the country’s four major exchanges to not be officially registered under the FIU. Fast facts Coinone became the third official cryptocurrency exchange of South Korea, following Upbit […]

Digital yuan use surges across China with 140 million wallets as officials deny timetable for launch

China’s soft rollout of the first major economy’s central bank digital currency (CBDC) continues apace. Yi Gang, governor of the People’s Bank of China, and Mu Changchun, director of the Digital Currency Research Institute of the bank, reported that the average weekly transaction volume of e-CNY is growing by 3 billion yuan (US$469 million) and […]

‘Double Eleven 2021: Common Prosperity’ — how an NFT project examines Chinese tech giants’ dominance

In a 48-second, computer-generated 3D animation, ROK uses a decentralized format to offer an ironic take on China’s internet giants crowding to host the shopping holiday.

South Korean court favors investors in crypto-hacking lawsuit against exchange

The Seoul District Court made an unprecedented ruling in favor of investors who lost their virtual assets in a hacking incident at crypto exchange Coinrail. Fast facts On Wednesday, the court ruled that Linus Co., the operator of the Coinrail exchange, needs to pay the plaintiffs 380 million Korean won (about US$320,000). The plaintiffs, consisting […]

Crypto surges on US inflation rise; Korean investors win damages

Crypto surges on US inflation rise meanwhile, Korean investors win damages

For China, quantity of blockchain patent applications not necessarily quality: report

The greatest number does not mean the greatest significance, analytics firm PatSnap says.
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Crypto markets shudder as Evergrande fears re-emerge

As speculation continues over the fate of the Chinese property development giant, crypto markets were not spared the downturn over fears of its potential collapse.

USDC stablecoin issuer Circle sets up regional hub in Singapore, launches Circle Ventures

Circle, the digital payment company that operates the USD Coin (USDC) stablecoin, this week announced it is setting up a regional hub in Singapore and looking to partner with local businesses for its stablecoin Lighthouse Project. Fast facts U.S.-based Circle says its move into Singapore is part of its global expansion plans and the company […]

South Korea’s finance minister still believes in 20% crypto tax for 2022

Despite movement from both the ruling Democratic Party and the conservative party to delay the 20% virtual asset gains tax, South Korean finance minister still thinks it should start as planned for Jan. 1, 2022.

Middle-ground India crypto bill could be introduced this month

The Indian government is looking to introduce a cryptocurrency bill in the winter session of parliament in a bid to “fast track” regulation of a rapidly growing ecosystem, CNBC-TV18 reported. Fast facts India first drafted a bill to ban all cryptocurrencies in the budget session of 2021, but it was never tabled for discussions. Officials […]

Crypto exchange Huobi to stop serving Singapore-based customers

Cryptocurrency exchange Huobi Global will stop serving Singapore-based customers from March 31, 2022 to comply with Singapore laws, according to a company announcement on Nov. 9. Fast facts “To comply with the laws of Singapore, we will have to include Singapore as a restricted jurisdiction. Regrettably, this means Huobi Global can no longer offer services […]

SM Entertainment to invite K-pop fans into their metaverse through NFTs

One of South Korea’s largest entertainment agencies, SM Entertainment, plans to create future content under its SM Culture Universe (SMCU) metaverse in NFTs — according to its founder Lee Soo-man at Solana’s Breakpoint 2021 conference. Fast facts Lee said SM’s own metaverse, the SMCU, needs to be a place for creation where K-pop prosumers can […]

Ethereum drives crypto comeback as US tax fears leave market unfazed

Top blockchain and crypto news: Ethereum rises and rivals follow. Taxing times for US investors. New life for reborn crypto miner.

Companies in China, Australia, Japan, Saudi Arabia start blockchain platform for energy, metal trading

Amid the global energy crisis, nine companies from four countries — China, Japan, Australia and Saudi Arabia — announced they will jointly build a blockchain documentation platform to speed up customs clearance and cargo delivery to trade the commodities of energy, chemical products and metal. Fast facts Platform participants includes Sinochem Energy, Mitsui.Co, Macquarie CGM, Saudi […]

How Singapore is looking at Web 3.0 and DeFi as it prepares for a digital Singapore dollar

Speaking at the Singapore FinTech Festival, Singapore central bank chief Ravi Menon announces the launch of Project Orchid, a digital dollar project.

New Hong Kong youth association hopes to nurture ‘patriotic fintech talents’

The city’s disaffected post-protest youth and recent statistics suggest a brain drain in the city’s future.

Chinese edtech company pivots to crypto mining amid China’s clampdown on tutoring

As China continues to crack down on the private tutoring sector, one education-tech company has decided to pivot into blockchain and cryptocurrency mining. Fast facts Nasdaq-listed Meten Holding Group, which officially changed its name from Meten EdtechX Education Group in August, has moved forward with plan for the new business venture in the crypto world, […]

South Korean regulator confirms that NFTs are not virtual assets

The country will follow global crypto guidelines in excluding non-fungible tokens (NFTs) from its categorization of virtual assets — meaning income from NFTs may remain untaxed in Korea.

Chinese companies rush to register metaverse-related trademarks

Chinese companies are in a craze for trademark registrations related to the metaverse, and Baidu and NetEase are the latest tech giants to register such trademarks. Fast facts According to the QiChacha, a website where you can search for information about Chinese company information, shows that NetEase has applied for three trademarks with the metaverse: […]

Crypto mining rig maker Canaan sues two Chinese tech companies over patent infringement

Canaan is seeking $14 million in alleged losses from Shenzhen HighSharp Electronic Technology and Sichuan Yinbimei Technology.

IPO-bound Paytm may launch crypto services if legalized in India

India digital payments giant Paytm will consider launching crypto-related services if it becomes a regulated asset class in the country, Paytm CFO Madhur Deora told Bloomberg TV on Thursday. Fast facts “Bitcoin is still in a regulatory gray area, if not a regulatory ban in India,” Deora said. “If it [Bitcoin and other cryptocurrencies] was […]

DBS’ digital assets under custody surge 200% in Q3, bank to scale up digital exchange

DBS Bank — Southeast Asia’s largest lender — intends to scale its crypto exchange as it invests in blockchain and wants to be nimble to adapt to how DeFi evolves.

South Korea presidential candidate mulls a virtual assets government unit

Lee Jae-myung, the ruling Democratic Party’s candidate for the upcoming presidential election in South Korea, may include in his election pledges setting up a government sector dedicated to supervising the virtual asset industry. Fast facts It is reported that Lee is considering including a plan in his presidential campaign to set up a unit similar […]

e-CNY scam investigated; S Korea gets metaverse bug

e-CNY scam investigated meanwhile S Korea gets metaverse bug

K-pop sensation BTS gets ready to sell NFTs, as label looks to cash in on loyal A.R.M.Y fanbase

BTS’ label dreams bigger than just dominating the K-pop world — they want to digitize the IP even more.

South Korea’s Kakao, Com2uS, others race toward the metaverse

Information Technology (IT) firms in South Korea set up shop in the realm of the metaverse, with their first step being non-fungible token (NFT) platforms.

Chinese police raid what may be the nation’s first e-CNY money-laundering case

Police crack a tele-fraud case related to digital yuan money laundering, potentially thanks to the CBDC’s ‘managed anonymity’ feature.

Hong Kong Fintech Week’s live comeback talks digital renminbi and DeFi

One of Asia’s largest fintech events returns for its sixth year with a hybrid format of live and virtual sessions. Regulators, corporations and experts share what’s important now in crypto.

ETH and SOL hit all-time highs; CBA to offer crypto services

ETH and SOL hit all-time highs as well as CBA offers crypto services

Stablecoin toss to US Congress as regulators circle

Top blockchain and crypto news: Stablecoins at regulatory crossroads. Squid Game crypto players suffer shocking fate. Are metaverses China’s new national insecurity?

Dogecoin, Shiba Inu are becoming crypto alpha dogs in India

Dogecoin and Shiba Inu are gaining massive traction and ranking among the top five traded cryptocurrencies on Indian exchanges. Fast facts Dogecoin contributed 13.76% to the overall trading volume of CoinSwitch Kuber, which claims to be the largest Indian crypto exchange with over 10 million customers, over the last six months, according to a report […]

Commonwealth Bank first in Australia to offer crypto trading

Amid debate in Australia surrounding the banking sector’s relationship with cryptocurrency, the country’s largest bank, Commonwealth Bank, will soon be allowing customers to buy, sell and hold crypto assets directly through its app — making it the first bank in the country to do so. Fast facts Partnering with leading global crypto exchange and custodian […]

Thailand’s oldest bank acquires majority stake in crypto exchange Bitkub

Thailand’s oldest bank, Siam Commercial Bank, has acquired a majority stake in the country’s largest crypto exchange Bitkub. Fast facts Siam Commercial Bank Securities, a subsidiary of SCB, has purchased 51% stake in Bitkub for approximately US$535.6 million, according to an announcement on Tuesday. The transaction is expected to be completed by the first quarter […]

Squid Game crypto rug pull: investors meet deadly ending

It’s a red light for those who bought the controversial token inspired by the Netflix mega-series Squid Game, as its developers appear to have cashed out their investments, leaving SQUID’s price to plunge 99.99%.

Back up Hong Kong: How blockchain has quietly become history’s hard drive

In a city where memories disappear every day, people are turning to blockchain to preserve news archives — so the first drafts of history will survive.

Metaverse could impact national security, Chinese state-owned think tank says

While the idea of the metaverse has many people talking and Chinese tech giants showing signs of making a foray into the space, a Beijing-based state-owned think tank has warned of the national security risks that the metaverse could bring. Fast facts In a research report titled “Metaverse and National Security” published Saturday by China […]

BXH says its exploit, now estimated at $139M, came from admin key leakage

The hacked DeFi platform called China’s cyber police first thing as most users appear to be in China.

Hong Kong’s CMCC seeks to raise $300 million crypto fund

CMCC Global, a venture capital firm based in Hong Kong, is targeting US$300 million worth of assets in its latest crypto fund, according to Bloomberg. Fast facts Since being launched in April, CMCC’s fourth digital asset fund has gathered assets close to an estimated value of US$90 million with a goal to reach the US$300 […]