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Asia-Pacific

161 articles

October 2021

India gets second crypto unicorn within two months

Indian crypto exchange CoinSwitch Kuber has become the country’s second crypto unicorn after raising US$260 million in a Series C funding round, the startup announced. Fast facts The latest funding round drew in marquee investors — it was led by Coinbase Ventures and Andreessen Horowitz (a16z). Existing investors Sequoia, Paradigm, Ribbit and Tiger Global also participated […]

Australian Tax Office warns: taxpayers on the hook for crypto tax earnings

Officials are concerned that many investors may not be aware crypto trading is taxed in a similar way to share trading.

Crypto miners blamed for Kazakhstan’s power shortages; Bitcoin on the up

Kazakhstan blames its newly settled crypto miners for power shortages as South Korea’s largest exchange is accused of listing faulty tokens for profits.

How should the world tackle crypto criminals and digital dangers?

Top blockchain and crypto news: US leads charge in ramping up cybersecurity. Crypto fans crow as Facebook flops. China bears down on metaverses.

Top South Korean exchange accused of listing faulty tokens for fees

A lawmaker claims Upbit earned hundreds of millions by listing sketchy cryptocurrencies, while the exchange rebuts that it follows fair and strict standards.

Petitioners oppose looming 20% crypto tax in South Korea

Crypto investors say virtual asset gains will be taxed on uneven grounds compared to stock capital gains.

How Singapore is emerging as a safe harbor for the Chinese crypto industry exodus

As China intensifies its crypto crackdown, regulatory clarity is a beacon for safer shores in Southeast Asia.

What is Hong Kong’s future as a crypto hub?

Hong Kong, a hotbed for crypto startups and exchanges, is at a crossroads, writes Jeremy Ng of Gemini. Here’s how the industry can better secure its future.

Central and Southeast Asia among fastest-growing regions in global crypto adoption: Chainalysis

Much of the growth in the region is driven by strong grassroots adoption rates led by Vietnam, India and Pakistan, new data from Chainalysis shows

Hong Kong issues technical white paper on e-HKD

The Hong Kong Monetary Authority (HKMA) on Monday released a white paper proposing potential technical architecture and design for the infrastructure of a digital Hong Kong dollar. The paper is one of the deliverables described in Project e-HKD, a feasibility study the HKMA announced in June 2021. Fast facts Hong Kong began its exploration of […]

Why domestic and overseas Chinese should worry about China’s crypto ban

In a special Q&A, a Canadian law advisor who works with Chinese clients breaks down the ban’s potential legal boundaries and concerns held by overseas Chinese.

e-CNY wallet launched in China allows transfer via chat window

Chinese communications giant China Mobile and Industrial and Commercial Bank of China jointly released an e-CNY wallet based on the upgraded SMS service Message over 5G. The wallet allows users to transfer money, check balances, pay bills, and perform other functions through the chat window. Fast facts Message over 5G is an upgraded text message […]

Illegal foreign exchange transactions using crypto in South Korea break record, grow fortyfold

The country sees a rise in the amount of illegal currency transactions across the border while the use of virtual assets makes it almost impossible to track down.

Crypto on the beach: FTX and other players find paradise in the Caribbean

This week, FTX announced it is moving its headquarters from Hong Kong to the Bahamas, as the larger Caribbean region takes on a bigger role as host to virtual currency exchanges.

Singapore grants crypto licenses to DBS and Australian exchange Independent Reserve

The Monetary Authority of Singapore (MAS) today granted licenses to DBS Vickers (DBSV), the brokerage arm of DBS Bank, and Independent Reserve, an Australian cryptocurrency exchange, to provide digital payment token services under the Payment Services Act (PS Act). Fast facts Formal approval from MAS, which follows its earlier “in-principal approval” granted to both companies […]

Government-backed NFT art-trading market launched in China’s new duty-free port

The Hainan International Art Exchange Center on Wednesday launched an NFT art-trading platform that supports e-CNY payments, according to China News’ report. According to the staff of the center, the blockchain platform provides services for the purchase and sale of art between art institutions. Institutional traders will be able to tokenize physical artworks as NFTs […]

September 2021

South Korean game developer, crypto exchange team up for next level gaming

Mobile game company Gamevil buys a large share of crypto platform Coinone, planning to develop blockchain-based gaming.

DeFi benefits from China ban; Gamevil increases Coinone stake

DeFi benefits from China ban while Gamevil increases Coinone stake

After the crackdown: go underground, go along, or buy the dip?

Chinese social media has been abuzz since authorities lowered the boom on crypto. Forkast.News has been following the chatter. Here’s what they’re saying on Weibo, the Chinese equivalent of Twitter.

Following crypto ban, digital wallet imToken restricts some access for China users

Decentralized wallet imToken is restricting access to some of the services it offers for users in China, in the wake of the latest ban imposed by top Chinese authorities last Friday. Fast facts The company has restricted users in China from accessing and using third-party financial applications, including those from decentralized crypto exchanges, stake mining […]

Why China’s latest stomp on crypto is turbo-charging DeFi growth

DeFi tokens like dYdX soared after China’s latest move to throttle crypto. Is this a short-term spurt or decentralized finance shifting into high gear?

Who in the world should worry about China’s new crypto ban?

As Chinese authorities take aim at crypto violations outside mainland borders, Forkast.News asks lawyers in the know: Who is in China’s line of fire?

How China’s crypto clampdowns could reshape the rest of the world

Against the global tide of digital asset adoption, China’s harshest crypto ban yet heralds golden opportunities, writes Richard Byworth of EQONEX. Other governments should take note.

Cabs in Chinese city Xi’an pilot digital RMB as fare

The Xi’an taxi industry and the Bank of Xi’an launched an e-CNY pilot program to accept e-CNY as fare, becoming the first city in China to accept digital renminbi as a taxi fare, a local newspaper reported. Fast facts Ten cabs selected as pilot vehicles have QR codes posted, and passengers can scan the QR […]

South Korean banks find workaround to cash in on crypto services

NH Nonghyup is the third bank in South Korea to invest in a virtual asset custody service while they are prohibited from running their own.

Unmade in China: Beijing’s crypto cold war turns hot

Top blockchain and cryptocurrency news: Beijing’s crypto crusade comes to a head. Chinese mining caves in. Mr. Goxx reaps robust returns.

BeePool, Tiger Brokers among the latest to respond to China’s crypto ban

China’s stepped-up cryptocurrency ban continues to send shockwaves through the industry, as more crypto service providers are shutting their doors to users in China. BeePool and Tiger Brokers are among the latest to announce service suspensions. Fast facts China-based BeePool, the fourth-largest Ethereum mining pool in hashrate, said Tuesday that it has stopped registering new […]

China fallout hits mining; Korea digital custody competition heats up

China fallout hits mining meanwhile Korea digital custody competition heats up

Ant Group and Tencent obtain the most blockchain patents in China: report

China saw a fivefold increase in blockchain patents last year despite the Covid-19 shutdown.
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China’s BSN to set up foundation in Singapore to fuel international expansion

China’s Blockchain-based Service Network (BSN) — a public-private nationwide infrastructure project to spur mass adoption of blockchain technology — is moving a step closer to more international exposure, as the company behind it is working to register a foundation based in Singapore. Fast facts Red Date Technology, the company China tapped to manage its BSN, […]

How central banks are wielding blockchain in soft power competition

China’s crypto ban is part of a global battle over freedom and ideology, writes Michael B. Greenwald. How can the US lead the world in a different path?

Crypto mining players continue to flee China as latest ban kicks in

China’s earlier efforts to eradicate mining may not have been as effective as the government had hoped, but Friday’s announcement is having an impact.
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The curious timing behind China’s thunder and lightning at crypto

China assaulted crypto with a new ferocity just as Bitcoin options expired and Evergrande escaped death. Coincidence? Ben Caselin of AAX lays out the clues.

Damage to South Korean crypto market limited despite mass closure, regulator says

South Korea’s virtual asset industry is expected to withstand major regulatory reconstruction

FTX CEO: This is the canary in China’s crypto ban coal mine

Amid China’s new clampdown, why is DeFi surging and the RMB-to-crypto market important? Sam Bankman-Fried analyzes what it all means and why FTX is leaving Hong Kong for a new home.

Chinese crypto exchange Huobi looks to the world as China shuts the door on crypto

Huobi’s diversified businesses outside of China reached nearly 70% in terms of trading volumes, and have been on the rise, its co-founder tells Forkast.News.

Ban or no ban, Indian crypto industry is thriving

India’s crypto industry will grow over 200% to reach $241M by 2030, a new study says.

China’s crypto ban: what you need to know

How is China’s latest clampdown on crypto different from its previous bans — and how do authorities plan to catch the scofflaws? Henri Arslanian of PwC breaks it down.

Crypto markets shrug off China’s latest saber-rattling

Is China’s influence over Bitcoin and the global crypto market waning? Chinese exchanges get a thrashing as decentralized exchanges get happy on clampdown news.
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What does China’s crypto ban really mean? Insights from the ground

China’s hardline stance against crypto is already rippling beyond its borders. A mainland crypto insider explains the global shakeup yet to come.

Chinese city adopts blockchain to track carbon emissions

Huzhou City in Zhejiang, a province in eastern China, announced the launch of a blockchain to track and record carbon emissions records. Fast facts The blockchain was built by Beijing Zhongdian Puhua Information Technology Co., Ltd., a subsidiary of State Grid. The data will be provided to third-party carbon accounting agencies, governments, and individuals for […]

The9 teams up with Polygon and Protocol Labs on new NFT platform, game projects

The9 Ltd., a Chinese gaming company that pivoted earlier this year to cryptocurrency mining — along with Polygon and Protocol Labs — are forming an ecosystem collaboration on The9’s non-fungible token (NFT) platform NFTSTAR and GameFi play-to-earn projects. Fast facts The company said in a statement released on Thursday that NFTSTAR and The9’s GameFi projects will […]

Fewer South Korean crypto exchanges remain in business under new industry regulations

Around 35 virtual asset exchanges will vanish as of midnight Friday, as the country imposes new rules designed to protect consumers.

Crypto market is shaken as China declares all crypto transactions illegal

Bitcoin and Ethereum prices fall after Beijing intensifies crackdown on crypto trading, mining.
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BIT Mining invests in crypto site in Ohio to expand U.S. operation

The cryptocurrency mining industry is attracting more investment money. Hong Kong-headquartered crypto miner BIT Mining said it had entered into an agreement to jointly invest in a crypto mining data center in the U.S. state of Ohio, with access to power capacity of up to 85 megawatts. Fast facts The development of the Ohio mining […]

Digital yuan could come to overseas users to challenge dollar dominance: policy bank expert

China may be a small step closer to internationalizing the yuan, though its central bank says the e-CNY is now mostly tested for domestic use.
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SushiSwap developer rejects claims of billion-dollar bug

SushiSwap, a Japanese decentralized exchange, has dismissed the claims of a white hat hacker who says two contracts on the exchange have a vulnerability that puts US$1 billion worth of user assets at risk. Fast facts An anonymous white hat hacker published a report on Thursday claiming there is a loophole in the emergency withdrawal […]

South Korea’s crypto crackdown: What you need to know

The country’s crypto industry has been turned upside down with stricter operating rules that take effect tomorrow.

After Evergrande, will virtual real estate be the next alternative asset class?

The property market is increasingly expensive and out of reach for today’s younger generation. Digital land sales may hit home with some buyers.

Investors get ready, India crypto tax in the works

The Indian ministry of finance has formed a panel to examine how income from crypto investments can be taxed, according to a report by Inc42. Fast facts The panel will evaluate whether crypto income can be taxed as capital gains or if it requires the formation of a new category. The committee is required to […]

Crypto investors brush off Evergrande

The cryptocurrency market has rebounded in the past 24 hours as news broke that China Evergrande Group, the second largest property developer in the world’s most populous nation, has taken a step back from falling off a potential debt cliff today. Fast facts While the overall cryptocurrency market is still down for the week, all […]

India may not be ready to follow El Salvador’s lead, but don’t rule out cryptocurrency, finance minister says

Nirmala Sitharaman says ‘a futuristic thing can’t be shut out’ as the country considers crypto regulation, including a possible blanket ban.

After Singapore, Binance pulls back from Australia under growing regulatory pressure

Following similar moves in Singapore, embattled crypto exchange Binance — the largest in the world by trading volume — is ending its derivatives trading in Australia by year’s end, according to a company blog post on Tuesday. Fast facts Aussie traders will have 90 days to reduce or close their positions on options, futures and […]

Chinese rig maker Canaan to buy back shares up to $20M to bring up valuation

Chinese crypto mining rig maker Canaan Inc. announced Monday that its board of directors has authorized a share repurchase program, in a signal of confidence in crypto mining’s future and a belief that its own stock is undervalued. Fast facts Nasdaq-listed Canaan said it may repurchase up to US$20 million worth of its outstanding American […]

Banks blocking transactions? No problem. Indians find ways to continue trading crypto

As major banks distance themselves from crypto business, alternative trading methods like peer-to-peer transfers are gaining popularity among investors

Evergrande’s uncertainty rocks crypto market

Crypto investors and industry watchers are following closely the potential collapse of Chinese property giant Evergrande.

Upbit becomes South Korea’s first newly registered crypto exchange

Upbit can operate as a virtual monopoly as it becomes the country’s first licensed business to handle cryptocurrencies.

Upbit passes Korea crypto race post; P2P transactions surge in India

Upbit passes Korea crypto race post meanwhile P2P transactions surge in India

Conflux, Shanghai Maritime partner on offshore RMB stablecoin in free trade zone

A focus of China’s free trade and shipping, Shanghai will explore in pilot project cross border trading with offshore renminbi stablecoin.

4 Chinese cities to compete for inclusion in e-CNY pilot programs

Four Chinese cities announced they will compete for inclusion in the next batch of digital renminbi pilot projects. They are Guangzhou, Tianjin, Yiwu and Fuzhou. Fast facts Guangzhou and Tianjin have written their goals into their city’s “14th Five-Year Financial Industry Reform Plan,” and Yiwu’s plan has been reported to the State Council. Guangzhou is […]

Black Friday for Korean exchanges; E-CNY launch in final stretch

Black Friday for Korean exchanges while E-CNY launch in final stretch

Black Friday in South Korea as crypto exchanges announce shutdown

All but four platforms in South Korea obligated to announce the suspension of their services by today.

India’s largest public bank bars payments to crypto exchanges

Most banks distance themselves from virtual asset platforms as the country’s central bank lobbies for a ban.

China’s Inner Mongolia seeks out stealth crypto mining operations

China’s Inner Mongolia region — once a thriving cryptocurrency mining hub that has enacted a series of measures to rein in the sector — is tightening its crackdown by hiring a contractor to monitor and ferret out mining operations. Fast facts The Inner Mongolia Development and Reform Commission announced on Wednesday a bidding result for […]

China’s e-CNY rollout enters ‘sprint stage’ for Beijing Winter Olympics

Digital yuan expected to undergo its first crucial international test despite concerns it can be used as a surveillance tool.
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Hong Kong-based crypto lender Babel Finance expands to Singapore

Babel Finance, a Hong Kong-based crypto lender and asset manager, today announced it is opening a business headquarters in Singapore named Babel Asia, as the company looks to serve more clients globally. Fast facts Babel Asia plans to serve as a base for future merger and acquisition activities, together with Babel Finance to drive mainstream […]

Canaan reports record revenues; Korea says no to crypto tax delay

Canaan reports record revenues meanwhile Korea says no to crypto tax delay

NFT charity auction to benefit low-income families in Singapore

Blockchain Association Singapore (BAS) and Singapore’s National Trades Union Congress (NTUC) U Care Fund today announced their inaugural non-fungible token (NFT) charity auction event, Blockchain For Good, which will take place Oct. 4 to 10. Fast facts The charity initiative — supported by a wide range of companies including Singapore Airlines, Amazon Web Services Inc., […]

South Korea’s finance minister stands by 20% crypto income tax plan

South Korea’s finance minister Hong Nam-ki gave a firm “no” at the National Assembly to lawmakers asking for crypto taxation to be delayed until the industry is fully prepared. Fast facts Minister Hong insisted the plan to tax capital gains from cryptocurrency transactions should be executed as planned. The amended tax law stipulates that crypto […]

China’s blockchain infrastructure project goes live in Hong Kong, Macau

Blockchain-based Service Network (BSN) soft launch is the first attempt to roll out the state-backed ‘internet for blockchain’ outside of the Chinese mainland.

Litecoin unloved at Walmart. Cardano’s Alonzo upgrade. China takes aim at NFTs.

Top blockchain and crypto news: Walmart dispels Litecoin hoax. Cardano’s real work begins. Beijing bears down on NFTs.

2022 Asian Games in Hangzhou to sell torch NFTs supported by Alipay

Despite widespread criticism of non-fungible tokens (NFTs) that has emerged in Chinese state-owned media, the 2022 Asian Games has announced the sale of its first NFT collection. Fast facts Organizers of the games, set to take place in September 2022 in Hangzhou, the capital city of the eastern province of Zhejiang, announced in a social […]