September 2021
Securities Association of China meets with brokerages to promote blockchain uses
The Securities Association of China (SAC), a self-regulatory organization for the securities industry, recently held a symposium with Chinese brokerages to promote blockchain applications in China’s securities industry. The deputy director of the association’s Tech Bureau, Dongxing Jiang, said the association will implement its blockchain infrastructure plan, known as the “Securities Industry Alliance Chain,” and […]
Singapore grants FOMO Pay the city-state’s first crypto license
FOMO Pay, a Singapore-based fintech company, announced today that it has obtained a license from the Monetary Authority of Singapore (MAS) to provide Digital Payment Token Service — the first such approval out of 170 applicants for the city-state that is rapidly becoming a global crypto hub. Fast facts FOMO Pay said it had been […]
China’s state-backed blockchain network to expand to South Korea
As its first international expansion, China’s Blockchain-based Service Network is launching a portal in Korea. Who are the key players, and where else in the world will BSN emerge this year?
August 2021
Philippines may classify Axie Infinity as a company running a payment system
The hot play-to-earn token game Axie Infinity is under increased scrutiny from Philippines tax authorities. The country’s central bank said it is closely monitoring how players use game tokens to decide whether to classify and regulate Axie’s parent company as an entity that runs payment systems. Fast facts The central bank, Bangko Sentral ng Pilipinas, […]
South Korea’s crypto exchanges join forces for FATF travel rule compliance
Three of South Korea’s four major exchanges have launched a joint venture to develop solutions for complying with the Financial Action Task Force’s (FATF) crypto travel rule. The travel rule sets a global standard for virtual asset service providers to combat money laundering and terrorist financing and requires exchanges to collect information on senders and […]
Crypto exchange Zipmex raises $41M in Series B round for aggressive Asia expansion
Zipmex, a Singapore-based cryptocurrency exchange, has completed a US$41 million Series B funding round as it innovates toward a “full 360 digital banking offering,” the company said during a media briefing today. Fast facts Investors in Zipmex’s Series B funding round indicate increasing institutional buy-in to the digital assets industry. The investors include Krungsri Finnovate, […]
Chinese gaming company The9 expands into NFT business
The9 Ltd., a Chinese gaming company that pivoted earlier this year to cryptocurrency mining, unveils plans to get into non-fungible token business, reflecting the company’s ambition to ramp up its blockchain-based operation. Fast facts Nasdaq-listed The9 has announced that its Singapore-based subsidiary NFTSTAR Singapore Pte. Ltd. will launch a NFT trading and community platform NFTSTAR […]
Hong Kong regulator warns investors against digital tokens and ICOs
Hong Kong’s Securities and Futures Commission on Monday warned that digital tokens and initial coin offerings (ICOs) could be involved in unauthorized collective investment schemes (CIS) and urged investors to exercise extreme caution. Fast facts The SFC’s warning comes as the regulator added two property-related CIS investment projects and the “LABS Security Token” to its […]
Korea’s love for crypto continues; Crypto exchange Bilaxy hacked
Korea’s love for crypto continues while Crypto exchange Bilaxy hacked
More teens in South Korea buy crypto despite strict pending regulations
New data shows increasing deposits made by teens in virtual currency despite new rules that may close down many platforms in less than a month.
Three state-owned banks in China release e-CNY usage data
Tens of billions in digital yuan circulate through the banks’ systems, as leaders encourage wider adoption.
Korea’s new FSC chair speaks; Axie Infinity to work with governments
Korea’s new FSC chair speaks meanwhile Axie Infinity to work with governments
Crypto mining rig giant Bitmain confirms TSMC chip price jump
China-based Bitmain, one of the world’s biggest producers of cryptocurrency mining rigs, confirmed in a social media post a 20% price hike in the chips it buys from Taiwan Semiconductor Manufacturing Company (TSMC). Fast facts Bitmain said on Thursday in a WeChat post that TSMC had informed all clients, including the mining rig maker, that […]
Former India central bank chief says cryptocurrencies have a ‘potential future’
While India’s parliament considers a potential nationwide ban on all private virtual currencies, a former governor of India’s central bank says some cryptocurrencies have a “potential future” in the global economy. Raghuram Rajan, ex-governor of India’s central bank and former chief economist at the International Monetary Fund, made his comments at a Reuters Global Markets […]
AAX to launch its own NFT marketplace, following other crypto exchanges
Amid the immense growth in the non-fungible token market, leading Singapore-based crypto exchange AAX is planning to launch its own NFT marketplace in the “near future,” according to a press release shared with Forkast.News. Fast facts In preparation for the launch, AAX is running a campaign in which its users can auction NFTs for charity […]
How blockchain is transforming shipping and redefining global trade
Rising from the rubble of a Covid economy, shipping companies are now using blockchain technology to rebuild profitability and reduce inefficiencies.
Korea reveals crypto exchange ‘Death Note’: DeFi investment booms
Korea reveals crypto exchange ‘Death Note’: DeFi investment booms
South Korea unveils “death note” for crypto exchanges
24 out of 63 digital currency exchanges in South Korea are not expected to meet new compliance requirements and will most likely be shut down in less than a month.
BIS, HKMA partner on Project Genesis to tokenize green bonds
The Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre and the Hong Kong Monetary Authority (HKMA) are collaborating on Project Genesis — a green finance project for the tokenization of green bonds using blockchain technology, according to a BIS statement. Fast facts Project Genesis — the BIS Innovation Hub’s first green finance project […]
Bitcoin bulls brace. CryptoPunks’ pulling power. China’s crypto lawfare.
Top blockchain and crypto news: Is another Bitcoin bull run coming soon? Punks rocking NFTs. Why crypto contracts may not be enforceable in China.
Thai SEC proposes new rules for digital asset custodians
Thailand’s Securities and Exchange Commission (SEC) on Wednesday launched a public consultation on its proposed amendments to regulations for the custody of crypto holdings in digital asset businesses. Fast facts The additional regulations — which the SEC said are intended to enhance investor protection — include requiring digital asset businesses to comply with “the principles […]
Hong Kong’s Resources Capital Football Club kicks off NFT goals
The team joins a growing number of football clubs around the world launching non-fungible tokens (NFTs) as they look to engage fans and generate new revenue streams.
Guangzhou court uses blockchain for online cross-examination
In a legal first for the region, the Guangzhou Intermediate People’s Court used a new blockchain system in a lending dispute case so the parties can submit evidence and do cross-examination online. Fast facts The “blockchain electronic cross-examination system” allows each side to upload its evidence online. The opposing party, under the judge’s supervision, can cross-examine the […]
Crypto bank in South Korea says it aims to comply with strict but unclear new law
Sandbank, a South Korean bank for virtual assets, says it is in the process of acquiring the necessary certification needed to legally operate in the country. However, the financial authorities have yet to decide whether their requirements apply to crypto banks. Fast facts In an announcement, Sandbank told its customers it has put acquiring the […]
Court in China says trading in cryptocurrency ‘not protected by law’
The ruling by Shandong’s High Court backs up China’s official stance against trading in cryptocurrencies. What does this mean for investors?
Futures exchange pays e-CNY for warehousing fees
Dalian Commodity Exchange paid storage fees to a delivery warehouse in the form of e-CNY, the first time applying central bank digital currency (CBDC) in futures trading. Fast facts According to the report, Dalian Liangyun Group, which received the e-CNY warehousing fees, said that e-CNY transfer has no inter-bank transfer fees, and it would not […]
Shaanxi Expressway accepts digital yuan as tolls
Shaanxi Province has built the province’s first toll lane that supports digital yuan payments; the first payment was successfully made on August 16. Fast facts Shaanxi Province says it will continue to install digital renminbi payment equipment at all expressway toll stations in the province. Shaanxi Province is located in the western inland region of China, and […]
Digital yuan trials now looking like a ‘soft launch’ stage
China’s high penetration of smartphones, digital-savvy population helps reduce e-CNY testing time, observers say
The9 sets up another joint venture to mine crypto in Kazakhstan
The9 Ltd., a Chinese gaming company that only a few months ago pivoted its business to crypto mining, is setting up another joint venture in Kazakhstan as it ramps up its mining operations in the Central Asian nation that shares a border with China. Fast facts Nasdaq-listed The9 has signed an investment memorandum through a subsidiary […]
Bit Digital reports growing losses as it moves crypto miners from China to North America
Bit Digital, a New York-headquartered Bitcoin mining company that has had significant operations in China, recorded growing losses in the second quarter of this year as it continued relocating its China-based machines to North America. Fast facts In the second quarter of this year, Nasdaq-listed Bit Digital booked a net loss of US$1.34 million, compared […]
Binance taps former SGX chief regulatory officer as Singapore CEO
Binance Singapore today announced the appointment of Richard Teng, former chief regulatory officer of the Singapore Exchange (SGX), as chief executive, bolstering its leadership ranks with former regulators while battling growing regulatory woes around the world. Fast facts Teng was CEO of the Abu Dhabi Global Market for six years before stepping down in March. […]
As China cracks down on crypto, blockchain technology keeps flowering
Steelmaker Ansteel Group and lithium battery producer Tianneng are the latest companies to make use of blockchain in accordance with China’s national strategy.
Aussie tech entrepreneur offers Bitcoin to those vaccinated against Covid
Finder.com CEO Fred Schebesta is offering AU$5 (US$2.85) worth of Bitcoin to every Australian who is fully vaccinated against Covid-19. Fast facts Announcing the plan on Sydney radio this week, the self-made millionaire said he was looking for a way to contribute to the vaccination effort and thought this could be a way to help. […]
Thai-listed Brooker Group reports $24 million in crypto holdings in 1H 2021
The Brooker Group, a publicly listed financial consultancy and capital management company in Bangkok, this week reported that it held US$23.86 million of digital assets, according to its financial results for the first six months of 2021. Fast facts The Brooker Group also reported an impairment loss of US$12 million in the first half of […]
Justin Sun’s Weibo account blocked again
TRON founder Justin Sun’s social media account on Weibo, China’s Twitter-like microblog platform, appears to have been blocked again, along with the accounts of several other cryptocurrency-related interests. Fast facts TRON is a blockchain with a cryptocurrency native to the system founded by Sun in 2017. Sun, 31, has been active on social media, and […]
China shuts down website and social media of high-profile blockchain center
China continues its crackdown on certain illegal social organizations, as authorities shut down the website and social media accounts of the China Blockchain Application Center — a organization once led by some of the nation’s most prominent crypto industry leaders, state media China National Radio reported yesterday. Fast facts The China Blockchain Application Center was […]
Thailand publishes CBDC study results, pilot test to start in 2022
The Bank of Thailand today published the results of its retail central bank digital currency (CBDC) study and public survey, which the central bank says will guide the development of the country’s CBDC pilot test. Fast facts The Bank of Thailand underscored that a CBDC for the general public “must not adversely affect monetary policy […]
Shanghai court rules Bitcoin is virtual property, not currency
A district court in Shanghai has ruled that Bitcoin is virtual property, not a currency that is allowed to circulate, according to a statement released earlier this week. Fast facts A Minhang district court in Shanghai stated this week that it heard a case in which a plaintiff purchased Bitcoin mining machines from a defendant […]
BIT Mining revenue soars despite losses from operational pivot
Operating costs and crypto bear market suck up cash after former lottery operator bets on digital assets
Led by Vietnam and India, global crypto adoption jumps over 880%
Asia is now tops in the world in cryptocurrency adoption. Vietnam, India and Pakistan are now the top three countries in the world in crypto use — and other Asian countries aren’t far behind, according to Chainalysis’ 2021 Global Crypto Adoption Index published today. Fast facts Thailand, China and the Philippines also ranked in the […]
IBM, Nomura to use blockchain for plastics recycling in new consortium
IBM Japan, Mitsui Chemicals and Nomura Research Institute have announced a new consortium to explore how blockchain technology can be used to create better plastic recycling methods, according to a press release from the NRI. Fast facts Making new plastics from recycled plastics is an exact process that requires knowing the specific chemical makeup of […]
Union Bank of Philippines partners with Hex Trust to enter digital asset ecosystem
Union Bank of the Philippines and Hex Trust, a Hong Kong-based digital asset custodian, today announced that the bank was partnering with Hex Trust to provide digital asset custody services to it as it enters the digital asset sector. Fast facts As part of the collaboration, Hex Trust will provide digital asset custody as an […]
India’s crypto sector on edge as bill that may lead to ban awaits cabinet approval
If cabinet approves crypto bill by November, it could be introduced as early as parliament’s winter session.
Kakao to spearhead global expansion of Klaytn blockchain from Singapore
South Korean internet giant Kakao this week announced that its newly established non-profit entity headquartered in Singapore — the Klaytn Foundation — will lead the development and global expansion of the Klaytn blockchain, according to a company release. Fast facts The Klaytn Foundation, together with Krust, Kakao’s newly established global accelerator unit, and GroundX, which […]
U.S., Indonesia drive NFT wave, DappRadar report shows
A new report by DappRadar shows that interest in NFTs has come mainly from the United States and Indonesia, and that Russia and India have a presence in the market as well. Fast facts DappRadar, an NFT and decentralized finance and decentralized app store and a data provider, revealed this month in its user behavior […]
HIVE buys more crypto mining rigs from Bitmain, adding to Canaan deal
HIVE Blockchain Technologies, a Vancouver-headquartered crypto mining company, is buying 1,800 machines from Chinese mining rig maker Bitmain to expand its mining operation. Fast facts HIVE said that it had ordered 1,800 Antminer S19j Pro miners from Bitmain, and the new machines are expected to bring an aggregate hash power of 180 petahash per second, […]
Asia leads world in crypto investment, report says
Asian nations are leading the world in retail crypto investment, according to a recent report by Finder.com, which found that of 27 countries surveyed, the top five were all in Asia. Fast facts Vietnam was by far the leader in crypto adoption, with 41% of respondents saying they owned at least one cryptocurrency. Indonesia and […]
Polygon acquires Hermez Network for US$250M
Hermez Network, a prominent zero-knowledge cryptography-based scaling project, will merge with India-based Polygon, an Ethereum scaling project, Polygon announced on Friday. Fast facts Polygon has initiated the process of merging Hermez, including its technology, team, live solutions and HEZ tokens into its ecosystem. Hermez will operate under the name Polygon Hermez as a part of […]
India gets Bitcoin rewards cards with backing from crypto-averse central bank
GoSats, an Indian Bitcoin rewards app, has launched a new cash back card that will allow Indians to earn up to 100% of their spending in Bitcoin and provide a chance to win one full Bitcoin on every spend, GoSats announced in a tweet. Fast facts The GoSats prepaid RuPay debit cards will be released […]
Why Silicon Valley is pouring big money into India’s crypto industry
While Delhi goes back and forth over a crypto ban, crypto’s huge growth potential in the world’s second most populous country is captivating American venture capital.
Samsung joins South Korean pilot to test CBDC on Galaxy smartphone
Samsung Electronics will participate in the Bank of Korea’s central bank digital currency pilot program to test the practicalities of digital currency remittances without internet availability, according to a report by the Korea Times. Fast facts An unnamed source familiar with the issue told the Korea Times: “Samsung Electronics has recently decided to participate in […]
Cricket NFT platform Rario launches on Polygon
Rario, an officially licensed cricket non-fungible token startup built on the Polygon blockchain, has announced its integration with Polygon’s NFT platform, Polygon Studios. Fast facts Polygon Studios, an NFT-focused gaming and metaverse hub, was launched last month by Indian Ethereum scaling platform Polygon to facilitate Web 3.0 gaming and fuel mainstream adoption of NFTs. It […]
Cambodian central bank, Maybank partner on cross-border digital currency transfers
Malaysia’s Maybank and the National Bank of Cambodia yesterday announced the launch of a real-time funds transfer service between Malaysia and Cambodia — the first international partnership between a bank and Cambodia’s Bakong digital payments system. Fast facts The service facilitates fund transfers via NBC’s Bakong e-wallet and Maybank’s MAE app. It allows Maybank customers […]
WazirX signs up small-city women crypto investors
Tier II and Tier III cities in India registered massive growth in new user signups on WazirX, more than the larger cities.
XRP price rises as GME joins RippleNet to expand remittances between S. Korea and Thailand
San Francisco-based payments technology company Ripple this week announced that South Korean money transfer company, Global Money Express Co. Ltd (GME Remittance), has joined RippleNet to expand remittances between South Korea and Thailand. Fast facts Some 184,000 Thai nationals live in South Korea, and they account for the third largest group of foreign nationals in […]
China’s mining exodus flows to U.S. Is Texas the new promised land?
Poolin, a major mining pool in China, has set sail for America. ‘Large players are all over the U.S. now looking for deals.’
NFTs and the music industry: K-pop’s new token economy | Part 2
K-pop superstars Brave Girls, Se7en and A.C.E. are among the latest to jump on the non-fungible token bandwagon. Are fans buying it?
Hong Kong artists embrace NFTs as OpenSea trading volume explodes
Despite speculation that the NFT market is cooling, OpenSea continues to post record transaction volumes, and Hong Kong artists are getting in on the action.
India’s CoinDCX crypto exchange becomes unicorn with US$90M in funding
CoinDCX, an Indian cryptocurrency exchange, has become the country’s first crypto unicorn with a US$90 million Series C fundraise, the company announced today. The funding was led by Facebook co-founder Eduardo Saverin’s B Capital. The fresh funding pegs CoinDCX’s valuation at US$ 1.1 billion. Fast facts Founded in 2018, CoinDCX offers a range of crypto […]
Unocoin now allows Indians to buy pizza, coffee with Bitcoin
Several cryptocurrency payment methods exist around the world, but new service is the first major one of its kind in India.
What is the regulatory outlook for virtual asset exchanges in Hong Kong and Singapore?
Singapore and Hong Kong are at the forefront of regulations over crypto exchanges, writes Vince Turcotte of Eventus Systems. Here’s why trade surveillance and risk management will be critical.
Latest digital yuan trial launches with backing of JD.com, Bank of Communications
E-commerce company’s tie-up with government-owned lender suggests hybrid private-state future for central bank digital currency.
Binance winds down derivatives trading in Hong Kong
Binance — the world’s largest cryptocurrency exchange by trading volume — today announced that it will be restricting the use of its derivatives products for customers from Hong Kong. Fast facts Hong Kong customers will, with immediate effect, not be able to open new Binance deriviative product accounts, according to a Binance announcement posted at […]
DBS Bank’s digital exchange assets surge 60% in Q2
DBS eyes bigger investor base as digital assets under custody top US$100 million.
Rothschild’s RIT Capital leads funding round for Aspen Digital to provide crypto services for institutional investors
Hong Kong-based Aspen Digital, a digital asset management platform for institutional investors, announced on Wednesday that it has secured US$8.8 million in pre-A funding to develop a one-stop shop for asset managers to invest in digital assets and manage their clients’ portfolios. Fast facts The funding round was led by RIT Capital Partners, the London-based […]
Ethereum upgrade closely watched; India launches e-RUPI voucher
Ethereum upgrade closely watched also India launches e-RUPI voucher
Two Chinese provinces use state blockchain platform for export credit insurance worth US$3.27B
Chinese central bank branches in Fujian and Guangxi provinces have announced that their provinces did US$2.4 billion and US$875 million, respectively, of blockchain-based export credit insurance financing for the first half of 2021. Fast facts Fujian Province struck a total of 6,516 insurance deals, and Guangxi Province saw 166 enterprises participate. On May 17, the […]
Mastercard partners with Australian exchange for crypto card
In a further move towards cryptocurrency adoption, Mastercard has partnered with one of Australia’s oldest crypto exchanges, CoinJar, to launch one of the country’s first crypto payment cards. Fast facts The card became available on Tuesday in a digital form through integration with Apple Pay and Google Pay, and will be available in a physical […]
Singapore poised to grant one of first approvals to crypto exchange Independent Reserve
Australian cryptocurrency exchange Independent Reserve said Monday that it had received an “in-principle approval” for a Major Payment Institution License in Singapore to operate as a regulated digital payment token (DPT) service provider, according to a company statement. Fast facts Founded in Australia in 2013, Independent Reserve set up its first overseas operations in Singapore […]
Crypto crimes surge to record levels in Hong Kong
Crypto-related crime has hit record levels in Hong Kong for the first six months of this year, with one victim losing HK$124 million (US$15.95 million) to fraudsters, according to the South China Morning Post. Fast facts Hong Kong police recorded 496 such cases totaling HK$214.4 million (US$27.58 million) in just the first half of this […]
Chinese central bank shows no sign of softening stance on crypto
People’s Bank of China vows to keep sector under ‘heavy pressure’ as it pushes digital yuan.
Binance in Malaysia ban as it ends derivatives trading in Germany, Italy, Netherlands
World’s biggest cryptocurrency exchange steps up compliance and cuts product offerings, with a ban in Malaysia and end of lucrative derivatives business in three EU nations.