Forkast.News is now Forkast Labs

Articles filed under

Asia-Pacific

161 articles

July 2021

Stablecoins promise much, but can they deliver?

As issuer Circle prepares to list and China sounds the alarm over speculation, the mood among regulators is mixed, despite stablecoins’ clear appeal to investors.

NFTs and the music industry: Token gesture or transformative technology? | Part 1

In the first of a four-part series, Forkast.News looks at how non-fungible tokens may be changing who calls the tune in the recording business.

TikTok bans crypto promotions amid concerns over targeting of young users

Ban on branded content covers range of financial services and ‘get-rich-quick’ schemes boosted by influencers with young followings.

China closes high-profile blockchain center, citing ‘registration’ issues

Closure of center comes despite — or perhaps because of — professional pedigree of crypto exchange founder board members.

BIS: cooperation essential for CBDCs to improve cross-border payments

In a new report, BIS says countries must work together and design CBDCs with interoperability in mind. Hong Kong and Singapore lead mCBDC efforts.

Hong Kong manga finds virtual home on blockchain as authorities silence publishers

NFTs offer haven as authors self-censor amid intensifying crackdown on free expression.

Stablecoins could pose risks to global financial system, Chinese central bank official says

Warning comes as Beijing ramps up efforts to internationalize China’s currency through launch of digital yuan.

Blockchain-based digital invoicing rollout continues apace in China

China’s blockchain-based digital invoicing systems are being increasingly put into large-scale use in major cities and provinces.  Fast facts Blockchain-based digital invoicing is being used in multiple sectors in Hainan Province, China’s only free-trade port. Digital invoicing systems are in use in 2,795 organizations, including courts, schools and banks, according to Securities Daily, a Chinese […]

Chinese firm shut down by central bank for trading cryptocurrencies

China’s central bank has reiterated its ban on cryptocurrency trading and yesterday said it had ordered a company in Beijing suspected of offering software services for crypto trading to shut down as part of an ongoing nationwide crackdown on the crypto industry. Fast facts A Beijing office of the People’s Bank of China and a […]

Software firm Meitu loses US$17.3M on Bitcoin

Higher value of Ether investments softens blow to value of Bitcoin holdings.

South Korean crypto exchanges tighten personal trading rules for employees

Three of the biggest cryptocurrency exchanges in South Korea have tightened restrictions on virtual currency trading by their employees in a move designed to comply with the nation’s crypto regulations. Fast facts Bithumb announced that starting this month, it had banned its employees from trading cryptocurrencies using Bithumb accounts. The exchange has made employees sign […]

June 2021

Chinese cities roll out digital yuan to public transport networks

Adoption of e-CNY for urban transport networks marks first step in wider introduction of state-backed digital money.

Taiwan to introduce new AML rules for crypto exchanges on July 1

Taiwan is set to enact new anti-money laundering rules that take effect July 1 to further boost AML requirements for crypto exchanges.

South Korean crypto exchange Bithumb dismisses ‘listing fee’ claims

Bithumb — South Korea’s second-largest crypto exchange — has rubbished claims that it is charging token issuers fees to list their coins on its platform.

Hong Kong’s Cyberport invests in digital asset custodian Hex Trust

Hex Trust, a Hong Kong-based digital asset custodian, today announced that it has secured investment from Cyberport, a technology incubator project backed by the Hong Kong government.

Special Series, Part 3: Digital dragons and digital dollars

In the last installment of a 3-part series on blockchain in Asia, Forkast.News examines: Everyone knows money has value. But does it also have ‘values’?
, and

What kind of new regulation can help Australia become a global crypto hub?

Through tomorrow, a Senate committee is taking public comments on how best to make Australia into a global crypto leader and fintech hub.

Gold loses shine for India’s crypto-curious young investors

Crypto investment in India has grown from about US$200 million to nearly US$40 billion in the past year, driven in large measure by demand among young investors.
and

Singapore crypto exchange Coinhako sees trade soar 500%, eyes IPO

Singapore cryptocurrency exchange Coinhako today announced a 500% increase in trading volume during the first five months of 2021 compared to the whole of 2020.

Executives at crypto exchange V Global arrested in US$1.9B fraud case

Four executive employees of South Korean crypto exchange V Global have been arrested on charges of alleged fraud involving more than US$1.9 billion.

China’s Agricultural Bank launches fintech center in ‘smart city’ of Xiong’an

Agricultural Bank of China has set up a fintech innovation center in Xiong’an, a model for a so-called smart city.

Why big investors are pouring money into blockchain data analytics for crypto

Nansen, a Singapore startup, is the latest darling of venture capitalists like Andreessen Horowitz (a16z) bullish on the growing field of crypto analytics.

Samsung Asset Management launches metaverse fund

Samsung Asset Management, South Korea’s biggest asset manager, has launched a fund tied to a virtual world known as the metaverse.

Bitcoin hashrate falls to lowest in 22 months amid China mining clampdown

Bitcoin’s hashrate fell to 58.7971 exa hashes per second on Sunday — the lowest point since August 2019.

Singapore central bank joins IMF, World Bank to push state digital currencies

The Monetary Authority of Singapore is inviting proposals for retail central bank digital currency innovations to improve payment services.

Special Series, Part 2: China lays digital groundwork for a new Silk Road

How China’s deployment of the digital yuan intertwines economics with geopolitics and concrete with virtual infrastructure, from Cambodia to the Caribbean.
, and

South Korean crypto exchange fee revelations deal blow to sector’s credibility

Payment for listings raises questions over integrity of cryptocurrencies’ credit scores as compliance deadline nears.

Kazakhstan’s Bitcoin gold rush gathers pace as Chinese miners keep piling in

As China shuts down crypto mining over environmental concerns, miners are moving next door to Kazakhstan, one of the most coal-rich countries in the world.

Hong Kong to press ahead with digital dollar, e-CNY plans

Hong Kong’s financial secretary has reiterated the city’s determination to develop digital versions of the Hong Kong dollar and the mainland Chinese yuan.

Special series, Part 1: China bets on the blockchain

Long before most governments, the Asian superpower saw the potential in Bitcoin’s technology to spawn the next internet and a new form of money.
, and

China sets out stall with digital yuan. Here comes the sales pitch

Urged on by the authorities, banks have wasted little time in putting e-CNY infrastructure in place, but now comes the hard part — getting people to use it.

Australian blockchain project targets construction sector traceability

Accountancy giant KPMG is partnering with Australian property group Mirvac to create a blockchain platform to track the provenance of buildings.

Mining rig maker Bitmain halts sales amid flood of second-hand machines

Chinese crypto mining rig maker Bitmain has decided to suspend global spot sales of its Antminer machines, as some of its clients are reselling their rigs.

Following forced closure, Hong Kong’s Apple Daily preserved on blockchain

A tech-savvy activist is using blockchain technology to preserve content from Hong Kong’s Apple Daily, which was yesterday forced by the government to shut down.

China’s Ant Group launches blockchain-boosting transmission network

Ant Chain, Ant Group’s technology brand, has launched a new blockchain communication technology at Ant Chain’s first developer conference.

South Korea points to crypto regulation efforts after calls for watchdog to quit

South Korea’s presidential office has reacted defensively to a petition calling for the chief of the country’s main finance sector regulator to step down over comments he made about cryptocurrencies.

Australian auction house begins accepting crypto for all items

Auction house Lloyds Auctions Australia has begun accepting cryptocurrency for all purchases on its marketplace.

Chinese crypto mining rig maker Bitmain suspends sales as prices drop

Chinese mining rig maker Bitmain has stopped selling in-stock cryptocurrency mining equipment amid a plunge in the prices following a shutdown of major mining pools in China.

South Korean crypto exchange Upbit in dock in trading tech case

South Korean crypto exchange Upbit — the country’s biggest — is facing a lawsuit filed by a university foundation alleging patent infringement.

Indian crypto investors could be stung by 2% foreign operator levy

Indian cryptocurrency investors could face a 2% levy on transactions made through foreign-owned crypto exchanges operating in the country.

Chinese payment giant Alipay starts selling NFTs

Chinese payment app Alipay has started selling non-fungible token artwork, finding buyers for a combined 8,000 editions of two artworks within one day.

New crypto mining hot spots emerge; Korea crypto controversy escalates | The Daily Forkast

The next generation of mining hot spots are shaping out in the aftermath of China’s mining exodus as Upbit’s delisting generates new enemies.

Chinese crypto miners head west as Beijing’s crackdown gains pace

Kazakhstan offers nearby bolthole as North America and Europe beckon.
and

South Korean crypto exchange Upbit to sue Pica Project after delisting coin

South Korean cryptocurrency exchange Upbit is preparing legal action against crypto coin issuer Pica Project, whose tokens it has delisted from its platform.

Chinese central bank orders lenders to cut cryptos’ financial lifelines

The People’s Bank of China has told the country’s big banks and other finance sector heavyweights to cut off financing sources for cryptocurrency transactions.

Over 3,000 ATMs in Beijing now support digital yuan withdrawals

Two of China’s largest state-owned banks, the Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China (ABC), are now offering two-way exchange between fiat cash yuan and e-CNY digital currency through more than 3,000 ATMs in Beijing, according to reports in local media.  Over 3,000 ATMs in Beijing managed by ICBC […]

S. Korean banks start crypto exchange reviews as contract renewals loom

South Korean lenders have started money laundering risk assessments of the country’s “big four” cryptocurrency exchanges, with which they have contracts to provide real-name accounts.

Bitcoin hashrate plunges as Chinese crypto mining crackdown hits Sichuan

The Bitcoin hashrate plunged over the weekend following a clampdown on cryptocurrency mining by the southwestern Chinese province of Sichuan.

Survey: Crypto investing gender gap is narrowing in Australia

The number of Australian women investing in cryptocurrency has grown this year from 7% in January to 11% in June.

WazirX CEO: India’s crypto industry trying to keep ‘clean’ for regulators

Crypto literacy of Indian regulators is evolving and crypto players are trying to keep industry clean via self-regulations, says Nischal Shetty of WazirX.

As Shanghai gives away digital yuan, we hit the streets with a man spending it

Money may be easy to part with when it’s free, but as Shanghai’s first experimental e-CNY giveaway shows, it’s not so easy finding shops to take it.

Crypto clampdown hits Sichuan; Dtravel launches Airbnb rival | The Daily Forkast

China’s crypto clampdown reaches Sichuan. A sneak preview into how China’s digital yuan works.

Chinese crypto mining ban coming to Sichuan — reports

Miners face imminent shutdown as power companies told to cut electricity, according to multiple reports.

‘China’s Robinhood’ halts CME crypto futures services amid sector clampdown

Chinese stock trading app Futu Niuniu has suspended Chicago Mercantile Exchange cryptocurrency futures services and stopped supplying crypto market information.

New Singapore telco to offer contract-free, blockchain-backed services

Gorilla Mobile, Singapore’s newest mobile virtual network operator, is set to roll out blockchain technology to offer contract-free services.

Angry Aussie crypto investors eye Binance class action

Australian investors adversely impacted by repeated system failures on Binance are considering taking a class action lawsuit to recoup their losses.

South Korean crypto exchanges face ban on listing own tokens

South Korea’s Financial Services Commission today revealed plans to ban cryptocurrency exchanges in the country from listing their own coins.

How Singapore and Cambodia see digital currencies for cross-border use

In a recent conference, central bankers from Cambodia and Singapore discuss how digital currencies are transforming existing payment systems for the better.

Singapore’s PSB Academy launches Ethereum-hosted blockchain diploma

PSB Academy, a private education institution in Singapore, ACCESS, a crypto non-profit, and learning platform Skilltree today announced the launch of a blockchain diploma program.

Survival race of SK exchanges; Ethereum powers digital passports in HK | The Daily Forkast

50 crypto exchanges apply for ISMS in South Korea while Hong Kong sees the birth of a blockchain passport for Covid vaccinations.

Blockchain-powered air quality sensor test launches in Hong Kong

France-based PlanetWatch, which records air quality data on Algorand’s blockchain, has launched its first test sensor in Hong Kong.

China’s public Chang’An Chain gets upgrade to accelerate processing

Chinese homegrown public blockchain platform Chang’An Chain has been equipped with 96-core blockchain-specific chips, and 23 companies joined its ecosystem yesterday.

India reviews cryptocurrency ‘ban’ legislation

The Indian government and leading industry stakeholders are reviewing elements of legislation that proposed a ban on cryptocurrencies.

South Korean crypto exchanges race to comply with strict new rules

Fifty South Korean crypto exchanges have applied for certification under the country’s Information Security Management System — the first step in meeting stringent new crypto exchange regulations.

R3 and ASEAN network partner on CBDC sandbox for banks and fintechs

The ASEAN Financial Innovation Network (AFIN) is partnering with enterprise software firm R3 on a central bank digital currency (CBDC) sandbox.

Yunnan mining ban clarified; Korean exchanges start ‘coin thinning’ | The Daily Forkast

Chinese authorities provide more details on its notice issued to the local mining industry while South Korean exchange start ‘coin thinning’.

Chinese province of Yunnan puts crypto mining under the microscope

Following rumors of a possible ban on cryptocurrency mining in the province last week, its energy regulator has clarified an approach to the industry that looks set to rein in rogue operators.

ConsenSys, Hong Kong university launch Ethereum-powered Covid passport

The Chinese University of Hong Kong and Ethereum software company ConsenSys today announced the launch of a Covid-19 digital health passport.

Thailand tightens rules for crypto exchanges and bans meme, fan, NFT tokens

Thailand’s securities regulator has announced new rules for cryptocurrency exchanges in the country, including a ban on utility tokens and meme tokens.

Ant, Ping An, Tencent Cloud win top slots in Chinese blockchain ranking

Ant Group, Ping An Group and Tencent Cloud ranked as the top three among 50 leading Chinese industrial blockchain enterprises in 2020.

Yunnan warns miners over power use; WazirX faces gov’t heat | The Daily Forkast

China’s crypto mining crackdown continues while Indian finance authorities probe one of the nation’s largest exchange WazirX.

China reveals e-CNY wallet specifications

China’s central bank has unveiled four specifications of digital wallets for the country’s state-issued digital currency, the e-CNY.