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Asia-Pacific

161 articles

June 2021

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.

Hundreds of Bitcoin mining rigs seized in Malaysia police raids

Four people have been arrested and more than 400 Bitcoin mining machines seized by police in the Malaysian city of George Town.

Who’ll blink first in India’s crypto stand-off?

India’s central bank has clarified that cryptocurrencies are not illegal, but that does little to prevent lenders from refusing to provide crypto-related services.

SK govt assists crypto exchanges; Aus firm accepts crypto for rent | The Daily Forkast

South Korean government is holding on-site visits to help crypto exchanges get regulated while an Aussie business wants crypto for rent.

Indian crypto exchange WazirX in probe over US$382M in suspect transactions

India’s Enforcement Directorate has issued a show cause notice to cryptocurrency exchange WazirX for alleged foreign exchange violations involving 27.9 billion rupees (US$382 million).

Foreign crypto exchanges eye India despite regulatory uncertainty

Despite regulatory uncertainty over cryptocurrency trading in India, some of the world’s largest crypto exchanges are looking to enter the market.

Australian serviced office firm to accept rent in crypto

Australian serviced office firm Business Hub will accept cryptocurrency as payment for rent on serviced office space and other business services as of July 1.

Singapore’s GIC takes 8% stake in HK’s digital asset company BC Group

GIC, Singapore’s sovereign wealth fund, is investing in BC Group—the parent company of OSL, Hong Kong’s first licensed cryptocurrency exchange.

Bitcoin hot in Singapore; China crypto mining bans widen | The Daily Forkast

El Salvador’s adoption of Bitcoin has the world buzzing. Can Singapore be next? China mining crackdown continues.

Hashrate drops as Chinese crypto mining ban extended to more provinces

Cryptocurrency mining prohibition in Xinjiang and Qinghai follows Inner Mongolia ban.
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South Korea cracks down on suspicious crypto exchange accounts

South Korea’s main finance sector regulator has launched an investigation of accounts operated by crypto exchanges under false or third-party names.

Singapore central bank says blockchain can boost Asia’s low-carbon future

Ravi Menon, managing director of the Monetary Authority of Singapore, says technologies such as blockchain will help Asian nations to reduce carbon emissions.

Saudis lead $30M Series A for China nationwide blockchain network manager

Beijing-based Red Date Technology — the face of China’s ambitious nationwide blockchain service network — receives a big investment boost.

Asian crypto exchange Kikitrade wins funds from UK billionaire Alan Howard

Kikitrade today announced a US$12 million fund raise with investment from British hedge fund billionaire Alan Howard to accelerate its growth.

China’s biggest crypto exchanges blocked from internet searches, social media

Huobi, OKEx and Binance have been blocked by the country’s most popular internet search engines and social media platforms.

China’s Xinjiang and Qinghai regions ban cryptocurrency mining

Xinjiang and Qinghai regions in China are now banning cryptocurrency mining, after Inner Mongolia tightened its crypto mining ban last month.

Hong Kong eyes CBDC; Aussie Millennials favor crypto vs. real estate | The Daily Forkast

Hong Kong looks to explore CBDC feasibility as Australian millennials favor investing in crypto over traditional assets.

Chinese Bitcoin investors among most profitable globally

Bitcoin investors in China saw greater returns in 2020 than almost any other nation — second only to the US.

UNICEF invests in blockchain startups for financial inclusion

UNICEF Venture Fund is awarding up to $100,000 to blockchain startups, including India’s GovBlocks, in its latest funding round. Here are the other projects.

Hong Kong eyes digital currency as part of new fintech plan

Hong Kong will be initiating a study on a digital Hong Kong dollar as part of its plans to “future proof” the city for central bank digital currencies.

India crypto feud continues; Korea mining thief busted | The Daily Forkast

Regulatory uncertainty pushes India’s crypto industry towards self regulation as a secret Ethereum miner gets busted in Seoul Arts Center.

How NFTs are redrawing Asia’s art scene from artists to galleries

From Phillips auction house in Hong Kong to Art Fair Philippines, non-fungible tokens are redefining how Asia appreciates, buys and profits from art.

Taiwan boy band star Van Ness Wu praises NFTs, prepares for charity selfie sale

California-born singer looks to rekindle relationship with his fans as he pledges to donate the proceeds from his NFT sale to a Taiwan-based NGO.

Indian crypto exchanges form self-regulatory body

Crypto exchanges in India have partnered with the Internet and Mobile Association of India to form a self-regulatory body.

Bitcoin worth millions recovered from Colonial Pipeline ransomware attack

Millions of dollars worth of Bitcoin paid to ransomware hackers who shut down the main fuel pipeline on the U.S. East Coast last month has been recovered.

Take that, Miami: Hong Kong hosts its own Bitcoin meet-up

As 50,000 Bitcoiners and crypto superstars whoop it up at Miami’s Bitcoin 2021 fest, a smaller group of BTC fans hold their own at the Fringe in Hong Kong.

Crypto exchange Fasset expands to Southeast Asia

Cryptocurrency exchange Fasset has received three licenses from the Labuan Financial Services Authority in Malaysia for business operations in the country.

Bitcoin mining rig maker Canaan to open service center in Kazakhstan

Canaan, one of the largest crypto mining rig makers in the world, is opening its first-ever service center outside China—in Kazakhstan.

Chinese crypto social media crackdown; Seoul tightens rules on crypto | The Daily Forkast

Chinese social media Weibo bans crypto accounts as employees of South Korean crypto exchanges can no longer trade on their own platforms.

Smartphone giant Huawei doubles down on blockchain technology

Following blockchain’s mention as a next-wave technology in China’s five-year plan, Huawei unveils applications for government and in-house services.

South Korean crypto exchange executives face ban from own platforms

South Korea’s Financial Services Commission has announced plans to ban executive employees and exchange operators from trading on their own platforms, prompting a chorus of complaints. Fast Facts: The FSC’s Financial Intelligence Unit recently met with officials from cryptocurrency exchanges to explain upcoming amendments to the Act on Reporting and Use of Certain Financial Transaction Information, […]

Shanghai in US$3M e-CNY windfall ahead of Dragon Boat holiday

Following a digital yuan giveaway announced for Beijing last week, Shanghai will distribute 350,000 red envelopes to people across the city during next week’s Dragon Boat Festival.

Crypto mining rig maker Goldshell to launch ‘mine-at-home’ kits in Asia

Crypto mining equipment manufacturer Goldshell has announced that it will launch a new line of mining rigs designed specifically for home use in Asian markets.

Weibo blocks crypto accounts as Chinese clampdown continues

Microblog platform Weibo has blocked more than 30 influential Chinese cryptocurrency-related accounts amid a series of actions by Beijing against crypto mining and trading.

Australia’s first Bitcoin capital growth fund gaining interest

Australia’s first capital growth fund to offer institutional exposure to BTC has announced its received inquiries from some of the country’s largest companies.

Luno crypto exchange looks to expand into Indonesia and SE Asia

Global crypto exchange Luno is in talks with conglomerate Lippo Group to launch operations in Indonesia in order to enter the Southeast Asian market.

Prominent Chinese economist urges public to ‘avoid confusion’ between digital currency and cryptocurrencies

It is important to distinguish between developing a digital currency for currency digitalization and digitalization of assets or cryptocurrencies so that China can be more focused on preventing risks in the financial sector, said Fan Gang, a Peking University professor and a prominent advocate in China for economic reform. Fast Facts: In a keynote speech […]

Regulators in Hainan warn of illegal crypto fundraising schemes

Regulators Hainan province have issued a warning against illegal fundraising schemes using crypto or blockchain..

South Korea will tax overseas crypto assets starting next year

S. Korea residents with accounts in foreign crypto exchanges may have to report their crypto holdings starting in 2022. Above what amount is taxable?

BitFlyer to launch Bitcoin-Japanese yen pair for U.S. traders

BitFlyer announced today that it is launching a Bitcoin-to-Japanese yen pair for currency traders in the U.S.

Governments meet crypto industry; Hope for Bitcoin miners in Sichuan | The Daily Forkast

Governments meet up with the crypto industry to discuss how to regulate the booming industry as BC Group’s OSL ties up with SC Ventures.

DBS Bank tapping on tokenized bonds as a new way to invest

From digital bonds to real estate, blockchain-enabled security token offerings and tokenization are redefining corporate fundraising and investing.

South Korean crypto exchange Upbit in the dock over botched transfers

Eleven users of Upbit have filed a class action lawsuit against its owner, Dunamu Inc., seeking damages over a suspected technical failure.

Bitcoin mining rig maker Canaan reports huge jump in overseas sales

Chinese Bitcoin mining hardware maker Canaan says overseas sales accounted for almost four-fifths of its revenue during the first quarter of 2021.

‘Green’ crypto mining should be spared crackdown, Canaan chief says

Green crypto mining operations should be spared China’s recent crackdown on the sector, according to the CEO of Canaan Inc.

Is India’s central bank greenlighting crypto? Bitcoin fees fall to new lows. Cardano rolls out Alonzo upgrade for DeFi.

Other top blockchain and crypto news: Thailand’s SEC tries to rein in DeFi via regulation. Will China’s future DCEP digital yuan offer smart contracts?

WazirX launches India’s first NFT marketplace

WazirX launched the country’s first NFT marketplace on Tuesday, featuring artists from India and other South Asian nations.

China to give away digital yuan worth US$6.3M in latest e-CNY test

China is set to hand out 200,000 virtual red envelopes, each containing 200 yuan (US$31.30) of the country’s prototype digital currency, to Beijing residents.

Cryptocurrency behind spike in illegal gambling, Asian racing body says

Illegal gambling in Asia is on the rise, facilitated in part by sites accepting bets in cryptocurrency.

Australian Tax Office issues reminder of cryptocurrency tax obligations

ATO will contact 400,000 Australian crypto holders over concerns that they may not be fully aware of their crypto tax obligations. Tax cheats beware!

Thailand warns over DeFi; India green lights cryptos | The Daily Forkast

Thailand becomes one of the first governments to attempt DeFi regulation as India’s RBI clarifies that banking ban no longer exists.

S. Korean banks process US$57B linked to crypto exchanges

South Korean banks processed over 64 trillion won (US$57 billion) of deposits and withdrawals linked to crypto exchanges in the first quarter.

Robinhood’s Chinese rivals to launch crypto services abroad

China-based trading apps Futu and Tiger Brokers have announced plans to move into crypto to compete outside China with apps such as Robinhood and eToro.

Thailand’s DeFi sector targeted for regulation over coin offerings

Thailand’s Securities regulator has announced that digital tokens issued and offered for transactions must have its approval.

Singapore’s DBS Bank launches its first digital bond

Singapore’s DBS Bank has announced its first security token offering on the DBS Digital Exchange.

Indian central bank in climbdown over crypto ban

India’s central bank has said that banks and other finance sector businesses should not adhere to a prohibition it imposed on lenders dealing in cryptocurrencies.

May 2021

Taxing crypto down under; Privacy coins spike in value | The Daily Forkast

Tax season is here and the ATO wants to make sure Aussies pay their taxes for crypto earnings. Also, Privacy coins have surged over the past weeks.

Privacy coin Monero surges as US and Australia target crypto gains

Privacy-centric coins like Monero, ZCash and Dash are seeing big price rises as the IRS and ATO issue warnings on taxable crypto transactions.

South Korean finance watchdog set to take over crypto regulation

South Korea is in the process of tasking a branch of the Financial Services Commission with regulating cryptocurrency exchanges.

Digital yuan is not a surveillance tool, says Chinese ex-central bank director

Former People’s Bank of China Director Yao Qian says that the country’s digital yuan is not a surveillance tool for the government.

Chinese crypto traders dodge clampdown in move to OTC, P2P platforms

Since Beijing’s announcement of tighter restrictions on cryptocurrency trading earlier this month, investors have found a workaround in over-the-counter and peer-to-peer transactions.

Bitcoin mining difficulty drops 16% amid Chinese regulatory headwinds

The latest Bitcoin mining difficulty adjustment, made at 1 a.m. UTC on May 30, saw the difficulty of Bitcoin mining drop 15.97%.

Indian lenders cling to overturned central bank crypto ban as customers fume

Banks in India, including some of the country’s largest lenders, are notifying their customers not to engage in cryptocurrencies, adhering to a central bank rule from 2018 that bans them from dealing in cryptos — despite the fact the ban was overturned by the Supreme Court more than a year ago.

Crypto crimes surge in Asia; Bitcoin cause for divorce in S. Korea | The Daily Forkast

Crypto crime is surging in Asia while Bitcoin is being blamed for splitting up married couples in South Korea.

Huge cryptocurrency scam boosts S. Korea’s crypto crime losses to US$5B

Police in South Korea have arrested 14 individuals in a cryptocurrency fraud case estimated to have cost 69,000 investors a total of US$3.85 billion, taking the country’s losses to US$5 billion over the past five years.

Hong Kong crypto exchanges seek to wash hands of dirty power problem

Hong Kong-based cryptocurrency exchange Crypto.com has announced that it is committed to becoming carbon-negative within 18 months, following carbon-neutral initiatives launched by other Hong Kong-based cryptocurrency exchanges FTX and BitMEX.

Chinese province’s hydropower gives hope to crypto miners following crackdown elsewhere

Energy regulators in the southwestern Chinese province of Sichuan, which has abundant hydropower resources, will hold a seminar on June 2 to assess the province’s cryptocurrency mining industry, fanning hopes among miners that the beleaguered sector may be given a reprieve from its recent hardships in China.

Tokenization to transform financial system, DBS Bank CEO says

The power of tokenization can fundamentally transform the fabric of the financial system, Singapore’s DBS Bank CEO Piyush Gupta told the Consensus by CoinDesk 2021 conference taking place this week.

Hong Kong treasury chief says new rules will boost crypto despite investment threshold

A proper regulatory system for cryptocurrencies and virtual assets can facilitate development, protect investors, and adhere to international regulatory standards, says treasury chief Christopher Hui

Crypto miner BitDeer blocks China users as Beijing gets tough on sector

BitDeer, one of China’s biggest crypto mining operators, blocked access to anyone using a mainland Chinese IP address last night.

BIT Mining to invest US$9M in crypto mining in Kazakhstan

Chinese crypto mining firm BIT Mining is investing US$9.33 million to construct and operate a mining data center in Kazakhstan.