Forkast.News is now Forkast Labs

Articles filed under

Asia-Pacific

161 articles

May 2021

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.

Inner Mongolia takes steppes to tighten crypto mining ban

The Chinese region of Inner Mongolia – once a thriving cryptocurrency mining hub that has recently enacted a series of measures to rein in the sector – has unveiled eight new proposals designed to give added force to its recently imposed, all-out ban on crypto mining.

Indonesia to launch digital rupiah as online payments soar

Indonesia is planning to launch a digital version of its national currency, central bank Governor Perry Warjiyo said on Tuesday.

China crypto crackdown fallout; Politician turns influencer in Korea | The Daily Forkast

China’s miners prepare for migration and Hong Kong reacts to possible retail ban. Meanwhile a South Korean governor becomes a crypto influencer.

China’s cryptocurrency mining sector becomes target of fresh clampdown 

Chinese authorities’ latest regulatory offensive against the crypto industry may not be as bad for the sector as it appears.

Marathon to host 73,000 Bitcoin miners in Texas as Chinese exodus looms

Marathon Digital Holdings has announced a deal with Compute North to host 73,000 of Marathon’s Bitcoin miners at a new data center in Texas.

What will happen if Hong Kong bans retail investors from trading crypto?

Hong Kong is poised to ban small investors from buying cryptocurrencies, while making exchanges get licences. Industry experts discuss how this might play out. 
and

Hong Kong split on retail crypto ban; Korean conglomerate on custody | The Daily Forkast

Hong Kong reacts to the region’s pending legislation on limiting crypto investment to professional investors while a conglomerate enters South Korea’s crypto custody scene.

Bitcoin dominance rises to 45% as altcoins crash over China crypto crackdown

As the crypto sell-off continued over the weekend, Bitcoin once again proved its resilience relative to other cryptocurrencies in not bleeding as much.

South Korea forges ahead on its digital currency development

Kicking the digital won’s development into higher gear, Bank of Korea is calling for bids to be a technology supplier for its digital currency (CBDC) project.

China announces plan to crack down on Bitcoin mining

The price of Bitcoin fell by over 10% following an announcement by China’s State Council today that it is planning to crack down on Bitcoin mining and trading and “resolutely prevent the transmission of individual risks to society.” Fast Facts: The 51st meeting of the State Council Financial Stability and Development Committee called for the […]

Hong Kong to close crypto exchanges to all but ‘professional investors’

Cryptocurrency exchanges in Hong Kong will have to obtain licenses from the territory’s markets regulator and limit their service offerings to “professional investors”, according to the results of a consultation published today.

Singapore’s DBS Bank says no investment discussion can omit Bitcoin

Diversification to allocate funds to Bitcoin is an “opportunity that (fiat) money cannot buy”, says DBS Bank’s chief investment officer.

S. Korean crypto exchange Bithumb distances itself from scandal-hit ex-chairman

Bithumb, one of South Korea’s biggest cryptocurrency exchanges, is attempting to disassociate itself from its former chairman amid fears that its links to him may pose a threat to its license to operate.

Meitu, Chinese crypto-invested firms’ stock slammed by Bitcoin crash

Hong Kong-listed beauty app Meitu and other companies that have invested in cryptocurrencies have seen millions of dollars wiped off the value of their stock following the huge global Bitcoin sell-off this week.

Thailand’s The Brooker Group still bullish on crypto, planning US$3M investment in DeFi

The Booker Group announced that it now holds approximately US$35 million in crypto and plans to invest US$3 million into DeFi in Q2.

What’s really behind the Bitcoin market crash? Tether USDT lifts veil on reserves. Facebook-backed Diem going to California.

Other top blockchain and cryptocurrency news: BlockFi’s accidental BTC millionaires. China’s Inner Mongolia asks citizens to report illegal crypto mining.

South Korea switches course on crypto amid backlash over regulator’s remarks

Newly elected South Korean Prime Minister Kim Boo-kyum appears to be leading an embrace of the cryptocurrency sector among lawmakers.

Illegal crypto mining in Inner Mongolia’s crosshairs as reporting hotline set up

The Chinese region of Inner Mongolia is urging members of the public to report all cases of cryptocurrency mining, setting up a reporting hotline, an office address and an email address to solicit tips for law enforcement authorities.

Bitcoin drops below US$40,000; China sends another crypto warning | The Daily Forkast

China’s newest warning against crypto sends market into nosedive and Bitcoin dips below US$40,000 for the first time since February.

Australia seeks fresh submissions on cryptocurrency rules

In a paper released today by a Senate committee, the Australian government announced it is seeking help in establishing a crypto regulatory framework.

RippleNet ties up with Egyptian bank, UAE payment firm for funds transfers

RippleNet has partnered with National Bank of Egypt and UAE-based payment services firm LuLu International Exchange for the processing of cross-border funds transfers from the United Arab Emirates to Egypt.

China-based SOS announces activation of 6,039 mining rigs for ETH, BTC

Qingdao-headquartered tech company SOS Ltd. has announced the launch of more than 6,000 ETH and BCT mining rigs, claiming 90% renewable energy sources.

China’s new crypto ban shouldn’t stoke fear, says Conflux network co-founder

Fan Long, a co-founder of Chinese public blockchain network Conflux, says China’s latest broadside against the use of cryptocurrencies in the financial sector should not be interpreted as a sign that Beijing is intent on shutting down digital currencies.

China shuts banks, finance firms out of cryptocurrency business

China has slapped a ban on finance sector businesses, including payment firms, from offering cryptocurrency services.

Will Singapore launch a people’s digital currency — and support DeFi?

As Singapore builds Project Dunbar, a cross-border multiple-CBDC platform, its government dives into DeFi learning and ponders a CBDC for the masses.

China Merchants Bank launches US$50M DeFi, dApp fund with Nervos

Privately owned Chinese lender continues to target blockchain opportunities as it remains shut out of Beijing’s digital yuan project.

Deutsche, STACS wrap up Singapore DLT test project for tokenized securities

Deutsche Bank Securities Services in Singapore and Singapore fintech firm Hashstacs, or STACS, today announced the completion of a tokenized securities proof-of-commercialization test named Project Benja.

UAE study shows growing appetite for cryptocurrencies

The appetite in the United Arab Emirates for cryptocurrency investment is growing, with younger Emiratis more bullish about digital assets than their Western counterparts, according to a study by financial services firm Holborn Assets.

India’s demand for crypto ‘growing like crazy’ since ban attempt

It’s only a matter of time that digital currency ‘is going to overshadow all the other forms of money,’ says Neeraj Khandelwal of CoinDCX.

S. Korea facing backlash for banning police from owning crypto

To improve public trust, South Korea is barring police officers from buying cryptocurrency. Could this presage a broader clampdown on crypto in the country?

Binance under fire; Internet giant Naver takes on South Korea’s CBDC | The Daily Forkast

The Asian crypto industry reacts to the US Department of Justice and Internal Revenue Service money laundering probe into Binance. In South Korea, the nation’s largest internet company plans to join Bank of Korea’s CBDC ventures. Over in Singapore, Southeast Asia’s largest lender DBS Bank expands its crypto services for its private bank clients by […]

China’s new digital yuan wallet with fingerprint ID causes privacy worries

Chutian Dragon and IDEX Biometrics offer DCEP digital currency wallets with fingerprint recognition. The companies say the feature enhances security.

FTX CEO on tokenized stocks; South Korean police officers want crypto | The Daily Forkast

FTX CEO Sam Bankman-Fried joins Forkast.News to share how the exchange is able to provide new financial products while still satisfying regulators.

How S. Korea and Singapore are grappling with crypto investor protection

As retail interest in crypto grows, countries around the world are grappling with consumer protection. Asia offers a window into the array of policy responses.
and

New Asian investment portfolio offers exposure to Canada’s Bitcoin ETFs

Aqumon’s SmartGlobalC aims to meet the rapidly growing demand for Bitcoin exposure for traditional investment portfolios in Asia.

How R3 is growing Corda’s reach with China’s Blockchain Services Network

R3’s Corda — one of the most widely used blockchains of Corporate America — is coming to China. What does it mean for the US and Europe?

Chia mining craze is causing massive hard drive shortages in China

The new self-proclaimed eco-friendly crypto leverages unused disk space — but Chia miners are buying out new hard drives and equipment instead.

“Everyone has been bitten by the Chia bug”; Indian banks puzzle crypto | The Daily Forkast

The Chia craze keeps on going while the Indian crypto industry speaks out against banks blocking crypto transactions.

Dogecoin keeps on barking; Mining for Chia heats up | The Daily Forkast

Dogecoin breaks another ATH while Chinese electronics vendors say that Chia is the hottest mining project in the mainland.

5 US digital dollar pilots launching to chase China’s CBDC lead

The private sector-led Digital Dollar Project is planning CBDC pilots for the US. How are central bank digital currency efforts and progress different in Asia?

China’s banks unveil ATM for foreigners to use digital yuan

China’s DCEP digital currency, not yet officially launched, take another leap forward with unveiling of prototype ATMs that convert foreign money to e-CNY.

As DeFi swells past US$140 billion, FATF stokes worries over KYC/AML

Fast-growing DeFi — still a largely unregulated industry — gives FATF an earful over its proposed ‘travel rule’ and expanded anti-money laundering rules.

FinTech group: ‘digital footprints’ could help underbanked Philippines

Filipino-owned assets management company SAM Digital Technologies says adoption of blockchain could promote ‘digital footprints’ in the island nation. The country’s central bank is also interested in the technology.

Thailand tightens grip on cryptocurrency, increases KYC requirements

Thailand has issued fresh orders to tighten regulations on new cryptocurrency accounts, requiring customers to appear in person.

Ethereum breaks new records; South Korea split on crypto tax | The Daily Forkast

As Ethereum continues to soar to new all-time highs, South Korean crypto investors express mix sentiments on crypto tax.

Vietnam faces hard drive shortage due to Chia mining craze in China

Large capacity hard drives are selling like hotcakes in Vietnam as locals capitalize on China’s demand for Chia mining power.

Singapore’s US$31 million RegTech grant to boost crypto compliance

The RegTech grant, although not directed towards cryptocurrency, could have a profound impact on the industry.

Why Binance stock tokens are drawing regulatory scrutiny

Are Binance stock tokens in Tesla, Coinbase and Apple mere tokens or company shares by a different name? Securities regulators are taking a close look.

Binance Charity Fund donates to India’s COVID-19 fight

The charity arm of Binance is sending 175 oxygen connectors to India to aid in the coronavirus relief effort.

April 2021

Singapore’s DBS Bank reports US$60 million crypto under custody

DBS Bank says it has over US$60 million in crypto under custody and plans to expand trading hours to 24/7.

How open DeFi markets in Southeast Asia can drive financial inclusion

The ASEAN region has 290 million unbanked, and only 18% have access to credit. Here’s how decentralized finance (DeFi) can lift lives via mobile phones.

China’s crypto miners make hard choices to meet climate goals

With Inner Mongolia banning crypto-mining and Xinjiang expected to soon follow, China’s crypto miners are turning to green energy or moving overseas.

JPMorgan, DBS Bank and Temasek partner on ‘game-changer’ blockchain for payments

JPMorgan, DBS Bank and Temasek jointly form a new company, Partior, to develop a blockchain platform for cross-border payments and settlements.

How to balance crypto investor protection and innovation in Hong Kong

US and Singapore have licensing laws that give investors more confidence in crypto firms. Stephen Richardson of Fireblocks urges Hong Kong to follow suit.

Japan sees record crypto deposits, nearly 7 times more than last year

Japan’s regulated crypto trading breaks new records in a land known to be the world’s most crypto-averse. Is the tide turning for crypto adoption in Japan?

Nexon bags $100 million in Bitcoin; Inner Mongolia crypto mining exodus | The Daily Forkast

Nexon added 1,717 Bitcoins into its corporate treasury while deadline for Inner Mongolia’s closure of crypto mining operations approaches.

Binance dives into NFT; S.Korea’s FSC checks staff for crypto trading | The Daily Forkast

Binance announces its upcoming launch of an NFT marketplace while South Korean regulator asks staff to disclose personal crypto investments.

Ant Group shares exclusive database tech to grow China’s CBDC | The Daily Forkast

China’s internet giant Ant Group shares its OceanBase database for the e-CNY project. More investors try out DeFi platform PancakeSwap.

Taiwan set to roll out new AML regulations for crypto exchanges

Taiwan has enacted anti-money laundering regulations for cryptocurrency exchanges effective July 1. What will this mean for Taiwan’s growing crypto scene?

R3 Corda helping Thailand’s case for international trade dark horse

Thailand’s crypto adoption is often overlooked, but one of its largest commercial banks has been leveraging permissioned blockchain Corda of R3 to digitize trade finance in the Fourth Industrial Revolution.

South Korean cryptocurrency industry claps back; Bitcoin’s nosedive | The Daily Forkast

Crypto investors in South Korea stir petitions to unseat the nation’s financial watchdog chief for his anti-crypto remarks.

Korean crypto advocates cry foul and demand FSC chair’s resignation

Angered by cryptocurrency tax laws and a government official’s remarks on crypto investing, over 51,000 South Koreans are trying to push back via petitions.
and

China tightens cryptocurrency oversight with new regulations

Beijing’s new warning against cryptocurrency comes days before regulations aimed at preventing illegal crypto fundraising take effect May 1.

How Singapore transformed from fishing village to crypto powerhouse

The Lion City’s status as Asia’s crypto haven was no accident, writes Shaun Djie of Digix. What can other countries learn from Singapore’s fintech success?

ASEAN+1 pledge to advance blockchain; Paypal to launch wallet in China | The Daily Forkast

Six blockchain groups in the Asia-Pacific form a consortium, aiming to champion blockchain advocacy in the region.

How China’s DCEP digital yuan could reshape geopolitics and change the world

One year after China unveiled a digital currency via testing, its potential for displacing dollar diplomacy is becoming more understood. Is the US worried yet?

New ASEAN Blockchain Consortium forms to champion blockchain

Blockchain organizations from Australia and five Southeast Asian nations join forces for blockchain advocacy, public education and talent development.

Dogecoin frenzy spreads in Asia; Indian exchange logs 15x traffic | The Daily Forkast

Asia adds to global Dogecoin froth, investors buy into the meme-currency ahead of US hours. South Korea kicks off a crackdown on illicit crypto use.

China calls crypto an ‘investment’; Crypto demand bounces back in Asia

China gives the “alternative investment” label to crypto at this year’s Boao Forum for Asia, and hints at reserving a seat for digital assets in the country’s digital economy. Meanwhile, exchanges in Asia recover from crypto’s weekend price crash and see spikes in Bitcoin long orders. We’ll have more on that story — and other […]

Crypto assets should be regulated as “alternative investments”, China’s central bank officials said

China’s central bank is exploring a new stance towards Bitcoin and other cryptocurrencies, now calling them investment vehicles – but not currency