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Asia-Pacific

161 articles

May 2023

Bitcoin, Ether fall; Polygon, Solana lead losers; Asian equities, U.S. stock futures drop

Bitcoin dropped 1.25% and Ether fell 0.25% in Tuesday afternoon trade in Asia. All other top 10 non-stablecoin cryptocurrencies also dropped.
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India not against blockchain tech, but cryptocurrency should be monitored, says FM

India is not against the blockchain technology, but currencies have to be monitored by either the government or the central bank, Finance Minister Nirmala Sitharaman said on Saturday. 

Prosecutor says Terra-Luna fugitive Do Kwon should face trial in South Korea: WSJ

The prosecutor leading Korea’s investigation into the Terra-Luna project said its founder Do Kwon should be extradited to Seoul to face trial.

Central Banks’ actions move Crypto; Standard Chartered eyes $100K Bitcoin

Welcome to Forkast IQ, presented by Forkast Editor-in-Chief Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show: JPMorgan Chase set to rescue First Republic Bank. CITI cuts Coinbase stock Weekly crypto market wrap; “US$100K for Bitcoin” – Standard Chartered report; Weekly NFT market […]

What JPMorgan’s First Republic takeover means for the crypto industry

Top blockchain and crypto news: JPMorgan swoops as another bank falls. NFT market rivalry heats up. Bitget seeks Hong Kong exchange license.

Temasek denies investment in algorithmic crypto developer Array

Temasek, Singapore’s state-owned investment firm, has denied that it had invested in Array, an algorithmic cryptocurrency developer.

Bitget crypto exchange still hiring, eyes Hong Kong license, to rebrand BitKeep wallet

Seychelles-based cryptocurrency exchange Bitget expects more clarity on Hong Kong’s licensing regime from June as the city pushes ahead with plans to attract blockchain and cryptocurrency entrepreneurs.

April 2023

HKMA urges local banks to provide services to regulated digital asset firms

Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority, urged local lenders to provide banking services to regulated crypto firms.

What the US stands to lose if it keeps heaping scorn on crypto

The current US approach to regulating crypto flies against its history of supporting tech innovation and undermines its own national interest, writes Hamilton Keats of Krayon Digital.

South Korea’s cryptocurrency bill gets nod in first phase of review, may pass this year

South Korea’s legislation on how to regulate digital assets passed the first phase of review in the country’s National Assembly on Tuesday.

Bitcoin, all top 10 cryptos fall; Asian equity markets drop on rising Covid fears

Bitcoin fell in Tuesday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies. Polygon was the biggest loser followed by Solana.
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India’s finance minister lauds DLT, says crypto regulation does not mean technology control

India’s Finance Minister Nirmala Sitharaman, in commending the potential of distributed ledger technology (DLT), has urged for a global consensus in regulating crypto while emphasizing that regulation did not equate to government control over the technology. 

Bittrex in SEC’s crosshairs as compliance lawsuits keep coming

Top blockchain and crypto news: Bittrex in SEC line of fire. Bored Apes fall after whale sale. Chinese banks court crypto clients.

Bitcoin, other cryptos fall as investors book profit

Welcome to The Daily Forkast – April 20, 2023 – presented by Megha Chaddah. Bitcoin is down more than 5% Thursday morning in Asia. Ethereum also fell to lose hold of the US$2,000 price support in a sell-off across all top 10 non-stablecoin tokens. In the multi-chain economy, the Forkast Labs indexes trade mixed.

Bitcoin slips, Ether inches above US$2,100

Bitcoin dropped on Tuesday afternoon in Asia but remained above US$29,000, while Ether and most top 10 non-stablecoin cryptocurrencies gained. Dogecoin and Solana fell on the day and rose on the week.
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Bitcoin, Ether extend losses; Solana gains most in mixed market

Bitcoin dropped on Monday afternoon in Asia and continued to trade below US$30,000. Cardano led losers among top 10 non-stablecoin cryptocurrencies in a mixed market. Solana led gains, followed by Binance’s BNB token and memecoin Dogecoin.

East meets West at DAO Tokyo conference as Japan plays catch up

The global culture of decentralized autonomous organizations arrived in Japan last week for DAO Tokyo, the first event of its kind in Asia according to the organizers, drawing over 350 founders and contributors from all corners of the world for discussions on all things DAO.

Hong Kong’s ZA Bank starts offering crypto-fiat conversion services: Bloomberg

ZA Bank, the largest virtual bank in Hong Kong, has started offering cryptocurrency conversion services through licensed crypto exchanges.

Ethereum rolls out Shapella upgrade amid worries over price pressures

Top blockchain and crypto news: Ethereum fork prompts price fall fears. Satoshi is found — in Apple software. Hong Kong ramps up Web3 plans.

Equinix, Astra in pact to advance Indonesia’s digital infrastructure needs

Nasdaq-listed Equinix and Indonesian conglomerate Astra International have set up a joint venture to help local businesses and multinationals capitalize on emerging technologies.

Common regulatory framework for crypto to come during India’s G20 presidency, finance minister says

A common regulatory framework for all countries is underway, India’s Finance Minister Nirmala Sitharaman said on Monday.

Bitcoin rises above US$30,000, Solana leads gains across top 10 cryptos

Bitcoin continued to rally past US$30,000, with Ether and all other top 10 non-stablecoin cryptocurrencies gaining in Tuesday afternoon trade in Asia. Solana was the biggest gainer at 11.09%.
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Ex-chief of HKMA heads Hong Kong’s new Web3 institute

Hong Kong has established the Institute of Web 3.0 to facilitate the development of the crypto ecosystem in the city, directed by a former head of HKMA.

S. Korean exchange GDAC hacked, loses around 23% of its assets

South Korean exchange GDAC has suspended withdrawals and deposits after losing over US$13.1 million in Bitcoin, Ether, Wemix and USDT in a hack.

Hong Kong financial secretary eyes Web3 push despite market fluctuations

Paul Chan said it is the right time for the city’s Web3 push ahead of Hong Kong’s busy week of blockchain and finance gatherings.

Bitget exchange starts US$100 mln fund to support ‘next-generation’ crypto projects

Bitget on Monday said it had launched a Web3 Fund with an initial investment of US$100 million to support development of cryptocurrency projects.

Thai opposition pledges US$15 bln in digital tokens: Bloomberg

Thailand’s main opposition party said it would distribute US$15 billion worth of digital tokens to citizens if it wins the general election

Local prosecutors say Terra-Luna’s Do Kwon has no identifiable assets in South Korea

The arrested crypto fugitive Kwon Do-hyung has “zero ” identifiable assets in his native South Korea, prosecutors said on Friday.

India prioritizes offline CBDC transfers, targets 1 mln users in three months: CoinDesk

India is reportedly aiming to have one million users of its CBDC within three months of launch, according to sources familiar with the matter cited by CoinDesk. 

Singapore developing guidelines for banks on crypto clients: Bloomberg

The Monetary Authority of Singapore is reportedly working on guidelines to help local banks vet and provide banking services to cryptocurrency clients

Chinese state-owned company launches crypto funds in Hong Kong

A major state-owned firm in China is launching two cryptocurrency funds in partnership with investment firm Waterdrip Capital. 

ASIC cancels Binance Australia’s derivatives license

The Australian securities regulator has canceled Binance Australia’s derivatives license.

Japan’s CoinTrade partners with Fireblocks to improve digital asset security

CoinTrade said it has partnered with crypto custody platform Fireblocks to provide institutional clients with improved security for digital assets.

Singapore’s Alchemy Pay eyes South Korea expansion with US$10 mln funding

Alchemy Pay is eyeing expansion in South Korea following its US$10 million funding from blockchain investment firm DWF Labs.

What the US can learn from the Philippines to regulate crypto in a smarter way

The Philippines has licensing requirements and proactively monitors crypto firms, while the US regulates by enforcement only after consumers are already badly hurt, writes Robert De Guzman of Coins.ph.

S.Korea to expand probe on token listing bribes if it sees ‘more evidence’

Taking bribes in exchange for listing cryptocurrencies has been common practice among South Korean exchanges, one expert told Forkast.

March 2023

Crypto platforms need regulation as form of investor protection: HK’s SFC chief

Government officials from Hong Kong and mainland China talked about cryptocurrencies at the Boao Forum in China, as both chase Web3 ambitions.

Hong Kong may license at least 8 crypto firms by year-end: former SFC regulator

Hong Kong may issue virtual asset trading licenses to at least eight cryptocurrency-related firms by the end of this year as part of the city’s new crypto licensing regime, said Angelina Kwan, chief executive officer of financial services firm Stratford Finance and a former regulator of the Hong Kong Securities and Futures Commission.

Crypto exchange Fasset hopes to win Indonesia license next month

Dubai-based Fasset says Indonesia digital asset adoption is still in early stages, but the country’s young population is taking to crypto faster, encouraging exchanges to move in despite infrastructure constraints.

Binance faces legal battle as US regulator gets ready to rumble

Top blockchain and crypto news: Binance targeted in CFTC lawsuit. Law catches up with Do Kwon. Chinese banks bet on Hong Kong crypto.

OKX cryptocurrency exchange to apply for virtual asset license in Hong Kong

Seychelles-based cryptocurrency exchange OKX said it will apply for virtual asset licenses to operate digital asset services in Hong Kong.

China state-owned banks turn crypto-friendly in Hong Kong: Bloomberg

China banks in Hong Kong are offering services to crypto businesses, Bloomberg reported on Monday, as more digital asset firms operate in the city.

G7 nations set to push for stricter cryptocurrency regulations at Japan summit in May

The Group of Seven industrial countries will discuss tougher rules on cryptocurrencies to improve transparency, protect investors.

Hong Kong blockchain initiatives natural evolution for finance hub, says Signum Digital CEO

Hong Kong’s new crypto licensing regime isn’t the only bullish sign for the city’s digital asset industry, says Signum Digital, the first company to win a preliminary license to handle securitized tokens in the city.

Hong Kong may face backlog in virtual asset license applications as demand grows, former SFC regulator says

Angelina Kwan, who helped shape early Hong Kong automated trading services and internet trading regulation, told Forkast the upcoming virtual asset licensing regime is almost identical to that for traditional financial institutions.

Hong Kong poised for ambitious changes

Hong Kong has opened its doors to the world once more, and it spared no time hosting blockchain and web3 focused summits.

South Korea arrests former Coinone exchange official for alleged crypto-listing bribery

A former employee of the Coinone exchange was arrested Tuesday on charges of accepting bribes in exchange for listing certain cryptocurrencies.

Bitget invests US$30 mln in BitKeep wallet, becomes controlling shareholder

Seychelles-based cryptocurrency exchange Bitget said it has invested US$30 million in decentralized multi-chain wallet BitKeep to become its controlling shareholder. 

K-pop star G-Dragon launches NFT on OpenSea with Fandom Studio, BNB Chain

South Korean singer G-Dragon has launched an NFT collection on OpenSea in collaboration with Fandom Studio.

Indian crypto exchange WazirX blocks over 2,400 accounts in 6 months

WazirX, India’s largest crypto exchange by trade volume, has blacklisted over 2,431 accounts between October 2022 and March 2023, based on its internal monitoring process as well as under the direction of law enforcement agencies (LEA). 

Bitcoin, Ether extend losses; all eyes on U.S. interest rates

Bitcoin and Ether fell in Tuesday afternoon trade in Asia after rallying through the past week, while financial authorities injected cash into markets to ease liquidity pressures and took other steps to address concerns over a banking sector crisis in the U.S. and Europe. 
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Singapore to publish crypto, stablecoin consultation feedback by mid-2023

The Monetary Authority of Singapore (MAS) aims to publish cryptocurrency and stablecoin consultations feedback by the middle of this year, it said Monday.

Over 80 Web3 firms in line to set up shop in HK, ahead of crypto regulations taking effect in June

Over 80 foreign and Mainland China companies have expressed their interest in establishing a Web3 company in Hong Kong, ahead of new crypto regulations that will take effect from June

Bitcoin rises past US$28,000, most other top 10 cryptos gain

Bitcoin traded above US$28,000 on Monday afternoon in Asia, a gain of 25% over last week, as a banking crisis in the U.S. and Europe prompted traders to see Bitcoin as a safe haven.
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Crypto data provider Kaiko to move Asia HQ to Hong Kong from Singapore: Bloomberg

Paris-based Kaiko will move its Asian headquarters to Hong Kong as it sees growing crypto-related opportunities in the city.

Bithumb executive faces investigation over alleged bribery in South Korean crypto listing

South Korean prosecutors are investigating Lee Sang-jun, the CEO of Bithumb’s holding company, for alleged bribery in listing certain tokens on the platform.

Signum Digital says it won first approval to offer security tokens in Hong Kong

Signum Digital said it’s the first company to win preliminary approval in Hong Kong to operate a platform to trade security tokens.

Thailand Turns to Crypto

Thailand’s recent crypto tax waiver announcement could be a gamechanger in boosting Thailand’s economy.

India, UAE to collaborate on cross-border central bank digital currencies

The Indian central bank and the UAE will jointly run pilot programs on their central bank digital currencies, according to the Reserve Bank of India. 

Japan’s Web3 Era

Japan’s been a little behind in the Web3 space, but their new Metaverse Economic Zone could be a game changer.

India imposes money laundering regulations on crypto industry

India’s crime fighting agencies have been investigating crypto exchanges and individuals on money laundering charges and have now put the onus on exchanges to report suspicious transactions.

Bitcoin, Ether extend gains as U.S. regulators take charge of banking industry turmoil

Bitcoin and Ether rose the most in the top 10 non-stablecoin cryptocurrencies by market capitalization on Tuesday afternoon in Asia. Cryptocurrencies have been on a rebound since U.S. regulators took charge of the failures in the banking industry and moved to protect deposits across crypto-linked banks.
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Bitcoin, Ether fall amid interest rate hike fears, Silvergate liquidation; Forkast NFT 500 index slips 0.79%

Bitcoin and Ether fell in evening trading in Asia Thursday, with XRP the sole gainer in 24 hours among the top 10 non-stablecoin cryptocurrencies by market cap.

South Korea pours US$51 million into metaverse projects

South Korea is investing 27.7 billion Korean won (US$21 million) into local services looking to utilize the metaverse, the ministry of science announced Wednesday, following Tuesday’s news that it would establish a US$30 million metaverse fund to help startups expand their businesses. See related article: Japanese tech, finance firms sign pact to build metaverse economic […]

How Singapore’s crypto ambitions are taking shape and what other nations can learn

Unique in the world, Singapore is a big investor and player in digital assets while advancing regulations that favor institutions over individual crypto users, writes Danny Chong of Tranchess.

Thailand to offer tax breaks to firms issuing investment tokens

The Thai Finance Ministry will waive corporate income tax and value-added tax for firms that conduct initial coin offerings (ICOs), according to a spokesperson.

Bitcoin, Ether fall amid U.S. Fed chair warning of more interest rate hikes; Forkast NFT 500 index slips 0.65%

Bitcoin and Ether fell in afternoon trading in Asia on Wednesday, with XRP the sole gainer among the top 10 non-stablecoin cryptocurrencies by market cap.

Bitcoin, Ether inch up as investors await U.S. Fed chair’s comments; Forkast NFT 500 index dips 0.44%

Bitcoin and Ether gained in Tuesday afternoon trade in Asia, along with most other top 10 non-stablecoin cryptocurrencies. Polygon’s Matic token led gains followed by XRP and Dogecoin.
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Hong Kong’s crypto scam losses in 2022 more than double from 2021: SCMP

Crypto scams accounted for over half of Hong Kong’s losses from computer-related crimes in 2022.

South Korea reports US$4.3 billion in illegal foreign transactions involving cryptocurrencies

The Korea Customs Service has identified US$4.3 billion worth of illegal foreign currency transactions last year involving cryptocurrencies.

Singapore police begin probe linked to Do Kwon’s Terraform Labs: Bloomberg

Singapore’s police have begun investigations linked to Terraform Labs that was co-founded by fugitive Do Kwon, according to a Bloomberg report.

Bitcoin gains, all other top 10 cryptos in the red amid Silvergate fallout

Bitcoin gained in Monday afternoon trade in Asia while all other top 10 non-stablecoin cryptocurrencies by market capitalization posted losses.
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