Asia-Pacific

U.S. Treasury Secretary Janet Yellen told Reuters after the G20 meeting in India on Saturday that while the U.S. has not indicated any outright bans, it is critical to put in place a strong regulatory framework for the cryptocurrency industry. 

Crypto industry’s interaction with regulators is important and quite common in Asia but missing in the US, says Brooks Entwistle of Ripple Labs.

Lotte Group plans to expand its non-fungible token (NFT) business onto the global market through a partnership with the Polygon blockchain.

Hong Kong’s economy is shrinking, but a recent budget draft published by the government lists some changes that could help the city recover – and crypto is at the center of it all.

NBA will partner Ant Group – Chinese tech giant Alibaba’s fintech affiliate – to issue NBA-themed NFTs and create content on Alipay.

Gate Group announced on Wednesday that it is applying for a new cryptocurrency license in Hong Kong, joining a growing list of Web3 firms entering the city.

Hong Kong’s proposed crypto licensing regime received Huobi Global’s pledge to return to the city, and more companies may follow, industry experts told Forkast.

Hong Kong is allocating HK$50 million (US$6.37 million) to develop its Web3 sector, the Financial Secretary Paul Chan announced Wednesday.

FTX Japan, the Japanese subsidiary of Sam Bankman-Fried’s bankrupt FTX, resumed withdrawal of customer holdings on Tuesday.

Cryptocurrency exchange Huobi Global is seeking to relocate its Asia headquarters from Singapore to Hong Kong.

What makes Web3 compelling to many is its promise to shift power from centralized players to individual users, but China is doing the opposite, writes Lily King.

Blockchain can be utilized in numerous ways to benefit the public sector, Philippine province Bataan is getting a head start.

The Hong Kong Securities and Futures Commission is calling for public feedback on its new proposals to regulate the crypto industry set to take effect in June.

Japan will start a pilot programme to test the use of a digital yen in April, joining a growing number of countries seeking to launch their own CBDCs.

South Korean blockchain game developer Wemade’s WEMIX token surged after it was relisted on local crypto exchange Coinone on Thursday.

Square Enix announced Wednesday that it will launch its first Web3 game Symbiogenesis on the Polygon blockchain.

Blockchain protocol Conflux Network and China’s second-largest wireless carrier China Telecom have partnered to build a “blockchain-enabled SIM card” (BSIM).

DBS Digital Exchange (DDEx), one of Asia’s first bank-backed digital exchanges, has reported a year-on-year increase of 80% in Bitcoin traded in financial year 2022, while the number of Bitcoin custodized with the bank doubled from 2021. 

S.Korean regulators are planning to review crypto staking services on local exchanges following recent regulatory enforcements from the SEC.

The Hong Kong government is looking to raise US$102 million through the pilot issuance of its digital green bonds, according to a Monday report from Bloomberg. 

Singapore’s DBS Group plans to apply for a license to offer crypto to Hong Kong customers as the city pushes to become a hub for digital assets.

As India moves forward with its one-year presidency of the Group of 20 (G20), it is discussing cryptocurrency and regulation with the group’s members, India’s Finance Minister Nirmala Sitharaman said. 

Bitcoin continued to trade below US$22,000 in Monday afternoon trading in Asia. All other top 10 non-stablecoin cryptocurrencies dropped except Dogecoin.

Huobi Global plans to expand its operations in Hong Kong, anticipating that Mainland China will soon follow the city’s recent pro-crypto shift, says Justin Sun.

2023 could be the defining year for crypto regulation – but who’s leading the race to regulation and what’s the best way about it?

Top blockchain and crypto news: GOPAX deal sees Binance return to South Korea. Inflation fight spooks crypto markets. Chinese liquor giant gives cheers to NFTs.

Prosecutors flew to Serbia earlier this month as part of an investigation into Terraform Labs chief Do Kwon, who faces fraud accusations related to the US$40 billion collapse of his Terra-Luna cryptocurrency project in May last year.

Singapore-based cryptocurrency exchange Crypto.com has partnered with Korean drama distributor Studio Dragon to issue NFTs inspired by popular Korean drama series, including the hit Crash Landing on You, the exchange said on Monday.

South Korea published guidelines on Monday for defining what specific cryptocurrencies would fall under regulations applicable to financial securities.

Binance has stopped providing wallet services to Indian crypto exchange WazirX, asking it to withdraw any remaining assets held in Binance wallets by Feb. 3.

India, the current holder of the G20 presidency, has been working with the IMF and the Financial Stability Board FSB to develop a regulatory approach for cryptocurrencies.

China’s blanket ban on cryptocurrency trading can have the country miss critical opportunities for technological development, says former PBOC official.

NFTs and DAOs can help support Japan’s national strategy dubbed ‘Cool Japan’ to attract investment and expand the economy.

Indian retail giant Reliance Retail announced on Thursday that it has started accepting digital rupee payments to become the largest Indian firm to adopt the nation’s CBDC.

India’s position on digital assets remains status quo as the country’s parliamentary budget hearing leads to disappointment in the crypto sector.

A South Korean court approved the prosecutor’s request to issue an arrest warrant for Kang Jong-hyun for alleged embezzlement.

Bitcoin traded above US$23,000 throughout Wednesday afternoon trading in Asia, while Ethereum and other top 10 non-stablecoin cryptocurrencies were mixed. Cardano led gains with 2.03% followed by XRP’s 1.13%. 

The HKMA said in a consultation conclusion that algorithmic stablecoins will not be allowed in the city.

South Korea’s Financial Supervisory Service has recommended a unified system for mandatory disclosure from issuers of cryptocurrencies.

Laws to prevent another FTX blowup, crackdowns on crypto tax cheats, and a ruling on Ripple are likely imminent. A bull’s eye is also on DeFi, writes Gergo Varga of SEON.

The South Korean Ministry of Justice (MOJ) announced Thursday that it will adopt a cryptocurrency tracking system within the first half of 2023.

Prosecutors raided the Bithumb crypto exchange on Thursday on allegations of price manipulation and fraudulent transactions in local tokens,

Lawyers for the bankrupt cryptocurrency exchange, FTX.com, filed a document with a list of its institutional creditors on Thursday, which included major technology firms, publications and government bodies.  

Japan plans to introduce regulations by June this year that will allow domestic investors to trade certain stablecoins from overseas.

India announces its full year budget on Feb. 1, the last before general elections in 2024, and the cryptocurrency and digital asset industry is lobbying the government for changes in tax rules, among others.

India-focused accelerator Graviton has announced an initiative to help Indian Web 3.0 start-ups get up to US$50,000 in funding

India’s crypto tax laws have caused local trading volume to plummet and the industry is hoping for better news in the upcoming budget session.

Busan, South Korea’s second-largest city, announced Thursday that it will launch a digital commodities exchange in the second half of this year.

National Australia Bank, one of the four major banks in the country, has created a stablecoin AUDN for cross-border transactions and carbon credit trading, according to an Australian Financial Review report. 

Coinbase Global Inc., the world’s second largest cryptocurrency exchange by trade volume, has asked customers in Japan to withdraw crypto and fiat holdings by Feb. 16, as it halts operations “to conduct a complete review” of its business in the country.

Hong Kong’s new digital asset-friendly policies could set the city up as the home for secondary NFT marketplaces from China as trading of ‘digital collectibles’ remains a gray area on the mainland.

The Securities and Exchange Commission of Thailand issued new rules for cryptocurrency custody services on Tuesday.

S. Korea’s capital city opened the first stage of ‘Metaverse Seoul’ on Monday, which it claims is the first city-backed public metaverse in the world.

A South Korean court ruled against the release of a blockchain P2E game last Friday after determining that in-game NFTs promote speculation.

Tokyo-based online brokerage Monex Group Inc. indicated it may join the bidding for the Japan subsidiary of the failed FTX cryptocurrency exchange.

Lee Byung-gul, the CEO of V Global, will serve 25 years in prison after his conviction was upheld by the Supreme Court of Korea on Friday.

Creditors of Singapore-based crypto lending and borrowing platform Hodlnaut have rejected a proposed restructuring plan and wish to liquidate the company.

South Korea’s attempts to extradite the founder of the collapsed Terra-Luna stablecoin will remain hamstrung while the courts in Seoul dispute the charges against him.

Coinbase, the world’s second largest cryptocurrency exchange by trade volume, is cutting jobs and closing down most of its operations in Japan.

Hong Kong has passed a new licensing regime on for crypto exchanges that will subject providers to the same legislation and rules as traditional finance.

Some 90% of user assets at WazirX, India’s largest crypto exchange by volume, are held in wallets at Binance while the remaining 10% are stored in hot and warm wallets, revealed WazirX’s proof of reserves that the company released on Wednesday.

Thailand’s Securities and Exchange Commission (SEC) has written to cryptocurrency exchange Zipmex Thailand seeking clarification on whether it has been operating as a digital-asset fund manager without permission, according to a Bloomberg report. 

Top blockchain and crypto news: DCG under investigation. Lido DAO surges as Ethereum’s Shanghai upgrade looms. Hong Kong burnishes crypto credentials.

Indian cryptocurrency exchanges faced a flurry of taxes on trading last year that saw volumes across most platforms drop as much as 90%, slashing income from trading fees. What’s a crypto exchange to do? Maybe sell mutual funds?

India’s Decimal Point Analytics (DPA), a research and data analytics firm, has received grant funding of up to US$750,000 from The Hashgraph Association, a Switzerland-headquartered non-profit organization, to develop an asset tokenization platform on Hedera’s distributed ledger technology (DLT) network. 

Bitcoin dropped in afternoon trading on Tuesday along with most other top 10 non-stablecoin cryptocurrencies by market capitalization. Ethereum rose further while Dogecoin led gains. 

PayProtocol, the South Korean issuer of payments-focused cryptocurrency Paycoin (PCI), will reapply for a local license to stay in business.

Indian music composer A. R. Rahman, who won Best Original Score at the Oscars for the movie Slumdog Millionaire, has launched the ‘Katraar’ metaverse platform to promote new music creations and other art forms.

Bitcoin, Ethereum extended gains in afternoon trade in Asia on Monday along with the top 10 non-stablecoin cryptocurrencies by market capitalization. Cardano rose the most in the last 24 hours, followed by Polygon, BNB and Dogecoin.

Hong Kong will continue pushing ahead with the development of the Web 3.0 industry as it aims to become a regional hub for the nascent industry despite the series of collapses of crypto exchanges, said Paul Chan, the city’s financial secretary on Monday.

Hong Kong should make efforts to encourage the establishment of virtual assets rating agencies, and consider developing the e-HKD, the city’s central bank digital currency in the works, into a stablecoin, a Hong Kong lawmaker said in a recent media interview.

WazirX VP Rajagopal Menon sits down with Forkast to provide some insight as survival becomes a huge concern for crypto exchanges in India.