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Asia-Pacific

161 articles

November 2022

Chinese mafia forcing Filipinos to work for crypto scams, says Philippine Senator

The organized crime gangs victimize both the trafficked and those that get scammed, according to the official

Japan’s central bank to test digital yen with three megabanks: report

The Bank of Japan, the country’s central bank, will conduct experiments with three megabanks and regional banks on a digital yen, according to a report by Nikkei on Wednesday. 

India’s CoinSwitch launches platform to enable multi-exchange trading with single login

Indian crypto exchange CoinSwitch has launched CoinSwitch Pro, a multi-exchange trading platform that lets users trade crypto assets in Indian Rupees across multiple exchanges with a single login. 

Singapore’s DBS bank completes intraday repurchase transaction on JPMorgan’s blockchain-based platform

Singapore-based DBS bank, the largest lender in Southeast Asia, has said it is the first bank in Asia to complete an intraday repurchase transaction on a blockchain-based network. 

S.Korea’s top regulator says digital assets, virtual assets are different

While the crypto industry grapples with the definition of blockchain-based digital tokens, South Korea wants to nail down the terminology.

S.Korea’s Ifland metaverse launches globally in 49 countries

South Korea’s telecommunications giant SK Telecom (SKT) is launching its Ifland metaverse in 49 countries in North America, Europe, the Middle East and Asia.

Regulators should seek greater disclosure from stablecoin issuers: HK monetary authority researchers

Regulators should seek more disclosure from stablecoin issuers, as stablecoins could transmit risk from markets to traditional finance, according to researchers at the Hong Kong Monetary Authority

Hong Kong residents spend most time online globally: NordVPN survey

Hong Kong residents spend the most time online – almost half of their lives – mainly watching videos on YouTube followed by scrolling through social media channels, according to a new survey by virtual private network provider NordVPN. 

Thai crypto exchange eyes Hong Kong for possible public share sale in 2024: report

Bitkub, one of the largest crypto exchanges in Thailand, is aiming to list in Hong Kong as early as 2024 when it goes public.

FTX Japan readies for resumption of withdrawals by end-2022: report

FTX Japan, a subsidiary of the now-bankrupt FTX.com, is preparing to resume withdrawals by the end of 2022 to Japanese customers, said an unnamed FTX Japan executive to local broadcaster NHK

Singapore’s central bank says not possible to protect local users from FTX fallout

The Monetary Authority of Singapore (MAS) said on Monday that it was not possible for the central bank to protect local users from FTX’s collapse as the crypto exchange operated offshore and was not licensed by MAS.

S. Korea mulls requirement for digital asset exchanges to compensate sudden withdrawal suspension

South Korea’s FSC is considering a requirement that crypto exchanges offset investor losses for the sudden suspension of withdrawal services.

S.Korea examines exchange native tokens after FTX meltdown

S.Korean authorities are looking into self-issued cryptocurrencies that may exist within local exchanges following FTX.com’s FTT-led liquidity crisis.

South Korea, Singapore, Japan biggest users of FTX pre-collapse, says CoinGecko

South Korea, Singapore and Japan were the biggest users of FTX.com based on the number of monthly unique visitors from January to October 2022

HK crypto over-the-counter service Genesis Block to end trading: Reuters

Genesis Block, a cryptocurrency over-the-counter trading service in Hong Kong, will close its trading portal on Dec. 10, Reuters reported on Friday citing an email the company sent to customers.

Terra cofounder Daniel Shin denies $100 mln LUNA cashout: report

Terra cofounder Daniel Shin reportedly told S.Korean prosecutors during an investigation on Thursday that he did not sell LUNA at a high point.

FTX contagion in S.Korea: GOPAX halts Genesis-backed DeFi

S.Korean crypto exchange GOPAX halted withdrawal of principal and interest payments in its DeFi service which brokers products from Genesis.

Australia to revamp cryptocurrency rules after FTX collapse

The country is one of the first to say it will act to set up regulations to prevent a collapse similar to FTX, which filed for bankruptcy protection and froze the assets of hundreds of thousands of investors.

Indian crypto exchange CoinSwitch says proof of reserves shows sufficient reserves to match clients’ stake

Indian crypto exchange CoinSwitch’s proof of reserves summary, that was shared on Thursday, stated that as of Nov. 4, the exchange’s overall holdings of crypto and fiat balances in Indian Rupees (INR) exceeded those held by the exchange on behalf of its users.

How Hong Kong and Singapore can make Asia the center of crypto’s future

Yes, there is rivalry between the two global finance hubs. But their strengths are also complementary for Asia to become an even bigger crypto powerhouse, writes Lily Z. King.

Singapore’s Temasek writes off US$275 mln in FTX

Temasek says its belief in Sam Bankman-Fried may have been ‘misplaced.’

FTX collapse leaves investors jittery over crypto contagion

Top blockchain and crypto news: FTX fallout spooks sector. Crypto.com’s $400 million ‘accident.’ Hong Kong’s new digital asset drive.

Korbit is first South Korean exchange to disclose full crypto reserves, post-FTX debacle

Korbit, one of South Korea’s five fully licensed crypto exchanges, announced Wednesday that it will reveal its full list of crypto reserves.

Terra cofounder Daniel Shin’s Chai Corp. raided by S.Korean authorities

Daniel Shin’s Chai Corporation, which partnered with Terraform Labs in 2019, is accused of violating capital market rules in past dealings with Terra.

Hong Kong said it remains upbeat on digital assets after FTX debacle

Hong Kong remains bullish on virtual assets in the financial sector after the FTX debacle, while maintaining the view that regulation of businesses is a prerequisite for market development.

AAX crypto exchange says it is suspending withdrawals amid FTX fallout

Hong Kong-based crypto exchange AAX is suspending withdrawals for seven to 10 days for a scheduled system upgrade to protect users.

Singapore’s central bank partners New York Fed to explore wholesale CBDCs

The Monetary Authority of Singapore (MAS) has partnered The New York Innovation Center of the Federal Reserve Bank of New York, to study if wholesale central bank digital currencies (wCBDCs) can make cross-border payments more efficient.

Binance set to swallow FTX as run on exchange allows CZ to swoop

Top blockchain and crypto news: FTX concedes defeat in long battle with Binance. Crypto eyes Congress races. Hong Kong U-turns on digital assets.

Japan’s NTT Docomo to develop Web 3.0 with Accenture, Astar Network

NTT Docomo, Japan’s largest mobile phone operator, has partnered information technology firm Accenture and blockchain infrastructure Astar Network to explore Web 3.0 adoption.

Japan’s Web 3.0 lawmaker urges further easing of country’s crypto regulation

Japan needs to further relax rules for its crypto industry, said lawmaker of Japan’s ruling Liberal Democratic Party Masaaki Taira.

Stablecoin, CBDC issues take center stage at Singapore’s Future of Finance Forum

Central bank digital currencies draw fire over inflation, privacy and threat to innovation, as questions raised over status of stablecoins in digital asset ecosystem.

Hong Kong needs engineering talent to reclaim role as digital asset hub

Hong Kong’s latest FinTech policies indicate it wants to reclaim its position as a hub for cryptocurrencies and digital assets, but that means finding the right people for the job.
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Indian crypto exchange WazirX introduces profit, loss function

WazirX, India’s largest cryptocurrency exchange by trade volume, has introduced a profit and loss function for users to analyze and calculate their investments. 

South Korea’s online KakaoBank to open accounts for Coinone exchange users this month

KakaoBank, one of South Korea’s online-only banks with nearly 20 million users, said it will start providing accounts for users of Coinone exchange in November.

The big problem with Web3

People have been waiting seemingly forever for the arrival of Web3. So why hasn’t it changed our lives yet?

Crypto asset manager HashKey gets Singapore’s in-principle license

HashKey Capital Singapore, an investment arm of Hong Kong-based HashKey Group, said on Friday that it received an in-principle approval for the Capital Markets Services license from the Monetary Authority of Singapore (MAS).

India forms new crypto advocacy body with Coinbase, Polygon

Cryptocurrency exchanges and Web 3.0 companies, including Coinbase and Polygon, have formed the Bharat Web3 Association in India to strengthen regulation and consumer protection for the industry.

Curiosity ‘always’ fuels innovation, says blockchain co-creator Stuart Haber 

U.S. computer scientist Stuart Haber, recognized with Scott Stornetta as the co-inventor of blockchain, says he is excited to see the evolution of the technology, not only in the financial sector, but also in entertainment, business, and technology industries.

Standard Chartered invests in Partior blockchain payments platform

London-headquartered banking giant Standard Chartered announced on Thursday that it had invested in the blockchain-based interbank settlement platform Partior, a joint venture of JP Morgan, DBS bank and Temasek.

Singapore vs Hong Kong

Hong Kong and Singapore are now locked in a battle over the future of crypto in Asia – but who will emerge victorious?

Singapore still aims to be a crypto hub, minus speculative trading

The Monetary Authority of Singapore (MAS) wants to build the city-state into a “crypto hub” fueled by instant settlements, tokenized assets and programmable money, not “speculating in cryptocurrencies,” Ravi Menon, the central bank’s managing director, said at the Singapore FinTech Festival on Thursday. 

Singapore’s Project Ubin+ to study cross-border FX with CBDCs

The MAS launched Project Ubin+ on Thursday, a collaborative initiative with international partners to explore cross-border foreign exchange settlements using wholesale CBDC.

Binance will re-enter South Korea’s crypto market, CZ says

Binance is preparing to operate in South Korea’s crypto market, said CEO Changpeng Zhao at the Web Summit 2022 held in Lisbon.

Singapore fintech fest raises profile of industry that wants to ‘disappear’

Digital asset and blockchain highlights of event draw huge crowds, even as industry figures say they want the technology behind them to become just a normal component of the finance system.

India’s finance minister urges G20 nations to come on board to regulate crypto

Indian Finance Minister Nirmala Sitharaman has urged all Group of 20 (G20) nations, as well as international bodies like the International Monetary Fund and Financial Stability Board, to come together to help regulate crypto assets. See related article: India’s finance minister sees 46% growth in blockchain technology use in next few years Fast facts Sitharaman […]

BIS’ ‘Project Mariana’ to explore CBDC integration with DeFi

The Bank for International Settlements (BIS) has launched a new project with the central banks of Singapore, France and Switzerland to study the possibility of integrating some decentralized finance (DeFi) features with central bank digital currencies (CBDCs). See related article: mBridge participants to end domestic payments of foreign CBDCs Fast facts The BIS announced on […]

Payments platform StraitsX to show real-world stablecoin use at Singapore Fintech Festival

Singapore-based StraitsX, a payments infrastructure for digital assets, will pilot stablecoin applications at the ongoing Singapore Fintech Festival. 

Can blockchain tech in green finance attract more investors and deter bad actors?

As governments look towards zero carbon emission goals, new means of creating climate-related financial products are being tested on the blockchain.

NEAR sets up Web3 hub in South Korea, eyes Asia expansion

NEAR Foundation is establishing a Web3 hub in South Korea to expand its allegiance with blockchain projects in Korea and Asia.

Singapore lender DBS explains its DeFi experiments, plans

DBS, the largest bank in Southeast Asia, said it tested trading of foreign exchange and government bonds using permissioned decentralized finance (DeFi) liquidity pools on a public blockchain as part of the city-state’s Project Guardian exploration of blockchain in finance.

DBS bank says it tested blockchain DeFi protocols for forex, bond transactions 

The bank is in the center of developments shepherded by the Monetary Authority of Singapore to explore digital financial technologies emerging around blockchain.

Asia’s largest metaverse Zepeto targets sex abuse, exploitation

Naver Z Corp. announced its partnership with INHOPE to protect youth from sexual abuse and exploitation on the virtual platform.

USDC stablecoin issuer Circle wins Singapore digital payment license

The issuer of the world’s second-largest stablecoin is joining a fleet of companies in the digital asset industry moving into Singapore. What’s the attraction?
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mBridge participants to end domestic payments of foreign CBDCs

Bank of Thailand’s Vachira Arromdee said on Tuesday the four central banks in the mBridge CBDC trials agreed to end use of foreign CBDCs domestically.

India seeks info from crypto exchanges as it mulls GST on asset class: report

India’s Central Board of Indirect Taxes & Customs (CBIC), responsible for policy formulation and collection of indirect taxes like the goods and services tax (GST), has asked major cryptocurrency exchanges to provide details on the type of digital coins and tokens being traded and their valuation. 

S.Korea sees passing crypto investor protection as a priority: report

The country looks to pass an initial bill that focuses on protecting digital asset investors and preventing unfair trade acts, ahead of wider legislation.

Singapore’s Tokenize crypto exchange opens platform for institutional investors

Cryptocurrency exchanges in Singapore are shifting focus to heavy-hitter investors, such as family offices and financial institutions, in line with the central bank’s warnings about the risks in retail crypto trading.

Bankman-Fried calls wealth-based barriers to crypto investment classist, racist

The billionaire founder of crypto exchange FTX, Sam Bankman-Fried, criticized regulations in Hong Kong and elsewhere that limit access to crypto investment to wealthy investors.

Hong Kong to boost funding, investor pool for fintech startups

Hong Kong will increase funding for startups, including fintech companies, Secretary for Commerce and Economic Development Algernon Yau said on Tuesday.

October 2022

India shortlists nine banks to start CBDC trial from Nov. 1

India’s central bank, the Reserve Bank of India (RBI), will pilot the country’s first digital rupee in the wholesale segment (e₹-W) from Nov. 1 and has identified nine banks for participation in the trial. 

Hong Kong Rethinks Crypto

Hong Kong reconsidering crypto’s retail investor ban.

Singapore’s digital marketplace Alta buys Hg Exchange

Singapore-based Alta, a digital marketplace for alternative investments, has acquired private digital securities exchange Hg Exchange (HGX) for an undisclosed amount. 

Hong Kong announces policies to win back role as digital asset hub

Hong Kong reveals digital asset policies to distinguish itself from China, where cryptocurrency trading was banned in September last year.

Singapore’s DBS Bank trials use of digital SingDollar with vouchers

DBS Bank, the largest lender in Southeast Asia, has partnered the Singapore government’s Open Government Products (OGP) to pilot purpose-bound money-based vouchers (PBM) using tokenized Singapore dollars to facilitate live transactions with selected merchants. 

South Korea’s Wemade to remedy WEMIX token after ‘investment warning’ by crypto exchanges

South Korea-based blockchain game developer Wemade is working on a fix for WEMIX after four major crypto exchanges in the country added the cryptocurrency to an “investment warning” list for inaccurately reporting circulation numbers.

Hong Kong seeks to allow crypto futures ETFs

The city is seeking to allow digital asset-based exchange-traded funds (ETFs) to be publicly listed and traded in the city.

Sam Bankman-Fried says Hong Kong could become Asia’s Web 3 hub

The founder of crypto exchange FTX, which moved out of Hong Kong in 2021, said that the city could emerge as a Web3, blockchain and cryptocurrency hub.

Terra CEO Do Kwon faces lawsuit in Singapore, next hearing on Wednesday

A hearing is scheduled in Singapore on a lawsuit filed against Terraform Labs’ Do Kwon on behalf of investors who lost about US$57 million in the collapse of Terra-LUNA.

Web 3’s Korean future

NFTs and gaming – could it be the future of Web3?

Blockchain will be YouTube for finance, says CEO of South Korean blockchain firm Streami

The use of blockchain technology in finance will have an impact similar to that of YouTube on the media industry, said Lee Jun-haeng, CEO of South Korea-based blockchain company Streami.

Binance says will help Busan city grow blockchain industry from bottom up

Busan, S. Korea’s designated blockchain city, plans to make itself a global center for the technology. Binance, the world’s largest crypto exchange, plans to help.

Hong Kong set to relaunch itself as digital asset hub with revamped policies

When China banned cryptocurrency trading and mining in September 2021, it was feared that policy would make its way into Hong Kong. Seems that concern is getting a rethink.