SE Asia

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

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

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. 

Indonesia plans to set up a crypto stock exchange in 2023, ahead of moving regulatory powers to securities authorities from a commodities jurisdiction.

Stablecoins in USD are becoming the digital world’s default currency — which burdens ordinary crypto users and monetary policies in smaller nations, writes Wei Zhou of Coins.ph.

Innovation and regulation are mutually exclusive in the world of crypto – and in the aftermath of the FTX collapse, getting the balance right is key.

As the Philippine government ties to roll out a hugely ambitious ID system, we take a look at how blockchain could make data more secure.

Indonesia’s central bank has released a whitepaper detailing plans for its central bank digital currency (CBDC), as the country looks to “advance digital transformation.”

Despite the myriad benefits of blockchain and cryptocurrency, institutional interest remains mixed in Asia Pacific. What lessons should the industry learn from 2022 to overcome the barriers to adoption?

The Philippines might have moved on from Axie Infinity and other NFT collections, but its still steaming ahe

Blockchain adoption in the Philippines is struggling because businesses are focused on survival, according to Dr. Donald Lim, lead convenor at Philippine Blockchain Week in Manila.

Asset tokenization and DeFi hold tremendous potential for the finance sector, writes Han Kwee Juan of DBS Bank. Here’s how the Singaporean government is at the forefront of change.

Singapore-based crypto lender Matrixport is hoping to raise US$100 million at a valuation of US$1.5 billion, according to a Bloomberg report citing unnamed sources.  

Singapore’s white-collar crime unit is investigating Hodlnaut on allegations of fraud, according to a statement on the website of the Singapore police dated Nov. 23.

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

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. 

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. 

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

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.

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

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.

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

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.

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

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).

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.

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.

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

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. 

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

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.

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 […]

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

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.

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

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?

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.

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

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. 

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.

Hong Kong-based crypto investment firm Q9 Capital has received a provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA), the company said on Wednesday in a statement shared with Forkast.

The central bank is also considering options such as banning crypto firms from offering credit facilities, leverage or staking services to retail traders.

The lead counsel for the plaintiff in the case has called Friday’s ruling a decision with implications for the global blockchain industry

In a Q&A with Forkast, First Digital Trust Chief Executive Officer Vincent Chok shared his views on Hong Kong getting back into crypto, regulations, and how the crypto pie in Asia is big enough for rivals Singapore and Hong Kong.

Kwon Do-hyung, the cofounder and chief executive officer (CEO) of Terraform Labs Pte. Ltd., also known as Do Kwon, left Singapore last month and landed in Dubai, United Arab Emirates, South Korean prosecutors confirmed with Forkast.

The crypto sector operates mainly in English, but more than 6 billion people — many of whom crypto would benefit the most — use other languages, writes Wei Zhou of Coins.ph.

The Commodity Futures Trading Commission and the Securities and Exchange Commission of the U.S. are investigating whether bankrupt crypto hedge fund Three Arrows Capital (3AC) misled investors about its balance sheet and failed to register with the two agencies, according to a Bloomberg report which cites two people familiar with the matter. See related article: […]

Crypto.com said on Wednesday that the exchange will invest €150 million (US$145.5 million) in France to set up a European headquarters in Paris and expand operations in the region. See related article: Crypto.com enters South Korea market with two local startup acquisitions Fast facts The Singapore-based exchange said it will focus on compliance, business development […]

Cryptocurrency exchange Blockchain.com has received in-principle approval from the Monetary Authority of Singapore (MAS) for a license to offer “digital payment token” services in the city-state.  See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts Blockchain.com is the second crypto exchange to earn the central bank’s in-principle approval […]

Singapore-based Coinhako cryptocurrency exchange, one of a handful to have a full license to operate in the city-state, has launched “Coinhako Treasures” to offer more products that suit the needs of institutional clients, like corporates and family offices, as it seeks to grow its institutional user base.   See related article: How a market slump may […]

Cryptocurrency exchange Coinbase Global Inc. received a digital assets license from the Monetary Authority of Singapore, the firm announced Tuesday. See related article: Coinbase blames India’s central bank for exit Fast facts They were granted “in-principle approval” under the Payment Services Act to provide “regulated Digital Payment Token products and services” in Singapore, including “our […]

The Monetary Authority of Singapore is exploring blockchain-based payments solution to solve the challenges in cross-border transactions.  See related article: Singapore warms up to crypto industry — on its own terms Fast facts The current state of cross-border payments “is slow, costly, opaque, and inefficient, relying on an archaic network of correspondent banks,” Ravi Menon, […]

The world’s largest crypto exchange’s regional head of Asia says the Philippines’ GameFi community and rampant inflation in Turkey present opportunities for Binance.

The Monetary Authority of Singapore (MAS) said illegal crypto-related businesses are operating in the city state and it is working with the police to identify and prosecute them. See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts In a reply to a Parliamentary question, Tharman Shanmugaratnam, senior minister […]

In the first of a two-part report on this year’s cryptocurrency gathering in Singapore, defiance outshone defeatism despite industry’s struggles.

The Philippines now ranks 2nd in the world for crypto adoption, but its path ahead is unclear, writes Emman Navalan. What are the hurdles it must overcome?

DBS Bank Ltd., Southeast Asia’s largest lender, has launched a self-directed cryptocurrency trading service for accredited wealth clients.  See related article: Asia banking giant DBS jumps into The Sandbox metaverse Fast facts The bank’s wealth clients have been favoring self-directed options, with digital trades dominating 90% of equity transactions, DBS said in a press release […]

Bangko Sentral ng Pilipinas (BSP) Director Mhel Plabasan said the central bank has adopted a flexible approach on the digital assets.

The Monetary Authority of Singapore (MAS) is preparing for the future of finance by exploring distributed ledger technology use cases, such as asset tokenization and cross-border payments, the city-state’s Deputy Prime Minister Lawrence Wong said on Thursday at an event organized by the central bank.  See related article:  Filecoin service provider RRMine leaves China for […]

SBI Digital Markets Pte. Ltd. (SBI DM) has received a Capital Markets Services (CMS) license from Singapore’s central bank, which allows it to provide custodial services and offer capital markets products. See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts SBI DM plans to launch a digital asset […]

The Thailand Securities and Exchange Commission (SEC) has prohibited cryptocurrency companies from offering digital assets lending and staking products, or depository services.  See related article: Thailand’s SCBX scraps plan to buy 51% stake in crypto exchange Bitkub Fast facts The regulator said in a press release on Thursday that the decision was made to protect […]

Tighter restrictions on cryptocurrency usage in China have prompted leading storage service platform RRMine Global to close its mainland China operations and move its headquarters to Singapore. See related article: China has seen blockchain’s future and it doesn’t include cryptocurrencies Fast facts “As Singapore has been one of the world’s most open economies for a […]

The Monetary Authority of Singapore (MAS) said it is unable to determine the proportion of cryptocurrency holdings by the general public in the city-state as these include transactions with both Singapore-based as well as overseas service providers.   See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts “Data on […]

The Singapore-based bank said it will buy land in the metaverse to create the ‘DBS BetterWorld’ and build a virtual community.

The Securities and Exchange Commission of Thailand (Thai SEC) has filed a police complaint against cryptocurrency exchange Zipmex and Akalarp Yimwilai, cofounder of the company and CEO of its Thai unit, for non-compliance. See related article: Thailand mandates warnings on crypto ads Fast facts In a statement, Thai SEC said it had ordered Zipmex to […]

Singapore’s largest bank, DBS, aims to expand its cryptocurrency and digital assets offerings to 300,000 new clients in the face of the crypto bear market, according to a Financial Times report on Tuesday.  See related article: Why DBS’ move into the digital asset space is more than a token gesture Fast facts In an interview, […]

Cryptocurrency advertisements in Thailand must indicate potential risks of investing in the nascent asset class, the nation’s Securities and Exchange Commission (SEC) said in a statement on Thursday.   See related article: Singapore central bank warns against crypto marketing, promotion Fast facts Crypto businesses in the Southeast Asian nation must report all details of advertisements and […]

Naver Z, the operator of South Korea-based Zepeto metaverse, has signed a memorandum of understanding (MOU) with Thai telecommunications and digital services provider True Corporation to grow Thailand’s metaverse ecosystem. See related article: Naver’s Zepeto metaverse starts blockchain initiative with Solana Fast facts Utilizing Zepeto as a platform, True will provide future-oriented, online-to-offline experience that […]

Indonesia will launch a crypto stock market by the end of this year, said the country’s deputy trade minister Jerry Sambuaga, according to a media report. See related article: Indonesia’s biggest tech firm buys local crypto exchange Fast facts The Southeast Asian nation had earlier announced a 2021 launch but revised it to the first […]

Cryptocurrency advocates and exchanges in Asia say they are teaching the ins and outs of digital assets and blockchain in regional languages to help promote crypto investments and protect people against scams. See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts Philippine crypto exchange Coins.ph, which […]

Indonesia’s biggest tech firm GoTo Gojek Tokopedia (GOTO) has forayed into the cryptocurrency market with the purchase of local crypto exchange Kripto Maksima Koin for US$8.38 million. See related article: Indonesia’s wholesale CBDC to be ready for bank use by year end: report Fast facts GoTo has acquired 100% of Kripto Maksima Koin shares for […]

Singapore state-backed fund is leading a US$100 million funding round into Hong Kong-based blockchain and game venture Animoca Brands, Bloomberg reported.  See related article: Singapore’s Temasek says doesn’t own Bitcoin, but prepping for tokenized assets Fast facts Temasek will make the investment through convertible bonds, according to unnamed sources cited by Bloomberg. Temasek has been […]