SE Asia

Singapore-based crypto lender Hodlnaut has been placed under Interim Judicial Management (IJM), a form of creditor protection, and will now be managed and controlled by interim judicial managers appointed by court order. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Hodlnaut said its legal representatives attended the IJM hearing […]

Welcome to The Daily Forkast – August 29, 2022 – presented by Joel Flynn. Coming up on today’s show: Crypto clarity from Singapore’s central bank. Forkast and NEAR Foundation initiative champions women in Web3. We’ll have more on those stories — and other news shaping the cryptocurrency and blockchain world — in this episode of […]

The city-state hosted a seminar with a title that it hopes sums up its crypto approach: “Yes to digital asset innovation, No to cryptocurrency speculation.”

Thailand’s oldest lender SCBX Pcl has announced it is withdrawing from an earlier decision to purchase a 51% stake in the crypto exchange Bitkub for US$500 million, citing regulatory issues. See related article: Thailand’s central bank to get more power in crypto regulation overhaul: report Fast facts In a statement addressed to the Stock Exchange […]

Huobi in hot water after being put on investor alert list. Meanwhile, we take a closer look into crypto regulation in Asia.

Financial instruments sold and traded on a public blockchain could be the next big thing, so Forkast caught up with OSL to hear about what’s planned.

A total of six digital banks are now allowed to operate in the Philippines after the Bangko Sentral ng Pilipinas (BSP) issued Certificates of Authority to UnionDigital Bank, Inc. (UDB) and GoTyme Bank Corporation (GTYME). Read more: Philippine central bank governor says no plan to ban crypto BSP earlier authorized four digital banks namely Tonik […]

Cross currents: BlackRock Inc, the world’s biggest money manager, is talking about Bitcoin opportunities amid a market slump. Singapore’s Coinhako looks to have similar ideas.

The chief executive officer of troubled crypto exchange Zipmex is being asked to resign by shareholders and potential investors, citing Marcus Lim’s management decisions that led to a severe cash crunch, while the company was granted a three-month moratorium to try to restructure. See related article: Why Singapore may be the ideal place for companies […]

Leon Li, the founder of China cryptocurrency exchange Huobi, is seeking to sell a 60% stake in the company that would value the business at US$3 billion, according to a Bloomberg News report that cited people familiar with the matter. See related article: Sam Bankman-Fried’s Voyager debt emerges; Celsius reshuffles board Fast facts See related […]

The Bangko Sentral ng Pilipinas (BSP) slaps a moratorium on new virtual asset service provider (VASP) license applications starting Sept. 1.

Thailand’s central bank will receive more power as the South-East Asian nation steps up regulation of digital assets, said Thai Finance Minister Arkhom Termpittayapaisith. See related article: Thailand bans Bitcoin and crypto payments Fast facts Thailand plans to tighten its supervision of platforms and exchanges that offer trading in cryptocurrencies and other digital assets, Bloomberg […]

Singapore is growing its digital assets industry while reducing risks, and its clear regulations allow firms to better plan for the future, writes Desmond Yong of DTC.

Singapore-based cryptocurrency exchange Bitget says it has launched a US$200 million “protection fund” to act as an “emergency insurance reserve” to protect user funds when their losses are not a consequence of their own actions or behavior on the platform.  See related article: How the crypto winter is laying groundwork for Web3 to reach its […]

How does a centralized internet browser plan for a decentralized future? Reinvention, and finding a receptive audience. First stop, Southeast Asia.

Revolut has started offering cryptocurrency services to users in Singapore, the global fintech firm said on Thursday. See related article: How a market slump may be helping Singapore’s stance against retail crypto Fast facts Revolut will levy transaction fees of 2.5% and 1.5% on standard and premium plans, the company said in its statement. Customers […]

US Senate proposes the CFTC takes responsibility of Bitcoin and Ethereum. Meanwhile, Philippine authorities warn against Binance

Top blockchain and crypto news: Filecoin leads in market uptick. CryptoPunks in new glow as Tiffany jewelry. Chinese firms flock to Singapore.

Is the flippening coming soon? And NFT sales drop 25% in July as the crypto winter continues.

Defi Payments, the parent company of troubled Singapore-based crypto exchange Vauld, received court approval to protect the platform from potential lawsuits for three months. See related article: Singapore crypto lender Vauld reportedly owes retail investors US$363  million Fast facts See related article: Zipmex seeks moratorium from creditors in Singapore court

Digital Treasures Center (DTC) became the latest firm to receive the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) to become a regulated Digital Payment Token (DPT) services provider, the company announced on Monday.  See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts A full license […]

A lack of certainty over future regulation and a long lockdown in Shanghai are pushing some Chinese Web3 companies to set up shop in Singapore.

Crypto lender Vauld, which halted withdrawals earlier this month, is facing hostile action from multiple creditors, according to a new affidavit reviewed by Moneycontrol.  See related article: Nexo in talks to buy out Vauld Fast facts As per the affidavit, Vauld has received two demand letters and two civil claims from four creditors.  One of […]

Crypto prices fall ahead of the Fed meeting. Meanwhile, the Philippines pushes for a crypto tax.

In his first State of the Nation address, Philippine President Bongbong Marcos Jr. laid out his administration’s plans for the next six years including the imposition of tax on digital service providers that could include crypto exchanges.

Crypto exchange Zipmex, which announced that it is in serious discussions with potential investors on Monday, is looking to raise US$50 million to cover its exposure to Babel Finance and Celsius Network, Bloomberg reported.  See related article: Zipmex says considering possible offer Fast facts Zipmex’s fundraising target is close to its exposure to Babel Finance, […]

The adoption of cryptocurrencies is still low compared to traditional investment classes such as equities, payment technologies and private equity allocation by institutions, a joint report by Boston Consulting Group (BCG), Bitget and Foresight Ventures said.  See related article: Led by Vietnam and India, global crypto adoption jumps over 880% Fast facts The report estimates […]

Philippine BSP governor denies plans on banning crypto. Meanwhile, a former Coinbase employee has been arrested for insider trading.

New Bangko Sentral ng Pilipinas Governor Felipe Medalla is no fan of crypto, but in an exclusive interview with Forkast, he said there’s no plan to outlaw the digital asset.

The Securities and Exchange Commission of Thailand (Thai SEC), has sought clarification from cryptocurrency exchange Zipmex on its decision to freeze withdrawals, according to a statement on its website.  See related article: Celsius bankruptcy deepens chill over crypto sector Fast facts The regulatory authority for Thailand’s capital markets, in a letter dated July 20 issued […]

Indonesia’s central bank is working on releasing the conceptual design of its own digital currency for banks to use by the end of this year, Bank Indonesia Governor Perry Warjiyo said on Thursday. See related article: Governments pushing for CBDCs smell blood in Terra Classic’s struggles Fast facts Bank Indonesia’s digital rupiah will be the […]

Singapore-based crypto exchange Zipmex said on Thursday night Hong Kong time (HKT) it will prolong its customer withdrawal freeze until Friday “to prevent any technical issues,” without specifying a time. See related article: Singapore’s MAS to further strengthen crypto regulations Fast facts See related article: Singapore crypto lender reportedly owes retail investors US$363 million

Bitcoin drops after Tesla sells 75% of its bitcoin holdings. Meanwhile, South Korean authorities raid 15 companies as part of their Terra Luna investigations.

Singapore-based Vauld owes creditors US$402 million, with 90% of the debt owed to individual investors, according to a document filed to Singapore’s High Court on July 8 by Vauld co-founder and CEO Darshan Bathija, The Block reported. See related article: Crypto trading volumes dip to 18-month low amid bear market Fast facts The troubled crypto […]

Singapore-based cryptocurrency exchange Zipmex became the latest firm to block customers from withdrawing their tokens, citing volatile market conditions and financial difficulties of its partners, reportedly Babel Finance. See related article: Celsius says users can settle for cash at a discount or go long on crypto Fast facts “Due to a combination of circumstances beyond […]

The Monetary Authority of Singapore (MAS) said it will seek consultation in the next months on proposed measures toward regulating the crypto industry. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Singapore’s regulatory focus on crypto has been mainly toward containing money laundering and terrorist financing risks, MAS Managing […]

Middle East crypto exchange Fasset Technologies Ltd. is collaborating with global payments technology company Mastercard to expand its financial reach in Indonesia. See related article: Crypto exchange Fasset expands to Southeast Asia Fast facts The announcement comes after Fasset said it raised US$22 million in series A funding.  According to a survey, 41% of Indonesians […]

Singapore wants to attract institutional capital while shielding its people from crypto — but it can’t have it both ways, writes Donovan Choy.

The Philippines’ Department of Trade and Industry (DTI) said it cannot ban Binance for cryptocurrency-related sales and promotion as there are no clear regulations issued by the Banko Sentral ng Pilipinas (BSP), the nation’s central bank.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts “Cryptocurrency […]

Players are being educated to turn into writers, content creators, streamers or e-sports players as earnings from play-to-earn games aren’t enough to substitute for a day job.

Bitcoin briefly returns to the US$22,000 mark. Meanwhile, InfraWatch PH calls for a ban on Binance in the Philippines.

A large number of Japanese Web 3.0 companies are moving to or at least setting up new offices in Singapore, executives from Japanese blockchain gaming infrastructure builder Oasys told Forkast on Friday. See related article: Japan’s government approves policy to drive Web 3.0 adoption Fast facts Japanese firms operating in the Web3 sector need to […]

Infrawatch PH, a public policy think tank in the Philippines, wrote to the country’s Department of Trade and Industry calling for a ban on Binance for promoting cryptocurrencies without proper licensing, according to a letter accessed by Bitpinas.  See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast […]

Singapore’s monetary authority mulls on crypto limits. Meanwhile, Manny Pacquiao drops his NFT collection despite the crypto winter.

The boxer-dog themed collection by Filipino boxing legend Manny “Pacman” Pacquiao, scheduled for minting on July 15, will be released on the Cardano blockchain, the team behind the official non-fungible tokens (NFTs) said on Monday.  See related article: Manny Pacquiao is launching NFTs in memory of dog ‘Pacman’ Fast facts The collection is named in […]

Vauld has suspended all withdrawals, trading and deposits on its platform, the Singapore-headquartered cryptocurrency exchange said on Monday.  See related article: Three Arrows Capital files for Chapter 15 bankruptcy Fast facts The firm, backed by PayPal founder Peter Thiel’s Valar Ventures, Pantera Capital and Coinbase Ventures, said it is exploring “potential restructuring options.” Vauld said […]

The Monetary Authority of Singapore (MAS) is mulling additional consumer protection safeguards on crypto, Tharman Shanmugaratnam, the minister in charge of the central bank, told Parliament.  See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts MAS is considering introducing rules on the use of leverage and limits on retail participation […]

The Monetary Authority of Singapore (MAS) has “reprimanded” cryptocurrency hedge fund Three Arrows Capital (3AC) for misleading information and ignoring assets under management (AUM) limits, the central bank said in a statement on Thursday.  See related article: Three Arrows Capital lines up for liquidation Fast facts In August 2013, 3AC obtained its registered fund management […]

CoinFLEX to solve its liquidity problems by issuing a recovery token. Meanwhile, Singapore’s central bank doubts crypto capabilities.

Whither Singapore in the cryptocurrency world? The Monetary Authority of Singapore has some views on that and as with most markets, there are winners and losers.

CoinFLEX joins other exchanges in freezing withdrawals. Meanwhile, crypto investors in Singapore head for the exits.

One door closes and another opens, which seems to be what’s happening in Singapore as the crypto price slump restructures the trading environment.

The Singapore-based cryptocurrency exchange Wednesday said the approval toward a license will eventually allow it to offer a range of payment services in the city-state. See related article: Singapore warms up to crypto industry — on its own terms Fast facts Crypto.com has received an in-principle approval from the Monetary Authority of Singapore (MAS) for […]

Felipe M. Medalla, an economist slated to be the next governor of the Philippines central bank, is not interested in regulating crypto, which he believes is based on “the greater fool theory.”  See related article: Philippines gets new government, will new crypto taxes follow? Fast facts “The only reason you’re using this [cryptocurrencies] is you […]

BlockFi’s Zac Prince says they have fully liquidated 3AC positions. Meanwhile, Hong Kong’s central bank works with the Bank of Israel to study CBDC security.

Huobi Thailand will shut its cryptocurrency trading platform’s Thailand unit on July 1 after the country’s Securities and Exchange Commission (SEC) revoked its license. See related article: Can Thailand emerge as a ‘crypto-positive’ travel destination? Fast facts Huobi Thailand said the firm will no longer have any connections or legal bindings with Huobi Group following […]

Bitcoin, Ethereum and TRX recover as the Federal Reserve raises interest rates. Meanwhile, Three Arrows Capital faces liquidation concerns.

Philippines senator and boxing legend Manny Pacquiao is launching non-fungible token (NFT) project Pacman to commemorate his late Jack Russell Terrier. See related article: Are PewDiePie, Manny Pacquiao and Spencer Dinwiddie riding the blockchain wave? Fast facts The cartoonish boxer dog-themed NFT collection pays tribute to Pacquiao’s pet Pacman, who was accidentally run over by […]

A bipartisan crypto bill has been introduced in the US Senate. Meanwhile, Singaporean investment company ADDX plans on recognizing crypto assets.

Before the development, only traditional assets like stocks, bonds, cash and real estate could be used for an individual to have access to complicated investment options in private markets, ADDX said.  See related article: ADDX, Fullerton partner to tokenize PE fund of funds Fast facts ADDX’s move signals crypto’s status as an asset class in […]

Crypto companies have voted with their feet in response to the city-state’s restrictions on their business. But they are still keeping an eye on opportunities.

Singapore issues a crypto warning for retail investment. Meanwhile, Bitcoin took a tumble sparking market concerns

Singapore’s Deputy Prime Minister Heng Swee Keat cautioned retail investors to steer clear of investments in cryptocurrencies, saying the nascent asset class “is a highly risky area.”  See related article: Singapore wants to bring some adult supervision to crypto Fast facts Many investors suffered losses and even lost their life savings in the recent meltdown […]

Singapore announces plans for a digital assets initiative. Meanwhile, Shanghai’s lockdown finally ends, but markets remain hesitant.

Cryptocurrency companies in the Philippines await legislation from the new Ferdinand Marcos Jr. administration on how the government will tax the industry. Some are worried.

The Monetary Authority of Singapore (MAS) has announced Project Guardian, a collaborative initiative with the financial industry to explore the economic potential and value-adding use cases of asset tokenization, according to a statement from Deputy Prime Minister Heng Swee Keat on Tuesday. See related article: Singapore wants to bring some adult supervision to crypto Fast […]

The Reserve Bank of India explores digital rupee options. Meanwhile, Terra’s new Luna coin drops significantly since launch.

StepN limits their services in China. Meanwhile, Terra 2.0 poses questions relating to investor trust.

South Korean LUNA investors file lawsuit against Terra. Meanwhile, Singapore’s High Court blocks sale of a Bored Ape NFT.

In an exclusive interview with Forkast, the lawyer representing the claimant discusses what the result means for NFTs and digital ownership.

Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.

Forkast sat down with Singapore’s biggest bank for insights into crypto regulations in the city-state. Singapore has a reputation for planning far ahead, so what’s in store for cryptocurrencies?