‘Act smart, but act fast’: Industry experts say there’s no time to waste addressing stablecoins, CBDCs in Asia
Panelists at Forkast’s “Crypto Rising: CBDCs & Stablecoins: The Asia Perspective,” co-hosted by the Crypto Council for Innovation (CCI), said tackling the technology requires international cooperation and flexibility to not stifle innovation.
South Korea seizes US$184 mln in crypto towards unpaid taxes
Cryptocurrency assets seized from alleged tax delinquents in South Korea in 2021 and 2022 amounted to nearly 260 billion Korean won (US$184.3 million), according to local media reports. See related article: South Korea’s taxman keeps circling crypto – airdrops look to be the next target Fast facts The highest amount of crypto seized from a […]
Bitcoin recovers from steep drop after Fed hikes rates by 75 basis points
Bitcoin, the largest cryptocurrency by market capitalization, rose more than 3% on Thursday to recover from a sharp drop to under US$19,000 after the Federal Open Market Committee said it would raise interest rates by 75 basis points, or in line with market expectations, to rein in inflation. See related article: Digital dollar takes another […]
India’s finance minister sees 46% growth in blockchain technology use in next few years
While India’s central bank has adopted a hostile stance towards cryptocurrency, the South Asian nation has recognized the potential for blockchain technology. See related article: Women in India start to plug into cryptocurrency trading Fast facts Use of blockchain technology is going to rise by about 46% in the next few years, India’s finance minister […]
Girl group AKB48’s producer to launch metaverse idol; IEO in the works
J-pop is increasing ties with immersive metaverse technology, with Japan’s top record producer Akimoto recently announcing his ambitious virtual idol project.
China says blockchain patent applications make up 84% of world’s total
China’s Ministry of Industry and Information Technology (MIIT) claimed on Tuesday in a news conference that the country accounted for more than 84 percent of the world’s blockchain patent applications, despite the country’s ban on cryptocurrencies. See related article: Ant Group and Tencent obtain the most blockchain patents in China: report Fast facts See related […]
India’s CoinDCX Twitter handle hacked to peddle XRP
CoinDCX, India’s first crypto unicorn, asked users not to click on any link or messages from its official Twitter handle as the company lost control of the social media account following a hack. See related article: How Twitter hackers social-engineered their way into VIP accounts to shill for bitcoin Fast facts “We are in the […]
Hong Kong needs at least two years to build wholesale CBDC: HKMA
The Hong Kong Monetary Authority (HKMA), the city’s de-facto central bank, Tuesday said it concluded its market consultations on technical and policy grounds towards the city’s central bank digital currency (CBDC), estimating at least two to three years to build the wholesale system. See related article: Hong Kong flirts with e-HKD as it talks of […]
South Korea unlikely to push out crypto regulation before the U.S., authority says
South Korea’s top financial watchdog Monday said it is difficult for the country to establish laws overseeing the cryptocurrency industry in the country ahead of a common global regulatory framework as cross-border enforcement would be a key determinant of effectiveness.
Australia Senator says China’s CBDC may threaten national security
Amid the worsening relationship with China, one Australian Senator is trying to address possible national security concerns that may arise from Beijing’s Central Bank Digital Currency project.
If the UK wants to become a crypto hub, it must do better
Britain’s internal divisions could thwart its crypt ambitions, writes Nick Saponaro of Divi Labs. Will it be eclipsed by crypto-friendly Dubai?
South Korea and Meta to ramp up metaverse safety
South Korea’s official media regulation agency met with Andy O’Connell, vice president of product policy and strategy of Meta Platforms, Inc. on Monday to discuss ways to boost user protection on the metaverse. See related article: South Korea will not rule the metaverse with game laws, science ministry says Fast facts Ahn Hyoung-hwan, the vice […]
Do Kwon says “not on the run” as S.Korea calls for Interpol’s red notice
South Korean prosecutors are in the process of requesting Interpol to issue a red notice for Terraform Labs Pte. Ltd. Chief Executive Officer Kwon Do-hyung, also known as Do Kwon, according to media reports. See related article: Terra CEO Do Kwon faces ‘illegal alien’ status in Singapore as Seoul cancels passport Fast facts An Interpol […]
Hong Kong encourages firms to bring STO proposals to the SFC
Hong Kong has invited firms interested in security token offerings (STO) to share their proposals with the Securities and Futures Commission (SFC), the regulator’s Fintech department head Elizabeth Wong told digital assets industry representatives last week, according to a press release published on Monday. See related article: Hong Kong regulator: ramp up oversight of virtual […]
SEC, Ripple seek summary judgment in attempt to speed up XRP lawsuit
The argument centers around if Ripple’s XRP sales were offerings of unregistered securities.
Busan’s big blockchain plans
Welcome to The Daily Forkast – September 16, 2022 – presented by Joel Flynn. Coming up on today’s show: Could Busan be the next crypto hub? Will help from Binance and FTX finally establish South Korea’s second largest city as the crypto haven it’s trying to be? We’ll have more on those stories — and […]
For South Korea, making Do Kwon pay for his alleged crimes easier said than done
A member of the prosecuting team tells Forkast additional charges are likely to be leveled against Terraform Labs Chief Executive Officer Do Kwon following this week’s issuance of an arrest warrant for violating the country’s Capital Markets Act.
Animoca Brand’s Sandbox to launch metaverse in Dubai, other global cities
The Sandbox, a subsidiary of Animoca Brands Corp. Ltd., the Hong Kong-based game software and venture capital company, will be taking its Hong Kong metaverse strategy to a new market in Dubai, launching a “Dubaiverse,” the company said at the 62nd edition of the True Global Ventures Conference on Thursday. Animoca Brand’s Dubai-themed metaverse will […]
Terra CEO Do Kwon faces ‘illegal alien’ status in Singapore as Seoul cancels passport
Prosecutors investigating the man behind the US$37 billion wipeout of the Terra-LUNA cryptocurrency project are raising the stakes to get him back to South Korea.
S.Korea finance regulator: crypto can be subject to capital markets law
South Korea’s Financial Supervisory Service (FSS) governor Lee Bok-hyun says he disagrees with the view that crypto cannot be seen as financial investment products or securities, while revealing he assisted local prosecutors in designating Terra-LUNA tokens as securities, according to local media reports. See related article: Securities or not? South Korea to evaluate Terra’s LUNA […]
Markets: Bitcoin dips below US$20,000; Ether, ETC fall post-Merge
Bitcoin fell below the US$20,000 support line in Friday morning trading in Asia, while Ether saw a sell-off following the long-awaited network “Merge” on Thursday. The total cryptocurrency market capitalization fell below US$1 trillion as all top 10 tokens were trading down. See related article: Ethereum says Merge upgrade successfully completed, more to come Fast […]
Singapore Deputy Prime sees “tremendous potential” in tokenization and DLT
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 […]
Singapore grants capital markets license to SBI’s digital asset arm
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 […]
Thailand bans crypto lending and staking services
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 […]
Merge finally arrives; India’s female traders
Welcome to The Daily Forkast – September 15, 2022 – presented by Megha Chaddah. Coming up on today’s show: Ethereum’s Merge is complete. Indian women start to plug into cryptocurrency trading. And finally, can the crypto world shrug off carbon footprint concerns? We’ll have more on those stories — and other news shaping the cryptocurrency […]
Polkadot to hold first hackathon centered in Latin America
Polkadot will hold its first hackathon that focuses on Latin America starting Sept. 26 to engage local developers in the network and promote the uses of blockchain around the world. See related article: Polkadot is top crypto held by VCs and hedge funds in Q4 2021 Fast facts See related article: Polkadot-based Acala Dollar burns […]
South Korea will not rule the metaverse with game laws, science ministry says
South Korea will issue a guideline for regulating the metaverse instead of applying existing law on video games, the Ministry of Science and ICT (MSIT) announced at a government briefing on Wednesday. See related article: S.Korea’s science ministry announces ethical principles for the metaverse Fast facts The guideline that will be used to better promote […]
South Korea’s Seongnam city to provide citizenship rights through NFTs
Seongnam, the 12th most populated city in South Korea, is planning to recreate the city in the metaverse and will issue non-fungible token (NFT) citizenships to give access to municipal information, according to local media reports. See related article: South Korea’s capital city launches first stage of “Metaverse Seoul” Fast facts The city will finalize […]
China’s two systems for crypto: Trading is banned, but virtual assets can be protected
In a decision involving Litecoin, a Chinese court says there are no rules ‘that negate the protectability of cryptocurrency itself as virtual property.’
South Korea issues arrest warrant for Terraform Labs CEO Do Kwon
South Korean prosecutors investigating the collapse of Terra-LUNA have issued an arrest warrant for Terraform Labs cofounder and chief executive officer Kwon Do-hyung, also known as Do Kwon, the Seoul Southern District Prosecutors’ Office told Forkast. See related article: Securities or not? South Korea to evaluate Terra’s LUNA token Fast facts “Violation of the capital […]
Should K-pop’s BTS get pass on military duty? Metaverse jury still out
South Korea’s Cytown Metaverse is holding a virtual poll and discussion on the topic of giving the members of K-pop megagroup BTS a special exemption from the country’s mandatory military service. See related article: Google approves South Korea’s Cyworld metaverse app Fast facts Cytown opened a public poll on the topic in Cy-agora, the virtual […]
Huobi becomes third global exchange to sign with S.Korea’s Busan city
Global cryptocurrency exchange Huobi Global announced it will sign a memorandum of understanding with South Korea’s Busan city on Wednesday to help the city establish its first crypto exchange and promote its blockchain ecosystem. See related article: Binance to help S. Korea’s Busan build first city-backed exchange Fast facts The agreement entails Huobi providing technical […]
Filecoin service provider RRMine leaves China for Singapore
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 […]
Argentinian tax agency conducts first-ever raids on illegal crypto mining farms
Argentina’s tax collection agency (AFIP) has concluded its first-ever operations against illegal and “clandestine” crypto mining farms operating within the country, the agency announced last week. See related article: Crypto miners should disclose energy data, US lawmakers say Fast facts The AFIP conducted four raids on crypto farms that were under the guise of other […]
Crypto Fraud and Asset Recovery Network in U.K. launches Hong Kong chapter
The Crypto Fraud and Asset Recovery Network (CFAAR), which calls itself the first global network of its kind, has launched a Hong Kong-based chapter in collaboration with seven local finance, law, and crypto regulation experts. See related article: Australia establishes federal crypto police unit Fast facts The Crypto Fraud and Asset Recovery network began in […]
Securities or not? South Korea to evaluate Terra’s LUNA token
Identifying characteristics of securities in Terra’s tokens could help South Korea with new charges on Terraform Labs and CEO Do Kwon.
Singapore central bank says data on crypto holdings by general public not available
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 […]
SEC seeks to seal information exposing expert witness identities in XRP lawsuit
The U.S. Securities and Exchange Commission has filed a motion seeking to seal portions of the filings that contain information identifying the SEC’s expert witnesses in its lawsuit against Ripple Labs. See related article: SEC, Ripple take XRP lawsuit battle to media as well Fast facts The SEC wrote in the motion on Friday that […]
S.Korean man sentenced to four years for sexual abuse in metaverse
A South Korean man in his 30s was recently sentenced to four years in prison after producing and storing sexually exploitative content involving minors he lured on the metaverse. See related article: South Korea struggles to prevent sexual harassment of minors in the metaverse Fast facts The man, whose identity was not made public, had […]
US$30 mln seized from North Korea hacking group: report
Over US$30 million worth of cryptocurrency stolen by North Korea-linked hackers has been seized by law enforcement, with the help of crypto organizations like the Chainalysis Crypto Incident Response Team. See related article: North Korea behind Ronin hack: US Fast facts This marks the first time that digital assets stolen from North Korean hacking groups […]
US raises red flag on crypto mining with concerns over carbon emissions
White House says carbon footprint of crypto industry does not align with goals to decarbonize the economy.
Queen Elizabeth artwork NFTs flood into OpenSea marketplace
Demand for non-fungible tokens connected to the late monarch surge along with prices.
Asia banking giant DBS jumps into The Sandbox metaverse
The Singapore-based bank said it will buy land in the metaverse to create the ‘DBS BetterWorld’ and build a virtual community.
Indian finance minister urges IMF to lead crypto regulation
The International Monetary Fund (IMF) should lead the way in global regulation of crypto assets, India’s Finance Minister Nirmala Sitharaman has urged IMF Managing Director Kristalina Georgieva at their meeting in New Delhi. See related article: Crypto regulation has to ‘take its time’: India FM Nirmala Sitharaman Fast facts At their meeting on Wednesday, they […]
WazirX launches coin reports with data from crypto research firms Crebaco, IntoTheBlock
WazirX, India’s largest crypto exchange by volume, has begun to publish data-driven reports for over 200 coins listed on its exchange, with data from crypto intelligence firms Crebaco and IntoTheBlock. See related article: TZ APAC, NUS join for blockchain, computing education Fast facts Research reports by Crebaco published on WazirX aim to help readers understand […]
Fed officials call for stablecoin regulations amid concerns over financial stability
Two U.S. Federal Reserve officials have called for new regulations specifically for stablecoins and reiterated the new asset class holds risks similar to traditional finance. See related article: Financial Stability Board calls for high regulatory standards for stablecoins Fast facts Michael Barr, the Fed’s vice chair for supervision, said on Wednesday at a Brookings Institution […]
Thai regulator files police complaint against Zipmex for non-compliance
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 […]
Binance pushes out USDC in aggressive move to boost its own stablecoin
Top blockchain and crypto news: USDC gets the boot from Binance. MicroStrategy looks for Lightning strikes. STEPN heads to Hong Kong.
Crypto could pose ‘major’ risk to S.Korea’s financial stability, think tank says
The country’s growing ties to crypto could expose its financial sector to volatility and ‘damage its credibility,’ a researcher says.
S.Korea to set up securities market for crypto tokens
South Korea’s top financial regulator announced Tuesday a plan to open a separate digital securities market similar to the KOSPI (Korea Composite Stock Price Index), in a move to institutionalize and promote cryptocurrencies. See related article: South Korea’s taxman keeps circling crypto – airdrops look to be the next target Fast facts The planned digital […]
RBI asks 4 state-run banks to test digital rupee, in talks with fintech: report
India’s Reserve Bank of India has asked four state-run banks to test its central bank digital currency (CBDC), due for launch this financial year, even as the central bank seeks a ban on cryptocurrency trading in the country. See related article: RBI is causing crypto hesitancy among Indian banks Fast facts RBI has chosen the […]
New UK PM, finance minister have previously supported crypto, blockchain
Britain’s new Prime Minister Liz Truss has appointed Kwasi Kwarteng, former head of the U.K.’s department for business, energy and industrial strategy, as the new finance minister, charging him with decisions that will impact British and global crypto markets. See related article: Bank of England calls for greater crypto regulation Fast facts Former Finance Minister […]
Crypto exchange Bybit barred from brokering securities in Brazil
The Securities and Exchange Commission of Brazil (CVM) has banned Singapore-based cryptocurrency exchange Bybit from brokering “securities” within the country. See related article: Thailand mandates warnings on crypto ads Fast facts The CVM released a declaratory act, in an announcement on Monday, that ordered the suspension of Bybit’s security offerings and intermediation services directly or […]
Indian police arrest alleged crypto trickster in US$31 mln scam: report
Indian police in the state of Maharashtra have arrested a man on charges of cheating 1,441 investors in a fake cryptocurrency scam, according to a local media report. See related article: Tax authorities recover US$9M from India’s biggest crypto exchanges Fast facts The scam may be in excess of 2.5 billion rupees (US$31.2 million) and […]
Australia establishes federal crypto police unit
The Australian Federal Police (AFP) have set up a crypto crime unit that will trace and seize illicit cryptocurrency linked to money laundering and other criminal activity, the Australian Financial Review (AFR) reported Monday. See related article: Ukraine National Police takes down crypto fraud cybercrime group Fast facts Launched in August, the unit will help […]
SK Telecom’s Ifland metaverse adds cashable in-app economy
The Ifland metaverse, run by South Korean telecommunications giant SK Telecom (SKT), is allowing users to earn money by hosting meetups in the virtual world, the company announced Monday. See related article: South Korea’s Ifland metaverse dives into play-to-earn Fast facts SKT has adopted an “ifland point” system to usher in its metaverse economy — […]
Singapore’s DBS commits to crypto offerings despite slump: report
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, […]
New hire in Saudi Central Bank to work on crypto regulations: report
Saudi Arabia’s central bank has appointed Mohsen AlZahrani, a former managing director at consultancy firm Accenture, to head its virtual assets and central bank digital currency (CBDC) initiative, Bloomberg reported. See related article: Governments pushing for CBDCs smell blood in Terra Classic’s struggles Fast facts With the United Arab Emirates aiming to be a global […]
S.Korea TV network partners with metaverse gaming platform The Sandbox
MBC (Munhwa Broadcasting Corporation), one of South Korea’s four national television and radio networks, has signed a business partnership with Hong Kong-based metaverse gaming platform The Sandbox, according to its announcement on Friday. See related article: Netflix Sweet Home producer to build K-drama metaverse in the Sandbox Fast facts MBC will create its emblematic Sangam […]
India crypto exchanges plan long-term future as day traders flee
In facing a government hostile to cryptocurrency trading, Indian exchanges are trying to attract new business with suites of different investment products.
Bitcoin gains as US unemployment rate rises to 3.7%, indicates inflation slowing
Bitcoin gained almost 2% on Friday evening in Asia after the U.S. Bureau of Labor Statistics reported that the unemployment rate in August rose to 3.7% from 3.5% in July. The figures suggest the U.S. economy is slowing, which may influence the Federal Reserve when it meets this month to decide on raising interest rates. […]
Thailand mandates warnings on crypto ads
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 […]
Hong Kong hosts Digital Asset Series seminars for mass literacy
Hong Kong is hosting the Digital Asset Series (DAS) educational seminars, which started in August to continue into November this year. See related article: Why children around the world need crypto education Fast facts The free educational seminars will be delivered by industry experts, legal professionals, regulators and scholars from the finance-technology (fintech) sector, according […]
Chinese central bank should issue RMB stablecoin for metaverse: academic
China should issue a digital yuan-collateral stablecoin to establish an on-chain payment system for China’s metaverse, as the infrastructure developed by China itself is the key to ensuring national security, said influential academic Zhang Ping of the Chinese Academy of Engineering, an institution providing policy consultation to the Chinese State Council. See related article: Naver’s […]
Naver’s Zepeto metaverse teams with Thailand’s telecom giant True
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 […]
Binance says it complies with regulators following US anti-money laundering probe report
Binance, the world’s largest cryptocurrency exchange by trading volume, said it has worked with regulatory agencies from around the world to address outstanding compliance questions, following a Reuters report that U.S. federal prosecutors asked the exchange to offer internal records involving founder and CEO Changpeng Zhao for anti-money laundering checks in late 2020. See related […]
Director at China’s Securities Regulatory Commission deep-dives into Web 3.0 in new book, a year after China’s crypto ban
Nearly a year after China banned crypto trading and mining, the director of the Technology Supervision Bureau at Chinaøs Securities Regulatory Commission has published a book discussing Web 3.0 and blockchain technology. See related article: Shanghai turns to metaverse, NFTs to counter lockdown economic fallout Fast facts Yao Qian’s book “Web 3.0: Changes and Challenges […]
South Korea’s taxman keeps circling crypto – airdrops look to be the next target
South Korea last week said crypto token airdrops are subject to a gift tax of as much as 50% under existing laws, but what is the likelihood this rule can be applied to digital holdings?
Indonesia to launch crypto stock exchange at end-2022
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 […]
US Digital Dollar Project to work with Ripple on CBDC technical sandbox
The U.S.-based Digital Dollar Project said it will work with Ripple and a few other digital asset firms to launch a technical sandbox program to further study a U.S. central bank digital currency (CBDC). See related article: CBDCs better poised for cross-border payments than Bitcoin, stablecoins: ECB study Fast facts The non-profit initiative announced on […]
LG Electronics to launch Hedera-based crypto wallet
South Korea-based LG Electronics is reportedly preparing to release its first crypto wallet application named “Wallypto” in the third quarter of 2022. See related article: S. Korea’s Danal, LG CNS to build ‘one-for-all’ Web3 payments platform Fast facts LG Electronics has been running a beta test of the application with developers since August and is […]
Ukraine National Police takes down crypto fraud cybercrime group
The National Police of Ukraine (NPU) said on Tuesday it took down a network of call centers targeting Ukrainian and European Union citizens, who have already been duped by crypto scams. See related article: Ukraine seizes funds from crypto wallet funding Russian forces Fast facts According to NPU’s official announcement, the cybercrime network was disguised […]