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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.’

Binance gets Abu Dhabi regulator’s nod to offer crypto custody services

Binance, world’s largest cryptocurrency exchange, has obtained Financial Services Permission from Abu Dhabi’s Financial Services Regulatory Authority (FSRA), to provide custody to professional clients in and from the Abu Dhabi Global Market (ADGM), the international financial center of the UAE’s capital.

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.

NFT platform, art collective launch collaboration in aid of Ukraine

NFT platform laCollection has launched a series of collaborations with international artists to raise funds for Ukrainian cultural institutions.

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.

Markets: Bitcoin, Ether rise amid positive inflation data, despite reports of Russian missile strikes in Poland

Bitcoin and Ether rose on Wednesday morning in Asia amid reports of alleged Russian missile strikes on Poland while inflationary data out of the U.S. provided support.

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.

Bahamian regulator contradicts FTX, says no approval given for fund withdrawals

Regulators in the Bahamas, where FTX is headquartered, say the bankrupt exchange’s claims that Bahamian fund withdrawals were requested by officials are false.

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.

FTX US warns user trading could be halted ‘in a few days’

Sam Bankman-Fried says FTX US is insulated from FTX.com’s liquidity crunch, but the American-based platform could freeze trading in the next few days.

California financial regulator launches probe into FTX

The state of California has launched an investigation into the ‘apparent failure’ of crypto asset platform FTX.

FTX assets frozen by Bahamas securities regulator

The Securities Commission of the Bahamas has frozen assets of FTX and related parties, and has suspended its registration.

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.

Bitcoin miner Riot Blockchain’s stock drops amid widening Q3 losses

Stocks of Nasdaq-listed Riot fell 4.87% in pre-market trading on Tuesday, after U.S. Bitcoin miner Riot Blockchain on Monday reported weaker revenues in the third quarter of this year.

U.S. midterms: gridlock… and progress on crypto industry regulation?

In a period of toxic divide between the Democrats and Republicans, the need to figure out how to regulate the growing cryptocurrency industry is one of the few issues both parties seem to agree on.
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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.

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.

Crypto a rising currency of choice for drug smugglers in India

India has witnessed an increase in drug smuggling using cryptocurrencies and the darknet, according to the country’s Home Minister Amit Shah. 

Kazakhstan’s central bank to test CBDC on BNB chain

The National Bank of Kazakhstan [NKB] will be testing the integration of their central bank digital currency (CBDC) on the BNB Chain.

UK High Court shuts down PGI Global for alleged crypto scam

The United Kingdom High Court has shut down PGI Global UK Ltd. for allegedly running a crypto scam and has appointed the official receiver as the company’s liquidator. 

Hong Kong mulls plans to legalize retail crypto trading: Bloomberg

Hong Kong is mulling plans to legalize retail crypto trading to regain its status as a global digital asset hub.

Education is best protection measure in blockchain tech, says Binance chief CZ

Binance CEO Changpeng Zhao believes education is key to a wider, safer adoption of blockchain technology.

Gaming and NFTs will drive Web3 growth: Crypto.com COO

The future of the burgeoning Web3 sector will be gaming and non-fungible tokens, said Eric Anziani of global digital asset exchange Crypto.com.

More than just a JPEG? Digital Art Fair Hong Kong explores NFTs for data streaming and display

Pixelated pictures and cartoonish drawings have typically dominated the world of Non-Fungible Tokens (NFTs), but some exhibits at Hong Kong’s Xperience art fair show new means of applying the technology.

A 100% reserve is a must for any stablecoin: Wemade CEO

A stablecoin that is not stable is an ‘oxymoron,’ said Henry Chang, CEO of South Korea-based blockchain game developer Wemade.

How Europe’s MiCA can pave the way for crypto’s revival

Europe’s new MiCA framework for regulating crypto shows the good that can happen when government works with and not against the industry, writes Nick Saponaro of Divi Labs.

Hong Kong crypto firm Q9 Capital gets Dubai provisional approval

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.