Bitget offers ‘protection fund’ to users as emergency insurance
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 […]
Welcome to Web3, (hopefully) not a bigger monster than its version 2 sibling
How does a centralized internet browser plan for a decentralized future? Reinvention, and finding a receptive audience. First stop, Southeast Asia.
Bitcoin, Ethereum edge up; BNB rises; Avalanche adds to gains on partnerships
Bitcoin and Ethereum rose in early morning trading in Asia, along with most other tokens on the top 10 list by market capitalization. BNB rose 3.4% to reach US$325, adding to gains made last week when the Binance exchange, the BNB issuer, said it would add more tokens. Cardano briefly touched a week’s high, up […]
Coinbase-Blackrock deal, India’s blockchain outlook
Coinbase and Blackrock partner up to provide institutional crypto access. Meanwhile, Instagram expands NFT platform.
New US bill to give CFTC oversight of cryptocurrencies may speed up crypto legislation in other markets
The U.S. bill to bring cryptocurrencies under the oversight of the Commodities Futures and Trading Commission is likely to hasten legislation of such digital assets around the world.
South Korea’s all-encompassing crypto law is coming — what we know so far
Lawmakers are pulling together regulations for trading in digital assets. If all goes to plan, the so-called Digital Asset Basic Act will be in shape by the first half of 2023.
Ex-PwC crypto head sets up digital asset fund in Dubai: report
Former PwC crypto arm leader Henri Arslanian said in a report the digital asset fund Nine Blocks Capital Management will receive $75 million from major supporters, including Hong Kong-based hedge fund Nine Masts Capital. See related article: Dubai scorches crypto winter with plans to support 40,000 ‘virtual jobs’ Fast facts See related article: India’s WazirX […]
S.Korea’s Bithumb links system with Samsung Securities, mobile apps
South Korea’s leading digital asset exchange Bithumb is linking its system with mobile applications from three major domestic financial institutions — Samsung Securities, NH Nonghyup and KB Kookmin Bank, Bithumb announced Thursday. See related article: Scarred by Terra-LUNA, South Korea moves ahead with digital asset reform Fast facts Bithumb users can now check up-to-date crypto […]
Revolut starts crypto service in Singapore
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 crypto bill pile up; Philippines Binance warning
US Senate proposes the CFTC takes responsibility of Bitcoin and Ethereum. Meanwhile, Philippine authorities warn against Binance
Blockchain in India got off on wrong foot, says former finance chief
India’s government doesn’t like cryptocurrencies and has made that clear in statements and with heavy taxes on the asset class, but what does that say about blockchain adoption?
India questions Binance-backed WazirX on foreign exchange violations
India’s Directorate of Enforcement (ED), responsible for enforcing economic laws and fighting economic crime, is investigating two cases against crypto exchange WazirX under the Foreign Exchange Management Act of 1999 (FEMA), reported local media. See related article: Only the big fish will survive as India cracks the whip on crypto: Binance-backed WazirX Fast facts Zanmai […]
Philippines’ SEC warns public not to invest with Binance
The Philippines’ Securities and Exchange Commission (SEC) has cautioned the public not to invest with Binance, the world’s largest cryptocurrency exchange by trading volume, in response to think tank Infrawatch PH’s request to ban Binance in the Philippines. See related article: Philippines think tank calls for ban on Binance Fast facts In a letter responding […]
Singapore-based Bitcoin miner scales back Kazakhstan project
Concerns over power supply and cost uncertainties have prompted Singapore-based Bitcoin miner SAI.TECH (SAI) to terminate the remainder of its expansion plans in Kazakhstan, the Nasdaq-listed company said in a statement. See related article: Bitcoin rig maker Canaan to deploy self-mining soon in US, executive says Fast facts SAI has terminated the second phase of […]
New US crypto bill seeks to make CFTC top Bitcoin, Ethereum watchdog
The U.S. Senate Agriculture Committee introduced a bill on Wednesday to put the Commodity Futures Trading Commission (CFTC) at the helm of regulating all cryptocurrencies classified as commodities. See related article: US crypto bill could undermine market protections: SEC, Gensler Fast facts The bill would give the CFTC “exclusive jurisdiction” over all “digital commodities,” which […]
S.Korea’s Hashed plans new VC fund round after losing US$3.6B in Terra LUNA
Kim Seo-joon, head of South Korean blockchain venture capital (VC) fund Hashed, said in an interview with Bloomberg he lost most of his LUNA investments during the crash in May but is planning a third VC fund in the first half of 2023. See related article: Scarred by Terra-LUNA, South Korea moves ahead with digital […]
Crypto.com, K-pop agency Fantagio enter joint NFT venture
South Korean entertainment agency Fantagio announced Wednesday a memorandum of understanding (MOU) with digital asset platform Crypto.com to pursue non-fungible token (NFT) projects, according to local reports. See related article: Dunamu’s NFT venture with BTS’s HYBE to launch services later this year Fast facts KOSDAQ-listed Fantagio manages K-pop idol groups such as ASTRO and Weki […]
Filecoin on a tear as cautious optimism returns to crypto markets
Top blockchain and crypto news: Filecoin leads in market uptick. CryptoPunks in new glow as Tiffany jewelry. Chinese firms flock to Singapore.
Nomad’s US$200 million hack; Saylor steps down
Nomad loses US$200 million after over 300 suspected of participating in the hack. Meanwhile, Michael Saylor moves from CEO to Chairman of Microstrategy.
Solana falls amid hack reports; Bitcoin, Ether edge higher in mixed markets
Solana fell 4% in Asia afternoon trading on Wednesday as reports surfaced of a hack that had drained thousands of wallets holding the token. Bitcoin and Ethereum edged higher, though U.S.-China tensions were a broader concern across all markets. Bitcoin traded at US$23,187 as of 4:30 p.m. in Hong Kong, up 1.47% in the prior […]
Chinese mining rig maker Canaan says global expansion on track despite ‘crypto winter’
Beijing’s drive to stamp out crypto mining and the slump in crypto prices are headwinds that Canaan says it knows how to deal with, adding that the crypto winter may be shorter than expected.
Indian startup tries to solve country’s crypto tax nightmare
An Indian firm providing crypto tax calculation services is introducing a software as a service (SAAS)-based solution to tackle India’s myriad crypto taxation regime. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts SAAS-based TaxCryp software aims to simplify tax computation, compliance and reporting requirements, India-based TaxCryp Technologies said on […]
CBDCs better poised for cross-border payments than Bitcoin, stablecoins: ECB study
Bitcoin is the worst option for increasing the efficiency of cross-border payments while stablecoins occupy an intermediary position, the European Central Bank (ECB) said in a study published Monday. See related article: Cryptocurrency is worthless: ECB Christine Lagarde Fast facts Central bank digital currencies (CBDCs) and domestic instant payment systems have the highest potential for […]
Bitcoin falls in market downtrend, ETH treads water, ETC and CRO edge up
Bitcoin was trending lower in early Asia trading on Wednesday with most major cryptocurrencies falling. Bitcoin was priced at US$23,048 as of 8 a.m. in Hong Kong, down 1.2% in the prior 24 hours. Ethereum was little changed at US$1,643, up 0.3%, according to data from CoinMarketCap. See related article: Bitcoin, Ethereum lose ground; Polkadot […]
Flippening ahead?; NFT sales fall again
Is the flippening coming soon? And NFT sales drop 25% in July as the crypto winter continues.
MetaKongz NFT prices drop on OpenSea over internal conflicts
South Korea’s non-fungible token (NFT) collection MetaKongz’ price on OpenSea NFT exchange has fallen over 17% on average after alleged in-house problems such as hacking and differences among its executives. See related article: Hyundai Card building its first NFT marketplace and wallet service Fast facts The price of MetaKongz NFTs on OpenSea in the last […]
Singapore court gives Vauld parent three-month protection from creditors
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
Chiliz CHZ jumps 25% on Socios, FC Barcelona partnership
Chiliz (CHZ) cryptocurrency jumped as much as 25% on Monday evening in Asia after announcing a US$100 million investment in FC Barcelona’s Barça Studios for a 24.5% stake in the soccer club’s digital content and distribution hub. See related article: South Korea’s Ifland metaverse dives into play-to-earn Fast facts Under the partnership, Socios.com and Chiliz […]
Digital Treasures Center latest to win Singapore’s crypto license
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 […]
ETH merge delay concerns; Buterin’s clown call
The ETH2 merge could once again be delayed. Meanwhile, Vitalik Buterin calls Michael Saylor “a total clown”.
How data unions can reshape the global data economy
Europe’s Digital Markets Act will soon take power over personal data away from Big Tech and give it back to the people. How can data cooperatives help?
Apple iPhone maker’s founder distances himself from crypto fraudsters using his image
Terry Gou, founder of Apple iPhone maker Foxconn, Saturday said that fraudsters have been using his images to promote cryptocurrency scams and that he has never invested in the crypto industry. See related article: Foxconn pledges to boost metaverse development this year Fast facts In a Facebook post on Saturday, the Taiwanese mogul said through […]
S.Korea Busan Bank employee allegedly embezzles US$1.1 mln to invest in Bitcoin
An employee on the foreign exchange team of South Korea’s BNK Busan Bank allegedly embezzled 1.48 billion Korean won (US$1.1 million) in customer funds to invest in Bitcoin, local media reported. See related article: Illegal foreign exchange trading with Bitcoin ‘Kimchi Premium’ probed in S.Korea Fast facts The employee, whose name was not released, reportedly […]
Covid restrictions drive some Chinese Web 3.0 firms to Singapore
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.
Komainu latest to get Dubai’s approval to operate
Digital assets company Komainu has received a provisional license from the Dubai Virtual Assets Regulatory Authority (VARA) to offer cryptocurrency products and services to institutional clients in Dubai, CoinDesk said in a report. See related article: Dubai could be crypto’s promised land, Citi says Fast facts Komainu is the latest to receive approval from Dubai […]
Terra allegedly ramped up its numbers with insider trading: report
Terraform Labs and affiliates allegedly ramped up the numbers of its decentralized finance (DeFi) service Anchor Protocol by investing their own capital, a claim that South Korean prosecutors are currently looking into, state broadcaster KBS reported. See related article: S.Korea slaps ‘notification upon arrival’ on Terra’s Do Kwon Fast facts The local media outlet claims […]
Bitcoin rig maker Canaan to deploy self-mining soon in US, executive says
Chinese crypto mining rig maker Canaan is ramping up its mining business and will soon start self- or joint-mining operations in the U.S., Edward Lu, a senior vice president of Canaan, told Forkast in an interview on Thursday. See related article: Bitcoin rig maker Canaan reports over US$200 mln in Q1 revenue Fast facts “Today […]
Bitcoin back above US$23,000; Ethereum on a tear
Bitcoin and Ethereum see significant gains in spite of Fed rate hike. Meanwhile, Dubai Police announces NFT launch.
Bad actors in North Korea, Russia send record-high funds to crypto mixers
A new report by Chainalysis shows that sanctioned actors, especially in North Korea and Russia, are sending record sums to crypto mixers.
Creditors take hostile action as crypto firm Vauld seeks bankruptcy protection
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 […]
Dubai police launch 2nd edition of NFTs, see use case for digital assets
Dubai police are dropping a second round of non-fungible tokens (NFTs), as digital assets conform to their interests in innovation, security and communication. In a statement on their website, Dubai police claim to be the first government entity in the United Arab Emirates (UAE) to create its own digital assets and the first police organization […]
Hong Kong to launch US$637 mln tech fund for startups: report
Hong Kong will launch a HK$5 billion (US$637 million) fund to support startups seeking to reach unicorn status, the city’s Financial Secretary Paul Chan Mo-po said. See related article: Hong Kong’s Cyberport invests in digital asset custodian Hex Trust Fast facts See related article: Animoca Brands ups valuation to US$5.9B despite slumping markets
IMF warning shrugged off; US stablecoin bill race
The crypto market shrugs off IMF’s predicted recession risk. Also, U.S lawmakers racing to introduce the stablecoin bill.
Scarred by Terra-LUNA, South Korea moves ahead with digital asset reform
Aiming to uncover the next “BTS in finance,” Chairman Kim Joo-hyun of the Korean Financial Services Commission (FSC) is calling for “bold reforms” in financial regulations, including in crypto assets.
US stablecoin bill draft may be released this week: report
Lawmakers in the U.S. House of Representatives are pushing to introduce a stablecoin bill draft this week before the House breaks for August recess, according to four unnamed sources “familiar with the plan” cited by The Block. See related article: Hold onto your crypto bags, the regulators are coming Fast facts The proposal on stablecoin […]
HK crypto exchange OSL sells security tokens to institutional investors
Hong Kong-based digital asset trading platform OSL has started selling security tokens to institutional investors via a private placement, with the first purchasers including blockchain game company Animoca Brands, according to a press release on Tuesday. See related article: Chinese logistics network plans US fundraise via tokenized offerings Fast facts Each security token represents a […]
S.Korea slaps ‘notification upon arrival’ on Terra’s Do Kwon
South Korean prosecutors investigating Terra-LUNA have requested the Ministry of Justice to place a “notification upon arrival” on Terraform Labs chief executive officer Do Kwon and a travel ban on Terra cofounder Shin Hyun-seung, according to local media reports. See related article: South Korean prosecutors said to have raided Terra cofounder Shin’s residence Fast facts […]
Crypto exchange Kraken reportedly under investigation for Iran sanctions breach
U.S.-based crypto exchange Kraken is reportedly under investigation by the U.S. Treasury Department’s Office of Foreign Control for allegedly violating economic sanctions against Iran, according to the New York Times. See related article: US charges two Europeans with helping N.Korea evade sanctions with crypto Fast facts Kraken allegedly allowed users in Iran and elsewhere to […]
Fed nerves hit crypto; Philippines crypto tax pushed
Crypto prices fall ahead of the Fed meeting. Meanwhile, the Philippines pushes for a crypto tax.
Philippine President Marcos Jr pushes tax on digital services
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.
Illegal foreign exchange trading with Bitcoin ‘Kimchi Premium’ probed in S.Korea
Prosecutors in South Korea are reportedly investigating foreign remittances of over 2 trillion Korean won (US$1.5 billion) at the country’s banks on suspicions of money laundering by crypto speculators. See related article: US$1.5B South Korean ‘kimchi premium’ crypto scheme prompts 33 arrests Fast facts The Seoul Central District Prosecutor’s Office is examining foreign exchange transactions […]
Zipmex targets raising US$50 mln to cover exposure to embattled crypto lenders
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, […]
KuCoin dismisses rumors, eyes India for growth: report
Cryptocurrency exchange KuCoin has “no exposure to LUNA & wLUNA,” and its recent fundraising “has nothing to do with the market downtrend,” the firm’s CEO said on his verified Twitter handle. See related article: How cold storage can ward against this crypto winter’s freeze Fast facts KuCoin CEO Johnny Lyu was responding to rumors about […]
Binance’s Changpeng Zhao sues Bloomberg publisher in HK
Binance founder and CEO Changpeng Zhao is suing the Hong Kong publisher of Bloomberg Businessweek for defamation for an article published last month. See related article: Binance fined by Dutch central bank for improper registration Fast facts Zhao Monday filed a lawsuit in Hong Kong against Modern Media Co. Ltd., which publishes the Chinese edition […]
Japanese bank SMBC plans to develop NFT business
Sumitomo Mitsui Financial Group (SMBC Group), which runs one of Japan’s largest banks, said Friday it will work together with blockchain startup HashPort to develop non-fungible token (NFT) and Web3 projects. See related article: PSG sells US$220,000 NFT tickets for first Japan tour in 27 years Fast facts SMBC and HashPort plan to set up […]
FTX said to be in talks to acquire S. Korea crypto exchange Bithumb
Crypto derivatives exchange FTX is reportedly in talks to purchase Bithumb, one of South Korea’s top five cryptocurrency exchanges. See related article: BlockFi’s deal with Sam Bankman-Fried’s FTX will prioritize clients Fast facts The two exchanges have been discussing the deal for several months, according to an anonymous source who told Bloomberg. Neither Bithumb nor […]
Total number of crypto users likely to reach 1 billion by 2030: report
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 […]
BSP says no crypto ban; Rehab for crypto addicts
Philippine BSP governor denies plans on banning crypto. Meanwhile, a former Coinbase employee has been arrested for insider trading.
Philippine central bank governor says no plan to ban crypto
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.
Thai SEC seeks additional clarification from Zipmex
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 […]
Taiwan says credit cards can’t be used to buy crypto
Taiwan’s financial regulator is asking banks and credit card companies not to allow credit cards as a means of payment for virtual assets services, local media reported Thursday. See related article: Taiwan has a chance to develop crypto amid China’s clampdown, Filecoin Foundation director says Fast facts Taiwan’s Financial Supervisory Commission Friday told Forkast that […]
Indonesia’s wholesale CBDC to be ready for bank use by year end: report
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 […]
Zipmex extends withdrawal freeze until Friday; no time specified
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
Kakao’s Ground X forms business alliance to expand NFT use cases, services
South Korean internet giant Kakao’s blockchain subsidiary Ground X has formed GRID, an alliance of some 50 local companies to popularize and expand use cases in the non-fungible token (NFT) ecosystem, the company announced Thursday. See related article: Kakao’s Klaytn partners with OpenSea for NFT expansion in Asia Fast facts Ground X will support companies […]
Tesla’s Bitcoin bump; Zipmex freezes withdrawals
Bitcoin drops after Tesla sells 75% of its bitcoin holdings. Meanwhile, South Korean authorities raid 15 companies as part of their Terra Luna investigations.
India won’t offer respite from steep crypto taxes
The Indian government won’t reduce taxes on cryptocurrency transactions, a minister said, despite repeated pleas by the industry. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts In a written reply to a query in India’s upper house of Parliament, Minister of State for finance Pankaj Chaudhary clarified that the […]
UK seeks to regulate stablecoins for payments in new markets bill
The Financial Services and Markets Bill introduced in the U.K. parliament on Wednesday seeks to regulate stablecoins as a means of payment. See related article: Financial Stability Board calls for high regulatory standards for stablecoins Fast facts The legislation was largely awaited as it aimed at strengthening the U.K. financial system post-Brexit. In April, then-Chancellor […]
S.Korea prosecutors raid crypto exchanges as part of Terra-LUNA investigation
South Korean prosecutors raided 15 companies, including seven cryptocurrency exchanges, on Wednesday as part of their investigation into the Terra-LUNA debacle. See related article: Terra subsidiary used as funds channel for overseas affiliates: report Fast facts “[The search and seizure] is to secure any physical evidence needed to prove the allegations,” Choi Sung-kook, prosecutor in […]
Singapore crypto lender Vauld reportedly owes retail investors US$363 million
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 […]
Crypto trading volumes in India recover
Trading volumes at Indian crypto exchanges are recovering on the back of a rally in digital asset prices. Volumes had dropped after the government had imposed steep taxes. See related article: Bitcoin bounces back after US reports worst inflation in 41 years Fast facts Trading volumes at crypto exchange WazirX rose about 35% to US$7.18 […]
Crypto exchange Zipmex freezes withdrawals
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 […]
Bitcoin’s real role examined; 3AC’s complex ties revealed
A report says Bitcoin users are looking beyond investment. Meanwhile, court document reveals strong ties between 3AC and TPS Capital.