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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 […]

Asia crypto advocates look beyond English to promote digital assets

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 […]
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Crypto.com refunded user US$7 million instead of US$68 – took 7 months to realize

Singapore-based cryptocurrency exchange Crypto.com in May 2021 transferred AU$10.4 million (US$7.15 million) to an Australian woman instead of an intended refund of AU$100 (US$68), and took seven months to recognize the mistake, the Herald Sun newspaper reported. See related article: Bitcoin sent by mistake, recipient will not be punished for keeping it: South Korea ruling […]

South Korea’s capital city launches first stage of “Metaverse Seoul”

Seoul is launching a closed test run of the first stage of its metaverse project on Wednesday. See related article: ​​South Korea wants to be the physical home of the metaverse Fast facts The test run will feature the virtual reconstruction of Seoul city hall and the Seoul Plaza, where participants can participate in interactive […]

FTX agrees to help South Korea’s Busan build its own crypto exchange

Busan, South Korea’s second most populous city, Tuesday signed a memorandum of understanding (MOU) with global cryptocurrency exchange FTX to help develop a digital asset exchange. See related article: Binance to help S. Korea’s Busan build first city-backed exchange Fast facts FTX will provide technical and infrastructure assistance to Busan city in establishing the digital […]

Indonesia’s biggest tech firm buys local crypto exchange

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 […]

Temasek to lead US$100M funding round in Animoca Brands: report

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 […]

Crypto lender Hodlnaut placed under creditor protection by Singapore court

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 […]

Binance Australia strengthens user protection: report

Binance Australia is tightening its sign-up process for new users, as part of renewed efforts to protect users considered most vulnerable to scams and cyber attacks, according to a report by Binance Australia. See related article: Binance to suspend ETH deposits, withdrawals during “The Merge” Fast facts According to the report, the company’s research and […]

India’s CoinDCX says it’s hiring to prepare for DeFi expansion

Despite the Indian government’s hostility towards cryptocurrencies, the CoinDCX exchange says more traditional financial products will shift to DeFi platforms.

Bank of Korea to institutionalize ICOs in new crypto law

South Korea will have to institutionalize initial coin offerings (ICO) when establishing its new crypto law, tentatively named the Digital Asset Basic Act, according to the Bank of Korea (BOK). See related article: South Korea’s all-encompassing crypto law is coming — what we know so far Fast facts South Korea’s Financial Services Commission banned ICOs […]

Operating profit at Upbit parent Dunamu drops 70%

Dunamu, the owner of South Korea’s leading cryptocurrency exchange Upbit, reported an operating profit of 566.1 billion Korean won (about US$419 million) for the first half of this year, a 70% decrease compared to the same period last year. See related article: Dunamu denies making US$100 million off of LUNA Fast facts Dunamu’s consolidated operating […]

Argentine province Mendoza to accept cryptocurrency as payment for taxes

The western Argentine province of Mendoza — the fifth most populous in the country — now accepts cryptocurrency as a payment option for taxes, the Mendoza Tax Administration (ATM) announced on Saturday. See related article: El Salvador’s Bitcoin adoption, one week on Fast facts Mendoza’s roughly 2 million residents will now be able to pay […]

S.Korea’s internet-only KakaoBank partners with crypto exchange Coinone

South Korea’s internet-only bank KakaoBank has signed a contract with local cryptocurrency exchange Coinone to provide withdrawal and deposit accounts to investors under their real names, per local regulations. See related article: South Korea’s crypto crackdown: What you need to know Fast facts While the partnership deal has been settled, it has not been announced […]

Singapore’s Crypto Dance; Women in Web3

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 […]

Singapore’s MAS says needs to do better job explaining crypto policy

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.”

S.Korea’s science ministry announces ethical principles for the metaverse

South Korea’s Ministry of Science and ICT (MSIT) has recently unveiled the first draft of core ethical principles that are fundamental for growing and participating in the metaverse. See related article: South Korea places $185M bet on the metaverse Fast facts The science ministry’s three values for the metaverse participants are an intact self-identity, safe […]

Crypto regulation in focus

Crypto experts weigh in on the direction crypto regulation is headed in APAC and beyond.

Thailand’s SCBX scraps plan to buy 51% stake in crypto exchange Bitkub

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 […]

Siloed regulatory efforts unlikely to help bring oversight to highly decentralized crypto industry

Panelists speaking at Forkast’s recently live-streamed event “Crypto Rising: The future of crypto regulation: APAC and Beyond,” co-hosted by Crypto Council for Innovation (CCI), said there need to be international cooperation among regulators from around the world to make any oversight of the crypto industry effective.

Binance to help S. Korea’s Busan build first city-backed exchange

Global crypto exchange Binance and the city of Busan in South Korea announced a memorandum of understanding (MOU) on Friday to promote the growth of the blockchain ecosystem in the city and the development of the Busan Digital Asset Exchange. See related article: Issue tokens later for growth, not for initial fundraising, advises Binance chief […]

Taiwan to launch digital ministry, use Web 3.0 against Chinese cyberattacks

Taiwan’s Ministry of Digital Affairs will officially launch on Aug. 27, with information security and Web 3.0 technology as key focus areas to protect against Chinese cyberattacks amid escalating tensions between China and Taiwan. See related article: Taiwan completes trials of its prototype CBDC for retail use Fast facts The new ministry will be in […]

India financial crime-fighters search CoinSwitch crypto exchange

India’s Enforcement Directorate (ED) has searched five premises connected with cryptocurrency company CoinSwitch on alleged money laundering charges, according to a media report. See related article: India’s WazirX says it has no-tolerance policy on illegal activities Fast facts The country’s central agency fighting financial crime conducted searches at residences of CoinSwitch directors and the official […]

Animoca Brand’s Japan subsidiary raises US$45 Mln to invest in NFT

Animoca Brands KK, the Japanese unit of Hong Kong blockchain investment firm Animoca Brands, Friday said it raised US$45 million from the world’s second-largest financial group Mitsubishi UFJ Financial Group (MUFG), and parent Animoca Brands. See related article: Japan’s Mitsubishi UFJ to issue yen-pegged stablecoin: report Fast facts MUFG and Animoca Brands each invested US$22.5 […]

Huobi-incubated Chinese NFT platform iBox ends international operations

Its operations in mainland China are continuing as normal.

Crypto ATM Bitcoin Depot unveils US$885 mln SPAC listing plans

Bitcoin Depot has announced its backdoor listing plans on the Nasdaq by the first quarter of 2023 via a merger with special purpose acquisition company (SPAC) GSR II Meteora at an estimated equity value of US$885 million, the crypto ATM operator said in a statement. See related article: Bitcoin ATMs face existential threat in Hong […]

Alleged Tornado Cash Developer Alexey Pertsev to stay in jail

Alleged Tornado Cash developer, Alexey Pertsev, was accused of facilitating money laundering through the now-sanctioned crypto mixer. Pertsev will stay in jail for at least another 90 days, a judge in the Netherlands ruled on Wednesday. The developer has not been officially charged with any crime. See related article: Tornado Cash arrest heralds storm season […]

Ant Group, Malaysian investment bank Kenanga develop crypto wealth app

Ant Group, Chinese tech giant Alibaba’s fintech affiliate, has partnered with Malaysian investment bank Kenanga to launch a wealth management app with features to trade cryptocurrencies. See related article: Tencent gets patent nod to use blockchain for missing persons’ notices Fast facts Kenanga Investment Bank Berhad announced on Wednesday that it signed a memorandum of […]

Huobi warning issued; Singapore’s blockchain aims

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

Ukraine seizes funds from crypto wallet funding Russian forces

The Security Service of Ukraine (SSU) seized and blocked a cryptocurrency wallet used to fund the Russian military campaign in the country. The agency is working on tracking the funds and transferring them under Ukrainian jurisdiction, according to the SSU. See related article: Vitalik Buterin says he used Tornado Cash to donate to Ukraine Fast […]