Kakao Games rebrands subsidiary to focus on crypto, blockchain, Web 3.0
Kakao Games announced Tuesday that Friends Games, its subsidiary, will now become Meta Bora to focus on blockchain-based games and entertainment supporting its Bora cryptocurrency. Fast facts “We will work our hardest to help the development of the Web 3.0, such as in blockchain and the metaverse, by integrating Kakao Games’ game industry network and insight […]
Hong Kong to propose bill to license crypto exchanges
The Hong Kong government intends to propose a licensing system for crypto exchanges, according to a discussion paper published on Monday. Fast facts The proposed amendments to the Anti-Money Laundering and Counter-Terrorist Financing bill will designate any crypto exchange as a “regulated virtual asset activity” and any person who seeks to engage in this work […]
Bithumb goes for Olympic gold; India crypto tax questions
South Korean crypto exchange Bithumb goes for Olympic gold, meanwhile in India clouds cast over crypto tax questions
Exchange to drop NFTs for each S.Korean medal at Beijing Olympics
Bithumb, one of South Korea’s largest cryptocurrency exchanges, says it will distribute digital art non-fungible tokens (NFTs) for traders who meet the criteria every time South Korea wins a medal at the Beijing Winter Olympics. Fast facts Held jointly with blockchain-based sports content platform 300FIT, the NFTs will be accessible to traders who have transacted […]
China state-backed paper’s NFTs surge in price on second-hand market
“Digital collectibles” issued by Shanghai Securities News are trading at least 13 times their original price on China’s largest second-hand trading platform, despite state media’s criticism of the non-fungible token (NFT) frenzy. Fast facts In China, the phrase “digital collectibles” is often used to avoid references to NFTs. The collectibles are now available on the […]
Binance, BLACKPINK’s K-pop agency to develop NFTs, other projects
Binance, the world’s largest crypto exchange, has partnered with YG Entertainment, a top K-pop entertainment agency, to develop non-fungible tokens (NFTs), metaverse and gaming projects, despite fans’ concerns over the potential environmental impact. Fast facts Binance announced Tuesday that it will provide the NFT platform and technology support, while YG will supply the content. Helen […]
Japan’s Mitsubishi UFJ to issue yen-pegged stablecoin: report
Japan’s largest bank, Mitsubishi UFJ Trust (MUFJ), plans to issue a yen-pegged stablecoin in 2023 for instant settlement of securities transactions, according to Nikkei Asia. Fast facts By accelerating the settlement process, Mitsubishi UFJ hopes to cut costs arising from settling securities transactions by fiat, which usually takes a few days to process. Japan’s Financial […]
Indian crypto investment turns to armed robbery, over $267K looted
An Indian auto parts dealer became the victim of a US$267,000 cryptocurrency scam after local police closed the case on what was determined to be a hoax call on Friday, local media reported. Fast facts 29-year-old victim Vinay Jain told police on Saturday that he had been robbed by the accused who had promised him […]
Indian investors want government to reconsider crypto tax rate
Over 54,000 crypto investors have signed a petition urging the Indian government to reconsider a planned 30% tax rate announced earlier this week. Fast facts Blockchain and crypto education provider Crypto India co-founder Aditya Singh started the petition on Thursday to stop the government from comparing crypto to “social evils like betting and gambling.” The […]
‘Baby Shark’ to bite into P2E pie with planned mobile game
The beloved Pinkfong Baby Shark franchise is getting its own blockchain-based play-to-earn (P2E) game, set for a worldwide release in the first half of this year, South Korean developer CityLabs announced on Thursday. Fast facts The Baby Shark Bubble Pong Friends game has been teased as a bubble-shooter puzzle game where players transact in cryptocurrencies […]
India crypto tax: Exchanges cheer, investors jeer
A 30% tax doesn’t legalize cryptocurrencies but exchanges no longer worry about a ban, while investors would pay taxes at twice the rate of other asset gains.
Aussie mining billionaire files suit against Meta over crypto ads
Australian resources mining billionaire Andrew “Twiggy” Forrest is taking Meta (formerly Facebook) to court alleging the social media giant breached local money-laundering laws by failing to prevent false cryptocurrency advertisements on its platform. Fast facts In legal proceedings lodged in the Western Australia Magistrates Court, Forrest alleges Meta “failed to create controls or a corporate […]
Indian crypto tax ends fears of ban as investors brace for impact
Top blockchain and crypto news: New Delhi’s crypto give and take. Malice in Wonderland? Hong Kong’s selective spot ETF rules.
Australian Aboriginal sovereign CBDC up and running
In a first for the country, the Sovereign Yidindji Government in Australia has issued a CBDC with its first transaction occurring this week.
Indian crypto exchanges trading volumes surge since tax news
Indian crypto exchanges are experiencing a surge in trading volume since finance minister Nirmala Sitharaman announced a 30% tax on crypto transfers at the budget session of parliament on Tuesday. Fast facts Binance-owned WazirX’s 24-hour trading volume has soared by 56.26% while its WRX token price jumped 25.3%, as of press time. The trading volume […]
India to place 30% tax on crypto income
Indian Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday that a 30% tax will be levied on income from all cryptocurrency or digital assets transfers. Fast facts The levy on cryptocurrency will also apply to non-fungible tokens (NFTs) and gifts, where the recipient will be taxed. In case of losses from crypto […]
India FM: RBI to issue blockchain-based digital rupee
Indian Finance Minister Nirmala Sitharaman confirmed at the parliament budget session on Tuesday that the Reserve Bank of India (RBI) will issue a digital rupee based on blockchain, as she proposed the issuance for financial year 2022-23. Fast facts “Digital currency will also lead to a more efficient and cheaper currency management system,” the minister […]
Thailand scraps proposed 15% crypto withholding tax after backlash
Thailand has axed plans to apply a 15% withholding tax on crypto transactions after a backlash from crypto traders within the country, the Financial Times reported. Fast facts Last week, Thailand’s financial authorities announced plans to tighten regulation on the industry — including the 15% tax — aimed at limiting the widespread adoption of digital […]
Five questions about the digital yuan at the Winter Olympics
All eyes will be on Beijing for the upcoming games — will China use the spotlight to officially launch its CBDC?
Territory in northeastern Australia launches own CBDC
The Sovereign Yidindji Government (SYG) in northeastern Australia has released a central bank digital currency (CBDC) and a digital ID system on blockchain wallet network MetaMUI. Fast facts The Aboriginal people of Yidindji have lived in the territory for over 60,000 years and in 2014 established the SYG. The SYG and the Australian government, including […]
Zuellig Pharma to use its blockchain tool to track Covid vaccines
Singapore-based medical service firm Zuellig Pharma is using its blockchain-based medical tracking tool eZTracker to enhance vaccine transparency by flagging expired or mismanaged Covid-19 shots. Fast facts The eZTracker system verifies the authenticity of vaccines and other medical products to improve supply chain transparency and prevent black market distribution of supplies. QR codes on product […]
Hong Kong retail investors blocked from Bitcoin spot ETFs
Hong Kong’s financial regulators released new guidelines on Friday that restrict retail investor access to financial products that invest directly in digital assets. Fast facts In a joint circular released by the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), the regulators placed sales restrictions on non-derivative products such as crypto […]
Japan must cooperate with Europe, US on CBDC, BOJ says
The Bank of Japan’s (BOJ) chief called on the U.S. and Europe to cooperate on creating a global technical standard for a central bank digital currency (CBDC), Reuters reported on Friday. Fast facts The central bank has not made a decision on the issuance of a CBDC, but has conducted experiments while deliberating on the […]
S.Korean gaming giant Netmarble to issue own cryptocurrency
South Korean game developer Netmarble announced its crypto and play-to-earn (P2E) strategies at a press conference on Thursday, including plans to issue its own cryptocurrency. Fast facts Netmarble CEO Kwon Young-sik said the company is preparing to issue and list a crypto token that would act as a key currency for Netmarble games. Netmarble has […]
Hong Kong to pilot international trade settlement for mBridge this year
Hong Kong’s central bank digital currency (CBDC) project with three other central banks and the Bank of International Settlements (BIS) will enter its pilot stage this year to test international trade settlements, a Hong Kong government official said. Fast facts Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, said on Wednesday the […]
Russian ministry against crypto ban; Korea plans metaverse protection
Russian Ministry of Finance against the latest crypto ban, meanwhile in Korea, there are plans to protect metaverse users.
Regulatory uncertainty has not slowed down India’s crypto sector
With new products and services being launched and international exchanges setting up camp, crypto startups thrive despite the shadow of a crypto ban.
Sexual harassment in metaverse triggers S.Korean government response
South Korea’s media regulation agency has launched a council to discuss user protection on the metaverse, including the issue of sexual harassment targeting minors. Fast facts The council, under the Korea Communications Commission, consists of 30 professionals in media, law, technology and industrial management, and will discuss issues in the metaverse such as violence, sexual […]
Kakao’s Klaytn latest to join China’s BSN International
Klaytn, a public blockchain platform under South Korean internet giant Kakao, has joined China’s Blockchain-based Service Network’s (BSN) international infrastructure. Fast facts Klaytn’s joins fellow public blockchains Ethereum, Solana, Tezos and Polkadot in BSN International, to become accessible to the 25,000 developers in the ecosystem. The BSN is a Chinese state-backed project that is split […]
Crypto mining’s Great Migration continues — out of Kazakhstan
Political chaos and power shortages are causing miners to flee a nation that only recently became the world’s second-largest Bitcoin producer.
Thailand plans crypto regulation; Market concerns over Ukraine
Crypto market concerns over invasion on Ukraine;, while Thailand plans for crypto regulation.
Crypto market suffers mauling as bears go berserk
Top blockchain and crypto news: Market chills make investors shiver. Hacking storm at OpenSea. Has Beijing tamed NFTs?
S.Korea crypto market growing but needs promotion, not just regulation: BCG
Boston Consulting Group (BCG), one of the Big Three global management consulting firms, says the South Korean crypto market will be worth around 1,000 trillion won (about US$835 billion) in 2026, while calling for a brand new regulatory framework. Fast facts The number comes from BCG Korea’s Future of Asset 2022 report, which said South […]
People’s Daily online launches NFT gallery
People.cn, the online arm of the Communist Party of China’s party newspaper People’s Daily, launched a “digital collectibles” NFT gallery on Tuesday and hinted that it might launch artwork trading, even though authorities in the past have criticized the non-fungible token (NFT) market for its hype and speculative behavior by investors. Fast facts “Digital collectibles” […]
Thailand to regulate cryptocurrency as payment method
Thailand’s financial authorities have unveiled a plan to issue regulations that would “limit the widespread adoption of digital assets as a means of payment for goods and services” in a bid to protect the country of 70 million people. Fast facts Thailand’s Securities and Exchange Commission (SEC), Ministry of Finance (MOF) and The Bank of […]
Kazakhstan cuts off power for crypto mining amid blackouts
Kazakhstan has cut off the power supply for crypto miners amid blackouts and a growing power crisis in a central Asian region that also includes Kyrgyzstan and Uzbekistan, a local Bitcoin miner told Forkast. Fast facts The Bitcoin miner said Kazakhstan’s authorities are blocking all electricity for crypto mining through Jan. 31, confirming a Bloomberg […]
Asian Development Bank to use blockchain for cross-border securities transactions
Philippines-based Asian Development Bank (ADB) has launched a blockchain project to make cross-border securities transactions in Asia-Pacific more efficient. Fast facts The regional development bank of 68 member countries is aiming to use blockchain to directly connect central banks and securities depositories in the Association of Southeast Asian Nations region plus Japan, China and South […]
BIS to study DeFi for SME financing in Hong Kong
The Bank for International Settlements (BIS) Innovation Hub announced on Tuesday that its Hong Kong Center will explore this year whether decentralized finance (DeFi) can improve financing for small and medium enterprises. Fast facts In Hong Kong, the BIS has been working with central banks of China, Hong Kong, United Arab Emirates and Thailand on […]
South Korea wants to be the physical home of the metaverse
The tech-savvy nation is deemed a prime environment to grow the metaverse. What comes next, and will some be left out by a digital divide?
Survey: India wants crypto regulation clarity from Parliament
A survey of more than 1,000 digital respondents found 79% of Indians want more clarity on cryptocurrency and non-fungible token (NFT) regulations in the budget session of Parliament starting on Jan. 31, according to new survey findings. Fast facts The survey, conducted by tax and advisory firm Grant Thornton Bharat, also found that 61% of […]
Interpol issues ‘purple notice’ on Bitcoin phishing case in S.Korea: reports
South Korean police have provided global police agency Interpol with information on a crypto-related voice phishing case after receiving a purple notice on two international crimes that victimized locals, according to local media reports. Fast facts Last May, an individual was reported to be disguised as a public prosecutor to convince a victim to buy […]
Zhejiang urges its cities to host the next digital yuan pilots
China’s Zhejiang wants six of its cities to compete for the next digital yuan pilots, which may open the door for the eastern coastal province to showcase the central bank digital currency (CBDC) during the September Asian Games. Fast facts
China’s BSN names eight partners for its non-crypto NFT platform
China’s state-backed blockchain network disclosed eight platform partners today in line with the soft launch of its non-fungible token (NFT) platform, the BSN-DDC network. Fast facts The auction house Rong Bao Zhai, Hainan International Culture and Artworks Exchange Center — an essential part of China’s free trade port — and EY Blockchain are among the […]
Korea to survey crypto assets; China hunts for CBDC talent
Korea will include virtual assets in its financial survey, while China’s central bank hunts for CBDC talents.
Where does Singapore’s crypto policy go from here?
Despite Singapore’s reputation as a crypto-friendly hub, the truth is more complicated. Is the city-state purposely keeping out small companies?
S.Korea adds crypto to annual finance survey as household asset
South Korea’s statistics bureau announced on Sunday that it will include virtual assets in its annual household finances report, which can set the stage for incoming crypto tax rules next year. Fast facts Statistics Korea (KOSTAT) will sample 20,000 households on their crypto holdings valued on March 31, but the survey results will not be […]
NFTs and music: Is the fan outcry over NFTs’ environmental impact warranted? | Part 4
K-pop fans are waging online campaigns against their favorite artists over NFTs, denouncing the technology’s carbon footprint. How polluting are NFTs?
Korea plans metaverse leadership; Russian bank proposes crypto ban
South Korea envisons itself becoming a top metaverse leader, while Russia’s central bank proposes crypto ban.
Why Asia is poised to be the next big market for an NFT boom
Global NFT sales are exploding in 2022, but experts predict this is only the beginning of a bigger surge in Asia.
Crypto investors are being wooed in South Korea’s tight presidential election
The top contenders jockey for position on initial coin offerings and other blockchain-based innovations. How did crypto become a critical factor in the race?
Guangzhou will advance digital yuan, blockchain pilots in 2022
Guangdong Province’s 2022 Government Report says its capital city Guangzhou will become a digital yuan testbed and a blockchain innovation application pilot center in 2022. Fast facts Guangzhou applied to become a new digital yuan pilot city in September 2021. Guangzhou is one of the major cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). […]
S.Korea aims to conquer the metaverse in its five-year strategy
South Korea’s science ministry announced on Thursday a five-year strategy to lead the global metaverse race. Fast facts South Korea aims to produce 40,000 experts in the metaverse field to propel the nation into the ranks of the five leading nations in the global metaverse market. South Korea’s Ministry of Science and ICT (MSIT) said […]
Foxconn pledges to boost metaverse development this year
Foxconn Chairman Young Liu said that the Apple parts manufacturer will step up its plans to tap into the metaverse arena this year, the company told local media on Wednesday. Fast facts Liu labelled 2022 as the Taiwanese tech giant’s “first year of the metaverse”. The company sets to incorporate metaverse elements into its product […]
No decision on digital dollar in Fed’s new CBDC report
The U.S. Federal Reserve’s report on central bank digital currencies (CBDCs) released on Thursday did not contain policy recommendations or decisions on digital dollar issuance. Fast facts The paper acknowledged that the Fed will not proceed in creating a digital dollar without clear support from lawmakers, ideally through a specific authorizing law. The Fed said […]
Russia central bank calls for ban on crypto
Russia needs new laws for a comprehensive ban on crypto and crypto-related activities within its borders, the Bank of Russia stated in a report published Thursday. Fast facts The recommendation is the latest in a global cryptocurrency crackdown from China and other Asian nations to the United States, as governments fear instability and loss of […]
Hyundai Card VP says crypto passing tulip stage; Asia’s NFT shift
South Korean company Hyundai Card’s VP says crypto passing through the “tulip stage”, meanwhile NFT is shifting towards Asia.
BIT Mining’s Ohio site power capacity grows amid US expansion
BIT Mining’s Ohio mining site has achieved about 50 megawatts of power capacity in the midst of its U.S. expansion, the crypto miner announced on Tuesday. Fast facts BIT Mining’s Ohio data center will continue scaling for a planned capacity of up to 150 MW. The site currently conducts self-mining operations while hosting third-party miners. […]
Lack of audience won’t stop digital yuan showcase at Winter Olympics
The digital yuan is undergoing its final preparations in the leadup to the Beijing Winter Olympics, despite the expected absence of a general audience due to Covid-19 concerns. Fast facts The People’s Bank of China (PBOC), the central bank, said all payment channels for the 2022 Winter Olympics, including the digital yuan, are set to […]
Digital collectible gifts on the way for Chinese New Year
Several mainland tech giants are launching digital collectibles as a novel gifting option for the Chinese New Year holiday season, which starts Feb. 1. Fast facts Digital collectibles are essentially non-fungible tokens (NFTs), but the term has been discouraged by authorities. Chinese search engine Baidu’s XuperChain has launched its digital collectibles platform, with a series […]
Hyundai Card VP: Crypto’s ‘tulip mania’ stage is passing
Hyundai Card vice president Chung Tae-young said on Wednesday the rise of NFTs (non-fungible tokens) and the metaverse is helping crypto to move past the Dutch tulip mania stage. Fast facts “Although there might be ups and downs, it seems cryptocurrencies are passing the ‘Dutch tulip stage,’” Chung wrote in a Facebook post. Hyundai Card, […]
e-CNY transactions surge; Fusang IPO green light
e-CNY transactions surge in China, meanwhile Fusang IPO ‘s get a green light
Crypto clampdowns mount in Asia as authorities ponder bans
Top blockchain and crypto news: Asian governments target crypto. Managing MATIC. China’s expanding metaverse.
Pakistani bank to customers: halt crypto transactions
One of the largest private banks in Pakistan has asked customers to avoid conducting cryptocurrency transactions through its banking channels, according to multiple media reports. Fast facts Bank Alfalah reportedly has sent SMS alerts to users informing them that cryptocurrencies are not legal tender and no entity is authorized to provide related services in the […]
Singapore crypto ATMs shut down to comply with central bank rules
Cryptocurrency ATM operators in Singapore halted operations on Tuesday to comply with new guidelines issued by the Monetary Authority of Singapore (MAS), the country’s central bank, Bloomberg reported. Fast facts Crypto ATM operators Daenerys & Co. and Deodi Pte shut their operations down as they await further clarification from MAS. New central bank guidelines issued […]
Crypto-related crimes in China still high despite ban on transactions
The total number of legal judgments involving crypto-related crime in China slightly dipped in 2021 to 5,137 cases, as the nationwide clampdown continues, according to a research report. Fast facts China’s legal system published 5,170 judgments in 2020, a significant leap from 3,474 in 2019, Chinese blockchain data tracker Zhongke Lianan found in its report. […]
Fusang receives green light for US$10M equity-token IPO
Malaysian exchange will offer equity tokens representing direct shares on the blockchain, claiming it will be the world’s first fully regulated equity-token IPO.
India crypto bill likely delayed again
The Indian government may not introduce a much-anticipated crypto bill in the upcoming parliamentary budget session, according to a report by the Economic Times of India. Fast facts The government is reportedly seeking to reach consensus with industry stakeholders before proposing legislation. The government may also be waiting for the Reserve Bank of India to […]
Binance partners with Gulf Energy; Polygon’s upgrade live
Binance partners with Gulf Energy for Thai crypto exchange, meanwhile, Polygon’s upgrade live
India PM calls for global ‘common thinking’ on crypto regulation
India Prime Minister Narendra Modi called for collective and synchronized global action to tackle the challenges posed by cryptocurrency. Fast facts Speaking at the 2022 World Economic Forum’s annual Davos conference on Monday, Modi said: “The kind of technology cryptocurrency is associated with makes decisions taken by one country inadequate to meet the challenges posed […]
S. Korean broadcaster KBS opens metaverse studio for 2022 election
South Korean public broadcaster KBS launched a recreation of its Seoul studio compound on Naver’s Zepeto metaverse on Tuesday, to promote coverage of the upcoming March 9 presidential election. Fast facts Visitors can enter and experience the digital replica of the broadcaster’s news studio, stage sets, take quizzes about the election, stroll around the history […]
Binance, Gulf Energy enter partnership to develop Thai crypto exchange
Binance signed a memorandum of understanding with Bangkok-based power company Gulf Energy Development to establish a digital asset exchange in Thailand, the Southeast Asian nation with a population of 70 million people. Fast facts According to Gulf Energy’s letter to the Thai Stock Exchange on Monday, its local resources coupled with Binance’s exchange technology would […]
Crypto.com inks AU$27M deal with the Australian Football League
Singapore-based exchange Crypto.com has struck a five-year AU$27 million (US$19.5) sponsorship with the Australian Football League’s (AFL) men’s and women’s (AFLW) competitions on Tuesday. Fast facts The deal is the first sponsorship from a crypto firm in Australia for a major sporting league, and the first major women’s sporting league sponsorship for Crypto.com. Australian rules football […]