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Chinese state media warns on risks related to the metaverse

Chinese companies are rushing to the fore to develop their metaverse ideas, though state media have recently warned about the associated risks the emerging technology could bring. Fast facts An opinion piece published yesterday by state-owned Economic Daily said the hotter the metaverse gets, the more the public should stay calm. The author wrote that […]

Japanese sci-fi novel’s English translations exclusively NFTs

Miyuki Ono’s science fiction story “Pure” is being released as NFT (non-fungible token) copies to create a new channel of income for writers and translators who are currently insufficiently compensated for their work. Fast facts “Pure” is one of world’s first Japanese science fiction works released as an NFT, while also being the first NFT […]

South Korea and Japan grapple with how to define, and tax, cryptocurrency gains

South Korea reaches a tentative agreement to delay a pending tax on virtual assets. Crypto investors in next-door Japan already face taxation up to 55%.

How Asia’s generative NFT art is reshaping the global creative culture

As the NFT zeitgeist sweeps the world, the industry’s beating heart is in Asia, writes David Tng of TZ APAC. Here’s how Asia’s NFTs are changing business models.

Reserve Bank of Australia considers wholesale digital dollar

Interest in cryptocurrency is being driven in part by ultra-low interest rates, Reserve Bank of Australia assistant governor Michele Bullock has said, while indicating the RBA is considering the creation of a central bank digital currency (CBDC) for use in wholesale markets, according to the Australian Financial Review. Fast facts Speaking at a Women in […]

Tether pledges to work with policymakers on stablecoin transparency

Tether, issuer of the world’s most popular stablecoin USDT, has responded in multiple tweets saying it will work with policymakers, after the U.S. Senate Banking Committee earlier this week sent letters to several stablecoin issuers — including Tether — to inquire about their operational features. Fast facts In the tweets, Tether said it appreciates the interest from […]

Korea crypto tax debated; Crypto.com on a tear

Korea crypto tax debated meanwhile, Crypto.com is on a tear

Bill to delay 20% crypto tax in deadlock in South Korea

A bill to delay a pending tax on virtual assets failed to pass the National Assembly’s standing committee at a meeting yesterday, while the topic remains a huge factor in the upcoming presidential election. Fast facts The South Korean National Assembly’s tax subcommittee under its Strategy and Finance Committee had discussed an amendment to the […]

US Senate Banking Committee sends inquiries to stablecoin issuers

The U.S. Senate Banking Committee has sent letters to several stablecoin issuers to inquire about their operational features. Fast facts In a Monday tweet, Ron Hammond, director of government relations at the Blockchain Association, said the stablecoin issuers include Coinbase, Gemini, Circle, Paxos, TrustToken, Centre, Binance U.S. and Tether. “This is likely a sign of […]

Crypto miner Xive flees southern Kazakhstan amid power shortages

Xive co-founder tells Forkast.News no mining is possible in the south, while other regions still survive.

South Korea’s Gamevil acquires blockchain tech company

Gamevil, the South Korean mobile game software developer, has acquired blockchain technology company Zenaad with plans to grow as a platform for blockchain-based games. Fast facts Gamevil revealed yesterday that it has entered the final stage of constructing its blockchain ecosystem with the acquisition of Zenaad. The tech force at Zenaad has been internalized into […]

Japan’s top banks look to launch a digital currency backed by bank deposits

The Japan Digital Currency Forum has released a white paper examining the possibility of a new cryptocurrency backed by bank deposits. Fast facts The forum consists of over 70 companies, including the country’s top banks such as MUFG Bank, Sumitomo Mitsui Banking Corp., Mizuho Bank, Japan Post Bank, among others. Several government agencies also are […]

Fed may increase interest rates amid rising inflation

U.S. Federal Reserve officials are exploring raising interest rates and pulling back on economic help extended during the pandemic if inflation continues to rise, minutes from a meeting held in early November show. Fast facts The meeting, held on Nov. 2 and Nov. 3, included the Federal Open Market Committee and the Board of Governors […]

Australian superannuation fund considers crypto investment

One of Australia’s leading superannuation funds, Rest Super, indicated it is looking at investing in cryptocurrency — calling it a hedge against rising inflation — before stressing it is still only in the research phase of investing, according to a report in the Australian Financial Review. Fast facts Speaking at the fund’s annual general meeting […]

India’s crypto market plummets as parliament schedules debate on bill to ban it

Bitcoin and Ethereum prices fell nearly 24% in India as investors sought to get ahead of a possible crypto prohibition.

India proposes crypto ban; Metaverse race heats up

India proposes crypto ban meanwhile Metaverse race heats up

Shenzhen introduces incentives to promote cross-border e-CNY

Shenzhen’s special zone for cooperating with Hong Kong, Qianhai District, will allocate 10 million yuan (US$1.57 million) to motivate enterprises to develop e-CNY-compatible businesses, especially in cross-border e-CNY and fintech labs. Fast facts The Qianhai Administration introduces the policies in a document released on Monday called “Interim Measures for Managing Special Funds for Supporting Financial […]

What would Jerome Powell’s second term mean for crypto?

Top blockchain and crypto news: Fed nominations suggest no sudden moves. El Salvador’s Bitcoin lava affair. Dodgy dealings in China’s digital yuan.

AMC rival Regal enables crypto payments for moviegoers

Regal, a subsidiary of Cineworld Group, has partnered with digital payments network Flexa to allow customers to pay for movie tickets, popcorn and more with cryptocurrencies in its theaters. Fast facts The firm will accept cryptocurrencies including Bitcoin, Ethereum, Litecoin and Dogecoin, stablecoins such as Dai, USD Coin and Gemini Dollar, as well as digital […]

South Korea’s Upbit launches NFT trading platform; FNC launches K-pop digital collectibles

Dunamu, the operator of South Korean crypto exchange Upbit, launched a beta service of “Upbit NFT,” an NFT (non-fungible token) trading platform, while another K-pop agency, FNC Entertainment, plans to launch its first NFT collection. Fast facts Upbit NFT consists of two sections, Drops and Marketplace. Drops is where NFTs will be put up for […]

ConstitutionDAO to shut down after unsuccessful bid for copy of U.S. Constitution

The decentralized autonomous organization (DAO) that formed to buy a rare copy of the U.S. Constitution will soon be shutting down after failing to win an auction for the document last week, despite raising over US$40 million in ETH to do so, as the Verge reports. Fast facts As Forkast.News reported last week, 17,437 members […]

Aussie watchdog obtains cold wallet holding US$20M in Bitcoin involved with alleged scam

The Australian Securities and Investments Commission (ASIC) has accused the owners of Gold Coast-based business A One Multi of scamming 92 investors out of AU$25 million (US$18 million) and are now in possession of a cold wallet believed to hold almost US$20 million in Bitcoin purchased with the defrauded funds, according to a report by […]

More Chinese regional equity exchanges pilot blockchain application

Two more regional equity exchanges in the Chinese cities of Tianjin and Qingdao have been approved by the China Securities Regulatory Commission this week to pilot blockchain applications over equity trading. Fast facts The regional equity exchanges are private equity markets in provincial or municipal administrative regions for medium to micro enterprises to trade equity. […]

U.S. develops crypto-asset ‘roadmap’; is the Fedcoin on its way?

Three U.S. agencies released a joint statement outlining a plan to fast-track crypto-asset regulation in 2022.

South Korean crypto exchange acquires stake in major bank

Dunamu — the owner of Upbit, South Korea’s largest cryptocurrency exchange — became a shareholder of Woori Bank, one of the largest banks in South Korea. Fast facts Dunamu purchased 1% of Woori Financial from Korea Deposit Insurance Corporation, which recently put 9.3% of its shares in Woori on auction. Another 4% went to Eugene […]

Citigroup plans 100 hires to boost digital assets division

Citigroup is looking to enter the race toward crypto offerings by hiring 100 people for its blockchain and digital assets division, according to a Bloomberg report. Fast facts The firm has appointed Puneet Singhvi as the head of digital assets for its institutional clients group (ICG), the report said. Singhvi used to head blockchain and […]

China’s Fujian authority reiterates crackdown on crypto mining

More provinces in China are taking serious actions to crack down on crypto mining following the all-out ban announced on Sept. 24 by the country’s top authorities. Fast facts Southeast China’s Fujian provincial development and reform commission on Friday held a video conference meeting with local authorities to clarify their responsibilities and pledged to “clear […]

Digital yuan scams emerge across China as central bank readies e-CNY

Inner Mongolia police bust yet another digital yuan money laundering case.

Indian banks continue to resist crypto a week before legislation hits Parliament

As the Indian government is due to introduce crypto legislation for discussion in the Parliament next week, Indian banks are cautioning customers against investing in crypto. Fast facts According to a report by the Economic Times, HDFC, Axis and ICICI banks have sent emails to customers warning them about the risks of investing in crypto […]

South Korea financial authority now says NFTs can be taxed

South Korea’s Financial Services Commission (FSC) says some NFTs (non-fungible tokens) will be taxed from next year, overturning the finance minister’s stance on the topic announced just last month. The scope of taxable NFTs is yet to be determined by the tax authorities. Fast facts The FSC’s vice chairman Doh Kyu-sang said at the national […]

Korea stands firm on NFT games; Laos introduces crypto regulations

Korea stands firm on NFT games, meanwhile Laos introduces crypto regulations

China fintech pilot projects include e-CNY, blockchain

The Beijing Securities Regulatory Bureau released a list of a first batch of 16 fintech pilot projects. Among the listed projects, four are based on blockchain and one uses e-CNY, the central bank digital currency. The projects are for exploring regulatory frameworks and tools for fintech. Fast facts The e-CNY-based fintech project will allow users […]

Popular NFT games made in South Korea, and banned in South Korea

Despite the global boom of play-to-earn games, South Korea will still ban blockchain-based video games that reward cashable NFTs.

Norway considers banning Bitcoin mining while Laos embraces it

The Scandinavian country is concerned with potential environmental harm, while the debt-laden SE Asia nation seeks to regulate.

Chinese mining rig maker Canaan boosts self-mining business in Kazakhstan

Chinese cryptocurrency mining rig maker Canaan doesn’t seem to shy away from running its own mining business in Kazakhstan despite a power shortage situation in the Central Asian nation, which has become a popular destination for Chinese miners amid China’s clampdown on the sector. Fast facts Canaan announced today it has started joint mining operations […]

Crypto exchange Bithumb gets South Korea regulatory approval

South Korea’s Bithumb exchange has been officially registered under the Financial Intelligence Unit (FIU). This makes all four major exchanges of the country licensed to operate virtual assets including cash-to-crypto services. Fast facts The FIU announced on Nov. 19 it has registered Bithumb as an official virtual asset business. The country’s other three major exchanges […]

El Salvador to build world’s first ‘Bitcoin City’ to be powered by volcanoes

El Salvador — the first country in the world to adopt Bitcoin as legal tender in September — plans on building the world’s first “Bitcoin City,” an entire city to be funded by Bitcoin bonds and powered by geothermal energy from one of the country’s many volcanoes, according to El Salvador’s official presidential Twitter page. […]

Crypto market cap plunges; South Korean banks head into metaverse

Crypto market cap plunges as South Korean banks head into metaverse

South Korea’s great crypto mystery: What’s up with Upbit at 9 am?

Every morning at Upbit, the nation’s largest cryptocurrency exchange, a brief and odd surge in random altcoin prices takes place. Which crypto will it be tomorrow?

Major South Korean banks plan virtual branches in the metaverse

The Industrial Bank of Korea (IBK) plans to launch on social media platform Cyworld Z’s metaverse. Other major banks in South Korea such as KB Kookmin, NH Nonghyup and Hana Bank plan moves toward the metaverse as well. Fast facts IBK announced yesterday its memorandum of understanding (MOU) with Cyworld Z. Cyworld Z is a […]

South Korea CBDC development continues: Bank of Korea official

Bank of Korea’s (BOK) deputy governor Bae Joon-suk says its central bank digital currency (CBDC) development is “not one step behind that of any other country.” However, South Korea still has no plan to adopt a state-backed digital currency. Fast facts Bae spoke at Bank of Korea’s online conference on payment and settlement systems yesterday, […]

How a 12-year-old boy developed an NFT voting platform for the Philippines

Blockchain-powered iVote.ph lets users ‘vote’ on NFTs depicting presidential candidates in the Philippines. Can the underlying technology be trusted?

Amid crypto crackdown Bitmain donates US$1.7M to Chinese lab

Crypto mining rig manufacturer appears to be seeking chip-making capability in the midst of supply-chain shortages.

Indians may be allowed to trade, but not pay with, crypto

While fears of a complete ban on virtual currencies have been dispelled, Indian investors are still in the lurch about what may or may not be allowed.

More Chinese crypto news services appear to become unavailable

A few more Chinese cryptocurrency news sites are currently unavailable amid the country’s ongoing clampdown on the sector. Fast facts The website of ChainNews, one of China’s largest crypto news websites, was not available as of press time on Thursday. It tweeted on Nov. 15 that the site will be down for eight to 10 […]
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Bit Digital completes mining rig migration from China to US

Bit Digital, a Nasdaq-listed Bitcoin mining company headquartered in New York that had significant operations in China, said in its latest Q3 update that the exit of its mining fleet from China is now complete, with all of its miners having arrived in North America. Fast facts Bit Digital said it started the migration back in […]

Crypto exchange Coinhako receives in-principle approval for Singapore license

Singapore-based cryptocurrency trading platform Coinhako has received in-principle approval from the Monetary Authority of Singapore for a digital payment token (DPT) service license — making it the first local native cryptocurrency exchange to announce that it is close to being granted the much-coveted license. Fast facts Coinhako is now working through the conditions of its […]

How will CBDCs benefit economies in Southeast Asia?

Central banks around the world are exploring digital currencies, writes Aymeric Salley of StraitsX. Here’s why Southeast Asia may be especially ripe for them.

South Korea a metaverse hub; NFTs go from digital to physical

South Korea a metaverse hub, also NFTs go from digital to physical

TV home shopping in South Korea moves to the metaverse

A ticket to the metaverse is highly coveted in South Korea, whether it’s by an individual, a public company or a city government.

Texas faces new concerns over power grid burdens as crypto miners flood in

China’s mining exodus has flowed to the cowboy state that embraces crypto, but it might have to take into consideration the surging power loads.

Bitcoin ETFs beckon as SEC spurns sweet spot

Top blockchain and crypto news: Spot ETFs stymied as SEC stands firm. Is Bitcoin’s Taproot upgrade worth the wait? China’s crypto mining goes underground.

Chinese mining rig maker Canaan reports record-high earnings

China may be banning crypto mining activities, but rig makers appear to be spared from the clampdown.

Indian regulator greenlights first blockchain feeder fund

Indian investors will now get exposure to global companies in the blockchain ecosystem as the Securities and Exchange Board of India greenlighted the Invesco CoinShares Global Blockchain ETF Fund of Fund (FoF). Fast facts The feeder fund will invest in the Invesco CoinShares Global Blockchain UCITS exchange-traded fund (ETF), formerly known as Invesco Elwood Global […]

LA’s Staples Center to be renamed Crypto.com Arena

First it was crypto derivatives FTX jumping into the game in Miami. Now Singapore-based Crypto.com has stepped it up a notch by dropping more than US$700 million to rename the iconic Staples Center in Los Angeles to Crypto.com Arena for 20 years, according to the Los Angeles Times. Fast facts This figure makes it one […]

VanEck Bitcoin-linked ETF XBTF price slightly down in CBOE debut

Investment firm VanEck’s Bitcoin futures exchange-traded fund (XBTF) closed Tuesday 1.94% down in price to US$59.73 for its initial day of trading on the Chicago-based CBOE global exchange, according to MarketWatch’s data.  Fast facts On Nov. 15, VanEck announced the launch of XBTF as the “lowest-cost Bitcoin-linked ETF” compared to its competitive rivals. The company […]

3 teams, including ConsenSys, win Singapore’s CBDC Global Challenge

The projects topped 300 rivals in their potential to improve the future digital Singapore dollar in payment services and financial inclusion. Who were the other winners?

ICBC agrees to Federal Reserve risk compliance measures

As global markets continue to watch the Evergrande debt crisis nervously, Chinese bank branch agrees to U.S. risk management measures.

Metaverse ETFs in South Korea bring significant profits for investors

South Korean financial companies bring investors results a month after their metaverse exchange-traded funds were listed, with one fund gathering nearly $170M in net asset value.

Biden signs new crypto reporting measures into law with infrastructure bill

While a significant legislative achievement for U.S. President Joe Biden, the US$1 trillion bipartisan infrastructure bill signed into law on Monday included provisions relating to cryptocurrency tax reporting requirements that has many in the industry nervous. Fast facts As Forkast.News previously reported, provisions were added to the bill as it was being drafted in August […]

China pledges to raid state-owned entities for crypto mining activities

China has yet again reiterated its determination to crack down on the cryptocurrency mining sector and revealed today that authorities will focus on state-owned entities engaging in virtual currency mining. Fast facts Wei Meng, a spokesperson of the National Development and Reform Commission (NDRC), the country’s top economic planner, said at a press briefing today […]

Circle contributes to $4.3M Series A funding round for yen-backed stablecoin

As Circle expands into Asia as part of a global expansion plan, what does the investment in a yen-back stablecoin mean for the market?

China sees another digital yuan fraud case

Chinese police have busted yet another tele-fraud case related to e-CNY money laundering as the country continues to test the digital currency.
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India’s 1st parliamentary meeting on crypto ends with consensus on regulation — and no ban

While the government has yet to figure out the details, a crypto regulatory regime is expected to be released before February.

Baby Sharks from most-viewed YouTube video released in NFTs

The maker of the catchy children’s song and dance video of Pinkfong Baby Shark is launching NFTs (non-fungible tokens) of its globally beloved characters with upgraded design and music. Fast facts SmartStudy, a South Korean educational entertainment company and the creator of the Pinkfong Baby Shark, announced a partnership with MakersPlace, a digital art marketplace. […]

Earnings for Axie Infinity players drop below Philippines minimum wage

After shooting to prominence earlier in the year and bringing huge profits to early adopters, earnings for players of blockchain-based game Axie Infinity have dropped below the minimum wage line for most players in the Philippines, according to a recent report by research firm Naavik. Fast facts Using data sourced from the official website of […]

A crypto trader is rescued after being kidnapped by local gang for six days

A crypto investor in Hong Kong was rescued six days after being kidnapped earlier this month when he tried to meet a buyer offline who promised to purchase his Tether tokens.

7 in 10 wealthy South Koreans won’t invest in crypto, survey says

A recent survey in South Korea revealed a majority of its wealthier investors are not willing to make investments in virtual assets, due to concerns over experiencing losses. Fast facts KB Financial Group’s Korea Wealth Report 2021 surveyed 400 South Korean citizens with over 1 billion Korean won, or about US$847,816 in financial assets. Out […]

Taiwan has a chance to develop crypto amid China’s clampdown, Filecoin Foundation director says

As crypto projects are relocating from China to friendlier shores, it represents ‘huge opportunity’ for Taiwan.

Africa’s first CBDC wallet hits almost 500K downloads

As central bank digital currencies begin picking up steam around the world, the Central Bank of Nigeria announced on Friday the digital wallet for its own digital currency, the eNaira, has been downloaded 488,000 times in 160 countries — in just 19 days after its launch. Fast facts According to local news reports, after President […]
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Animoca Brands dreams big with K-pop agency Cube to build metaverse and NFTs

Animoca Brands, a Hong Kong-based blockchain gaming unicorn, announced today that it has teamed up with Cube Entertainment, a major K-pop entertainment agency, to form a joint venture dedicated to building a music metaverse and issuing non-fungible tokens (NFTs), joining a slew of K-pop labels to make forays into the NFT and metaverse space. Fast […]

China ousts former official for supporting crypto mining, corruption

A former Chinese official has been expelled from the Communist Party of China for “serious violations of discipline and law” as he was found to introduce and support cryptocurrency mining activities, in what may be the first time for China’s anti-graft watchdog to expel an official over crypto mining. Fast facts The country’s anti-corruption watchdog […]