Huge cryptocurrency scam boosts S. Korea’s crypto crime losses to US$5B
Police in South Korea have arrested 14 individuals in a cryptocurrency fraud case estimated to have cost 69,000 investors a total of US$3.85 billion, taking the country’s losses to US$5 billion over the past five years.
Hong Kong crypto exchanges seek to wash hands of dirty power problem
Hong Kong-based cryptocurrency exchange Crypto.com has announced that it is committed to becoming carbon-negative within 18 months, following carbon-neutral initiatives launched by other Hong Kong-based cryptocurrency exchanges FTX and BitMEX.
Chinese province’s hydropower gives hope to crypto miners following crackdown elsewhere
Energy regulators in the southwestern Chinese province of Sichuan, which has abundant hydropower resources, will hold a seminar on June 2 to assess the province’s cryptocurrency mining industry, fanning hopes among miners that the beleaguered sector may be given a reprieve from its recent hardships in China.
Tokenization to transform financial system, DBS Bank CEO says
The power of tokenization can fundamentally transform the fabric of the financial system, Singapore’s DBS Bank CEO Piyush Gupta told the Consensus by CoinDesk 2021 conference taking place this week.
Hong Kong treasury chief says new rules will boost crypto despite investment threshold
A proper regulatory system for cryptocurrencies and virtual assets can facilitate development, protect investors, and adhere to international regulatory standards, says treasury chief Christopher Hui
Crypto miner BitDeer blocks China users as Beijing gets tough on sector
BitDeer, one of China’s biggest crypto mining operators, blocked access to anyone using a mainland Chinese IP address last night.
BIT Mining to invest US$9M in crypto mining in Kazakhstan
Chinese crypto mining firm BIT Mining is investing US$9.33 million to construct and operate a mining data center in Kazakhstan.
Inner Mongolia takes steppes to tighten crypto mining ban
The Chinese region of Inner Mongolia – once a thriving cryptocurrency mining hub that has recently enacted a series of measures to rein in the sector – has unveiled eight new proposals designed to give added force to its recently imposed, all-out ban on crypto mining.
Indonesia to launch digital rupiah as online payments soar
Indonesia is planning to launch a digital version of its national currency, central bank Governor Perry Warjiyo said on Tuesday.
China crypto crackdown fallout; Politician turns influencer in Korea | The Daily Forkast
China’s miners prepare for migration and Hong Kong reacts to possible retail ban. Meanwhile a South Korean governor becomes a crypto influencer.
China’s cryptocurrency mining sector becomes target of fresh clampdown
Chinese authorities’ latest regulatory offensive against the crypto industry may not be as bad for the sector as it appears.
Marathon to host 73,000 Bitcoin miners in Texas as Chinese exodus looms
Marathon Digital Holdings has announced a deal with Compute North to host 73,000 of Marathon’s Bitcoin miners at a new data center in Texas.
What will happen if Hong Kong bans retail investors from trading crypto?
Hong Kong is poised to ban small investors from buying cryptocurrencies, while making exchanges get licences. Industry experts discuss how this might play out.
Hong Kong split on retail crypto ban; Korean conglomerate on custody | The Daily Forkast
Hong Kong reacts to the region’s pending legislation on limiting crypto investment to professional investors while a conglomerate enters South Korea’s crypto custody scene.
Bitcoin dominance rises to 45% as altcoins crash over China crypto crackdown
As the crypto sell-off continued over the weekend, Bitcoin once again proved its resilience relative to other cryptocurrencies in not bleeding as much.
South Korea forges ahead on its digital currency development
Kicking the digital won’s development into higher gear, Bank of Korea is calling for bids to be a technology supplier for its digital currency (CBDC) project.
China announces plan to crack down on Bitcoin mining
The price of Bitcoin fell by over 10% following an announcement by China’s State Council today that it is planning to crack down on Bitcoin mining and trading and “resolutely prevent the transmission of individual risks to society.” Fast Facts: The 51st meeting of the State Council Financial Stability and Development Committee called for the […]
Hong Kong to close crypto exchanges to all but ‘professional investors’
Cryptocurrency exchanges in Hong Kong will have to obtain licenses from the territory’s markets regulator and limit their service offerings to “professional investors”, according to the results of a consultation published today.
Singapore’s DBS Bank says no investment discussion can omit Bitcoin
Diversification to allocate funds to Bitcoin is an “opportunity that (fiat) money cannot buy”, says DBS Bank’s chief investment officer.
S. Korean crypto exchange Bithumb distances itself from scandal-hit ex-chairman
Bithumb, one of South Korea’s biggest cryptocurrency exchanges, is attempting to disassociate itself from its former chairman amid fears that its links to him may pose a threat to its license to operate.
Meitu, Chinese crypto-invested firms’ stock slammed by Bitcoin crash
Hong Kong-listed beauty app Meitu and other companies that have invested in cryptocurrencies have seen millions of dollars wiped off the value of their stock following the huge global Bitcoin sell-off this week.
US Treasury calls on firms to report to IRS on crypto transactions over US$10K
The U.S. Department of the Treasury is calling for business to report cryptocurrency transactions worth more than US$10,000 to the Internal Revenue Service.
Thailand’s The Brooker Group still bullish on crypto, planning US$3M investment in DeFi
The Booker Group announced that it now holds approximately US$35 million in crypto and plans to invest US$3 million into DeFi in Q2.
What’s really behind the Bitcoin market crash? Tether USDT lifts veil on reserves. Facebook-backed Diem going to California.
Other top blockchain and cryptocurrency news: BlockFi’s accidental BTC millionaires. China’s Inner Mongolia asks citizens to report illegal crypto mining.
South Korea switches course on crypto amid backlash over regulator’s remarks
Newly elected South Korean Prime Minister Kim Boo-kyum appears to be leading an embrace of the cryptocurrency sector among lawmakers.
Illegal crypto mining in Inner Mongolia’s crosshairs as reporting hotline set up
The Chinese region of Inner Mongolia is urging members of the public to report all cases of cryptocurrency mining, setting up a reporting hotline, an office address and an email address to solicit tips for law enforcement authorities.
Bitcoin drops below US$40,000; China sends another crypto warning | The Daily Forkast
China’s newest warning against crypto sends market into nosedive and Bitcoin dips below US$40,000 for the first time since February.
Australia seeks fresh submissions on cryptocurrency rules
In a paper released today by a Senate committee, the Australian government announced it is seeking help in establishing a crypto regulatory framework.
RippleNet ties up with Egyptian bank, UAE payment firm for funds transfers
RippleNet has partnered with National Bank of Egypt and UAE-based payment services firm LuLu International Exchange for the processing of cross-border funds transfers from the United Arab Emirates to Egypt.
China-based SOS announces activation of 6,039 mining rigs for ETH, BTC
Qingdao-headquartered tech company SOS Ltd. has announced the launch of more than 6,000 ETH and BCT mining rigs, claiming 90% renewable energy sources.
China’s new crypto ban shouldn’t stoke fear, says Conflux network co-founder
Fan Long, a co-founder of Chinese public blockchain network Conflux, says China’s latest broadside against the use of cryptocurrencies in the financial sector should not be interpreted as a sign that Beijing is intent on shutting down digital currencies.
China shuts banks, finance firms out of cryptocurrency business
China has slapped a ban on finance sector businesses, including payment firms, from offering cryptocurrency services.
Will Singapore launch a people’s digital currency — and support DeFi?
As Singapore builds Project Dunbar, a cross-border multiple-CBDC platform, its government dives into DeFi learning and ponders a CBDC for the masses.
China Merchants Bank launches US$50M DeFi, dApp fund with Nervos
Privately owned Chinese lender continues to target blockchain opportunities as it remains shut out of Beijing’s digital yuan project.
Deutsche, STACS wrap up Singapore DLT test project for tokenized securities
Deutsche Bank Securities Services in Singapore and Singapore fintech firm Hashstacs, or STACS, today announced the completion of a tokenized securities proof-of-commercialization test named Project Benja.
UAE study shows growing appetite for cryptocurrencies
The appetite in the United Arab Emirates for cryptocurrency investment is growing, with younger Emiratis more bullish about digital assets than their Western counterparts, according to a study by financial services firm Holborn Assets.
India’s demand for crypto ‘growing like crazy’ since ban attempt
It’s only a matter of time that digital currency ‘is going to overshadow all the other forms of money,’ says Neeraj Khandelwal of CoinDCX.
S. Korea facing backlash for banning police from owning crypto
To improve public trust, South Korea is barring police officers from buying cryptocurrency. Could this presage a broader clampdown on crypto in the country?
Binance under fire; Internet giant Naver takes on South Korea’s CBDC | The Daily Forkast
The Asian crypto industry reacts to the US Department of Justice and Internal Revenue Service money laundering probe into Binance. In South Korea, the nation’s largest internet company plans to join Bank of Korea’s CBDC ventures. Over in Singapore, Southeast Asia’s largest lender DBS Bank expands its crypto services for its private bank clients by […]
US dollar dominance waning as CBDCs enter global spotlight
Global US dollar reserves touched a 25-year low in Q4 2020, according to a new IMF report. Will a digital euro and e-RMB muscle in?
China’s new digital yuan wallet with fingerprint ID causes privacy worries
Chutian Dragon and IDEX Biometrics offer DCEP digital currency wallets with fingerprint recognition. The companies say the feature enhances security.
FTX CEO on tokenized stocks; South Korean police officers want crypto | The Daily Forkast
FTX CEO Sam Bankman-Fried joins Forkast.News to share how the exchange is able to provide new financial products while still satisfying regulators.
How S. Korea and Singapore are grappling with crypto investor protection
As retail interest in crypto grows, countries around the world are grappling with consumer protection. Asia offers a window into the array of policy responses.
New Asian investment portfolio offers exposure to Canada’s Bitcoin ETFs
Aqumon’s SmartGlobalC aims to meet the rapidly growing demand for Bitcoin exposure for traditional investment portfolios in Asia.
How R3 is growing Corda’s reach with China’s Blockchain Services Network
R3’s Corda — one of the most widely used blockchains of Corporate America — is coming to China. What does it mean for the US and Europe?
Chia mining craze is causing massive hard drive shortages in China
The new self-proclaimed eco-friendly crypto leverages unused disk space — but Chia miners are buying out new hard drives and equipment instead.
“Everyone has been bitten by the Chia bug”; Indian banks puzzle crypto | The Daily Forkast
The Chia craze keeps on going while the Indian crypto industry speaks out against banks blocking crypto transactions.
Dogecoin keeps on barking; Mining for Chia heats up | The Daily Forkast
Dogecoin breaks another ATH while Chinese electronics vendors say that Chia is the hottest mining project in the mainland.
5 US digital dollar pilots launching to chase China’s CBDC lead
The private sector-led Digital Dollar Project is planning CBDC pilots for the US. How are central bank digital currency efforts and progress different in Asia?
Spanish healthcare group Biziondo to accept Bitcoin payments
Spanish spinal care specialist Biziondo says it will start accepting cryptocurrency payments, citing the “Bitcoin revolution.”
China’s banks unveil ATM for foreigners to use digital yuan
China’s DCEP digital currency, not yet officially launched, take another leap forward with unveiling of prototype ATMs that convert foreign money to e-CNY.
As DeFi swells past US$140 billion, FATF stokes worries over KYC/AML
Fast-growing DeFi — still a largely unregulated industry — gives FATF an earful over its proposed ‘travel rule’ and expanded anti-money laundering rules.
FinTech group: ‘digital footprints’ could help underbanked Philippines
Filipino-owned assets management company SAM Digital Technologies says adoption of blockchain could promote ‘digital footprints’ in the island nation. The country’s central bank is also interested in the technology.
Thailand tightens grip on cryptocurrency, increases KYC requirements
Thailand has issued fresh orders to tighten regulations on new cryptocurrency accounts, requiring customers to appear in person.
Ethereum breaks new records; South Korea split on crypto tax | The Daily Forkast
As Ethereum continues to soar to new all-time highs, South Korean crypto investors express mix sentiments on crypto tax.
Vietnam faces hard drive shortage due to Chia mining craze in China
Large capacity hard drives are selling like hotcakes in Vietnam as locals capitalize on China’s demand for Chia mining power.
Singapore’s US$31 million RegTech grant to boost crypto compliance
The RegTech grant, although not directed towards cryptocurrency, could have a profound impact on the industry.
Why Binance stock tokens are drawing regulatory scrutiny
Are Binance stock tokens in Tesla, Coinbase and Apple mere tokens or company shares by a different name? Securities regulators are taking a close look.
Turkey’s Thodex exchange fraud case yields six new suspects
Turkish authorities arrested six individuals in connection with the Thodex exchange fraud case.
Binance Charity Fund donates to India’s COVID-19 fight
The charity arm of Binance is sending 175 oxygen connectors to India to aid in the coronavirus relief effort.
Singapore’s DBS Bank reports US$60 million crypto under custody
DBS Bank says it has over US$60 million in crypto under custody and plans to expand trading hours to 24/7.
How open DeFi markets in Southeast Asia can drive financial inclusion
The ASEAN region has 290 million unbanked, and only 18% have access to credit. Here’s how decentralized finance (DeFi) can lift lives via mobile phones.
China’s crypto miners make hard choices to meet climate goals
With Inner Mongolia banning crypto-mining and Xinjiang expected to soon follow, China’s crypto miners are turning to green energy or moving overseas.
JPMorgan, DBS Bank and Temasek partner on ‘game-changer’ blockchain for payments
JPMorgan, DBS Bank and Temasek jointly form a new company, Partior, to develop a blockchain platform for cross-border payments and settlements.
How to balance crypto investor protection and innovation in Hong Kong
US and Singapore have licensing laws that give investors more confidence in crypto firms. Stephen Richardson of Fireblocks urges Hong Kong to follow suit.
Japan sees record crypto deposits, nearly 7 times more than last year
Japan’s regulated crypto trading breaks new records in a land known to be the world’s most crypto-averse. Is the tide turning for crypto adoption in Japan?
Nexon bags $100 million in Bitcoin; Inner Mongolia crypto mining exodus | The Daily Forkast
Nexon added 1,717 Bitcoins into its corporate treasury while deadline for Inner Mongolia’s closure of crypto mining operations approaches.
Binance dives into NFT; S.Korea’s FSC checks staff for crypto trading | The Daily Forkast
Binance announces its upcoming launch of an NFT marketplace while South Korean regulator asks staff to disclose personal crypto investments.
Ant Group shares exclusive database tech to grow China’s CBDC | The Daily Forkast
China’s internet giant Ant Group shares its OceanBase database for the e-CNY project. More investors try out DeFi platform PancakeSwap.
Taiwan set to roll out new AML regulations for crypto exchanges
Taiwan has enacted anti-money laundering regulations for cryptocurrency exchanges effective July 1. What will this mean for Taiwan’s growing crypto scene?
R3 Corda helping Thailand’s case for international trade dark horse
Thailand’s crypto adoption is often overlooked, but one of its largest commercial banks has been leveraging permissioned blockchain Corda of R3 to digitize trade finance in the Fourth Industrial Revolution.
South Korean cryptocurrency industry claps back; Bitcoin’s nosedive | The Daily Forkast
Crypto investors in South Korea stir petitions to unseat the nation’s financial watchdog chief for his anti-crypto remarks.