Forkast.News is now Forkast Labs

Articles filed under

Region

19 articles

U.S. infrastructure bill set for possible change following crypto industry backlash

An amendment has been introduced to the US$1 trillion infrastructure bill currently before the U.S. Senate that would exempt bitcoin miners and other validators from a provision seeking to raise funds for its fulfilment, according to a report by CNBC. Fast facts As Forkast.News has reported, the provision sought to raise US$28 billion over the […]

Rothschild’s RIT Capital leads funding round for Aspen Digital to provide crypto services for institutional investors

Hong Kong-based Aspen Digital, a digital asset management platform for institutional investors, announced on Wednesday that it has secured US$8.8 million in pre-A funding to develop a one-stop shop for asset managers to invest in digital assets and manage their clients’ portfolios. Fast facts The funding round was led by RIT Capital Partners, the London-based […]

Ethereum upgrade closely watched; India launches e-RUPI voucher

Ethereum upgrade closely watched also India launches e-RUPI voucher

Two Chinese provinces use state blockchain platform for export credit insurance worth US$3.27B

Chinese central bank branches in Fujian and Guangxi provinces have announced that their provinces did US$2.4 billion and US$875 million, respectively, of blockchain-based export credit insurance financing for the first half of 2021. Fast facts Fujian Province struck a total of 6,516 insurance deals, and Guangxi Province saw 166 enterprises participate. On May 17, the […]

Mastercard partners with Australian exchange for crypto card

In a further move towards cryptocurrency adoption, Mastercard has partnered with one of Australia’s oldest crypto exchanges, CoinJar, to launch one of the country’s first crypto payment cards. Fast facts The card became available on Tuesday in a digital form through integration with Apple Pay and Google Pay, and will be available in a physical […]

Miami prepares launch of city cryptocurrency

The city of Miami is set to launch its own cryptocurrency, MiamiCoin, tomorrow. The token will allow people to invest in the city to fund infrastructure projects and events, according to a report by Decrypt. Fast facts The token is being released in partnership with CityCoin, a project that facilitates cities releasing their own tokens […]

Singapore poised to grant one of first approvals to crypto exchange Independent Reserve

Australian cryptocurrency exchange Independent Reserve said Monday that it had received an “in-principle approval” for a Major Payment Institution License in Singapore to operate as a regulated digital payment token (DPT) service provider, according to a company statement. Fast facts Founded in Australia in 2013, Independent Reserve set up its first overseas operations in Singapore […]

Crypto crimes surge to record levels in Hong Kong

Crypto-related crime has hit record levels in Hong Kong for the first six months of this year, with one victim losing HK$124 million (US$15.95 million) to fraudsters, according to the South China Morning Post. Fast facts Hong Kong police recorded 496 such cases totaling HK$214.4 million (US$27.58 million) in just the first half of this […]

Chinese central bank shows no sign of softening stance on crypto

People’s Bank of China vows to keep sector under ‘heavy pressure’ as it pushes digital yuan.

Binance in Malaysia ban as it ends derivatives trading in Germany, Italy, Netherlands

World’s biggest cryptocurrency exchange steps up compliance and cuts product offerings, with a ban in Malaysia and end of lucrative derivatives business in three EU nations.

India admits it has no good data on crypto exchanges, despite years of debate over regulations

Speaking to Parliament, India’s finance minister reveals that the government does not know how many crypto exchanges India has nor the number of crypto users.

Chinese authorities swoop on 380 suspected crypto and wire fraud groups in 1H 2021

Wire fraud, including cryptocurrency-related fraud, becomes fastest-growing crime as scams — some even involving China’s digital yuan project — proliferate.

Friends may forgive debts, but WeChat’s new blockchain IOU won’t let anyone forget it

China’s internet giant Tencent launched a blockchain-based digital IOU service on its flagship product WeChat, one of the nation’s most popular apps for messaging and payments.  Fast facts Aside from Wechat’s existing “mini receipt” and “mini contract,” Tencent says its new IOU function would allow friends to borrow money more easily from each other, according […]

India admits no crypto data; Korean crypto investor numbers plummet

Number of new South Korean crypto investors have tanked in the month of June as crypto mining investments boom outside China.

Is Bitcoin mining hot again? These crypto insiders think so

Despite China’s crackdowns on Bitcoin mining and growing consternation about crypto mining’s carbon footprint, some miners are betting big on a rosy future.

Iran’s electric utility issues warning about Chinese crypto miners

Iranian state electric company Tavanir has warned judicial officials about Chinese cryptocurrency miners coming to Iran, an influx that could worsen the country’s power outage problems, according to local media reports. Fast facts Tavanir CEO Mohammad Hussein Motevallizadeh said in a letter published by local news website Eghtesadnews that the Chinese government’s crackdown on crypto […]

Crypto mining rig giant Bitmain divests from AntPool, the world’s biggest mining pool

Bitmain’s move comes amid China’s crypto mining crackdowns and AntPool’s shrinking hashrate. Is Bitmain gussying up for an IPO?

Bitmain spins off Antpool; Binance CEO willing to step down

Binance CEO CZ confirms that a new executive may lead the organization. Meanwhile, Bitmain spins off one of the world’s largest mining pool Antpool.

Robinhood readies IPO as risks cast shadow over future earnings potential

The fee-free trading platform’s initial public offering promises plenty of action for retail investors, but pitfalls may lie in wait amid trading volatility and wider adoption of business model.

Amazon’s brush with Bitcoin. Robinhood IPO looms. Huobi backs out of Beijing.

Top blockchain and crypto news: Is Amazon taking up BTC? Robinhood’s share sale deserves scrutiny. Did Huobi jump or was it pushed?

Thailand telecoms firm to expand into Bitcoin mining

Jasmine Telecom Systems, a publicly-listed unit of Thai telecoms operator Jasmine International, is set to ride the Bitcoin mining wave, with plans to install tens of thousands of mining machines over the next few years. Fast facts JTS is kicking off plans to deploy 500 mining machines in a data center in the third quarter […]

Huobi’s stock plunges in Hong Kong as it shuts Beijing unit

Closure of blockchain business may be related to regulatory concerns, but unlikely to hit crypto industry hard, observers say.

Singapore crypto license applications in final stages of review

Singapore’s central bank is in the final stages of reviewing applications for licenses to provide crypto services, including payments and the operation of cryptocurrency exchanges, according to Tharman Shanmugaratnam, minister in charge of the Monetary Authority of Singapore (MAS), which regulates financial institutions in Singapore. Fast facts To date, Singapore has received over 480 crypto […]

Chinese crypto firms donate millions of yuan to flood-hit Henan

Three blockchain and crypto-related companies have donated hundreds of millions of yuan to China’s Henan Province, which has suffered deadly floods since last week. Fast facts Bitmain, a crypto mining firm was the first to announce a donation of 10 million yuan (US$1.54 million) on July 23 to a charity federation in Zhengzhou, the provincial […]

Bitmain joins hands with Kazakhstan mining farm Enegix to host rigs

Chinese cryptocurrency mining rig maker Bitmain has partnered with Enegix, which runs one of the biggest crypto mining data centers in Kazakhstan, to host its Antminer machines in the Central Asian nation. Fast facts Bitmain said in a statement on Friday that it had joined hands with Enegix, a data center operator in Kazakhstan, to […]

BIT Mining to exit lottery business for crypto mining expansion

BIT Mining — a New York Stock Exchange-listed company that only months ago became a big investor in Chinese cryptocurrency mining — has decided to exit its Chinese lottery-related business and focus more on mining outside the country. Fast facts BIT Mining, formerly known as 500.com, has operated online sports lottery services, but announced on […]

Thai crypto miner found dead after suspected electronics accident

Case could be first fatality associated with mining, although hot-running equipment has history of starting fires.

Chinese electricity bills to become payable using digital yuan

A digital yuan wallet app launched by China’s central bank will include an electricity bill payment feature designed by the country’s State Grid, according to Economic Information Daily, a local financial media outlet.  Fast facts Users will be able to pay their electricity bills through the digital yuan app directly and do not need to […]

Hyper-realistic virtual influencer Rae mints NFTs

It’s not only real-world idols that look to earn a profit from issuing non-fungible tokens. Rae — a virtual influencer in Singapore rendered through computer-generated imagery and powered by artificial intelligence — is selling “her” first NFTs on Mintable. Fast facts Rae — whose creators’ identities remain mysterious — has dropped her first NFT series […]

Shipping network launches blockchain-based cargo app in China

Trade platform the Global Shipping Business Network has launched its first blockchain-based application in China to reduce paper usage and enhance efficiency and transparency in the shipping industry. Fast facts Named Cargo Release, the new blockchain-based app will connect the whole shipping supply chain, including shipping lines, consignees, their agents and terminals.  The app promises […]

U.S. crypto miner Core Scientific to list via SPAC merger

U.S. cryptocurrency miner Core Scientific Holding is set to list on the Nasdaq exchange through a merger with a special-purpose acquisitions company, boosting the value of the combined business to around US$4.3 billion. Fast facts Core Scientific, one of the biggest crypto mining companies in the U.S., announced yesterday that it had entered into merger […]

Chinese insurer Ping An seeks digital yuan payments for new Covid-19 policy

China’s trial of e-CNY, the digital version of the national currency, the yuan, has extended to the insurance industry, with conglomerate Ping An encouraging medical staff in the southern city of Shenzhen to pay premiums for a Covid-19 insurance plan using the new currency. Fast facts One Ping An branch in Shenzhen is offering insurance […]

Crypto miner ships China-based rigs abroad in deal with U.S. fossil fuels firm

Optimum Mining Host-Black Rock Petroleum plan comes as Canaan seeks greener operations through Czech partnership.

Chinese e-commerce giant Taobao sells NFTs at annual shopping festival

Demand for non-fungible tokens appears insatiable as industry distances itself from crypto sector to avoid crackdown.

Russia looks to tap demand for power as crypto miners flood out of China

Plentiful electricity, cold climate are among drawcards as Chinese mine operators flee crackdown at home.

U.S. senators ask athletes to boycott digital yuan at Beijing Winter Olympics

Privacy concerns prompt call for Americans to avoid e-CNY as lawmakers point to use of WeChat app to ‘surveil, threaten and arrest Chinese citizens.’

Chinese fireworks artist Cai Guoqiang auctions first NFT for $2.5M

Chinese fireworks artist Cai Guoqiang has entered the world of non-fungible tokens, recently auctioning off his first NFT work for US$2.5 million. Fast facts Cai’s work “Transient Eternity — 101 Ignitions of Gunpowder Paintings,” commissioned by the Rockbund Art Museum in Shanghai, was auctioned on TR Lab for US$2.5 million after a 48-hour bidding period […]

Turkey to debate crypto regulation bill in October

Turkey’s deputy finance minister says a draft bill to create a cryptocurrency regulatory framework will be submitted to parliament in October, according to a report by CNN Türk. Fast facts The bill will define different types of virtual currencies and principles for their issuance and distribution. The country’s Capital Markets Commission will supervise companies handling […]

China’s digital yuan moves a step closer with smart-contract technology

Central bank in apparent push for adoption ahead of Olympics as it doubles up on warning over non-state cryptocurrencies.
and

Hong Kong’s South China Morning Post to make NFTs to preserve history

Hong Kong newspaper the South China Morning Post is making a foray into the world of non-fungible tokens in the latest move by a Hong Kong publisher to preserve content through blockchain technology. Fast facts The SCMP today released its “ARTIFACT” lite paper, a project designed to advocate “a standardized metadata structure for recording accounts […]

Chinese crypto news service forced to shutter site

Bishijie’s suspension deprives users of industry news and community forum as Beijing continues campaign targeting cryptocurrency sector.

Hong Kong raid uncovers suspected US$155M crypto laundering scheme

Tether stablecoins linked to funds funneled to banks in Singapore and elsewhere amid worldwide cryptocurrency crime increase.

Chinese viral news photo debacle shakes confidence in NFTs

Proliferation of copycat non-fungible tokens based on media image sparks fresh concerns over authenticity, creators’ rights.

Stablecoins promise much, but can they deliver?

As issuer Circle prepares to list and China sounds the alarm over speculation, the mood among regulators is mixed, despite stablecoins’ clear appeal to investors.

NFTs and the music industry: Token gesture or transformative technology? | Part 1

In the first of a four-part series, Forkast.News looks at how non-fungible tokens may be changing who calls the tune in the recording business.

TikTok bans crypto promotions amid concerns over targeting of young users

Ban on branded content covers range of financial services and ‘get-rich-quick’ schemes boosted by influencers with young followings.

China closes high-profile blockchain center, citing ‘registration’ issues

Closure of center comes despite — or perhaps because of — professional pedigree of crypto exchange founder board members.

BIS: cooperation essential for CBDCs to improve cross-border payments

In a new report, BIS says countries must work together and design CBDCs with interoperability in mind. Hong Kong and Singapore lead mCBDC efforts.

Hong Kong manga finds virtual home on blockchain as authorities silence publishers

NFTs offer haven as authors self-censor amid intensifying crackdown on free expression.

Stablecoins could pose risks to global financial system, Chinese central bank official says

Warning comes as Beijing ramps up efforts to internationalize China’s currency through launch of digital yuan.

Blockchain-based digital invoicing rollout continues apace in China

China’s blockchain-based digital invoicing systems are being increasingly put into large-scale use in major cities and provinces.  Fast facts Blockchain-based digital invoicing is being used in multiple sectors in Hainan Province, China’s only free-trade port. Digital invoicing systems are in use in 2,795 organizations, including courts, schools and banks, according to Securities Daily, a Chinese […]

Chinese firm shut down by central bank for trading cryptocurrencies

China’s central bank has reiterated its ban on cryptocurrency trading and yesterday said it had ordered a company in Beijing suspected of offering software services for crypto trading to shut down as part of an ongoing nationwide crackdown on the crypto industry. Fast facts A Beijing office of the People’s Bank of China and a […]

Software firm Meitu loses US$17.3M on Bitcoin

Higher value of Ether investments softens blow to value of Bitcoin holdings.

South Korean crypto exchanges tighten personal trading rules for employees

Three of the biggest cryptocurrency exchanges in South Korea have tightened restrictions on virtual currency trading by their employees in a move designed to comply with the nation’s crypto regulations. Fast facts Bithumb announced that starting this month, it had banned its employees from trading cryptocurrencies using Bithumb accounts. The exchange has made employees sign […]

Chinese cities roll out digital yuan to public transport networks

Adoption of e-CNY for urban transport networks marks first step in wider introduction of state-backed digital money.

Taiwan to introduce new AML rules for crypto exchanges on July 1

Taiwan is set to enact new anti-money laundering rules that take effect July 1 to further boost AML requirements for crypto exchanges.

South Korean crypto exchange Bithumb dismisses ‘listing fee’ claims

Bithumb — South Korea’s second-largest crypto exchange — has rubbished claims that it is charging token issuers fees to list their coins on its platform.

Hong Kong’s Cyberport invests in digital asset custodian Hex Trust

Hex Trust, a Hong Kong-based digital asset custodian, today announced that it has secured investment from Cyberport, a technology incubator project backed by the Hong Kong government.

Special Series, Part 3: Digital dragons and digital dollars

In the last installment of a 3-part series on blockchain in Asia, Forkast.News examines: Everyone knows money has value. But does it also have ‘values’?
, and

What kind of new regulation can help Australia become a global crypto hub?

Through tomorrow, a Senate committee is taking public comments on how best to make Australia into a global crypto leader and fintech hub.

Gold loses shine for India’s crypto-curious young investors

Crypto investment in India has grown from about US$200 million to nearly US$40 billion in the past year, driven in large measure by demand among young investors.
and

Singapore crypto exchange Coinhako sees trade soar 500%, eyes IPO

Singapore cryptocurrency exchange Coinhako today announced a 500% increase in trading volume during the first five months of 2021 compared to the whole of 2020.

Executives at crypto exchange V Global arrested in US$1.9B fraud case

Four executive employees of South Korean crypto exchange V Global have been arrested on charges of alleged fraud involving more than US$1.9 billion.

China’s Agricultural Bank launches fintech center in ‘smart city’ of Xiong’an

Agricultural Bank of China has set up a fintech innovation center in Xiong’an, a model for a so-called smart city.

Why big investors are pouring money into blockchain data analytics for crypto

Nansen, a Singapore startup, is the latest darling of venture capitalists like Andreessen Horowitz (a16z) bullish on the growing field of crypto analytics.

Samsung Asset Management launches metaverse fund

Samsung Asset Management, South Korea’s biggest asset manager, has launched a fund tied to a virtual world known as the metaverse.

Bitcoin hashrate falls to lowest in 22 months amid China mining clampdown

Bitcoin’s hashrate fell to 58.7971 exa hashes per second on Sunday — the lowest point since August 2019.

Singapore central bank joins IMF, World Bank to push state digital currencies

The Monetary Authority of Singapore is inviting proposals for retail central bank digital currency innovations to improve payment services.

Special Series, Part 2: China lays digital groundwork for a new Silk Road

How China’s deployment of the digital yuan intertwines economics with geopolitics and concrete with virtual infrastructure, from Cambodia to the Caribbean.
, and

South Korean crypto exchange fee revelations deal blow to sector’s credibility

Payment for listings raises questions over integrity of cryptocurrencies’ credit scores as compliance deadline nears.

Kazakhstan’s Bitcoin gold rush gathers pace as Chinese miners keep piling in

As China shuts down crypto mining over environmental concerns, miners are moving next door to Kazakhstan, one of the most coal-rich countries in the world.

Hong Kong to press ahead with digital dollar, e-CNY plans

Hong Kong’s financial secretary has reiterated the city’s determination to develop digital versions of the Hong Kong dollar and the mainland Chinese yuan.