Region

Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

Ripple Labs’ Asia-Pacific branch is offering digital payment services in Singapore after receiving in-principle approval of its license application from the MAS on June 22. What does that mean for the company’s Asia business?

Cyptocurrency investor sentiment continues to improve with Litecoin posting strong gains as its halving event in August gets closer.

A U.K. bill to recognize cryptocurrency trading as a regulated financial activity passed into law on Thursday.

All top 10 cryptocurrencies rose, led by Solana, as another financial heavyweight applied to offer a Bitcoin exchange-traded fund and data showed the U.S. economy in good health. Stocks rose.

Binance’s euro banking partner, Paysafe Payment Solutions, will stop offering its services for the world’s largest cryptocurrency exchange from Sept. 25.

Top blockchain and crypto news: Fidelity Investment is reportedly close to filing its own Bitcoin ETF. NFT traders seek liquidity. Singapore eyes asset tokenization.

The European Commission released two proposals on Wednesday, one for the digital euro, the ECB’s CBDC, and a legislative proposal to safeguard the role of cash.

Despite a slight dip in crypto prices, positive investor sentiment persists, buoyed by the potential of Bitcoin ETFs, rising institutional adoption, and recovery from regulatory concerns.

Geisha, kimono, tea ceremony — the Japanese city of Kyoto is a place rich in traditional culture. But as the national government pivots toward the cutting edge potential of digital assets and Web3, the city is this week playing host to one of Asia’s largest crypto get-togethers.

Collaborative venture building involves pooling resources, expertise and ideas — a strategy ideal for Web3 startups to succeed, writes Katherine Ng.

Bitcoin rose along with other major cryptocurrencies. Fidelity reportedly plans a second spot Bitcoin ETF application in the U.S. following BlackRock’s move earlier this month. A strong day on Wall Street also offered support.

The Monetary Authority of Singapore (MAS), the city state’s central bank, has proposed a framework for designing open, interoperable networks for digital assets, developed jointly with the Bank for International Settlements and other financial institutions. 

Five countries in South and Southeast Asia now rank in the global top 10 for cryptocurrency adoption, embracing DeFi and defying government attempts to discourage crypto use. Is this a harbinger of larger trends to come?

Bitcoin prices drop 1.04% to US$30,416 in 24 hours, while Ether fell 0.98% to US$1,893.

Cryptocurrency issuers in Japan are now exempt from paying a 30% corporate tax on unrealized gains on tokens.

Seychelles-registered cryptocurrency exchange OKX, which says it is the world’s second-largest crypto platform by trading volume, opened an office in Dubai on June 15 as part of its global expansion and aims to raise staff numbers to 30 to tap opportunities in the region.

Xapo Bank, a Gibraltar-based cryptocurrency bank backed by SoftBank, DST Global and Ribbit Capital, has announced its expansion to India, the world’s most populous nation. 

The Asia-Pacific arm of San Francisco-based technology firm Ripple Labs saidThursday it received in-principle approval to start offering digital payment services in Singapore.

The Monetary Authority of Singapore (MAS) released on Wednesday a whitepaper for “purpose bound” money, detailing a technical overview of digital currencies designed for specific purposes.

The relationship between Hong Kong and crypto will likely only grow stronger over time, as it’s based on mutual respect as well as need, writes Lily King.

EDX Markets, a cryptocurrency exchange with backing from major Wall Street players such as Citadel Securities, Fidelity and Charles Schwab, officially launched on Tuesday.

In the Land of the Rising Sun, where the culture and ethos already align with the principles of blockchain games, the dawn of a new era of in gaming has arrived, writes Daiki Moriyama of Oasys.

As the US grapples with crypto regulation, Hong Kong and Dubai are emerging as leaders in the global digital economy, writes Ben Caselin of MaskEX.

Paul Chan, Hong Kong’s financial secretary, said more than 150 Web3 companies had registered at the Cyberport business park.

Amid growing regulatory scrutiny in the U.S., crypto firms eye Hong kong for its strategic location and friendly regulations, yet Singapore and Dubai remain strong competitors, says FinTech Association of Hong Kong’s Neil Tan.

Independent Reserve may have a new Hong Kong office in the “next few months,” the Singapore chief of the Australian crypto exchange said in an exclusive interview. Focusing on institutional clientele, the exchange aims to double trade volumes and expand its user base this year.

Binance France is reportedly under investigation for “aggravated” money laundering and the illegal provision of digital asset services.

In this week’s Forkast IQ with Megha Chaddah, we dive into the U.S. SEC’s crypto crackdown and the state of the East Asian metaverses.

Bitcoin, Ether and most top 10 non-stablecoin cryptos rose in Friday afternoon trading in Asia after weeklong slump.

As the US escalates its crackdowns on digital asset companies, it’s also losing its dominance in crypto — to Asia’s advantage, writes Henry Liu of BTSE.

Top blockchain and crypto news: Binance.US at risk. Ex-SEC official’s comments complicate Ripple suit. Hong Kong lawmaker aims to entice exchanges.

Bitcoin and Ether extended losses in Thursday afternoon trade in Asia amid U.S. regulator’s clampdown on top crypto exchanges.

Tokyo-based information technology company Fujitsu will launch a new platform on June 30 to connect different economies using blockchain.

HKMA is urging lenders including HSBC, Standard Chartered and Bank of China to service crypto exchanges. Financial Times reported on Thursday.

Bitcoin and Ether continued to slide amid lawsuits against top crypto exchanges in the U.S.

Prices of XRP, which powers some of Ripple Labs’ payment services, reversed gains that followed the release of internal SEC documents related to the lawsuit against Ripple.

To date, none of the 30-plus crypto bills in Congress have become law, so judges are stepping up to fill the void. What does this mean for crypto in America?

All top 10 cryptos, including Binance’s BNB, gained on Tuesday afternoon trade in Asia for the first time this week amid ongoing lawsuits with the U.S. SEC.

The operations of cryptocurrency trading platform Binance.US, “would quickly grind to a halt” if a court rules in favor of an SEC request last week to freeze the firm’s assets, the company said Monday in a court filing.

The SEC’s one-two punch of Coinbase and Binance couldn’t have come at a better time for Hong Kong and Singapore, as US crypto firms look to shift to friendlier shores, writes Hamilton Keats of Krayon Digital.

South Korea, China, Japan — East Asia’s three industrial powerhouses are taking their economic rivalry to the virtual world. Each is developing a domestic metaverse in a race to become the region’s industry leader. This first account in a three-part series takes a look at what’s happening in South Korea.

Ghassan Jumblat, fintech director at financial services company Integrated Communications Channel discusses the evolution of the cryptocurrency and blockchain industry in Dubai in the United Arab Emirates, as the city positions itself as a future hub for digital assets.

BNB token of crypto exchange Binance dropped 5.5% in 24 hours amid lawsuits against the exchange by the U.S. SEC.

Bitcoin Ordinals are also called NFTs, but intellectual property laws may not treat them the same as Ethereum- and Solana-minted NFTs, writes Cameron Pick.

Local legislator suggests global cryptocurrency exchanges such as U.S.-based Coinbase set up operations in Hong Kong as the city’s new licensing regime for crypto retail trading took effect on June 1.

The Official Journal of the European Union published on Friday the European Union’s landmark Markets in Crypto Assets law (MiCA), stating that the regulation would enter into force in 20 days from the date of publication.

Binance.US, a cryptocurrency trading platform set up by Binance chief Changpeng Zhao to serve U.S. clients, said on Friday that it has suspended U.S. dollar deposits to protect customers amid intensifying regulatory pressure.

From US crackdowns on Binance and Coinbase to new business-friendlier frameworks in Hong Kong and Europe, seismic shifts in crypto regulations are under way.

The U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler allegedly offered to serve as an advisor to Binance, the world’s largest cryptocurrency exchange, in 2019, according to a CNBC report on Wednesday that cited documents filed by the regulator. 

The U.S. Securities and Exchange Commission (SEC) has submitted a new court filing to support its lawsuit against the world’s largest cryptocurrency exchange, Binance.

Top blockchain and crypto news: Binance, Coinbase in SEC firing line. Solana NFTs slump as Bitcoin’s surge. New dawn in Hong Kong crypto regulations.

The U.S. Securities and Exchange Commission (SEC) has been ordered on Tuesday by the United States Court of Appeals for the Third Circuit to respond to cryptocurrency exchange Coinbase’s pending petition for rulemaking within seven days. 

Circle Singapore said Wednesday it has received a Major Payment Institution license from the Monetary Authority of Singapore.

The U.S. SEC sued Coinbase, the largest cryptocurrency exchange in the U.S., for allegedly breaching securities rules, less than 24 hours after the regulator sued Binance on similar charges. 

MUFG, Japan’s leading bank, is pioneering the crypto industry by supporting stablecoin issuance on the Progmat Coin platform, offering an alternative route for entry and exit in the volatile cryptocurrency market.

All top 10 non-stablecoin cryptocurrencies took a sharp fall Tuesday morning in Asia, after the SEC sued Binance over alleged securities violations.

FATF’s travel rule is looming over the crypto industry as an existential threat, writes Jack Jia of Unlimit. Here’s why it’s especially worrying to DeFi and self-custody wallet users.

OSL is one of only two digital assets trading platforms in Hong Kong licensed to offer services to professional investors.

Welcome to Forkast IQ, presented by Forkast Editor-in-Chief Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions.

Japan’s All Nippon Airways, or ANA Group, has launched a non-fungible token platform known as “ANA GranWhale NFT MarketPlace” to trade art and photograph collectibles through its metaverse subsidiary ANA NEO, the company tweeted on Thursday.

Top blockchain and crypto news: Miners dodge tax bullet. Blur, Binance heat up NFT lending. Chinese cities’ plans reveal nationwide Web3 ambition.

Virtual assets will receive the same regulatory clarity in Hong Kong as their real-world counterparts, says former Hong Kong SFC regulator Angelina Kwan.

Tether, the issuer of the world’s most traded stablecoin, will invest in power generation and Bitcoin mining in Uruguay to tap the country’s renewable energy resources, the company said on Tuesday.

The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority have agreed to strengthen cooperation in regulating virtual assets.

A proposed tax on electricity used by cryptocurrency miners in the U.S. has been scrapped in the deal to raise the country’s debt ceiling, according to Republican congressman Warren Davidson.

Leaders in Hong Kong’s Web3 industry announced the formation of two new associations, Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour, on Monday.

Temasek, Singapore’s state-owned investment firm, said on Monday that it has cut the pay of senior management and the investment team involved in the decision to invest in the now-bankrupt FTX cryptocurrency exchange.

Bitcoin couldn’t maintain its Monday morning gains as the world’s largest cryptocurrency dropped below US$28,000 in the afternoon.

Banco Central do Brasil, the central bank of Brazil, has selected 14 institutions to participate in the pilot run of the country’s central bank digital currency (CBDC) named Real Digital.

A former executive at Coinone pleaded guilty on Thursday to accepting bribes in exchange for listing certain cryptocurrencies on the platform.

The launch of Hong Kong’s very own CBDC comes with new regulations for crypto trading platforms operating in the city.