Terra CEO Do Kwon faces lawsuit in Singapore, next hearing on Wednesday
A hearing is scheduled in Singapore on a lawsuit filed against Terraform Labs’ Do Kwon on behalf of investors who lost about US$57 million in the collapse of Terra-LUNA.
Web 3’s Korean future
NFTs and gaming – could it be the future of Web3?
Blockchain will be YouTube for finance, says CEO of South Korean blockchain firm Streami
The use of blockchain technology in finance will have an impact similar to that of YouTube on the media industry, said Lee Jun-haeng, CEO of South Korea-based blockchain company Streami.
Binance says will help Busan city grow blockchain industry from bottom up
Busan, S. Korea’s designated blockchain city, plans to make itself a global center for the technology. Binance, the world’s largest crypto exchange, plans to help.
Hong Kong set to relaunch itself as digital asset hub with revamped policies
When China banned cryptocurrency trading and mining in September 2021, it was feared that policy would make its way into Hong Kong. Seems that concern is getting a rethink.
Crypto a rising currency of choice for drug smugglers in India
India has witnessed an increase in drug smuggling using cryptocurrencies and the darknet, according to the country’s Home Minister Amit Shah.
Kazakhstan’s central bank to test CBDC on BNB chain
The National Bank of Kazakhstan [NKB] will be testing the integration of their central bank digital currency (CBDC) on the BNB Chain.
UK High Court shuts down PGI Global for alleged crypto scam
The United Kingdom High Court has shut down PGI Global UK Ltd. for allegedly running a crypto scam and has appointed the official receiver as the company’s liquidator.
Hong Kong mulls plans to legalize retail crypto trading: Bloomberg
Hong Kong is mulling plans to legalize retail crypto trading to regain its status as a global digital asset hub.
Education is best protection measure in blockchain tech, says Binance chief CZ
Binance CEO Changpeng Zhao believes education is key to a wider, safer adoption of blockchain technology.
Gaming and NFTs will drive Web3 growth: Crypto.com COO
The future of the burgeoning Web3 sector will be gaming and non-fungible tokens, said Eric Anziani of global digital asset exchange Crypto.com.
More than just a JPEG? Digital Art Fair Hong Kong explores NFTs for data streaming and display
Pixelated pictures and cartoonish drawings have typically dominated the world of Non-Fungible Tokens (NFTs), but some exhibits at Hong Kong’s Xperience art fair show new means of applying the technology.
A 100% reserve is a must for any stablecoin: Wemade CEO
A stablecoin that is not stable is an ‘oxymoron,’ said Henry Chang, CEO of South Korea-based blockchain game developer Wemade.
How Europe’s MiCA can pave the way for crypto’s revival
Europe’s new MiCA framework for regulating crypto shows the good that can happen when government works with and not against the industry, writes Nick Saponaro of Divi Labs.
Hong Kong crypto firm Q9 Capital gets Dubai provisional approval
Hong Kong-based crypto investment firm Q9 Capital has received a provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA), the company said on Wednesday in a statement shared with Forkast.
Aptos debut underwhelms amid questions over design and performance
Top blockchain and crypto news: Aptos launch falls short. Why FTX chief is calling for crypto regulations. Is Hong Kong paving way for a retail CBDC?
Singapore floats tests for retail crypto traders, plans to regulate stablecoins
The central bank is also considering options such as banning crypto firms from offering credit facilities, leverage or staking services to retail traders.
US alleges Chinese spies used Bitcoin to bribe law enforcement officer
Two Chinese intelligence officers allegedly paid a double agent to help steal files related to a federal investigation into a China-based global telecom firm, reported to be Huawei.
S.Korea’s Shinhan Securities lays groundwork toward hoped-for crypto expansion
As a leading financial institution of South Korea, Shinhan is gearing up for business expansion into crypto — while a local ban remains on the books.
Meta, Taiwan LGBT group launch NFTs for upcoming pride
Meta is collaborating with a Taiwan LGBT advocacy group and a local cryptocurrency exchange to issue charity NFTs as part of the Taiwan Pride celebration.
UK lawmakers vote to regulate digital assets as financial instruments
Lawmakers in the British Parliament’s lower house voted in favor of recognizing cryptocurrency assets as regulated financial instruments and products Tuesday.
Singapore court issues ‘huge’ NFT decision, allows papers to be served via blockchain
The lead counsel for the plaintiff in the case has called Friday’s ruling a decision with implications for the global blockchain industry
Australian 2022 budget confirms digital assets will not be taxed as foreign currency
The Australian Government has clarified that cryptocurrency will continue to be taxed as an asset class instead of a foreign currency in its 2022 budget released on Tuesday.
Crypto.com, Gate.io sign on to boost Busan’s blockchain aspirations
South Korea’s Busan signs agreements global cryptocurrency exchanges Crypto.com and Gate.io to grow the city’s blockchain ecosystem.
Markets: Bitcoin price back above US$20,000, Ether jumps as U.K. votes to regulate crypto
Bitcoin was trading above US$20,000 for the first time in almost three weeks on Wednesday morning trading in Asia.
Taiwan singer Annie Yi taps LGBT NFTs with artist son to advocate inclusion
The singer-actress and son Harrison Yu said they launched the Theirsverse NFT brand in New York to engage marginalized groups in the early building of Web 3.0.
BIS, Goldman Sachs, HKMA test tokenized green bond project Genesis 2.0
Genesis 2.0 aims to explore tokenized carbon credits and IoT facilities to monitor green bond issuers’ emission-reducing commitment.
Top “UK Crypto Hub” proponent Rishi Sunak to become prime minister
Rishi Sunak, who previously spearheaded the UK’s crypto hub ambitions as finance minister, has been elected by the Conservative Party on Monday following Liz Truss’ resignation last week.
Crypto crimes are costing Hong Kong billions every year – but what’s being done about it and what can the rest of the world learn from it?
Hong Kong, BIS explore CBDC-backed stablecoins in retail prototype
The BIS Innovation Hub Hong Kong Centre has completed its CBDC study, Project Aurum, which examined the feasibility of intermediated CBDCs and CBDC-backed stablecoins.
South Korea’s MIR4 maker Wemade launches stablecoin
WEMADE, a South Korean blockchain game developer, recently launched its stablecoin, WEMIX$, for growing its blockchain ecosystem, which houses NFTs and DeFi.
Crypto Hub Competition
Could Hong Kong make a comeback as a global center for crypto?
India Web3 talent driven away by lack of regulatory clarity, industry body says
India’s lack of regulatory clarity on crypto and Web 3.0 is a driving force of critical human capital flight, according to a new report by Nasscom.
Software maker Hancom raided amid suspicions over token Arowana, slush fund
South Korean police raided local software company Hancom and home of chairman Kim Sang-cheol on Thursday amid speculation that Kim created a slush fund using crypto token Arowana, according to local media reports.
Sachin Tendulkar joins NFT market Rario’s cricket legends roster
Sachin Tendulkar, Indian cricket legend and former captain of the national cricket team, has partnered with cricket non-fungible token (NFT) platform Rario to launch exclusive digital collectibles. See related article: 55,000 Meta Cricket League NFTs sell out in nine minutes Fast facts Rario has existing partnerships with cricket icons, like Zaheer Khan, Kevin Pietersen, Jonty […]
Crypto becomes approved financial product in South Africa
South Africa’s financial markets regulator has declared crypto assets as a financial product, setting the legal grounds to bring cryptocurrencies under regulatory purview. See related article: Nigeria to become 1st African country to launch a central bank digital currency Fast facts Crypto is not issued by a central bank but can be traded, transferred and […]
South Korea mulls uploading headshots of sex offenders on 3D metaverse
South Korea is mulling the uploading of headshots of sex offenders rendered on the three-dimensional metaverse, to help the public identify offenders, said Minister of Gender Equality and Family Kim Hyun-sook on Tuesday in a local radio interview. See related article: S.Korea’s science ministry announces ethical principles for the metaverse Fast facts Kim mentioned the […]
First Digital Trust says HK, Singapore can join hands on crypto initiatives
In a Q&A with Forkast, First Digital Trust Chief Executive Officer Vincent Chok shared his views on Hong Kong getting back into crypto, regulations, and how the crypto pie in Asia is big enough for rivals Singapore and Hong Kong.
Japan eases token vetting process to expand crypto offerings: report
Japan’s Virtual and Crypto assets Exchange Association (JVCEA), the self-regulatory body that oversees local crypto exchanges, will allow platforms to list cryptocurrencies without an existing lengthy screening process, according to Bloomberg. See related article: Japan pushes for tougher crypto AML regulations amid N. Korean cyberattacks Fast facts The easing is expected to take place as […]
Terra CEO Do Kwon, wanted in South Korea, left Singapore and flew to parts unknown via Dubai
Kwon Do-hyung, the cofounder and chief executive officer (CEO) of Terraform Labs Pte. Ltd., also known as Do Kwon, left Singapore last month and landed in Dubai, United Arab Emirates, South Korean prosecutors confirmed with Forkast.
Why local language education holds the key to crypto’s future
The crypto sector operates mainly in English, but more than 6 billion people — many of whom crypto would benefit the most — use other languages, writes Wei Zhou of Coins.ph.
Horizon Worlds fails to lift Meta as users stay away
Top blockchain and crypto news: Mark Zuckerberg’s empty metaverse. South Korea to roll out blockchain IDs. Macau bets on digital money.
South Korea indicates fugitive Do Kwon’s passport still valid; his location unknown
Kwon has been issued with an Interpol “red notice” requesting his extradition on charges brought by South Korea related to the implosion of the Terra Luna cryptocurrency project he founded
EU targets Bitcoin with energy efficiency labeling for crypto
This isn’t the first time the bloc has examined cracking down on Bitcoin mining, and it comes amid a growing push from regulators to examine the industry’s carbon footprint.
New IRS tax language tweaked to include NFTs
The IRS updated its annual income tax instructions in a Monday draft that does away with the taxable category “virtual currency” and replaces it with the term “digital assets,” which explicitly includes NFTs.
Markets: Bitcoin, Ether fall as EU considers crackdown on energy-intensive crypto mining
Bitcoin and Ether both fell in Wednesday morning trading in Asia amid news the European Union is considering a bill to restrict the mining of energy-intensive cryptocurrencies, such as Bitcoin. Most of the rest of the cryptocurrency top 10 by market capitalization, excluding stablecoins, also declined, with the exception of Polygon. See related article: Bitcoin, […]
One country, two systems? Hong Kong seems set to diverge from China on digital assets
Hong Kong seems set to put out a new welcome mat for the blockchain and crypto industries, but will it work after concern about regulatory restrictions convinced many cryptocurrency operators to leave?
CFTC, SEC investigate if bankrupt 3AC misled investors, failed to register business
The Commodity Futures Trading Commission and the Securities and Exchange Commission of the U.S. are investigating whether bankrupt crypto hedge fund Three Arrows Capital (3AC) misled investors about its balance sheet and failed to register with the two agencies, according to a Bloomberg report which cites two people familiar with the matter. See related article: […]
Japan pushes for tougher crypto AML regulations amid N. Korean cyberattacks
The Japanese government approved amendments to existing financial regulations to prevent money laundering utilizing cryptocurrencies and increase penalties on those involved, according to local media reports. See related article: North Korea’s Lazarus Group attacks Japanese crypto firms, police say Fast facts The Cabinet, Japan’s executive body, approved the revisions to laws associated with the country’s […]
Japanese gaming giant Konami is recruiting for expansion into Web3, metaverse
Konami Digital Entertainment Co., Ltd., a Tokyo-based video game company, announced a recruitment effort for 13 new positions to integrate its game titles with Web3 and metaverse technologies. See related article: NFTs may be the next killer app for video games, but some traditional players object Fast facts The game developer is planning to launch […]
India’s headache, or opportunity?
India’s crypto sector has been having a tough time – we’re taking a look on what has been happening lately.
India wants global, tech-driven regulatory framework for crypto
As India prepares to begin its one-year presidency of the Group of 20 (G20) beginning Dec. 1, it will look to work toward a global, tech-driven regulatory framework for cryptocurrency, India’s finance minister Nirmala Sitharaman said. See related article: India’s finance minister calls on G20 to share information on crypto Fast facts “During our engagements, […]
Macau is betting on digital currency, CBDC as legal tender
The city of Macau, a special administrative region of China and home to a thriving casino industry, is seeking to grant digital currency status as legal tender, the Executive Council of Macau announced on Friday. See related article: Macao needs China’s heft in tech to introduce CBDC, official says Fast facts See related article: Macao […]
North Korea’s Lazarus Group attacks Japanese crypto firms, police say
North Korea-backed hacker group Lazarus has been sending phishing emails to Japanese crypto exchange employees to infect their computers with malware, causing some companies to have their systems hacked and cryptocurrencies stolen, Japan’s National Police Agency announced last week. See related article: DPRK hackers sneak US$52 mln in crypto into S.Korean exchanges: Chainalysis Fast facts […]
Fintech Cooling Ahead?
Fintech’s growth in the EU has been described as “unprecedented”, but a report warns of consolidation in the years to come.
South Korea seeks software to track US$7.2B in illegal crypto
South Korea’s Supreme Prosecutors’ Office is looking to hunt down illegal crypto funds by purchasing a software program that tracks down crypto transactions and sources, a local media outlet reported Friday. See related article: DPRK hackers sneak US$52 mln in crypto into S.Korean exchanges: Chainalysis Fast facts The tracking program is expected to be used […]
The evidence is in: Chinese courts use judicial blockchain platform to store data
China’s judicial blockchain platform has stored more than 2.6 billion pieces of evidence, a Supreme People’s Court spokesman said at a press conference on Thursday, according to a report by the local media Legal Daily. See related article: China has seen blockchain’s future and it doesn’t include cryptocurrencies Fast facts See related article: How blockchain […]
India police launches blockchain-based complaint portal on Polygon
The Indian police unit in Firozabad city in the northern state of Uttar Pradesh has launched an online complaint portal powered by Ethereum scaler Polygon. See related article: Blockchain in India got off on wrong foot, says former finance chief Fast facts The pilot portal, policecomplaintonblockchain.in, leverages blockchain technology’s immutability, which means complaints cannot be […]
Crypto.com to invest US$145 mln in France as base for European operations
Crypto.com said on Wednesday that the exchange will invest €150 million (US$145.5 million) in France to set up a European headquarters in Paris and expand operations in the region. See related article: Crypto.com enters South Korea market with two local startup acquisitions Fast facts The Singapore-based exchange said it will focus on compliance, business development […]
India’s crypto taxes provide headache for many, opportunity for some
One company says it’s bringing solutions for confused investors in digital assets in India who grapple with hours of tax calculations.
Tianjin boosts electricity rates to further punish underground crypto mining
Tianjin is the latest Chinese city to announce higher differential electricity rates in an effort to further discourage energy-intensive cryptocurrency mining, which the country banned in September 2021 but continues to exist in some pockets. See related article: Beijing banned crypto mining, so China miners went underground Fast facts See related article: China takes aim […]
‘High risk’ crypto activity most prevalent in Eastern Europe amid Russia-Ukraine war: Chainalysis
‘Risky or illicit’ transactions represent the highest rate of any region measured by the blockchain analytics firm.
Fed’s top bank watchdog eyes new regulation for banks doing crypto
Crypto-asset related activities may pose “novel risks” to banks and their customers, prompting the U.S. Federal Reserve to develop further regulations, Fed vice chair for supervision Michael Barr said in a speech Wednesday at D.C. Fintech Week. See related article: U.S. Fed has growing interest in CBDCs, says Jeng at Crypto Council for Innovation Fast […]
Blockchain.com granted in-principle approval for Singapore license
Cryptocurrency exchange Blockchain.com has received in-principle approval from the Monetary Authority of Singapore (MAS) for a license to offer “digital payment token” services in the city-state. See related article: Singapore’s MAS says needs to do better job explaining crypto policy Fast facts Blockchain.com is the second crypto exchange to earn the central bank’s in-principle approval […]
DPRK hackers sneak US$52 mln in crypto into S.Korean exchanges: Chainalysis
South Korean media has reported that local crypto exchanges may become a “playground” for North Korean hackers.
Indian investors allegedly duped in crypto cloud mining scam
About thirty investors in India have been allegedly duped of US$54,653 through a crypto cloud mining app, local media reported. See related article: India financial crime unit cites ‘Chinese-controlled entities’ in alleged crypto fraud Fast facts Investors from Solapur city in India’s Maharashtra state were allegedly duped by fraudsters who lured them to download the […]
What is the future for cryptocurrency mixers after U.S. sanctions on Tornado Cash?
Tornado Cash, the Ethereum coin mixer slapped with sanctions by the U.S. Treasury back in August, has returned to the software hosting website GitHub amid a flurry of lawsuits against the Treasury for its action.
BNY Mellon, largest custodian bank, starts Bitcoin, Ether custody services
Bank of New York Mellon Corp., a 238-year-old bank based in the U.S., is now allowing select U.S. clients to hold and transfer Bitcoin and Ether, the bank announced in a press release on Tuesday. See related article: Crypto self-custody is no longer a choice. It’s an imperative. Fast facts BNY Mellon will store private […]
Malaysia’s Blockchain Ambitions
Malaysia looks towards blockchain in its future plans- but how could a national public blockchain help?
European Parliament agrees on preliminary crypto regulation
The European Parliament passed a preliminary legal framework for the crypto space on Monday that aims to increase standards and requirements for digital asset companies, ahead of a final vote expected soon. See related article: Europe cancels AML amendment that would have forced identity verification for non-custodial wallets: report Fast facts EU lawmakers voted heavily […]
Coinhako aims to grow institutional users, introduces arm for eligible clients
Singapore-based Coinhako cryptocurrency exchange, one of a handful to have a full license to operate in the city-state, has launched “Coinhako Treasures” to offer more products that suit the needs of institutional clients, like corporates and family offices, as it seeks to grow its institutional user base. See related article: How a market slump may […]
Crypto exchange Coinbase awarded in-principle license for Singapore
Cryptocurrency exchange Coinbase Global Inc. received a digital assets license from the Monetary Authority of Singapore, the firm announced Tuesday. See related article: Coinbase blames India’s central bank for exit Fast facts They were granted “in-principle approval” under the Payment Services Act to provide “regulated Digital Payment Token products and services” in Singapore, including “our […]