June 2021
Some cryptos unfit for payment, says Chinese central bank ex-governor
A former governor of the People’s Bank of China said today that some cryptocurrencies have forfeited their opportunity to return to use as methods of payment.
Bitmain rallies crypto miners to ponder options as industry eyes China exit
Chinese crypto mining rig maker Bitmain is reportedly set to meet with miners and industry participants next week to discuss relocating mining operations overseas.
Basel Committee starts public consultation on banks’ crypto asset exposures
The Basel Committee on Banking Supervision has launched a public consultation on preliminary proposals for the treatment of banks’ crypto asset exposures.
Bitcoin hot in Singapore; China crypto mining bans widen | The Daily Forkast
El Salvador’s adoption of Bitcoin has the world buzzing. Can Singapore be next? China mining crackdown continues.
Hashrate drops as Chinese crypto mining ban extended to more provinces
Cryptocurrency mining prohibition in Xinjiang and Qinghai follows Inner Mongolia ban.
South Korea cracks down on suspicious crypto exchange accounts
South Korea’s main finance sector regulator has launched an investigation of accounts operated by crypto exchanges under false or third-party names.
Ripple: Delaying SEC lawsuit would pose ‘existential threat’ to XRP
In a new court filing, Ripple describes the damage the SEC lawsuit has already done to XRP and the payment company’s now-frozen US business.
Moonstake ties up with Uzbekistan exchange in blockchain push
Staking service provider Moonstake has partnered with UzNEX to provide blockchain consulting services in Southeast Asia and the Middle East.
China’s Xinjiang and Qinghai regions ban cryptocurrency mining
Xinjiang and Qinghai regions in China are now banning cryptocurrency mining, after Inner Mongolia tightened its crypto mining ban last month.
New York State passes bill restricting Bitcoin mining
A bill restricting the granting of crypto mining permits on environmental ground has passed the New York State Senate.
Iranian president calls for crypto regulation to mitigate risks
Iran wants to “preserve and protect national interests” in the field of digital currencies and cryptocurrencies, Iranian President Hassan Rouhani says.
KuCoin exchange in Ontario regulator’s sights after law breaches
The Ontario Securities Commission is set to take enforcement action against two companies behind the cryptocurrency exchange KuCoin for violating the province’s securities laws.
Weibo blocks crypto accounts as Chinese clampdown continues
Microblog platform Weibo has blocked more than 30 influential Chinese cryptocurrency-related accounts amid a series of actions by Beijing against crypto mining and trading.
Australia’s first Bitcoin capital growth fund gaining interest
Australia’s first capital growth fund to offer institutional exposure to BTC has announced its received inquiries from some of the country’s largest companies.
Luno crypto exchange looks to expand into Indonesia and SE Asia
Global crypto exchange Luno is in talks with conglomerate Lippo Group to launch operations in Indonesia in order to enter the Southeast Asian market.
Regulators in Hainan warn of illegal crypto fundraising schemes
Regulators Hainan province have issued a warning against illegal fundraising schemes using crypto or blockchain..
UK watchdog: Crypto firms fall short on anti-money laundering rules
Many of Britain’s crypto firms are failing to meet required anti-money laundering and counter-terrorism financing laws, says the country’s watchdog.
Ripple execs seek info to defend XRP trades from 16 foreign crypto exchanges
To defend themselves against SEC lawsuit, Ripple’s CEO and chairman ask court for help getting XRP info from a who’s who list of offshore crypto exchanges.
South Korean crypto exchange Upbit in the dock over botched transfers
Eleven users of Upbit have filed a class action lawsuit against its owner, Dunamu Inc., seeking damages over a suspected technical failure.
Google to lift ban on ads for crypto wallets, exchanges
Google has announced plans to lift a ban on advertising cryptocurrency wallets and exchanges that has been in place for almost three years. A ban on advertising initial coin offerings will remain, however. Fast Facts: An advertising policy update on the company’s main webpage states that advertisers of crypto wallets and exchanges targeting the US […]
Bitcoin mining rig maker Canaan reports huge jump in overseas sales
Chinese Bitcoin mining hardware maker Canaan says overseas sales accounted for almost four-fifths of its revenue during the first quarter of 2021.
‘Green’ crypto mining should be spared crackdown, Canaan chief says
Green crypto mining operations should be spared China’s recent crackdown on the sector, according to the CEO of Canaan Inc.
S. Korean banks process US$57B linked to crypto exchanges
South Korean banks processed over 64 trillion won (US$57 billion) of deposits and withdrawals linked to crypto exchanges in the first quarter.
How blockchain technology is revolutionizing KYC in financial services
‘Know your customer’ is key to anti-money laundering efforts. Isabelle Corbett of R3 explains why blockchain is uniquely suited for KYC/AML.
Thailand’s DeFi sector targeted for regulation over coin offerings
Thailand’s Securities regulator has announced that digital tokens issued and offered for transactions must have its approval.
Indian central bank in climbdown over crypto ban
India’s central bank has said that banks and other finance sector businesses should not adhere to a prohibition it imposed on lenders dealing in cryptocurrencies.
May 2021
Chinese crypto traders dodge clampdown in move to OTC, P2P platforms
Since Beijing’s announcement of tighter restrictions on cryptocurrency trading earlier this month, investors have found a workaround in over-the-counter and peer-to-peer transactions.
Indian lenders cling to overturned central bank crypto ban as customers fume
Banks in India, including some of the country’s largest lenders, are notifying their customers not to engage in cryptocurrencies, adhering to a central bank rule from 2018 that bans them from dealing in cryptos — despite the fact the ban was overturned by the Supreme Court more than a year ago.
Turkey’s crypto clampdown underwhelms as investors claim ‘business as usual’
Turkish regulators have tightened their grip on cryptocurrencies, but small traders and investors appear to have barely noticed.
Are 73 SEC actions against crypto enough warning to Ripple about XRP?
SEC says Ripple had plenty of ‘notice’ that XRP transactions could be violating the law via its many enforcement actions against other crypto companies.
U.S. securities watchdog looks to regulate crypto trading like stock exchanges
Gary Gensler, chairman of the U.S. Securities and Exchange Commission, has said he wants to see regulation to protect consumers built into the operations of cryptocurrency exchanges.
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 exchange Poloniex faces sanctions over alleged securities breaches
Ontario Securities Commission is taking enforcement action on crypto exchange Poloniex for its alleged violation of Ontario securities law.
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.
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.
Half of hedge funds are now investing in crypto, says PwC report
PwC and Elwood Asset Management have published their third annual report on the global crypto hedge fund landscape. Here are its findings.
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.
How NFTs could trigger lawsuits and anti-money laundering regulation
Non-fungible tokens may be a boon for art and sports collectibles, but the technology is also spawning a host of thorny regulatory and legal issues.
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.
U.S. SEC chair Gary Gensler says regulator will enforce crypto rules ‘aggressively and consistently’
U.S. SEC chair Gary Gensler says as technology and markets evolve, regulators should be ready to bring cases involving crypto.
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.
Judge denies Ripple’s bid to bar SEC from seeking foreign info on XRP
In a win for the SEC, a judge knocks back Ripple’s request to stop the SEC from asking foreign regulators for info on Ripple and XRP transactions overseas.
Bitcoin’s rollercoaster ride leaves market players unfazed as upside beckons
Professional crypto traders appear to be taking the recent plunge in the price of Bitcoin in their stride as they look ahead to an upswing in the cryptocurrency’s fortunes.
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.
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.
SEC and XRP holders face off anew over SEC’s lawsuit against Ripple
In a new court filing, SEC tries to keep out 6 representatives of 17,100 XRP holders from joining as 3rd party defendants in the SEC’s lawsuit against Ripple.
Ripple seeks to protect legal advice on XRP from disclosure to SEC
Ripple rebuts SEC’s attempt to obtain Ripple’s confidential communications with lawyers over XRP’s legal status and seeks to bolster ‘fair notice’ defense.
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?
How FTX crypto exchange won over 1 million investors and grew 25-fold
FTX crypto derivatives exchange pioneered TRUMP crypto futures and now dwarfs Coinbase in trading volume. Is going public in FTX’s near future?
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.
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.
SEC demands Ripple reveal legal advice Ripple received on XRP
In the latest volley in SEC v. Ripple Labs, the SEC contends that Ripple has waived its attorney-client privilege over legal advice on XRP’s status.
Court orders SEC to give Ripple internal documents on XRP, Bitcoin, Ether
Ripple scores another in legal wrangling over SEC lawsuit as SEC now must disclose its confidential internal communications over XRP, Bitcoin and Ethereum.
SEC tries to block XRP holders from joining SEC v. Ripple lawsuit
In new court filings, the SEC says allowing XRP holders’ to join SEC v. Ripple lawsuit as third-party defendant would cause delays and ‘sow chaos.’
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.
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.
XRP prices steady after court hearing, Ripple releases $1.6 billion XRP
XRP is up 600% since the start of the year and its holding steady as Ripple released one billion XRP over the weekend.
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.
April 2021
Ripple demands SEC to stop obtaining info on XRP dealings abroad
Ripple asks court to stop SEC from using MOU requests to get info on XRP from overseas regulators and pushes for access to SEC’s internal communications.
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.
SEC sought info on Ripple and XRP from 20 foreign entities, including trading platforms
SEC says info on Ripple and XRP transactions overseas is important to lawsuit. But of the nine foreign regulators the SEC asked, two refused to help.
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?
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.
SEC seeks to knock out Ripple defense, says no duty to warn over XRP
In a new legal filing, the SEC asks court to dismiss Ripple’s ‘lack of due process and fair notice’ defense that the XRP token could be deemed a security.