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June 2021

Chinese crypto mining ban coming to Sichuan — reports

Miners face imminent shutdown as power companies told to cut electricity, according to multiple reports.

U.S. securities watchdog’s regulatory agenda turns blind eye to crypto

Dashing hopes of greater regulatory clarity for the cryptocurrency industry, the U.S. Securities and Exchange Commission’s recently released annual regulatory agenda does not mention Bitcoin or cryptocurrency regulations.

‘China’s Robinhood’ halts CME crypto futures services amid sector clampdown

Chinese stock trading app Futu Niuniu has suspended Chicago Mercantile Exchange cryptocurrency futures services and stopped supplying crypto market information.

Angry Aussie crypto investors eye Binance class action

Australian investors adversely impacted by repeated system failures on Binance are considering taking a class action lawsuit to recoup their losses.

El Salvador feels confused over salary payments in Bitcoin

The El Salvadorean Department of Labor and Social Welfare has had to clarify it is not within its purview to determine whether salaries can be paid in Bitcoin.

India reviews cryptocurrency ‘ban’ legislation

The Indian government and leading industry stakeholders are reviewing elements of legislation that proposed a ban on cryptocurrencies.

South Korean crypto exchanges race to comply with strict new rules

Fifty South Korean crypto exchanges have applied for certification under the country’s Information Security Management System — the first step in meeting stringent new crypto exchange regulations.

Chinese province of Yunnan puts crypto mining under the microscope

Following rumors of a possible ban on cryptocurrency mining in the province last week, its energy regulator has clarified an approach to the industry that looks set to rein in rogue operators.

Thailand tightens rules for crypto exchanges and bans meme, fan, NFT tokens

Thailand’s securities regulator has announced new rules for cryptocurrency exchanges in the country, including a ban on utility tokens and meme tokens.

Bitcoin mining difficulty drops twice in a row to new 2021 low

On June 14, the difficulty of Bitcoin mining fell 5.3%, the first time this year that there have been two consecutive downward adjustments.

Court gives Ripple execs go-ahead to obtain XRP info from 16 foreign exchanges

A judge overseeing discovery in the U.S. Securities and Exchanges Commission’s lawsuit against Ripple Labs has granted the SEC’s request to extend deadlines by 60 days as well as a request by co-defendants Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen to obtain information from 16 cryptocurrency exchanges outside the United States. Fast facts: […]

Who’ll blink first in India’s crypto stand-off?

India’s central bank has clarified that cryptocurrencies are not illegal, but that does little to prevent lenders from refusing to provide crypto-related services.

Indian crypto exchange WazirX in probe over US$382M in suspect transactions

India’s Enforcement Directorate has issued a show cause notice to cryptocurrency exchange WazirX for alleged foreign exchange violations involving 27.9 billion rupees (US$382 million).

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.
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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. 
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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.
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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.
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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.