May 2021
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.
Korean crypto advocates cry foul and demand FSC chair’s resignation
Angered by cryptocurrency tax laws and a government official’s remarks on crypto investing, over 51,000 South Koreans are trying to push back via petitions.
Why new SEC chief Gary Gensler may be Biden’s gift to crypto industry
Are digital assets securities or commodities? Outdated laws offer no clarity, but US is now poised to reform blockchain regulations and lead world by example.
How new SEC chair Gary Gensler can reshape the crypto industry’s future
The former MIT blockchain professor and CFTC chair now sits atop a key regulator over crypto. How might his leadership affect SEC v. Ripple, or Bitcoin ETFs?
What is Coinbase really worth? XRP rallies with Ripple’s wins over SEC. HSBC bans MicroStrategy over Bitcoin embrace.
Other top blockchain and crypto news: HSBC bans MicroStrategy over Bitcoin affair. Tokenized TSLA and Coinbase COIN now on several crypto exchanges.
Hong Kong-listed Meitu buys more Bitcoin, now has US$100 million in crypto
Shares are up 75% since the beauty selfie app company began investing in Bitcoin and Ether to try to boost its flagging fortunes.
Asian governments urge ‘extreme caution’ before buying cryptocurrency
As Bitcoin and crypto market swells beyond $2 trillion, even crypto-friendly Singapore is warning the public about risks. Are more regulations coming?
Bitcoin’s ‘kimchi premium’ plummets, Upbit exchange suspends services
After surging to 21%, the higher prices that South Koreans pay for Bitcoin are now plunging. What role did Korean regulators and overseas traders play?
Korea’s Bitcoin kimchi premium explodes as Kakao rises on Upbit rumors
Are South Korea’s new cryptocurrency exchange regulations skewing its crypto market? Meanwhile, Upbit’s parent Dunamu surges on NYSE listing rumors.
Will China’s rising crypto crimes prompt tighter regulation?
Rising Bitcoin prices have inspired a wave of crypto-related Ponzi schemes, fraudulent giveaways and other scams around the world — especially in China.
DeFi insurance: Why buy coverage for your digital assets?
Insurance policies for DeFi can cover losses from theft to smart contract issues. But do read the fine print — and know the industry is ‘self-regulated.’
SEC agrees to redact two documents in Ripple lawsuit as XRP prices surge
XRP prices soar after Ripple and the SEC agree to partially redact some of Ripple’s email exchanges — but not the CEO’s financial information
5 questions investors must ask before buying Bitcoin or digital assets
How do cryptocurrency investors know whom to trust, avoid scams and not buy coins with a shady history? Gunnar Jaerv of First Digital Trust explains.
March 2021
What do Hong Kong’s crypto laws mean for exchanges and investors?
HashKey Group’s Angelina Kwan, a former regulator who helped write laws relevant to the crypto industry, also explains why Hong Kong leads the world in fintech regulations.
KPMG: Virtual asset service providers ready to professionalize and grow
New KPMG report outlines opportunities for investors as well as traditional banks with the rise of VASPs like cryptocurrency exchanges and custody services.
What’s in DeFi’s future — and what does it mean for traditional banks?
Will DeFi replace centralized finance, and how might regulators respond? An all-star panel with leaders from SEC, WEF, ConsenSys and USDC explains.
OKEx to shut its crypto exchange in Korea as new AML laws take effect
OKEx will soon follow Binance in leaving South Korea’s cryptocurrency exchange market. Is this what FATF and Korean regulators intended?
February 2021
Hong Kong plans to ban retail investors from trading cryptocurrency
Industry insiders warn that proposed rule to allow only ‘professional investors’ to buy and sell crypto could drive companies to crypto-friendlier shores.
BNY Mellon, Jay-Z join bitcoin conga line. Will NFTs take over real world? Roadmap for Biden to take blockchain leadership.
Other top blockchain and crypto news: DeFi under Fed study. Andrew Yang, Wyoming vie for crypto attention. Hong Kong and India edge toward crypto bans.
How blockchain is transforming the investing and securities industry
Modern financial markets still rely on slow and inefficient plumbing from a bygone era, writes Oi Yee Choo of iSTOX. Here is how blockchain offers a system upgrade.
Ripple co-founder Jed McCaleb unloaded $69 million worth of XRP in a week
Ripple co-founder Jed McCaleb has resumed selling his XRP holdings, dumping 130 million tokens over the last week, according to data from XRPscan.
US must embrace digital dollar and cryptocurrency: Blockchain institute report
The Blockchain Research Institute-led report for Biden’s administration also outlines recommendations for crypto regulations and a national blockchain strategy.
January 2021
Bitcoin and other crypto trends to watch in 2021
How high will bitcoin prices go — and will 2021 be the year of the bitcoin ETF and advanced crypto derivatives? Jay Hao of OKEx looks to the future.
SEC Commissioner Hester Peirce is optimistic about crypto regulation in 2021
The SEC Commissioner doesn’t want the blockchain and cryptocurrency industry to obsess over regulations, but ‘think about how the technology can be used.’
Janet Yellen clarifies stance, notes ‘benefits of cryptocurrencies and other digital assets’
In written testimony, the US Treasury Secretary-nominee calls digital assets ‘fintech innovations’ and pledges to ‘encourage their use for legitimate activities.’
Biden’s American Rescue Plan. Crypto’s regulatory outlook in 2021. How not to lose your bitcoin password (don’t ask Stefan Thomas).
Other top blockchain and cryptocurrency news: Twitter’s blue sky initiative. In China, Conflux Network wins another government deal.
OKEx’s Jay Hao expects ‘more amazing developments from DeFi’ in 2021
OKEx CEO speaks candidly on how 2020 was difficult for his crypto exchange, and offers his predictions for DeFi, regulations and CBDCs in year to come.
How blockchain can usher in new era in crypto regulatory compliance
When it comes to issues over crypto regulations and compliance, answers could be found in blockchain technology, writes Rachid Ajaja of AllianceBlock.
‘Crypto Mom’ Hester Peirce calls for more regulatory coordination
In an exclusive interview, the SEC Commissioner shares her thinking on digital assets, DeFi and wanting her agency to ‘do better’ in the crypto space.
LUKSO’s Fabian Vogelsteller predicts NFT and ERC-20 uses will grow
The founder of LUKSO and former Ethereum developer offers his views on decentralization as a tool and the ERC-725 standard for blockchain-based identity.
SEC commissioner Hester Peirce says enforcement is never good way to provide clarity
In her first public remarks since the SEC’s lawsuit against Ripple and exclusive interview with Forkast.News Editor-in-Chief Angie Lau, SEC commissioner and “Crypto Mom” Hester Peirce says the SEC can do better on clarity and that enforcement isn’t always the best way to provide guidance
New year brings new crypto actions from FinCEN, OCC and IRS
New US government rules and guidance aim to boost cryptocurrency taxes, clarify legal liability related to STABLE Act and require more KYC reporting.
December 2020
Urszula McCormack of King & Wood Mallesons: data regulation will be a challenge for the virtual asset sector
In this edition of Forkast Forecasts, the financial regulatory lawyer and partner at King & Wood Mallesons offers her views on digital assets regulation, CBDCs and Asia’s digital transformation.
Looking ahead: 5 predictions for crypto and blockchain in 2021
What will be hot in blockchain next year, and what will be the curveballs? Forkast.News consults top industry leaders and thinkers to bring you a crystal ball.
CoinDCX’s Sumit Gupta on CBDCs, regulation and India’s potential for crypto in 2021
In this edition of Forkast Forecasts, the co-founder and CEO of CoinDCX offers his views on the growth of crypto in India, regulation and CBDCs.
World Economic Forum’s Sheila Warren expects ‘tremendous activity’ on China’s digital currency in 2021
In this edition of Forkast Forecasts, the head of Blockchain, Data and Digital Assets and member of the Executive Committee of the World Economic Forum shares her views on sovereign digital currencies, and the global regulatory landscape.
Top 3 predictions about bitcoin and other cryptos in 2021
What can bitcoin and other cryptocurrency investors expect in 2021? Here are three emerging trends that could reshape the crypto world.
Blockchain Research Institute’s Alex Tapscott on stablecoins, DeFi and more
In this edition of Forkast Forecasts, the bestselling author offers his views on crypto regulations, DeFi’s rise and digital assets becoming mainstream.
Why DeFi needs better KYC to curb money laundering
Despite anti-money laundering (AML) laws, many DeFi sites have weak know-your-customer practices. Experts point to BitMEX as a cautionary tale.
Joe Lubin and other prominent crypto leaders decry the STABLE Act
Ethereum co-founder Joe Lubin and blockchain investor Alex Tapscott tell Forkast.News that the stablecoin bill aimed at Libra/Diem and Tether could have broader repercussions on the blockchain industry.
Proposed US law would require stablecoins to be 1:1 dollar-backed
Are American lawmakers going after Facebook’s Libra, now called Diem? Controversial Tether may be the real target of new stablecoin-restraining bill.
November 2020
Will India face another crypto ban when Parliament is back in session?
India’s cryptocurrency ban rumor mill will surely rev up again when lawmakers meet for winter session. The CEO of Unocoin explains the worries.
What are the SEC and OCC’s thoughts on digital asset regulations?
An all-star panel of top cryptocurrency policymakers and other blockchain experts explain the US regulatory system for digital assets and what lies ahead.
After BitMEX, will CFTC go after more crypto exchanges and DeFi?
CFTC cracked down hard on BitMEX. Forkast.News investigates what other cryptocurrency exchanges, if any, might be next in its line of enforcement fire.
OECD shines light on the future of cryptocurrency taxation
As nations grapple with fitting cryptocurrency into existing tax regimes, OECD examines the crypto tax gaps and issues at its blockchain forum this week.
Will Diginex’s backdoor Nasdaq listing start a crypto industry trend?
Diginex CEO Richard Byworth reveals that world’s largest cryptocurrency companies are now seeking his advice on going public. How did Diginex do it?
Why China pulled the rug and Ant Group’s historic IPO stumbled
After regulators intervened, Chinese fintech giant Ant Group will now return billions to investors over its withdrawn IPO. Did Jack Ma say something wrong?
October 2020
Conflux launches Tethys mainnet in China with government thumbs up
Conflux Network enjoys special government status in some parts of China— and now it’s ready for mainnet launch.
Why India’s crypto industry needs regulatory clarity more than ever
India is now a vibrant cryptocurrency hub, but its future remains uncertain. Sathvik Viswanath of Unocoin explains what’s holding back the nation of 1.3 billion.
Can a victims‘ superfund save Europeans from cryptocurrency crime?
EU committee has turned down a petition for a tax on nodes to create a crypto fraud superfund for victims. But lawyer vows to try again.
Why blockchain and crypto regulations are ‘necessary evil’ for US and Europe
Regulatory finesse toward cryptocurrency and DeFi will spur investment while not stifling innovation, says Alex Tapscott of Blockchain Research Institute
How China is embracing blockchain, from DCEP to BSN
Blockchain has become a national priority in China’s public and private sectors, in contrast to many Western governments’ approach to cryptocurrency.
US regulators are finally lining up over digital assets
A recent flurry of US regulatory activity is helping legitimize the digital assets space. Here’s the latest on SEC, FINRA, CFTC and OCC’s new level of coordination.
Arthur Hayes of BitMEX not likely to leave Hong Kong anytime soon, but DeFi faces crossroads
BitMEX’s CEO, who faces money-laundering charges, may be the beneficiary of Hong Kong’s political turmoil and current lack of an extradition treaty with US government