Posts in category

Asia-Pacific


A group of licensed cryptocurrency exchanges in Japan is looking to restore market confidence by adopting self-imposed rules. According to the Japanese news outlet Asahi Shimbun Tuesday, 16 exchanges that are currently registered with Japan’s Financial Services Agency (FSA) have formally launched a new self-regulatory organization dubbed the Japanese Cryptocurrency Exchange Association. Taizen Okuyama, president and CEO …

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Yet another high-ranking police official in the Indian state of Gujurat has been taken into custody in connection with a $1 million bitcoin extortion scheme. According to the Hindustan Times, Amreli police superintendent Jagdish Patel was arrested Sunday on suspicion that he helped a group of police officers detain a local resident after which he …

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The CEO of Monex Group, Japan’s third-largest online brokerage, thinks Japan’s cryptocurrency exchanges – including the one his firm recently decided to buy – should be regulated more strictly. “Japan’s exchanges do both matching and custodial services – they’re close to a bank,” Oki Matsumoto told Reuters in an interview published Friday. “To someone in …

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Taiwan aims to formally regulate bitcoin under anti-money laundering (AML) rules before the end of the year. According to the Taiwan Central News Agency, Chiu Tai-san, the country’s minister of justice, said at an anti-money laundering event on Friday that the nation aims to have the legal framework ready before a visit to Taiwan by the Asia …

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Xunlei, the NYSE-listed cloud network provider, has launched its proprietary blockchain platform, despite ongoing class actions over an alleged initial coin offering (ICO). At a press event in Beijing on Friday, the company announced its open blockchain protocol dubbed ThunderChain, which is designed to enable developers to build decentralization applications. Based on the practical Byzantine …

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Two men from South Korea have been sentenced for creating a bitcoin pyramid scheme that swindled some 20 billion Korean won ($20 million) from investors. On April 19, a judge from Seoul’s Incheon District Court issued fines of $15 million and $8 million, respectively, to the two fraudsters, according to local news source Yonhap. The report said …

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Two suspects from South Korea have allegedly used a pyramid scheme that involves bitcoin to swindle a total of $20 billion from investors in the country. The news was made public as a judge from Seoul’s Incheon District Court has issued a fine of $15 million and $8 million respectively to the two men on …

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Cryptocurrency miners in South Korea may find it to be more difficult in getting foreign-made mining chips imported to the country. According to data published by the Korean Customs Service (KCS) Wednesday, the government agency has added cryptocurrency mining chips into the current list for items that are mandated to meet certain requirement set by …

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The Philippines Securities and Exchange Commission (SEC) has officially warned against 14 cryptocurrency investment schemes seeking to attract consumers in the country. In an advisory statement issued Wednesday, the regulator listed the names of the 14 investment projects, including Onecash, which was already called out by the SEC in a previous warning last month. As …

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Police in China’s northwestern city of Xi’An have arrested the founders of a claimed nationwide cryptocurrency pyramid scheme that allegedly amassed 86 million yuan ($13 million) from over 13,000 people. According to a report from local media source Huashang News, Wednesday, the scheme launched in March 28 this year after months in preparation by a primary suspect …

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A Philippines lawmaker is seeking to speed up the passage of legislation that would increase the penalties for crimes involving cryptocurrencies. Leila M. de Lima, a Philippines’ opposition senator, urged her colleagues in the legislative house on Monday to allow “swift passage” of bills she has previously introduced proposing to raise penalties for crypto crimes to …

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A South Korean blockchain industry organization has proposed a self-regulatory framework for the cryptocurrency exchange industry. In a press conference, Tuesday, the Korean Blockchain Association, formed in December 2017 by industry companies, has proposed rules that would mandate exchange members of the group to hold at least 2 billion Korean won ($1.8 million) in equity …

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Bank of Japan (BoJ), the country’s central banking authority, currently has no plan to issue a central bank digital currency (CBDC), citing financial stability concerns. In a closing remark at a conference with the International Monetary Fund and Japan’s Financial Services Agency on Monday, the BoJ’s deputy governor Masayoshi Amamiya said issuing a digital currency directly …

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Hong Kong’s securities regulator has taken a skeptical tone on investments related to initial coin offerings (ICOs). In a speech at an investment industry function on Friday, Julia Leung, deputy head of the Hong Kong Securities and Futures Commission (SFC) once more cautioned the public over fundraising activities associated with the technology. “While we acknowledge …

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The regulatory crackdown on bitcoin trading in mainland China has reportedly led to a bitcoin miner in Taiwan being shot by local gangsters. According to a report from Taiwanese news source Liberty Times, the incident occurred on Saturday night, local time, when two local gangsters had scheduled to meet a bitcoin miner with whom they had …

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Two bitcoin brokers in Singapore were reportedly assaulted and robbed of nearly $300,000 in cash during an in-person meeting with a prospective seller. According to an announcement from the Singapore Police Force Thursday, the incident happened on April 8. Following a report to the police, a suspect was later identified and arrested, and is currently …

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A blockchain-themed conference in Shanghai was abruptly suspended by police on Thursday. The one-day event, dubbed the Global Fintech & Blockchain China Summit 2018 and organized by a business conference organizer called PTP International, was originally scheduled for April 12. Yet around midday (local time) on Thursday, the morning session was abruptly halted by police, and …

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BitFlyer, a major Japanese cryptocurrency exchange, announced Thursday that it will revise its trading and payment policies amid reports criticizing its existing know-your-customer procedures. According to a company announcement, starting from April 26, users registering online will not be able to send cryptocurrency assets or withdraw Japanese yen until their identity and address have been confirmed …

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While the focus may be on the U.S. of late, cryptocurrency tax issues are becoming a global problem. India, for example, has responded by sending tax notices to crypto traders and investors after a survey found $3.5 billion in transactions may have been performed by citizens over the past 17 months. The country’s income tax department …

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The government of Taiwan has moved a step closer to regulating bitcoin under anti-money laundering (AML) rules. In an announcement on Tuesday, the state’s Ministry of Finance said it will push for the regulation of cryptocurrencies under same AML rules already covering the traditional financial sector. Citing guidance issued by Financial Action Task Force, an intergovernmental …

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