Posts in category

Asia-Pacific


The Japanese government said today that inspections will take place at 15 unlicensed cryptocurrency exchanges in light of a recent major hack. According to the Japan Times, the country’s financial services minister Taro Aso said at a news briefing that on-site inspections will take place at the exchange providers that have filed for licenses but …

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Japan’s Coincheck exchange reinstated Japanese yen withdrawals yesterday and investors are already flocking to take out their funds following the firm’s recent hack. According to a company announcement on Feb. 13, soon after Coincheck partially resumed operations on Tuesday, it had already processed 40.1 billion yen (or $373 million) in withdrawal requests from existing investors. The …

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Japan’s financial watchdog has stepped up its efforts to scrutinize foreign cryptocurrency services that target Japanese investors without a license. According to an official warning published by the Japan’s Finance Service Agency (FSA) on Feb. 13, the regulator said a Macau-based cryptocurrency service firm named Blockchain Laboratory headed by Jay Liu has been offering unregistered …

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South Korea has doubled down on its commitment to eliminating the use of cryptocurrency in illicit financial activities, while expressed a will to foster the country’s blockchain development. In a video published today, Hong Nam-ki, head of the office for government policy coordination, said the government is taking a strong stance in bringing transparency to domestic …

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South Korea is reportedly considering a technology-specific licensing scheme as part of it proposed regulation of cryptocurrency exchanges. According to BusinessKorea, a government official involved with a virtual currency task force said Sunday that such rules, which bear a similarity to New York’s controversial “BitLicense,” introduced in 2015, could be enacted or at least debated. The source …

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Months after China’s clampdown on initial coin offerings (ICOs), professional ICO white paper copywriters are still offering services, including fabricating information, reports suggest. The People’s Bank of China notably banned domestic initial coin offerings in September 2017, yet searches using key words such as “ICO,” “blockchain” and “whitepaper” result in dozens of online stores on …

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China’s state-own news agency appears to be stepping up its rhetoric on over-the-counter (OTC), crypto-to-crypto trading and overseas initial coin offerings (ICOs) that still remain active in the country, calling them an attempt to bypass existing regulation. In a news report published Feb. 12, the Xinhua News Agency, detailed how purchasing cryptocurrency assets through OTC channel …

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An Indian tax official has said that gains from cryptocurrency investment are subject to tax liability and that it will seek those trying to avoid paying up. During an event on Tuesday this week, Sushil Chandra, chairman of India’s Central Board of Direct Tax (CBDT) confirmed that around 100,000 notices have been sent to residents …

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South Korean cryptocurrency exchange Bithumb is now accepting new investor registrations following integration of new regulator-mandated “know-your-customer” (KYC) procedures. In an announcement on its homepage, Bithumb said that, starting from Feb.9, investors on the platform will be able to confirm their real identity through accounts at Nonghyup Bank. The firm further detailed that KYC integration with …

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Japan’s financial watchdog is reportedly planning to conduct more on-site inspections of domestic cryptocurrency exchanges. According to a report from Japan’s Nikkei, the country’s Financial Services Agency (FSA) is looking to inspect several more cryptocurrency exchanges in the country starting as soon as this week, following its visits to Coincheck in the days after its …

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Singapore’s government has indicated that it sees no need to prohibit cryptocurrency trading. Tharman Shanmugaratnam, Singapore’s deputy prime minister and chairman of Monetary Authority of Singapore (MAS), said in a written response to MPs yesterday that cryptocurrency and related trading activity currently do not pose any threat to Singapore’s finance system. He stated that MAS has …

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A senior Taiwanese official is urging the government to prepare policies to tackle the potential impact of cryptocurrencies on the island’s financial stability. Speaking at a seminar, hosted on Feb. 2 by Taiwan Academy of Banking and Finance, Shih Jun-ji, vice president of Taiwan’s executive branch of government, addressed issues around the financial impact of cryptocurrencies …

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Members of Singapore’s parliament have expressed interest in developing regulations to oversee the country’s cryptocurrency environment. According to an order paper dated on Feb. 5, which outlines the agenda of the day’s parliamentary session, three lawmakers sought comment from the country’s prime minister, Lee Hsien Loong, about the government’s stance on regulatory issues related to …

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The Chinese government is reportedly moving to block domestic access to overseas websites that offer services for cryptocurrency trading and ICO investments. A report from Financial News, a website tied to the People’s Bank of China (the country’s central bank), indicates that authorities there are stepping up a crackdown that began roughly a year ago. …

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The Philippines’ Department of Justice (DOJ) has ordered an investigation into a cryptocurrency firm that allegedly used the name of Senate President Aquilino Pimentel III in order to lure clients. The politician, commonly known as “Koko” Pimentel, was allegedly misrepresented by Digital Currency Co. Ltd. and Boy Joven in a cryptocurrency venture called Philippine Global Coin, …

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Following its notable $530 million hack, Japan’s financial watchdog is reportedly probing into crypto exchange Coincheck’s finances through an on-site inspection. According to a report from Nikkei, inspectors from the Financial Services Agency (FSA) arrived in Coincheck’s office this morning to examine whether the firm has the financial capability to fulfill its promise that it …

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South Korea does not intend to ban cryptocurrency trading, the country’s finance minister has said. In response to a question from a lawmaker on the government’s plans for regulation of the industry, Kim Dong-yeon said, “there is no intention to ban or suppress cryptocurrency [market],” as reported by Reuters today. Rather than follow China’s lead …

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The South Korea government is investigating the use of cryptocurrency in illegal foreign currency exchange, according to a statement. Released on Jan. 31 by the Korea Customs Service (KCS), the statement alleges that a total of 637.5 billion won worth (or around $600 million) in foreign currencies have been exchanged illegally, including unrecorded capital outflow using …

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Hong Kong authorities have launched a campaign to educate the public on the risks associated with ICO and cryptocurrency investment. Kicking off yesterday, the campaign started on Jan. 29 and was launched by the government’s Financial Services and the Treasury Bureau (FSTB) and the Investor Education Centre (IEC), a subsidiary of the Securities and Futures Commission …

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The Philippines’ Securities and Exchange Commission said on Monday it is crafting rules to regulate cryptocurrency transactions to protect investors and reduce the risk of fraud. The regulation, which will cover issuance and registration of cryptocurrencies, is expected to be finalized this year, said Emilio Aquino, SEC commissioner in charge of enforcement and investor protection, …

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