Category Archives: Asia blockchain news

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Asia and Australia: Crypto and Blockchain News Roundup 7-13 December 2018

Asia and Australia

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news, continent by continent and country by country.

China

Chinese Government Increasingly Using Blockchain to Increase Big Government Initiatives: The Chinese government is increasing the use of blockchain technology, the core tech behind the creation of cryptocurrency for increased surveillance, financial checks and other forms of government outreach.

According to some experts in the Blockchain field, the Chinese government’s initiatives are ironic considering blockchain was actually the technology that was supposed to limit government interference in various matters.

The view was narrated by CoinShares Chief Strategy Officer and Head of Treasury Meltem Demirors who tweeted:

“My dystopian nightmares are slowly becoming reality. first Venezuela forces its citizens to hold worthless “petros”, now China is debasing the idea of cryptocurrency to eliminate cash and censor access to payments and banking services”

While Bitcoin may become bigger than China itself eventually, the dose of irony is very much a reality these days as the distributed technology continues to be used by the governments to limit rather than expand civil liberties.

South Korea

Virtual Power Plant to be Built in Dusan: The South Korean city of Dusan will now be home to the first virtual electricity power grid in the country with blockchain technology playing a key role in the process. Busan, the second most populous city in the country will see an increase in distributed electricity generation as a result of this intelligent grid being started in the country.
The 4 billion Wong ($3.5 million) project will be first of its kind in the country as a virtual power grid is a distributed system in which multiple power producers including independent smaller ones like solar farms can contribute to the grid thus creating a cloud power network.

Energy management company Nuri Telecom will partner with Busan City Gas and Korean Industrial Complex for this crucial project. It will eventually be presented in an energy competition in 2019.

Cryptocurrency Exchange Association to Create Healthy Crypto Ecosystem: Seven major cryptocurrency exchanges in the country are working with each other to create a better environment for crypto investors. Recently, they agreed and signed an agreement for the creation of a sound cryptocurrency ecosystem’.

Local exchanges including Upbit, Bithumb, Korbit, Coinone, Gopax, Coinplug (Cpdax), and Hanbitco signed the agreement to help increase investment in the sector and also create a positive ecosystem that punishes money launderers.

The move comes after the Financial Services Commission (FSC) reportedly initiated moves to tighten their hold on cryptocurrency trading in the country.

Japan

Ten Years Prison Sentence Sought for Mt Gox former CEO Mark Karpeles: Japanese prosecuting authorities are seeking a whopping 10-year sentence for the top official of defunct cryptocurrency exchange Mt Gox that suffered one of the biggest breaches in history with more than $450 million disappearing from its accounts. 

Authorities are blaming Karpeles for embezzling more than 340 million JPY from the exchange which was reportedly swept under the rug after the infamous hack of 2014. However, a softer sentence may be expected after Mt Gox announced that it intends to reimburse all the investors in fiat earlier this year.

Australia

Australian Beef to be Sent to China Using Blockchain Technology: An Australian logistics insurance company is testing a pilot blockchain technology called BeefLedger to handle beef shipments to Chinese customers.

The National Transport Insurance (NTI) has been in the insurance business for 45 months and is the country’s biggest truck insurer. Using the new blockchain system, the company intends to improve food security and animal welfare in the country.

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Asia and Australia: Crypto and Blockchain News Roundup, 26th October to 1st November 2018

Asia and Australia

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

Japan

Government declares stablecoins are not crypto: The Japanese financial watchdog, Financial Services Agency (FSA), has declared that stablecoins like USD Tether, Gemini Dollar and USD Coin (USDC) are not cryptocurrencies under the law. Under the ruling, they are prepaid payment instruments and will be regulated under different rules than cryptocurrencies.

The move comes because of the inherently different nature of stablecoins that is puzzling regulators around the world. While all other cryptocurrencies have a fluctuating price, stablecoins have a constant price they use blockchain technology.

The new move could spell major obstacles for Japanese companies to issue and transact USD stablecoins. While Japan has already voiced doubts about Central Bank Digital Cryptocurrencies (CBDCs), this is the first time it has categorized stablecoins differently.

Singapore

Country celebrates 10th Bitcoin anniversary: At the 10th anniversary of Bitcoin, Singapore has announced a national crypto event for two weeks and has used the celebrations to promote blockchain and cryptocurrencies in the country.

Singapore is gearing for further adoption of DLT and cryptocurrencies and already tens of thousands of Singaporeans own cryptocurrencies with regulators taking the backstage to allow the digital innovation’s promotion.

China

China opening up to crypto: China is opening up to cryptocurrencies following recent moves by the government to allow Bitcoin ownership and payment in the country. In a groundbreaking move, the Shenzhen Court of International Arbitration ruled that merchants can accept Bitcoin as payment in the country. As a result, Chinese can even own and transact Bitcoin under the law.

While the ruling may not bring direct changes, as the court did pass the buck back to the government regarding regulations, other moves indicate that the state is working to open up to the crypto world, albeit slowly.

Hong Kong

Regulator proposes sandbox approach in crypto regulation: Hong Kong’s top securities regulator, the Securities and Futures Commission (SFC), has proposed a sandbox approach towards cryptocurrency legislation in the Chinese district. The idea was pitched by SFC chief executive Ashley Adler at the recent Hong Kong Fintech Week.

While Adler acknowledged the presence of some of the biggest cryptocurrency exchanges in the country, he also raised concerns regarding their regulatory status. Hong Kong is home to two of the biggest cryptocurrency exchanges in the world including Bitfinex and Binance.

According to Adler: “If, and only if, we decide at the Sandbox stage that we should regulate, we would consider granting a license… the platform would then be subject to intensive reporting and monitoring to ensure that strict internal controls operate as expected and investor interests are protected.”

The future of Hong Kong’s regulations are important as thousands of users will be affected by them.

India

India looks to ban crypto, keep DLT: A member of the Indian government has said that the government should look to ban private cryptocurrencies and increase the use cases of blockchain in the country.

This pro-DLT, anti-crypto strategy has been implemented by mainland China, India’s neighbor, and it seems the regional approach is now going to be in the norm. Due to the legal battles surrounding cryptocurrencies, the Indian government was given two weeks by the Supreme Court to finalize policies regarding them.

DLT projects in the country include a Hitachi-State bank partnership for digital payments.

Australia

Australia post starts digital ID platform: Australia Post is enabling cryptocurrency traders to easily access exchanges through a new platform called Digital ID. The new platform enables users to produce documents like drivers’ licenses and passports easily for initial verification which is required by the exchanges.

A Brisbane crypto exchange Digital Surge was the first to use the platform and commented on its easy user experience.

 

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The post Asia and Australia: Crypto and Blockchain News Roundup, 26th October to 1st November 2018 appeared first on BitcoinNews.com.

Asia and Australia: Crypto and Blockchain News Roundup, 19th to 25th October 2018

Asia and Australia

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

China

New draft rules for blockchain companies unveiled: The Cyberspace Administration of China (CAC) has announced new draft rules for regulating the blockchain projects mushrooming in the country. The rules are still under discussion but will shape the future of the blockchain economy in the country.

The draft, titled ‘the Regulation for managing blockchain information services’, will be up for public discussion until 2 November before it will be sent to the next level of approval by the regulating body. Once approved, the new rules will be applicable to both individual and institutional providers of DLT services.

There are 23 proposals overall in the draft with basic rules including having blockchain projects registered with the CAC within ten days. Experts in China, however, believe that some blockchain projects could be affected by this move.

Cryptocurrencies and ICOs are currently banned in Mainland China but it has a relatively favorable attitude towards non-cryptocurrency related application of DLT.

In other news, the capital arm of the ruling Chinese Communist Party State newspaper has signed a partnership with Chinese DLT company for the establishment of a technology innovation hub at the Blockchain Research Institute.

The State Daily is the propaganda arm of the party and is looking to introduce DLT as a state policy.

Japan

Central bank declares state-issued crypto not effective economic tools: Bank of Japan’s top executive has declared that Central Bank Digital Currencies (CBDCs) are not effective economic tools.

In a meeting in the city of Nagoya in Japan, Masayoshi Amamiya, the deputy governor of the bank, voiced his doubts about the CBDCs and their role in the fiat economy. He was of the opinion that fiat note system and CBDCs cannot work together and if interest rate is brought to zero because of CBDCs, then the two-part system will collapse.

Taxation committee working to simplify crypto taxation: The Japanese Government Taxation Investigation Committee (GTIC) is considering proposals to simplify cryptocurrency tax payment in the country.

The move comes after the earlier regulation was proved to be extremely cumbersome for traders. New recommendations will be made in the near future. Currently, investors with earning over JPY 200,000 are subject to income tax in the country.

Crypto association granted self-regulatory status: The Japanese Virtual Currency Exchange Association (JVCEA) has been granted a self-regulatory status by the top regulating body Financial Services Agency (FSA).

The JVCEA applied for recognition after establishing a 16-member strong team of licensed cryptocurrency exchanges operating in the country. Following recent hacks in cryptocurrency exchanges, JVCEA has intensified efforts for self-regulation and has now been awarded a self-regulatory status.

Taiwan

National ICO regulation standard expected mid-2019: In Taiwan, a standard for Initial Coin Offerings (ICOs) is being drafted by the local Financial Services Committee (FSC).

According to FSC chairman Wellington Koo, the standards will be pro-crypto and will allow easy investments into ICOs and make them legal as conventional stocks. ICOs are currently not regulated exclusively in the Asian country and government has avoided taking a hardline approach on them.

India

Police raid sole Bitcoin ATM, arrest operator: In a sweeping move, the Indian police has raided the only operational Bitcoin ATM in the country and arrested its operator.

The Reserve Bank of India has recently maintained a blanket ban on cryptocurrencies in the country for some time and the Bitcoin ATM operator had apparently been warned by authorities before setting up the machine.

In total, two laptops, three credit cards, five debit cards and a passport were seized by the police in the raid and co-founder Harish BV was arrested.

The Indian government’s hardline attitude towards cryptocurrencies is hurting the sector and forcing exchanges and traders to move abroad.

Australia

Woman arrested for stealing $65,000 worth of XRP: A 23-year-old woman was arrested by the Sidney police for stealing USD 65,000 worth of Ripple (XRP) tokens from a 56-year-old man.

According to local daily Brisbane Times, the woman hacked the man’s phone and used the 2FA to change the password and steal his funds. The XRP were then converted into Bitcoin but eventually, the authorities got to her.

 

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The post Asia and Australia: Crypto and Blockchain News Roundup, 19th to 25th October 2018 appeared first on BitcoinNews.com.