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New ASEAN blockchain consortium targets cross-border cooperation

The new ASEAN Blockchain Consortium aims to engage with regulators to ensure compliance and raise industry awareness. Blockchain associations from Australia and five Southeast Asian nations are joining forces to promote blockchain development and education. Blockchain organizations from Australia, Singapore, Malaysia, Thailand, Indonesia and the Philippines signed a memorandum of understanding Thursday to promote blockchain collaboration in the Asia Pacific, Business Times reports. Initiated by Blockchain Association Singapore, or BAS, the MoU aims to engage with regulators to ensure legal compliance alongside raising industry awareness and education through a new blockchain consortium called the ASEAN Blockchain Consortium, or ABC. The…

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ASEAN blockchain organisations to collaborate on advocacy

The ASEAN Blockchain Consortium will enable cross-border sharing of knowledge and experience on blockchain-powered solutions Blockchain organisations in the Asia-Pacific region signed a Memorandum of Understanding (MOU) earlier today, marking the creation of the region’s first formal agreement to collaborate on blockchain advocacy, public education and talent development. Dubbed the ASEAN Blockchain Consortium (ABC), the group of blockchain organisations from South-East Asia and Australia seek to harness the power of innovation, welcoming governments and thriving start-ups in the region. Dedoco, a blockchain-based digital signing platform, hosted the virtual signing ceremony. Asosiasi Blockchain Indonesia, Blockchain Australia, Blockchain Association Singapore, Distributed Ledger…

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Crypto Fraud Reports in South Korea Surged Over 41% in 2020, Says Financial Watchdog

Although bitcoin prices plummeted over the weekend, the overall bull-run remains alive, as well as the crypto-related fraud cases in South Korea. The latest figures by the domestic financial watchdog show that such incidents are still on the rise. Police to Dedicate a Special Unit to Investigate Crypto Frauds According to Asia Kyungjae, the Financial Supervisory Service (FSS) revealed that crypto fraud reports skyrocketed by over 41.6% yearly. The statistics from the FSS from January to October 2020 show that the 41,6% increase belongs to 555 cases of suspicious transactions. Due to the significant surge of cases, the police promised…

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South Korean City Threatens to Seize Cryptos From Tax Evaders

Crypto tax evasion is becoming a hot potato for the authorities in some Asian countries, such as Japan and South Korea. A South Korean city is now actively fighting against tax evaders who are suspiciously reporting meager earnings in their filings. 511 Individuals in the Authorities’ Eyes According to Gugkje News, the authorities of Gyeongju, in North Gyeongsang Province, are aware of several possible cases of crypto tax evasion where individuals are reportedly hiding money into cryptocurrencies without reporting them before the tax authorities. As the new “Specific Financial Information Act” rules enforced the monitoring of the crypto exchanges to…

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Former South Korean Social Media Giant in Talks ‘With Major Gaming Companies’ to Implement Its Crypto

A former South Korean social media giant is still keeping alive its promise to relaunch its business with the help of the cryptocurrency industry. A local media outlet reported that Cyworld is in talks with “major gaming companies” that involve crypto-related ventures. Company Also Plans to Launch Its Mainnet to Compete With Kakao According to Yonhap, Cyworld is looking to arrange deals with software makers in the gaming industry to adopt in games its Ethereum-based token Dotori (SNS). A representative from the firm said: We are discussing ways to exchange Cyworld tokens, which were previously called ‘Acorns,’ with goods of…

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Asian Bulls Relentless In Pursuit To Boost DeFi Space

The impact of Asian bulls in the industry of DeFi comes to the spotlight once again, when the recent growth of DeFi-related projects in the continent is considered. Compared to Europe and America, Asia has been slightly behind on the adoption of DeFi. This does not translate to a low-interest rate. However, the domination of defi in the continent is not as intense as that of crypto in general. This is changing as Joseph Young noted in a tweet. The analyst pointed out that the Asian DeFi scene was booming with projects and funding. Specifically, Southeast Asia, which is famous…

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Alameda Research invests $4M in Vietnamese DeFi project

The DeFi market continues to heat up, with Alameda Research identifying Southeast Asia as a potential growth hub. Alameda Research has expanded its investment portfolio by allocating $4 million to Coin98 Finance, an up-and-coming decentralized finance platform from Vietnam, according to Chinese fintech outlet ChainNews. Coin98 Ventures, the venture capital firm behind Coin98, reportedly operates the biggest cryptocurrency fund in Vietnam and is also a key backer of the Solana Ecosystem Fund, which recently raised $40 million in strategic investments from major digital currency exchanges. As ChainNews notes, Coin98 operates a decentralized exchange and wallet, with transaction volumes totaling $20…

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Study Finds South Koreans Aged 20-39 Mainly Invest up to $100 in Cryptocurrencies

South Korea’s “crypto boom” is a term that the local media has widely adopted to refer to the current hype seen across the Asian nation. In fact, a recent study unveiled a rising trend in the number of South Koreans making small-scale crypto investments. New Crypto Investors Seem Unafraid of Strict Regulations According to the “Virtual Currency App Market Analysis” research made by big data firm IGA Works, quoted by Edaily, almost 60% of the newest crypto investors in the country are aged 20-30. Remarkably, such a segment of traders often prefers to allocate “smaller amounts” of money into cryptos,…

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Ripple Strengthens Asian Link with Investment in Remittance Firm Tranglo

Ripple is undoubtedly forging ahead with it’s Asian expansion plans, as seen in its latest acquisition. The San Francisco-based cryptocurrency company has acquired a 40% stake in Tranglo, one of Asia’s largest cross-border payment firms. Expanding Ripple’s ODL Service Ripple said that the investment n Tranglo would help expand RippleNet’s On-Demand Liquidity (ODL) service. RippleNet’s On-Demand Liquidity (ODL) service uses cryptocurrency XRP to send money and reduce working capital needs instantly. The blockchain company also said its investment in Tranglo is a part of its commitment to enhancing the payments ecosystem in Southeast Asia. With this newly formed relationship, Ripple…

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Ripple acquires stake in cross-border payments firm

Ripple has agreed to acquire a 40% stake in cross-border payments firm Tranglo to further expand its ODL service in Southeast Asia. Ripple continues its push into the Asian market by acquiring a stake in a cross-border payments firm. According to a blog post, Ripple has agreed to acquire a 40% stake in cross-border payments firm Tranglo, with the aim to expand RippleNet’s On-Demand Liquidity, or ODL, service that uses the XRP cryptocurrency. The completion of this transaction is subject to regulatory approval, with investment firm TNG Fintech Group remaining the majority shareholder in Tranglo. The new acquisition is expected to…

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Major South Korean Bank BNK Busan Plans to Offer Banking Services to Domestic Crypto Exchanges

The South Korean crypto frenzy among the banking industry remains on fire, as another major bank is treading waters to offer banking services for crypto exchanges. The BNK Busan Bank launched a program that consists of visiting competitors’ banks that already offer it. BNK Busan Is Visting Its Competitors to Conduct the Research According to the Busan.com news outlet, the bank researches how these financial institutions deal with the crypto exchanges amid the forthcoming regulation. As the banks provide fiat services to the crypto businesses, the legislation set to promulgate on Friday will force them to use the Information Security…

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Chainalysis expands presence in APAC in response to KuCoin hack

But it remains unclear where KuCoin is actually headquartered. Chainalysis, a major global cryptocurrency analytics firm, is expanding its presence worldwide to embrace more jurisdictions for its crypto investigations. Providing services to federal agencies like the Internal Revenue Service and the FBI, Chainalysis is launching new offices in Singapore and Tokyo to better service customers in the Asia-Pacific region, the company announced on Sept. 27. By establishing the two new offices, Chainalysis is doubling down on its commitment to fully support local crypto businesses, government agencies and financial institutions. The new offices will serve as hubs for sales, professional investigative…

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The Blockchain Service Network will stimulate China’s CBDC plans

The wait for CBDCs continue. From the Chinese government’s perspective, cryptocurrencies are not considered legal tender; instead, they are categorized under a type of “virtual commodity," but some industry players believe the Blockchain Service Network (BSN) infrastructure can stimulate the development of virtual currencies like a CBDC.  During an interview with Cointelegraph, Eden Dhaliwal, Global Managing Director at Conflux Network, a layer-1 blockchain protocol and the only state-endorsed public blockchain project in China, stated that the government of China is highly motivated to launch a CBDC to “dominate the digital commerce landscape and make the economy future-ready.” The BSN is…

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