A fundamental trait of crypto is as an asset class that transcends jurisdictions. Yet, one of the key hubs driving adoption and innovation is Asia. Since the heady days of Korea’s Kimchi premium and Bitcoin (BTC) arbitrage opportunities, the region is playing a role in defining crypto’s development pathways and anchoring its future. According to Chainanalysis’ report, in the first half of 2021, Asia was already the destination for 28% of the overall global transaction volume — $1.16 trillion worth of cryptocurrency. Central and Southern Asia alone saw crypto transactions grow 706% year-over-year, making it the world’s third-fastest growing region. …

The armed forces of Myanmar, which have been in control of the government since forcibly detaining many elected leaders in 2021, is reportedly planning to release a digital currency to help the local economy. According to a Thursday report from Bloomberg, Major General Zaw Min Tun said rolling out a digital currency would “help improve financial activities in Myanmar,” but military officials were undecided on whether to work with local companies or release the token on their own. Tun, the chief of the military government’s 'True News Information Team', acts as a spokesperson for the Myanmar army. The digital currency …

The head of the Central Board of Direct Taxes (CBDT) in India said the recent announcement of a 30% tax on crypto holdings doesn’t necessarily make the crypto trade legal in India. The finance minister of India announced a 30% tax on crypto holdings during the budget session on Feb. 1, triggering several headlines on the lines of “India legalizes crypto” However, CBDT chief JB Mohapatra aimed to debunk these misconceptions. Mohaptra in a post-budget presser said that the new crypto tax would help the income tax department measure the depth of the digital currency market in the country. He …

In 2021, the number of global crypto holders has been estimated to have increased by 3.9% to more than 300 million crypto users worldwide, with more than 18,000 businesses already accepting cryptocurrencies as payment. India is currently in the lead with 100 million users, followed by the United States with 27 million users and Russia with 17 million users. According to data from Triple A, Indonesia has the seventh-largest crypto user base, below Brazil and Pakistan. It is estimated that there are 7.2 million Indonesians who own cryptocurrencies, while according to the Indonesian Blockchain Association, as of July 2021, the …

Considering that Bitcoin (BTC) is a blockchain network that uses a proof-of-work (PoW) consensus mechanism, miners are a highly significant part of the market dynamics of the network and the community itself. On Jan. 5, it was revealed that Kazakhstan shut down its internet services due to unprecedented political unrest sparked by rising fuel prices in the country. The protests in Kazakhstan began on Jan. 2 in the town of Zhanaozen to fight against the government doubling the price of liquefied petroleum gas (LPG), which is widely used as car fuel in the country. This change in pricing came as …

The Monetary Authority of Singapore (MAS) issued a new set of guidelines for digital payment token (DPT) providers, barring them from marketing their services in public areas. The guidelines, which were issued on Jan. 17, also warned the general public of the high risks associated with the crypto market in addition to prohibiting DPT companies from advertising their services in public places such as public transportation, public transportation venues, public websites, social media platforms and broadcast and print media. The new set of guidelines will be applicable for all the registered crypto services providers as well as those who are …

Another domino is lined up to fall down the route to Bitcoinization. Yesterday, the Pacific island nation of Tonga shared a play-by-play approach to adopting Bitcoin (BTC) as legal tender. In a series of Tweets, Lord Fusitu’a, a former Member of Parliament for Tonga, released an ETA for Bitcoin becoming legal tender in Tonga. Copying the El Salvadorean playbook, the move could onboard more than 100,000 Tongans onto the Bitcoin network. In his five-point plan, the Chairman of the Global Organization of Parliamentarians Against Corruption (GOPAC) describes the adoption path: 1. Sept/Oct Bill goes to Parliament. Passed. 2. Sent to …

Tether, the issuer of the eponymous stablecoin, has praised the decision of Myanmar’s parallel government, The National Unity Government (NGU), to use USDT as an official currency. Myanmar’s NUG is a shadow government run by the supporters of Nobel Peace Prize winner Aung San Suu Kyi. As Cointelegraph reported on December 13, NUG announced Tether’s USDT as official currency for local use in an official Facebook post. The finance minister claimed that USDT would offer much needed trade and transaction efficiency. In an official blog post, Tether commended the decision taken by the NUG, a government that is recognized by …

A district court in Beijing has rejected monetary compensation in a Bitcoin (BTC) mining contract plea against a blockchain company. The Chaoyang District People’s Court on Wednesday deemed the Bitcoin mining contract between the plaintiff and the blockchain firm “invalid,” the South China Morning Post reported on Dec. 16. The plaintiff in the case reportedly paid 10 million yuan ($1.6 million) to the blockchain firm for deployment of mining machines, but incurred losses on his investment. The Beiijng based plaintiff claimed he earned only 18.5 Bitcoin on his investment and demanded an additional 217.17 BTC in compensation for his losses. …

Myanmar’s shadow government, the National Unity Government (NUG), led by the supporters of jailed leader Aung San Suu Kyi, has declared U.S. dollar-based stablecoin Tether (USDT) as an official currency for local use. As per a report published in Bloomberg, the NUG will accept Tether for its ongoing fundraising campaign seeking to topple the current military regime in Myanmar. The shadow government also raised $9.5 million through the sale of “Spring Revolution Special Treasury Bonds” offered to the Myanmar diaspora across the world. The group aims to raise $1 billion through the sale of NUG-issued bonds. The NUG Ministry of …

Binance, the world’s largest crypto exchange by trading volume, is reportedly in talks with Indonesia’s richest family, the Hartonos, to open a crypto exchange. As per a report published in Bloomberg, Binance Holdings Ltd. is looking to finalize a crypto venture with billionaire siblings Budi and Michael Hartonos-controlled PT Bank Central Asia (BCA), and Indonesia’s largest state-owned telecom firm PT Telkom Indonesia. The report also claimed that the BCA may enter into the partnership using a separate business entity and the terms of the partnership could vary at the time of finalization. If finalized, it would be the second crypto …

The Confederation of Indian Industries (CII), a non-government trade association and advocacy group, has proposed to treat cryptocurrencies as securities of a special class. The trade association released a report titled “Cryptocurrencies, Crypto Tokens/Assets & Regulations: The Way Forward” where it advocates for regulating the crypto market instead of outlawing it, reported Business Line. The report highlighted substantial technological innovation that the core technology of blockchain can bring in the payment and remittance sector. The report proposes to formulate new regulations around the nascent crypto market instead of regulating them under existing securities law. “A new set of regulations appropriate …