There’s no denying that the Indian government shares a contentious relationship with cryptocurrencies, as was made clear recently when the government indicated that it plans on banning all private cryptocurrencies — a list that could potentially include just about every digital asset in the market today — after it had previously lifted all such restrictions back in 2019. To elaborate, it is expected that as the government reconvenes for its Winter Session, it will discuss the Cryptocurrency and Regulation of Official Digital Currency Bill 2021, which as the name suggests, seeks to create a legislative framework wherein all private cryptocurrencies …

Blockchain innovation is surging throughout Southeast Asia, as the region is home to a number of fintech firms and global crypto companies. In particular, Singapore has become one of the world’s most crypto-friendly countries. This was recently highlighted in a report conducted by crypto exchange Gemini, which found that 67% of 4,348 respondents currently own crypto. The report further noted that Ether (ETH) is the most popular cryptocurrency in the region, with 78% of surveyors claiming to own the digital asset. Interestingly enough, the Ethereum blockchain may also be the network of choice for financial institutions based in Southeast Asia. …

Leading blockchain analytics firm Chainalysis is opening its first Australian office in Canberra, coinciding with the news it has partnered with the Commonwealth Bank on its plans to offer crypto trading to 6.5 million app users. Chainalysis, which was valued at US$4.2 billion at its Series E funding round in June, is a blockchain data research platform founded by Jonathan Levin and Michael Gronager in 2014. According to the company’s 2021 Geography of Cryptocurrency report, Southern Asia and Oceania are the fourth-largest crypto market in the world, accounting for $572.5 billion or 14% of all cryptocurrency value transacted between July …

The Laos government’s pilot project to explore cryptocurrency mining and trading is expected to bring in roughly $194 million towards the country’s total domestic revenue projected for 2022. According to a Nov. 2 report from Malaysian news outlet The Star, the Laotian government’s recent bid to capitalize on China’s crypto mining crackdown may be netting the country 2 trillion kip — roughly $194 million at the time of publication — in revenue from six firms. The companies in the public-private mining pilot program officials approved in September include Wap Data Technology Laos, Phongsubthavy Road and Bridge Construction, Sisaket Construction Company …

Amid the ongoing nonfungible tokens (NFT) boom, people in Asia-Pacific (APAC) countries appear to be the most curious about NFTs, according to Google Trends data. Google Trends data shows that China, Singapore and Hong Kong are the three top countries in the world in terms of the number of “NFT” searches on Google over the past year. According to the data, China has posted the highest number of such searches, with the Google search index amounting to 100 points. Singapore and Hong Kong follow with 67 and 62 points, respectively. Other major “NFT”-searching countries include Venezuela, Philippines, Cyprus, Canada, New …

Hong Kong, one of the most significant and leading financial centers in the world, has played a large role in the development of cryptocurrencies. For instance, the Chinese territory has birthed some of the most established and successful crypto companies to date including the crypto derivatives exchange FTX, along with the digital asset platform Crypto.com. Yet, as trillions of dollars are traded regularly through crypto exchanges founded in Hong Kong, the “Vertical City” also contains an abundance of physical over-the-counter crypto shops as well. Henri Arslanian, PwC crypto lead and former chairman of the Fintech Association of Hong Kong, told …

The rapid growth of mainstream attention toward cryptocurrencies has forced the hands of numerous governments to create their digital alternatives. Over the past few years, interest from various jurisdictions has been pointed towards central bank digital currencies (CBDCs) — digital versions of government-issued fiat. Given their capacity to use blockchain technology to facilitate a simplified fiscal policy — not to mention calibrate privacy features and even provide cross-border banking services to the unbanked — CBDCs continue to gain even more attention from various governments worldwide. Already, surveys show more than 80% of central banks are researching CBDCs, with some working …

Sri Lanka joins the global crypto adoption drive after setting up a committee for exploring and implementing blockchain and crypto mining technologies. A letter shared on Oct. 8 by Sri Lanka’s director general of government information, Mohan Samaranayake, shows that the authorities have approved a recent proposal that aims to attract investments in the country’s blockchain and cryptocurrency initiatives. According to Samaranayake, the Sri Lankan authorities have identified the need to develop “an integrated system of digital banking, blockchain and cryptocurrency mining technology” as a means to stay on par with global partners and international markets. He added: “This committee …

Emerging markets across Central and Southern Asia have registered a dramatic uptick in cryptocurrency transactions, highlighting a diverse range of motivations among locals for gaining exposure to digital assets such as Bitcoin (BTC) and Ether (ETH). New research from blockchain analytics firm Chainalysis finds that crypto transactions surged 706% in Central and Southern Asia and Oceania — a broad region that includes countries such as India, Pakistan and Vietnam — between July 2020 and June 2021. In dollar terms, the value of the transactions amounted to $572.5 billion, or 14% of the global transaction value. Institutional and large payments accounted …

Last week, China’s heavy-handed crackdown on crypto trading briefly sent shockwaves across the market as Bitcoin (BTC) and altcoin prices saw a sharp drop following the announcement, but as is the case with all things crypto-related, the market bounced back as resilient traders found other ways to participate in the market. Part of China’s goal in limiting citizens' ability to trade cryptocurrency seems focused on discouraging the use of cryptocurrencies and the growing decentralized finance (DeFi) ecosystem, but these maneuvers appear to be having the opposite effect, as the token price and protocol activity for projects like Uniswap and dYdX …

Digital asset manager Cobo has raised $40 million to advance institutional pathways to decentralized finance products, offering compelling evidence that more Asia-Pacific investors are seeking secure access to the DeFi market. The Series B financing will be used by Cobo to develop the first DeFi-as-a-service, or DaaS, infrastructure, which allows institutions and their customers to access decentralized finance products in a compliant manner, the company announced Wednesday. Specifically, the capital will be deployed to acquire regulatory licenses and ensure that anti-money laundering guidelines are followed on all products. Cobo further explained that DaaS gives institutions more secure exposure to DeFi …

The Royal Monetary Authority of Bhutan is partnering with Ripple to pilot a central bank digital currency (CBDC) in the mountainous kingdom. In a Wednesday announcement, Ripple Labs said Bhutan’s central bank would be taking advantage of the company’s private ledger to issue and manage a digital ngultrum. According to Ripple, the move was motivated by the Royal Monetary Authority’s (RMA) effort to improve cross-border payments, expand financial inclusion for its residents, and “extend its commitment to sustainability as the only carbon-negative country in the world.” With a population of roughly 800,000, Bhutan’s gross domestic product amounted to $2.5 billion …