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  • South Korea Faces Backlash over Planned 22 Percent Crypto Tax Rollout

    South Korea Faces Backlash over Planned 22 Percent Crypto Tax Rollout

    South Korea will enforce a 22 percent tax on annual cryptocurrency gains over 2.5 million won on Jan. 1. Retail traders across the country are pushing back hard.

    The policy targets earnings from trading and lending digital assets across domestic platforms serving an estimated 14 million registered users. Backlash intensified after the government scrapped a planned financial investment income tax on domestic equities. Retail investors argue the disparity unfairly penalises digital asset holders.

    Tax structure and revenue estimates

    Tax officials convened a closed-door expert panel to settle implementation rules. Yet questions remain. Traders and platforms want to know how the National Tax Service will assess earnings from staking yields and token airdrops.

    Parliamentary filings project annual tax revenue from digital assets between 400 billion won and 600 billion won. A prolonged market slump could drop that intake to 200 billion won. That lower sum represents less than half the corporate tax paid last year by Dunamu, the operator of South Korea’s largest digital asset exchange, Upbit.

    Local crypto trading volumes frequently rival main-board equity turnover in South Korea, one of the world’s most active retail markets. Regional rivals take a different path. Singapore and Hong Kong leave retail capital gains untaxed to attract capital, while Seoul pulls digital assets into its standard income tax net.

    Legislative push to delay rollout

    Political resistance is building ahead of the 2028 general elections. If the law takes effect in January, taxpayers will file their first returns in May 2028. That deadline falls just one month after voters cast ballots in the 23rd parliamentary elections.

    Opposition People Power Party lawmakers are moving to postpone the start date. Representative Jung Sung-kook introduced a bill on Aug. 10 to delay implementation by three years to Jan. 1, 2030. Representative Kim Sang-hoon is drafting a separate proposal for a two-year extension.

    Voters are also acting directly. A public petition on the National Assembly platform gathered more than 10,000 signatures within a week of its Aug. 21 launch. If the petition hits 50,000 verified signatures by Sept. 20, the parliamentary committee must open formal deliberations on whether to defer the start date.

  • Cryptex Allocates 4.88 Percent XRP Weighting in US Digital Asset ETF Filing

    Cryptex Allocates 4.88 Percent XRP Weighting in US Digital Asset ETF Filing

    Cryptex Finance assigned a 4.88 percent weighting to XRP in an amended registration statement submitted to the US Securities and Exchange Commission for its proposed Digital Market Cap ETF. The fund, set to list under the ticker BAGZ, tracks a diversified digital asset index where XRP held a 4.36 percent baseline weight before eligibility screens.

    The filing includes language suggesting Ripple could retain higher quantities of XRP from its monthly escrow distributions if federal rules become clearer, directing those tokens toward liquidity for stablecoin and foreign exchange trading pairs. That language appeared without an attributed source or direct confirmation from Ripple representatives, drawing scrutiny from institutional market watchers and legal analysts who follow cross-border digital payment infrastructure.

    Escrow releases and market liquidity

    Ripple locked 55 billion XRP into 55 monthly escrow contracts of 1 billion tokens each to ensure predictable distribution. Under current ledger mechanics, the company cannot unlock tokens ahead of schedule, but it regularly decides how much of each released tranche returns to new escrow contracts. Historically, Ripple returns between 60 percent and 80 percent of each monthly 1-billion token release, keeping the remainder for operational reserves and institutional sales.

    Retaining a higher portion of monthly releases would expand secondary market circulating supply for cross-border liquidity rails. For digital asset fund managers and trading desks operating between Asia and North America, any shifts in circulating XRP balances directly alter transaction depth on major exchange corridors.

    Regulatory timeline for the CLARITY Act

    Cryptex tied its liquidity assumptions to legislative momentum around the CLARITY Act, a federal measure designed to provide an explicit regulatory framework for digital asset markets in the United States. The Senate Banking Committee cleared the bill in May on a 15-9 vote.

    Procedural action on the bill heads to the Senate floor in September, where broader legislative debate will determine whether digital asset issuers gain the regulatory protections required to restructure their asset distribution models.

  • Bitcoin Leads Crypto Recovery with 1.55 Trillion Dollar Market Cap

    Bitcoin Leads Crypto Recovery with 1.55 Trillion Dollar Market Cap

    Bitcoin rebounded to 77,676 dollars following a 22 per cent rally over 14 days, outpacing Ethereum and XRP in market resilience despite prolonged sector-wide corrections throughout 2026.

    The two-week market surge followed an announcement by the US Treasury that it would double long-end bond buybacks, forcing traders to liquidate roughly 3.3 billion dollars in short positions across crypto derivatives. Ethereum climbed 29 per cent to 2,440 dollars during the same window, while XRP advanced 33 per cent to 1.38 dollars.

    Institutional Inflows Support Spot Valuations

    Institutional demand continues to anchor Bitcoin trading volumes. US spot Bitcoin exchange-traded funds recorded 242.24 million dollars in net inflows on August 27, extending an uninterrupted nine-day buying streak. Corporate buyers including Strategy and sovereign holders such as El Salvador expanded their balance sheet holdings, constraining circulating liquidity across primary exchanges.

    Ethereum relies on structural supply limits rather than spot ETF velocity. Network validators have staked nearly 47 per cent of total circulating Ethereum, locking up volume as institutional asset managers test tokenized bonds and equities on the network.

    XRP recorded 155.98 million dollars in net inflows across spot funds over a three-week period without a single day of net redemptions. The token’s circulating supply stands near 62 billion coins, giving it an 86 billion dollar market cap compared to Ethereum’s 294 billion dollars and Bitcoin’s 1.55 trillion dollars.

    Legislative Filings and Price Resistance

    Regulatory decisions in Washington now dictate secondary market pricing for alternative tokens. The US Senate faces a cloture vote on the CLARITY Act on September 15, which aims to formally classify XRP as a digital commodity under federal law.

    For digital asset treasuries across Asia and global trading desks, Bitcoin remains the primary defensive allocation during macro tightening cycles. While high-beta assets like XRP gain faster during sharp liquidity squeezes, Bitcoin holds nearest to its prior peak, trading 38 per cent below its October 2025 high of 126,198 dollars compared to a 64 per cent deficit for XRP.

    Traders now track the September 15 Senate vote alongside daily US spot ETF subscription data to gauge whether institutional accumulation can sustain current price floors.

  • Bitcoin Tests $80,000 Level as IREN Beats Sales Targets

    Bitcoin Tests $80,000 Level as IREN Beats Sales Targets

    Bitcoin traded near $80,000 on Thursday as institutional demand and momentum buying pushed the cryptocurrency to fresh highs.

    The rally lifted digital asset equities across global markets, led by data center operator IREN, which topped consensus revenue projections in its latest financial reporting.

    Mining revenue and market momentum

    Data center operator IREN reported sales above analyst estimates, driven by expanded power capacity and improved fleet efficiency across its facilities. Higher realized prices per coin lifted margins across commercial mining operations, offsetting rising global network difficulty.

    Trading desks across Singapore and Hong Kong reported steady buy orders from institutional funds throughout the session. Liquidations of short positions accelerated the advance once the asset broke past key resistance levels.

    Institutional demand in Asian trading hours

    Regional crypto exchanges recorded elevated turnover during Asian morning hours, tracking sustained inflows into exchange-traded spot products. The upward momentum created strong tailwinds for hardware suppliers, hosting providers, and infrastructure businesses linked to digital asset networks.

    Trading volume across major regional venues remains concentrated on spot books, with institutional desks watching whether capital sustains above the $80,000 mark through the weekly close.

  • US SEC Regulation Signals Greater Clarity for Crypto Assets

    US SEC Regulation Signals Greater Clarity for Crypto Assets

    The United States Securities and Exchange Commission (SEC) has introduced a new regulatory framework for digital assets, aiming to provide clearer guidelines for the classification and trading of cryptocurrencies. This move is expected to bring substantial clarity to a sector previously marked by regulatory uncertainty, particularly concerning tokens like XRP.

    Legal experts, including those from Skadden, Arps, Slate, Meagher & Flom LLP, view this regulation as a significant step forward in establishing a more structured environment for the crypto market. The framework addresses key areas such as asset categorisation, disclosure requirements, and market integrity, which could help institutional investors and businesses better navigate the digital finance landscape.

    Implications for Digital Asset Markets

    The new SEC regulation is anticipated to impact how digital assets are treated by financial institutions and technology firms. By defining clearer rules, the framework could foster greater investor confidence and potentially encourage broader adoption of cryptocurrencies within established financial systems. This clarity is particularly relevant for tokens that have faced scrutiny over their classification as securities, offering a pathway for compliance and legitimate operation.

    For retailers and consumer brands exploring blockchain and digital payment solutions, regulatory clarity from a major market like the US can set precedents. Asia-Pacific countries are also developing their own frameworks, and global harmonisation, even if gradual, could simplify cross-border digital transactions and the use of cryptocurrencies in retail.

    Global Regulatory Ripple Effects

    While this regulation originates from the US, its implications could extend internationally, influencing how other jurisdictions approach digital asset oversight. As major economies establish robust frameworks, there is a growing potential for a more standardised global approach to crypto regulation. This development could reduce fragmentation and facilitate international trade and investment involving digital assets, including their use in supply chains and consumer loyalty programmes.

    Several Asian markets, including Singapore, Hong Kong, and Japan, have been proactive in developing their own digital asset regulations. The SEC’s move provides another data point for these regions as they refine their policies, potentially accelerating the mainstream integration of cryptocurrencies and blockchain technology into various business sectors across Asia-Pacific.

  • Bangladesh Closes 20,000 Mobile Accounts in Digital Lending and Crypto Crackdown

    Bangladesh Closes 20,000 Mobile Accounts in Digital Lending and Crypto Crackdown

    Bangladesh financial regulators shut down more than 20,000 mobile financial service accounts last month in an expanding crackdown on predatory lending apps, illegal gambling, and unauthorized cryptocurrency trading.

    The enforcement targets unlicensed operators that use local digital payment rails to harvest consumer data, charge interest rates reaching 800 percent, and move illicit funds across borders.

    Harvesting Data and Escalating Interest

    Fraudulent operators run mobile applications under names such as FinCash, Money, PopKash, CashNow, Drutoloan, Fast Loan, Shathi Loan, and Quickloan. During installation, these apps gain access to contact lists, photographs, and private videos stored on borrowers’ devices. Borrowers who miss payment deadlines or contest inflated rates face harassment and extortion threats to leak their personal media to family and employers.

    Scammers also deploy social media pages to advertise microloans carrying sub-market interest rates as low as 5 percent. Victims pay upfront fees and security deposits amounting to Tk 100,000 before administrators sever all contact. Bangladesh Bank confirmed that none of these digital lending applications hold operational licenses in the country.

    Arief Hossain Khan, executive director and spokesperson for Bangladesh Bank, said the central bank’s Payment Systems Department regularly inspects payment service providers and mobile operators. While operators actively track suspicious transactions, screening every single retail transfer remains a structural operational challenge.

    Unlicensed Crypto and Stricter Gambling Penalties

    Central bank investigators also identified unlicensed virtual asset platforms operating inside Bangladesh. A recent central bank inspection revealed that UAE-based platform Fasset, established in 2019 and licensed by Dubai’s Virtual Assets Regulatory Authority, operates locally without authorization. The platform permits domestic users to buy Tether using local bank accounts and mobile wallets on its peer-to-peer marketplace, allowing capital conversion into Bitcoin and Ethereum.

    To curb digital capital flight, the government enacted the Gambling Prevention Act, replacing the colonial-era Public Gambling Act of 1867. The revised statute criminalizes digital casino betting, fantasy sports, and virtual wagering conducted through mobile applications, servers, and digital wallets. Violators face prison sentences ranging from two to seven years and fines between Tk 2 lakh and Tk 5 crore.

    Across Southeast Asia and South Asia, central banks face an identical problem: rapid adoption of mobile wallets has lowered the barrier for predatory fintech syndicates operating outside formal banking supervision. For licensed digital lenders and consumer brands, the proliferation of rogue apps threatens retail trust in legitimate mobile commerce channels.

    The Bangladesh Financial Intelligence Unit and Dhaka Metropolitan Police are now reviewing transaction records across remaining mobile money accounts, with further provider audits scheduled throughout the quarter.

  • SEC Regulation Proposal Drives Bitcoin and Ethereum Price Gains

    SEC Regulation Proposal Drives Bitcoin and Ethereum Price Gains

    Bitcoin and Ethereum saw price increases following an announcement from the US Securities and Exchange Commission (SEC) regarding proposed new regulations for crypto assets. The move, aimed at providing a clearer operational framework for the nascent industry, was positively received by the market.

    As of Wednesday, August 19, 2026, Bitcoin opened at $64,681.22, marking a 0.3% increase from the previous day, and climbed to $64,877.66 in early trading. Ethereum also experienced a boost, opening at $1,916.47, up 0.2%, and reaching $1,936.31 during the same period. These gains come as global financial markets, including those in Asia, continue to watch regulatory developments closely for their impact on crypto adoption and stability.

    New Regulatory Framework Unveiled

    The proposed SEC rules outline a framework for crypto companies seeking to raise capital, introducing two exemptions for crypto-related investment contracts. While allowing for flexibility, the regulations mandate certain disclosures from issuers. Larger offerings will be required to provide financial statements and adhere to ongoing reporting standards.

    A key aspect of the proposal is the provision for certain crypto assets to shed their securities classification and related reporting requirements once a project fulfills its core managerial commitments. This could particularly benefit established networks such as Bitcoin and Ethereum, signalling a potential path to greater regulatory clarity and reduced compliance burdens for mature digital assets.

    Market Performance And Tax Implications

    Despite recent gains, both major cryptocurrencies have faced significant headwinds over the past year. Bitcoin’s current price is down 44.4% year-on-year, while Ethereum has fallen 55.6% over the same period. One week ago, Bitcoin was up 1.8%, and Ethereum rose 1.9%. Over the last month, Bitcoin experienced a slight dip of 0.2%, whereas Ethereum saw a 3% increase.

    The US regulatory body also emphasized that profits from cryptocurrency transactions are subject to taxation. This includes sales of digital assets for more than their purchase price, as well as exchanges between different cryptocurrencies. The tax rate depends on the holding period; assets held for less than a year typically incur higher short-term capital gains rates, while longer holding periods benefit from lower long-term rates. This tax clarity, while not new, continues to shape investor behavior and compliance efforts across financial markets, including Asia where similar tax discussions are ongoing in various jurisdictions.

    The all-time high for Bitcoin was $126,198.07 on October 6, 2025. The all-time high for Ethereum was $4,953.73 on August 24, 2025.

  • Trump Urges Congress to Pass Clarity Act for Cryptocurrency Regulation

    Trump Urges Congress to Pass Clarity Act for Cryptocurrency Regulation

    Former US President Donald Trump has urged Congress to pass the Clarity Act, a bipartisan legislative proposal aimed at establishing clear regulatory guidelines for the cryptocurrency sector. Speaking at the White House on Wednesday, August 19, 2026, Trump emphasized the importance of the bill for maintaining America’s leadership in digital asset innovation.

    The President convened crypto industry leaders, including executives from Coinbase, Kraken, and Robinhood, alongside regulators from the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). He lauded the industry’s efforts in fostering commercial markets within the US, stating the Clarity Act would open doors for future innovation and help the country stay ahead of rivals like China.

    This move is particularly pertinent for businesses and investors in Asia who closely monitor global regulatory trends in the digital asset space. The region has seen its own efforts to clarify crypto regulations, with countries like Singapore and Hong Kong actively working on frameworks to attract and govern digital asset businesses.

    Aims of the Clarity Act

    The Digital Asset Market Clarity Act seeks to provide a definitive statutory framework for cryptocurrencies. Its core objective is to end the SEC’s practice of ‘regulation through enforcement’ by clearly defining which digital assets are securities and which are commodities. The bill also incorporates consumer protection measures, allocating approximately $150 million for anti-fraud initiatives and imposing resale restrictions on insiders to curb ‘pump-and-dump’ schemes, where asset prices are artificially inflated before being sold off.

    Currently, the legislation is stalled in the Senate due to partisan disagreements over ethics provisions. It is expected to be reconsidered when the Senate reconvenes on September 15. Coinbase CEO Brian Armstrong expressed strong support for the bill at the event, noting it would ensure the administration’s progress in this sector endures for decades.

    Political Opposition and Conflicts of Interest

    The Clarity Act faces significant opposition from some Democratic lawmakers, who voice concerns about potential presidential conflicts of interest. Senator Elizabeth Warren, D-Mass., criticized the bill, highlighting Trump’s substantial earnings from cryptocurrency ventures. She argued the legislation does not adequately protect investors or the financial system.

    In June, the President disclosed nearly $1.2 billion in income from his crypto businesses in 2025, including $526 million from World Liberty Financial, a venture he co-founded, and over $600 million from CIC Digital LLC, which sells souvenir ‘meme’ coins. These earnings have prompted criticism, with former Trump White House special counsel Ty Cobb suggesting the President’s involvement in these ventures, coupled with policy creation that benefits himself and his family, raises legal and ethical questions.

    Despite political hurdles, the SEC proposed a new Crypto Assets Rule on Tuesday that aims to facilitate capital raising for crypto entrepreneurs in the US. SEC Chairman Paul Atkins affirmed the agency’s support for the Clarity Act, viewing it as a critical step. Similarly, the CFTC is set to hold its first innovation advisory committee meeting on Thursday to discuss its regulatory plans, with Chairman Michael Selig underscoring that clear rules foster confidence, attract investment, and create jobs.

  • Coinbase Survey Reveals: Over 60% Singaporeans Own Cryptocurrency – A Deep Dive into Their Investment Trends

    Coinbase Survey Reveals: Over 60% Singaporeans Own Cryptocurrency – A Deep Dive into Their Investment Trends

    Cryptocurrencies have gained significant traction in Singapore, with the majority of its citizens having some level of interaction with the digital asset, as revealed by a recent survey.

    Singaporean Interest in Cryptocurrencies

    A substantial portion of Singaporeans, amounting to 61 percent, are in possession of some form of cryptocurrency, according to recently published survey data. Unsurprisingly, the predominant demographic among these investors are individuals aged 18 to 34 years, who make up 70 percent of the group. Of these, about 68 percent are male.

    Investment Approach: HODL vs Trading

    The study also revealed the investment habits of cryptocurrency owners. The majority, 58 percent, were found to be long-term investors, a strategy commonly referred to as HODL or “hold on for dear life”. On the other hand, 22 percent were classified as occasional traders, with another 20 percent identified as active traders. Remarkably, 42 percent of the survey participants had been investing in cryptocurrencies for over two years.

    The investment allocation was also explored in the study, with 74 percent of respondents stating that 10 percent or less of their portfolios was invested in digital assets. These portfolios typically contained an average of three different types of cryptocurrency. The median portfolio size ranged within S$3,000 ($2,300) to S$5,000.

    Cryptocurrency Price Predictions

    Looking ahead, 25 percent of the respondents anticipate the price of Bitcoin to reach between $100,000 and $150,000 within the next year. Meanwhile, 15 percent predict a rise above $150,000. However, the majority hold a more conservative prediction, expecting the value to fall within the $50,000 to $100,000 bracket. Only 18 percent of the respondents foresee Bitcoin dropping below $50,000. The price of Bitcoin at the time of the survey’s publication was approximately $86,000.

    The data for this report was collected from a pool of 3,513 active retail investors and other interested individuals in Singapore. The survey was conducted between August 15 and August 19 of the current year.

    Questions & Answers

    What percentage of Singaporeans own cryptocurrency?
    According to a recent survey, 61 percent of Singaporeans own some form of cryptocurrency.

    What is the average investment allocation to cryptocurrencies in Singapore?
    The survey found that 74 percent of investors have allocated 10% or less of their portfolios to cryptocurrency holdings.

    What are the future price expectations for Bitcoin among Singaporean investors?
    Within the next year, 25 percent of the respondents expect Bitcoin’s price to reach $100,000 to $150,000, 15 percent predict a rise above $150,000, and the majority forecast a value between $50,000 and $100,000.

  • Singapore ranks first globally in crypto adoption

    Singapore ranks first globally in crypto adoption

    Singapore has secured the top spot globally in crypto adoption this year, thanks to high scores in technology and regulatory environment, according to a recent study.

    The country scores 9.5 over 10 in innovation and technology, 9.1 in economic factors, and 8.3 in regulatory environment, according to the Henley Crypto Adoption Index 2024 by British investment migration consultancy Henley and Partners.

    Three other parameters that the company used to rank the level of crypto-friendliness among countries and territories were infrastructure adoption, public adoption and tax-friendliness.

    Hong Kong (China) came second with the highest score in economic factors, 9.8.

    It was followed by the United Arab Emirates, the U.S. and the U.K.

    Henly said that it studied crypto-friendly countries that host investment migration programs, based on their adoption and integration of cryptocurrencies and blockchain.

    Its index provides crypto investors with a comprehensive overview of the extent to which these countries are embracing this emerging technology.

    In another study, Henley found that the number of individuals holding more than US$1 million in cryptocurrency assets worldwide has doubled over the past year, reaching 172,300 as of June-end.

    There are now 28 crypto billionaires in the world, it added.

    In another report released earlier this year, crypto payment firm Triple-A said that Singapore boasts one of the highest crypto ownership rates globally.

    Around 24.4% of its population own crypto assets, compared to the global average of 6.8%.

    Bitcoin, the leading crypto, surged to a new peak of over $73,000 in March and is now hovering around $59,000.

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  • Bitcoin Disciples on the Road to Freedom

    Bitcoin Disciples on the Road to Freedom

    Julian Assange is a free man after 12 years of embassy asylum and prison. To some, he is a hero and martyr fighting for democracy and press freedom; to others, he is a dangerous traitor. His story, and that of the Wikileaks platform, is closely intertwined with Bitcoin.

    Wikileaks founder Julian Assange has pleaded guilty to one charge in a U.S. court on the island of Saipan in the Northern Mariana Islands, a U.S. overseas territory. Now he is a free man and has since arrived in his homeland of Australia.

    The story of Assange and Wikileaks is closely linked to the cryptocurrency Bitcoin. In 2010, Assange released a flood of military documents through the platform, which had been provided to him by analyst Bradley Edward Manning (now Chelsea Manning). These documents revealed numerous human rights violations by the U.S. Army in Iraq and Afghanistan, sparking a storm of sanctions, including financial ones.

    By 2013, all of Assange’s accounts and credit cards were frozen. The rescue came in the form of Bitcoin. Only through the cryptocurrency was the whistleblower platform able to continue operating.

    Along with the media storm that ensued, Bitcoin was reported on for the first time outside of geek media. Just months later, the figure of Satoshi Nakamoto, who is considered the inventor of the cryptocurrency, disappeared without a trace.

    To this day, it is not definitively clear who or how many people are behind the name. «It would have been nice to get this attention in another context,» reads one of Nakamoto’s last posts. WikiLeaks has kicked the hornet’s nest, and the swarm is headed towards us.

    Assange was also an early fan of Bitcoin. He saw a connection between the artificial currency and his ideology that civil society must organize itself outside and apart from existing structures. Bitcoin is a revolution, he wrote in 2011. Cryptocurrency is the «true Occupy Wall Street» and one of the most interesting developments on the internet.

    From then on, Wikileaks preferred to collect donations in Bitcoin. These played a significant role in the years-long tug-of-war over Assange’s fate. According to a report , Wikileaks benefited from the strong increase in Bitcoin value in recent years.

    For his chartered flight journey, which will take him from London via a stopover in Bangkok and Saipan to his homeland of Australia, Assange will owe the Australian government 520,000 dollars, his wife Stella Assange said on social media. A crowdfunding platform has been set up for that goal.

  • Three of the Biggest Asian Cryptocurrency Projects

    Three of the Biggest Asian Cryptocurrency Projects

    As we’re sure you’ve seen, cryptocurrencies and blockchain technology have become very popular over the past decade, gaining ground in all markets, including Asia. It is for this reason that numerous exciting cryptocurrency and blockchain projects are currently being developed in Asia, having the ability to have a significant impact on a variety of industries.

    Here, we’ll show you three of the most exciting cryptocurrency projects to have come out of Asia in recent years. If these have inspired you and you’re looking to get ahead of the curve when it comes to presales for the next best Asian cryptocurrencies, you can read more here.

    1. NEO

    In case you’re unaware, NEO is a blockchain platform developed in China and was launched in 2014, although it is sometimes known as Antshares, which is its old name. Referred to as the “Chinese Ethereum” by many because of how similar they are, NEO was the first large-scale blockchain project to be released in China. With a proof-of-stake consensus mechanism and the ability to support smart contracts, NEO clearly has a lot of potential and should be watched with interest.

    Despite China not having a free market, as we can see in the West, NEO is interesting to investors because it was a strong focus on enterprise adoption. The NEO technology is still being developed, but it already has numerous partnerships with major Chinese businesses. China appears keen to get ahead of the blockchain curve, with attitudes towards cryptocurrencies seeming to soften in Beijing.

    As of June 2023, NEO has a market capitalisation of over $615 billion and a price of around $8.70 per coin.

    2. VeChain

    Like NEO, VeChain is an Asian blockchain project. It was founded in Singapore way back in 2015 and has a strong focus on supply chain and product management, using RFID technology to make the supply chain process more transparent and accountable.

    Unlike many projects that are yet to demonstrate real-world value, no matter how interesting, VeChain has a number of real-world applications that have value. As it stands, VeChain is currently being used by a number of luxury brands to track the authenticity of their products.

    As of June 2023, VeChain has a market capitalisation of over $1.39 billion and a price of around $0.019 per coin.

    3. Conflux

    The newest inclusion on our list, Conflux is another Chinese blockchain project that was launched in 2018, focussing on decentralised applications with high-performance capabilities. Like NEO, Conflux uses a proof-of-stake consensus mechanism, while it also supports smart contracts.

    Having a focus on decentralised applications (dApps), it has a number of key features, including a low transaction cost and the ability to process numerous requests simultaneously. Despite being a high-performance project, it also uses sustainable technology and is energy efficient.

    As of June 2023, Conflux has a market capitalisation of over $612 million and a price of around $0.2 per coin.

    What Does the Future Hold?

    Countless cryptocurrency and blockchain projects are of great interest, with many being developed in Asia. The future for projects coming out of Asia looks bright, with China positioning itself to be a key player in the digital currency market. There’s no way we can predict how the market might move in the future, but by doing your research and watching the market, you’ll always stand a better chance of getting the results you want.

     

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  • Vietnam cryptocurrency miners install more rigs as Bitcoin climbs

    Vietnam cryptocurrency miners install more rigs as Bitcoin climbs

    Cryptocurrency prices have surged this month, prompting Vietnamese to install mining rigs although it’s not yet a lucrative trade.

    The price of Bitcoin increased from $18,000 to $21,000 on Jan. 14 and has moved sideways since then. The prices of many other cryptocurrencies, including ETC, Aleo, Kat, and ERG have also risen this month.

    Thien Binh, a seller of cryptocurrency mining rigs in Vietnam, said that people had bought many second-hand Asic rigs to mine Doge over the past week.

    On average, an old Asic Baikal G28 model costs VND13 million ($550.8), one-third the cost of a new machine. If the current Doge price of $0.08 remains unchanged for months, miners will break even after 9-10 months.

    A veteran miner said: “We are buying more rigs because mining is still easy now. We will eventually make profits if the Bitcoin price maintains its current level ($21,000).”

    Binh Minh, who owns many rigs in the southern province of Dong Nai, said some people have heavily invested in installing big networks of rigs to mine ETC and Bitcoin.

    Some miners are depositing their rigs at solar farms to cut down electricity costs and increase profits. Most miners use grid electricity.

    According to Hoang Quan, the administrator of a cryptocurrency mining community with nearly 70,000 members, mining is not lucrative at the moment, thanks to the current price of electricity and cryptocurrencies. But he said the recent increase in cryptocurrency prices is still good news ahead of the Tet holiday (Lunar New Year), which falls in late January.

    Some experienced miners said that although the Bitcoin price is rising, the cryptocurrency market is inherently unpredictable, and miners may face more difficulties in the coming time.

    Vietnam had the second highest rate of cryptocurrency use among 74 economies surveyed in 2021, according to market data provider Statista.

    However, cryptocurrency has not been recognized as legitimate currency in Vietnam. Its central bank has warned that owning, trading and using cryptocurrency is risky and comes with no legal protection.

  • FTX Debacle Promts Revolut to Delay its Cryptocurrency Launch

    FTX Debacle Promts Revolut to Delay its Cryptocurrency Launch

    Revolut is delaying its entry into cryptocurrencies, postponing the launch of its RevCoin in the wake of the collapse of the FTX exchange.

    Switzerland’s most popular neobank, Revolut, is holding back on its planned entry into minting its cryptocurrency.

    We are scoping the market conditions and assessing the best time to launch RevCoin in the coming months, a spokesman for the UK’s most valuable fintech told the news outlet. Revolut initially planned to launch RevCoin towards the end of last year, but management opted for a delay as FTX imploded in November.

    The project was confirmed in an interview CEO Nik Storonsky conducted with The Block in May of last year. RevCoin will run on Ethereum and work similarly to airline mileage incentive programs, with users earning rewards on how frequently they use the service.

    Storonsky is an ex-Credit Suisse derivatives trader who founded Revolut in 2014. He is worth $7.1 billion, according to Forbes.

    In Switzerland, the neobanks services are available via Credit Suisse.

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  • Bitcoin Suisse Partners With Lukka

    Bitcoin Suisse Partners With Lukka

    The Swiss crypto services provider will use the US crypto data specialist’s enterprise software to manage transaction data.

    Swiss crypto Bitcoin Suisse is partnering with US crypto software and data specialist Lukka to support its middle and back office operations and further improve its systems. Lukka’s data and software are designed specifically for crypto and blockchain data, providing Bitcoin Suisse and its institutional client’s wide-ranging asset coverage and flexible reporting, according to a media release Thursday.

    Bitcoin Suisse is focusing on institutional grading for its professional private and institutional clients to be at the forefront of the growing demand in this client segment, said CEO Dirk Klee. He added, this marks the beginning of an integrated technology partnership that strengthens institutional- crypto asset support in Switzerland’s Crypto Valley.

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