When most people hear about buying Bitcoin (BTC) or other cryptocurrencies, they immediately think of the largest exchanges, most of which are located in Asia. Today, countries such as China and South Korea have become epicenters of blockchain innovation. However, in many countries, it’s still unclear whether cryptocurrencies are allowed, and if they are, what their status is. So, here’s how the regulation of the cryptocurrency market in Asia is shaping up and what should be expected from governments in the near future. China goes digital with the yuan Today, China is home to many cryptocurrency projects and exchanges, and …
China Construction Bank, the world’s second-largest bank by assets, is cooperating with Malaysian and Singaporean partners to test blockchain technology for use in the bond market. As previously reported, China Construction Bank’s branch in Labuan, Malaysia, had initially pursued a partnership with a Labuan-based fintech firm to issue what was hailed as prospectively the first-ever blockchain-based digital security to be issued by a Chinese financial institution. CCB Labuan’s plan had been to use the Ethereum blockchain to issue bonds and raise up to $3 billion in total, starting with a tranche of $58 million, from both individuals and institutions. Within …
A Singaporean banking branch of CIMB Group, one of the largest Asian investment banks, has completed its first blockchain-based trade financing transaction. The transaction was processed using a blockchain and Internet of Things (IoT) platform developed by local trade financing firm iTrust Trading, Yahoo Singapore reports Oct. 17. By applying iTrust’s blockchain-based IoT, CIMB intends to minimize the risks associated with commodity trade financing and facilitate credit extension for its customers by gaining access to real-time monitoring of the cargo data in transit and in the warehouse. The technology reportedly provides all stakeholders with secured accessibility and data integrity of …
Huobi Group is jointly developing a new public blockchain for decentralized financial (DeFi) services, according to a press release on July 1. Major global digital asset financial service provider Huobi has partnered with Chinese blockchain startup Nervos enabling companies to deploy their own blockchains, tokenized assets, as well as DeFi services, according to the announcement. The joint initiative, provisionally called “Huobi Finance Chain,” is targeting enterprises, financial institutions, as well as exchanges, and is set to operate as a regulatory-compliant financial blockchain network. Specifically, Huobi is planning to enable regulators to access the network and contribute to it as validators. …
Bitcoin captured global curiosity when its’ value skyrocketed in 2017. Yet, financial institutions have been slow to add operational value to the crypto market. The common denominator among places where governments and banks have restrained digital markets is the lack of transparency and control they have in exchanges. Many research initiatives launched by global fintech leaders remain in developmental stages, while government officials and financial actors grapple with the learning curve of the new technology. The two biggest crypto concerns of global banks are debt liability from customers who have no protection from market volatility; and security risks associated with …