https://www.scmp.com/rss/510174/feed Forkast.News is a digital media platform headquartered in Hong Kong. It was founded in 2018 by former Bloomberg News anchor Angie Lau. The agency focuses on blockchain, cryptocurrency and emerging technologies in the Asia-Pacific region. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Forkast.News Forkast.News According to RBI Remittance Survey 2021, India’s 30-per cent expat population in the United Arab Emirates (UAE) account for 18 per cent of the US$110 billion global remittance inflow to India. The financial ties between the two countries stretch beyond remittances, now encompassing the realm of Web3, an evolving iteration of the internet based on blockchain technology. Trade between India and the UAE surged to US$85 billion last year, and both countries are exploring interoperability between... https://www.scmp.com/business/banking-finance/article/3247615/silicon-valley-sand-dunes-why-indian-cryptocurrency-firms-are-eying-dubai-growth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3247615/silicon-valley-sand-dunes-why-indian-cryptocurrency-firms-are-eying-dubai-growth?utm_source=rss_feed Mon, 08 Jan 2024 04:00:22 +0000 Forkast.News Forkast.News At the height of summer, when most policymaking grinds to a halt, the UK took a major step forward in its goal of becoming a crypto hub when King Charles III granted the Financial Services and Markets Bill (FSMB) the Royal Assent, formally making the bill an act of law. Tucked within this comprehensive act – which gives regulators more powers over the financial services industry – are provisions for digital assets. The act enables the country’s treasury, the Financial Conduct Authority (FCA) and... https://www.scmp.com/news/world/europe/article/3231814/uk-moves-towards-regulating-crypto-seeks-become-global-hub?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3231814/uk-moves-towards-regulating-crypto-seeks-become-global-hub?utm_source=rss_feed Mon, 21 Aug 2023 10:18:39 +0000 Forkast.News Forkast.News Bitcoin edged up 0.3 per cent in the last 24 hours to US$26,178 as of 07:30am in Hong Kong, logging a weekly loss of 10.7 per cent, according to CoinMarketCap data. The world’s leading cryptocurrency hit a two-month low of US$25,409 on Friday, but held position above the US$26,000 support level over the weekend. A cool-off of bitcoin exchange-traded fund (ETF) hype in the US could be behind the retreat of the token. That is the view of James Butterfill, head of research at European alternative... https://www.scmp.com/business/banking-finance/article/3231783/bitcoin-ether-stabilise-after-last-weeks-nosedive-cool-us-hype-exchange-traded-funds-tied?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3231783/bitcoin-ether-stabilise-after-last-weeks-nosedive-cool-us-hype-exchange-traded-funds-tied?utm_source=rss_feed Mon, 21 Aug 2023 07:24:18 +0000 Forkast.News Forkast.News With Ukraine getting the West’s financial backing after the Russia invasion and Moscow using sales of oil and natural gas to fund its military, the conflict in Ukraine is now well into its second year and shows no sign of slowing as Kyiv launched a counteroffensive this month. But while supplies of items like heavy artillery, fighter jets, and advanced tanks grab headlines, frontline soldiers on both sides often find themselves lacking the small, but often life-saving essentials like body armour... https://www.scmp.com/business/money/article/3230267/first-aid-kits-boots-and-batteries-how-small-significant-cryptocurrency-funds-are-used-global?utm_source=rss_feed https://www.scmp.com/business/money/article/3230267/first-aid-kits-boots-and-batteries-how-small-significant-cryptocurrency-funds-are-used-global?utm_source=rss_feed Mon, 07 Aug 2023 09:37:55 +0000 Forkast.News Forkast.News This is Part 2 of a special two-part series on cryptocurrency developments in Hong Kong and elsewhere in Asia. Part 1 is here. The debate over whether cryptocurrencies are securities or commodities has continued among regulators in the US as it would determine which agency assumes primary oversight of digital assets. And the confusion persists, with chairman of the Commodity Futures Trading Commission (CFTC) Rostin Behnam in March calling the ether token a commodity during a congressional... https://www.scmp.com/business/article/3221660/hong-kong-throws-open-doors-cryptocurrency-even-debate-rages-whether-its-security-or-commodity?utm_source=rss_feed https://www.scmp.com/business/article/3221660/hong-kong-throws-open-doors-cryptocurrency-even-debate-rages-whether-its-security-or-commodity?utm_source=rss_feed Wed, 24 May 2023 08:20:12 +0000 Forkast.News Forkast.News In a special two-part series, Forkast. News examines the potential of Hong Kong and other emerging cryptocurrency hubs in Asia. Hong Kong, which ranks number three among 190 economies for ease of doing business, has been leading the narrative in Asia around the blockchain-based evolution of the internet, or Web3, since the end of last year when the city announced a raft of initiatives to attract digital asset businesses, including cryptocurrency platforms. While those plans include strict... https://www.scmp.com/business/article/3221502/hong-kong-singapore-tokyo-seoul-dubai-race-web3-hub-asia?utm_source=rss_feed https://www.scmp.com/business/article/3221502/hong-kong-singapore-tokyo-seoul-dubai-race-web3-hub-asia?utm_source=rss_feed Tue, 23 May 2023 05:28:41 +0000 The internet has altered the landscape of creativity and intellectual property forever. With the explosion of digital art, music and literature, creatives have been empowered to share work on a level never before seen. As emerging technologies like blockchain-based non-fungible tokens (NFTs) expand further into the digital asset space, artists and other creators need to understand when and how to use these tools to protect and boost their works. In a time when digital content is extremely easy... https://www.scmp.com/tech/tech-trends/article/3214952/how-nfts-can-protect-creators-and-fortify-their-legal-rights?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3214952/how-nfts-can-protect-creators-and-fortify-their-legal-rights?utm_source=rss_feed Mon, 27 Mar 2023 04:00:12 +0000 Non-fungible token (NFT) platforms in China are expanding into Hong Kong to offset compliance risk for an industry that remains in a legal grey area on the mainland. It helps that the city has thrown out a welcome mat for digital asset industries. ShucangCN, an NFT platform that launched in January 2022 in China to quickly become one of the largest players, has set up NFT China Ltd, a decision its chief executive officer said he made after the territory released cryptocurrency-friendly policy... https://www.scmp.com/tech/tech-trends/article/3207842/china-nft-platforms-expand-hong-kong-face-compliance-risks-mainland?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3207842/china-nft-platforms-expand-hong-kong-face-compliance-risks-mainland?utm_source=rss_feed Tue, 24 Jan 2023 06:00:21 +0000 Forkast.News Forkast.News 2022 was a challenging year for blockchain and Web 3.0 as it was plagued by black swan events like the Terra-LUNA crash, the collapse of cryptocurrency exchange FTX and the subsequent fall from grace of its founder Sam-Bankman Fried, who was among the most lauded industry figures just a few months ago. Forkast spoke to cryptocurrency industry experts to reflect on the potential of blockchain technology and discuss blockchain trends for 2023. Traditional companies adopting Web3 could end... https://www.scmp.com/business/article/3204786/forkasts-biggest-blockchain-trends-2023-blockchain-games-nfts-daos-and-bet-web3-will-end?utm_source=rss_feed https://www.scmp.com/business/article/3204786/forkasts-biggest-blockchain-trends-2023-blockchain-games-nfts-daos-and-bet-web3-will-end?utm_source=rss_feed Wed, 28 Dec 2022 14:00:14 +0000 The Chinese sea goddess Mazu is big business in Taiwan and the blockchain could make it even bigger. The Mazu deity, known as a protector of seafarers and worshipped by Chinese communities around the world for centuries, is especially popular in Taiwan. The Dajia Jenn Lann Temple in Taichung city organises an annual 300-kilometer nine-day pilgrimage with a statue of the goddess that draws hundreds of thousands of followers. The pilgrimages and related festivals have formed what is known as the... https://www.scmp.com/tech/tech-trends/article/3204643/blockchain-gets-religion-taiwan-temple-mints-nfts-local-sea-goddess?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3204643/blockchain-gets-religion-taiwan-temple-mints-nfts-local-sea-goddess?utm_source=rss_feed Tue, 27 Dec 2022 04:30:11 +0000 Forkast.News Forkast.News The FTX scandal continues sending shock waves throughout the cryptocurrency industry. Few could have predicted that the highly-regarded centralised exchange (CEX) would implode, leaving vulnerable retail investors to bear the brunt of the catastrophe. Thousands of FTX users were unable to pull their funds off of the exchange when insolvency rumours began to swell, and now may never be refunded. The collapse has underscored the vital importance for cryptocurrency users to be able to transact... https://www.scmp.com/business/banking-finance/article/3203955/how-cryptocurrency-exchanges-can-regain-investors-trust-wake-ftx-collapse?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3203955/how-cryptocurrency-exchanges-can-regain-investors-trust-wake-ftx-collapse?utm_source=rss_feed Tue, 20 Dec 2022 07:07:24 +0000 Forkast.News Forkast.News South Korean prosecutors investigating the Terra-Luna collapse on Tuesday requested a bench warrant for Terraform Labs co-founder Daniel Shin and seven other Terra associates, Seoul Southern District Prosecutors’ Office prosecutor Choi Sung-kook confirmed with Forkast. A bench warrant is similar to an arrest warrant but allows law enforcement to take suspects into custody, according to law firm Alband, Lane & Balderrama. The request will undergo a court review, or a direct judgment of warrant,... https://www.scmp.com/news/asia/east-asia/article/3201610/south-korea-seeks-arrest-terra-luna-co-founder-daniel-shin?utm_source=rss_feed https://www.scmp.com/news/asia/east-asia/article/3201610/south-korea-seeks-arrest-terra-luna-co-founder-daniel-shin?utm_source=rss_feed Wed, 30 Nov 2022 22:00:16 +0000 Forkast.News Forkast.News Recently, both Hong Kong and Singapore released policy statements and pilot projects that show strong support for cryptocurrency innovation. This stirred up heated discussion about how these two financial hubs will compete with each other. However, what is really exciting is that these two hubs can complement each other, attract global resources and make Asia into a leading market for cryptocurrency adoption. Hong Kong was one of the most important cryptocurrency trading hubs in the world until... https://www.scmp.com/news/asia/article/3200825/how-hong-kong-and-singapore-can-make-asia-centre-cryptos-future?utm_source=rss_feed https://www.scmp.com/news/asia/article/3200825/how-hong-kong-and-singapore-can-make-asia-centre-cryptos-future?utm_source=rss_feed Thu, 24 Nov 2022 06:41:10 +0000 Forkast.News Forkast.News The first day of this year’s TOKEN2049 cryptocurrency conference kicked off Wednesday in Singapore, its second edition as an in-person event since the beginning of the Covid-19 pandemic. If the virus failed to put a damper on the 2021 event at the peak of pandemic peril last year, its organisers weren’t likely to be cowed by Covid this time around as most of the world slowly learns to live with it. A more obvious cause for concern is the lingering Crypto Winter, ushered in by a slump in... https://www.scmp.com/business/article/3194245/cryptocurrency-crowd-shrugs-market-woes-upbeat-token2049-conference?utm_source=rss_feed https://www.scmp.com/business/article/3194245/cryptocurrency-crowd-shrugs-market-woes-upbeat-token2049-conference?utm_source=rss_feed Thu, 29 Sep 2022 08:54:53 +0000 Forkast.News Forkast.News Busan, South Korea’s second-largest city, launched its blockchain initiative four years ago to put out the welcome mat for the growing industry, hoping to attract technology, jobs and investment and shift away from a reliance on seaborne trade and tourism. Problem is, the message did not seem to reach the blockchain sector. Busan, with a population of 3.3 million people and home to one of Asia’s leading movie festivals, was designated a special blockchain zone in July 2019 under the... https://www.scmp.com/business/article/3193815/south-koreas-busan-city-wants-be-blockchain-central-did-everyone-get-memo?utm_source=rss_feed https://www.scmp.com/business/article/3193815/south-koreas-busan-city-wants-be-blockchain-central-did-everyone-get-memo?utm_source=rss_feed Mon, 26 Sep 2022 08:01:36 +0000 In the final instalment of a three-part series produced with support from the Judith Neilson Institute for Journalism and Ideas, Forkast.News looks at the geopolitical implications of China’s technological lead in blockchain and digital currency. Parts 1 and 2 were published on June 28 and June 29. John Chen has viewed the rise of the cashless economy on a split screen. On one side, the China of his birth, a place where paper fiat has all but gone extinct, even in far-flung villages. On the... https://www.scmp.com/business/banking-finance/article/3139217/blockchain-ambitions-geopolitical-implications-chinas?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3139217/blockchain-ambitions-geopolitical-implications-chinas?utm_source=rss_feed Wed, 30 Jun 2021 00:00:26 +0000 In the second instalment of a three-part series produced with support from the Judith Neilson Institute for Journalism and Ideas, Forkast.News looks at how countries in Asia and along the New Silk Road may adopt the digital yuan or create their own digital currency. Part 1 was published on June 28 and Part 3 will be published on June 30. When the first caravans carrying Chinese silks arrived in ancient Rome, it set off a female fashion craze. The wives of senators and generals had never felt or... https://www.scmp.com/business/banking-finance/article/3139030/blockchain-ambitions-chinas-e-yuan-kick-starts-rush-mint?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3139030/blockchain-ambitions-chinas-e-yuan-kick-starts-rush-mint?utm_source=rss_feed Tue, 29 Jun 2021 00:00:30 +0000 In the first instalment of a three-part series produced with support from the Judith Neilson Institute for Journalism and Ideas, Forkast.News looks at China’s twin ambitions to launch a digital yuan and the next generation of the internet. Parts two and three will be published on June 29 and 30th. There is no stage bigger than the Olympics, for the athletes and the host country. Modern China announced its arrival 13 years ago when 2,008 synchronised drummers wowed the world at the Beijing Summer... https://www.scmp.com/business/banking-finance/article/3138777/blockchain-ambitions-will-china-get-first-mover-advantage?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3138777/blockchain-ambitions-will-china-get-first-mover-advantage?utm_source=rss_feed Mon, 28 Jun 2021 00:00:19 +0000