Asia-Pacific

US Law Enforcement Traces Bitcoin Transfers to Nab ‘Largest’ Child Porn Site

A U.S. federal grand jury indicted a South Korean citizen for operating the largest child porn site by volume, where visitors spent millions dollars worth of bitcoin to pay for the illegal content. Jong Woo Son, 23, the owner of the Welcome to Video site has also been charged and convicted in South Korea and …

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South Korea’s Blockchain ID Service Raises $8 Million in Series A

ICONLOOP, a South Korean blockchain startup that provides digital identification services, received its first venture capital investment through an $8 million Series A funding round, the company said. ICONLOOP is a subsidiary of DAYLI Financial Group, one of the largest fintech companies in Asia. The financing round was led by the quasi-government agency Korea Technology Finance …

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Chinese Banking Giant CCB Expands Blockchain Platform as Volume Breaks $53 Billion

China Construction Bank, one of the largest Chinese commercial banks, has expanded its trade finance blockchain platform with new abilities, including cross-chain and inter-bank transactions, as trading volume surpasses $53 billion. Speaking in Beijing at the official launch of the upgraded platform BCTrade2.0, CCB vice president Ji Zhihong said the new platform will leverage blockchain …

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Identity Thief Spends $5 Million on Cloud Computing to Mine Cryptocurrency

Singaporean citizen Ho Jun Jia, 29, also known as Matthew Ho, was indicted for stealing over $5 million worth of cloud computing services to mine cryptocurrencies, according to a grand jury indictment from the U.S. District Court in Seattle, Washington. Ho was arrested in Singapore and is being charged with wire fraud, access device fraud, aggravated …

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Cryptocurrency Donations to Politicians Legal In Japan Says Internal Affairs Minister

Cryptocurrency donations to political parties received a thumbs up from Japan’s internal affairs and communications minister Sanae Takaichi at a press conference Tuesday. According to a report by local media Kyodo News and syndicated by Reuters, Takaichi said political donations in cryptocurrency do not have to be disclosed under the Political Funds Control Law, unlike …

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Fed Official Says Digital Central Bank Currency Is ‘Inevitable’

Philadelphia Federal Reserve bank president Patrick Harker said it is “inevitable” for the central banks, including the U.S. Federal Reserve, to start issuing digital currency. Speaking at a community banking conference in St. Louis, Harker argued that the U.S. should not be the first big country to issue a national coin, because technology is still …

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OKEX Korea Drops 5 Privacy Coins Citing FATF Rules

Regulatory pressure on cryptocurrency exchanges to stop providing users with access to so-called privacy coins is growing. The South Korean arm of the Malta-based OKEX exchange announced early on Monday that it is to delist five cryptocurrencies that provide extra privacy features for users. From Oct. 10, the exchange will no longer support trading in …

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North Korea Denies It Hacked $2 Billion in Fiat and Crypto

North Korea has denied a recent U.N. report suggesting it was behind major hacks of banks and cryptocurrency exchanges that reaped around $2 billion for the nation’s weapons programs. Reuters reported on Sunday that a statement from the National Coordination Committee of the DPRK for Anti-Money Laundering and Countering the Financing of Terrorism accused the U.S. …

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Beyond USD: The Next Frontier for Stablecoins

George Harrap is CEO and co-founder of Hong Kong based Bitspark, a bankless money transfer ecosystem focused on Asia and Africa.  This essay is presented as a part of No Closing Bell, a series leading up to Invest: Asia 2019 focused on how the Asian crypto markets are interacting with and impacting global investors. To …

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Central Banks, Stablecoins and the Looming War of Currencies

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. This essay is presented as a part of No Closing Bell, a series leading up to Invest: Asia 2019 focused on how the Asian crypto markets are interacting with and impacting global investors. …

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