Friday, February 21, 2020

Crypto News from Asia: Week in Review 30Sep – 05Oct

The Takeaway:

Week in review (29th September-5th October): If you've has a busy week just like the crypto world, here are the top events that took place all over Asia from Japan's government supporting cryptocurrencies to price hike in the electricity charges in Uzbekistan.

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If you’ve had a busy week just like the crypto world, here are the top news events that took place all over Asia, which you can’t afford to miss. Bitcoin (BTC) started the week $8217.90, and after a rollercoaster ride, it is currently trading at $8120.93 as the week comes to an end.

 

Japan shows support for crypto with new regulations.

Japan’s Financial Services Agency (FSA) issued a draft of guidelines for investments done in crypto assets on 30th September. The new guidelines advise the funds to be cautious while investing in crypto-assets and keep the possible risks like volatility and liquidity in mind. Recent changes in guidelines were made, keeping in mind the unexpected collapse of Mt Gox in 2014 and the hacking of Coincheck in 2018.

 

Japanese brokerage firms unite to boost STOs

Recently, six major brokerage firms from Japan have come together to form a Security Token Offering Association in Tokyo. Rakuten Securities, Nomura Securities, Daiwa Securities, SBI Securities, Kabu.com Securities, and Monex have teamed up to promote the STOs as a fund-raising model in the country.

 

China’s mining firm denies fire rumors

On 30th September, a video circulated on Twitter showing a building burning down, and it was reported that it belonged to ASIC mining rigs manufacturers, Innosilicon. However, on 1st October, Innosilicon tweeted and called it fake news and informed people that there had been no damage to Innosilicon property or miner equipment in any way. It was told that equipment worth $10 million burned down in the “mining farm fire.”

 

Bithumb Global planning to enter India with regulated crypto exchange

South Korean exchange Bithumb’s co-founder, Javier Sim, informed his plans of entering India with a regulated cryptocurrency exchange in partnership with local crypto exchanges. India is still awaiting a review on the crypto ban, and amid this, Javier is willing to talk and work with the regulators to bring back the crypto wave in India.

 

Australian tech firm to run energy trading trials in Kento Region

Power Ledger, an Australian tech firm, has decided to run blockchain-enabled energy trading trials in the Kanto region in Japan. In association with electricity retailer eRex and solar provider Sharing Energy, Power Ledger is running the tests to track surplus solar energy levels and demonstrate the benefits of distributed energy systems. Participants will be able to set the prices and track the energy trading process in real-time to understand the settlements of solar transactions.

 

Electricity prices to go up for crypto miners in Uzbekistan

Ministry of Energy in Uzbekistan has introduced a new bill in which the electricity price per unit might increase for the cryptocurrency mining industry. This move is carried out by the government to spread awareness regarding power saving, the effectiveness of power consumption, and the excessive electricity needed by the mining industry. According to the bill, the miners will have to pay 3 times what they are paying now, irrespective of their power capacity.

 

Hands tied of Indian Police due to India’s Crypto ban

The cybercrime unit of Pune police hired a company called Discidium Internet to convert 244 BTC (INR 14.7crores) into rupees, but the crypto ban led to freezing the company bank account. This amount of BTC was seized from a Bitcoin ponzi scheme in 2018. Discidium Internet has challenged the RBI’s order and requested RBI to instruct the Central Bank of India to unfreeze their bank account and give access to the Bitcoins.

 

Nomura Holdings and Line App ready to form blockchain alliance

Nomura Holdings, Japanese messenger app Line, and LVC Corporation have come together to explore the blockchain industry for business opportunities. These companies are forming a capital alliance and financial alliance to focus on blockchain technology and its development for a better future.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

David Hayes
David Hayes
David got to know about bitcoin back in 2012 and has never looked back since, writing and exploring about cryptocurrencies or blockchain technology. He used to write for his own blog before joining ChainTimes as a writer and market research executive in 2017.

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