Ask most, and you’ll hear the opinion that Asia is a minefield when it comes to cryptocurrency. The mere mention of regulatory action on the already-volatile markets sends the price of bitcoin (and consequently altcoins) into a nosedive.
Japan is a powerhouse in the cryptocurrencies market, trading about 63% of the world’s Bitcoin. However, ban of Initial Coin Offering (ICO) by some Asian countries has investors worried that Japan could follow suit.
ICOs are the new radical form of crowdfunding. Companies are raising funds in the form of cryptocurrencies through selling crypto tokens to investors. ICOs are now a go-to method for many companies as it allows investors to benefit more directly from new technologies as opposed to traditional stock.
Banks in Singapore are reportedly moving to close accounts tied to a number of cryptocurrency firms.
According to a report by Bloomberg today, as many as 10 companies have reported issues in recent weeks. Anson Zeall, head of Singapore's cryptocurrency and blockchain industry association, ACCESS, supported the claim, stating the closures remain unexplained by the banks.
South Korea is getting a new cryptocurrency exchange, one backed by an already established fintech firm.
The new platform, known as Upbit, is a partnership between South Korean app maker Dunamu and U.S.-based Bittrex, one of the market's longest-running exchanges focused on alternative cryptocurrencies.
Set to open next month, Upbit plans to support an extensive range of tokens (over 100 in total). As such, a key part of its value proposition will be the consolidation of potential trading options.