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    Singapore is the Blockchain Capital for Asia Singapore is fast becoming the home of blockchain in Asia following further additions to its ever-growing usage of the technology behind cryptocurrencies. For example, VeChain, a leading blockchain platform, is powering universities in the country to issue blockchain-based degree certificates. Consequently, Singapore and its passion for blockchain technology is pushing the continent and the world into more modern ways of bureaucracy and efficiency. Below are some of the latest blockchain use cases in Singapore Pacific International joins Singapore Blockchain Platform Recently, a Singapore-based company, Global eTrade Services (GeTS), announced that a leading shipping company, Pacific International Lines (PIL), has joined their digital logistics platform. This platform, CALISTA, organizes global supply chains digitally with part of the system using blockchain. Along with analytics and tracking, CALISTA uses GeTS’ blockchain. The Open Trade Blockchain (OTB), is used to provide verifiably genuine documents which can be shared nearly instantly. OTB, which was released last year, aims to prevent shipping fraud, thus creating trust between freight companies. ICC Partners with Perlin Blockchain for CoFT Singapore’s blockchain journey was propelled further when the International Chamber of Commerce (ICC) unveiled the ICC Blockchain/DLT Alliance six weeks ago. The initiative aims to support supply chains and cross border trade finance for its 45 million members. In the latest developments, their blockchain partner, Perlin Network, announced that Perlin and the ICC would establish the Centre of Future Trade (CoFT) in Singapore to help companies to digitize trade. According to reports, the CoFT will: “Help companies transition from existing paper-based systems to digital blockchain-based platforms,” as they “are significantly cheaper, faster, more secure and efficient.” The initiative is also partnering with a government agency, Enterprise Singapore, which plans to work with the ICC and Perlin to target major commodity players. Notably, this is not the first blockchain partnership Enterprise Singapore has made. In the past, Enterprise Singapore teamed up with blockchain accelerator program dubbed Tribe Accelerator. The project hopes to enthuse startups to target real-world impact and applicability of blockchain-based solutions. Additionally, the project offers a platform where government agencies can collaborate with blockchain startups. Singapore Finding More usage for Blockchain According to reports, Singapore wants to use blockchain technology to lower settlement and clearing costs, which get as high as $20 billion annually. The Monetary Authority of Singapore (MAS) has already identified blockchain’s potential impact on the financial industry. Therefore, it has launched the Ubin project, which will work towards creating solutions for payments, settlement and securities clearing. Power companies are also utilizing blockchain technology. For instance, the Singapore Power Group (SPG) rolled out a blockchain-based market that handles renewable energy certificates (RECs). The project will allow Singapore-based commercial entities to acquire RECs, and this will encourage the production of renewable energy. The blockchain technology will allow companies to efficiently, securely and seamlessly trade renewable energy certificates. Conclusion It is clear that Singapore is one of the surprisingly few countries that are adopting blockchain technology. What has made the nation to stand out is the government’s willingness to accept the technology and utilize it. Let’s hope that Singapore drags the continent forward and illustrates the fantastic usage of blockchain.

    Singapore is the Blockchain Capital for Asia

    Sam Lee -
    Singapore is the Blockchain Capital for Asia
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    Is the Bitcoin Inventor Chinese?

    Is the Bitcoin Inventor Chinese?

    Sam Lee -
    Is the Bitcoin Inventor Chinese?
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    How key Asian counties are tackling cryptocurrency regulations Asian countries have been the first passengers in the crypto adoption train. However, without a standard regulatory framework, countries have approached cryptocurrency regulations from different angles. Some have chosen to embrace the technology that underpins cryptos and criminalizing crypto businesses while others have chosen to accommodate virtual currencies and formulate favorable regulations. Let’s take a look at how key Asian countries are handling cryptocurrency regulations. China Let’s start on a slightly negative mood. China was once one of the major crypto markets in the world, although it had no concrete cryptocurrency regulations in place. Unfortunately, when it decided to regulate the space, virtual currencies were no longer welcome in China. Anything crypto was banned. From initial coin offerings to crypto exchanges to crypto mining. Before all these happened, a huge percentage of Bitcoin miners were stationed in China. After the ban, miners and exchanges either closed shop or left the country. For example, Binance, one of the leading virtual currency exchange in the world, had to leave China to survive. On the contrary, China has made huge use of the technology behind cryptocurrency; distributed ledger technology. Fortunately, owning Bitcoin and other cryptos is still legal in the country. Japan Japan is a major crypto market and its regulatory framework, although harsh, is geared towards making it even more appealing for both crypto businesses and enthusiasts. The Japanese financial watchdog, the Financial Services Agency, started paying close attention to cryptocurrency regulations when Mt Gox, a respected crypto exchange was hacked and millions lost. The hack brought the exchange down to its knees and creditors are yet to get paid 5 years down the line. Japan now requires crypto exchanges to be approved by the Financial Services Agency before they can be allowed to operate. Last month, the Japanese House of Representatives passed a bill in a bid to tune the country’s laws about cryptocurrency regulations. The bill which was prepared by the FSA seeks to amend the Financial Instruments and Exchange Act and the Act on Settlement of Funds. If modified, the two acts are meant to help the FSA in enforcing tighter cryptocurrency regulations. Singapore Singapore is making headlines due to its positive approach towards cryptocurrencies and blockchain technology in general. The country’s financial regulator, the Monetary Authority of Singapore, has been tasked with formulating cryptocurrency regulations. For example, towards the end of 2018, the Monetary Authority of Singapore finalized the creation of a regulatory framework intended to govern payment services including, but not limited to, virtual currency payment service providers acquiring an operating license. South Korea The crypto scene in South Korea is patrolled by the Financial Supervisory Service, the country’s financial watchdog. Although the country falls among key crypto markets in Asia and the world, initial coin offerings were prohibited in 2017. Fortunately, the country has a relatively good relationship with cryptocurrencies. The country has implemented cryptocurrency regulations to help protect crypto investors. The positivity exuded by the South Korean government on cryptocurrencies has helped in creating a favorable regulatory framework to help drive the fourth industrial revolution. India India is yet to decide how it wants to regulate its crypto space. The country’s central bank, the Reserve Bank of India (RBI), prohibited local banks from providing service to crypto affiliated firms such as virtual currency exchanges. The case to lift the ban sits in the Supreme court and is yet to reach a comprehensive conclusion. Thailand Instead of banning crypto activities, Thailand has followed South Korean and Japan to develop cryptocurrency regulations aimed at governing its crypto space. Thailand requires exchanges to be licensed before operating. For instance, at the beginning of this year, four exchanges – Bitkub, Bx, Satang Pro, and Coins - were approved to operate in the country. According to Bitkub’s founder, Jirayut Srupsrisopa, the approval opened doors for partnerships. “We can partner with traditional financial institutions, brokers, e-wallets etc. to offer more financial products to customers. The bottleneck was the regulation.” In conclusion, countries in the Asia region are handling cryptocurrency regulations depending on their taste of virtual currencies. Notably, most of them have decided to keep a positive outlook. Additionally, even China and India, maybe it’s a matter of time for them to acknowledge the power of cryptos in their national laws.

    How key Asian counties are tackling cryptocurrency regulations

    -
    Asian countries have been the first passengers in the crypto adoption train. However, without a standard regulatory framework, countries have approached cryptocurrency regulations from different angles. Some...
    Read more
    Bitcoin All time high

    Bitcoin has All Time High for Addresses Holding at Least 0.1 BTC

    Sam Lee -
    Bitcoin is on the rise. For months and months, many have hoped for this moment and now it seems to have arrived. The price...
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    BitFinex Is Looking To Launch The USDT

    BitFinex Is Looking To Launch The USDT On The Lightning Network

    Mia Tam -
    BitFinex Is Looking To Launch The USDT
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    LocalBitcoins stops being local

    LocalBitcoins stops being local, scraps physical trading of crypto for cash

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    LocalBitcoins stops being local
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    LocalEthereum has slashed its trading fees following LocalBitcoins’ decision to ban cash. This is ban left many in the Bitcoin community surprised. As such, LocalEthereum is seeking to make the most of it and improve its market share.

    LocalEthereum Slash Cash Trading Fee Following LocalBitcoins Ban On Cash

    Mia Tam -
    LocalEthereum has slashed its trading fees following LocalBitcoins’ decision to ban cash. This is ban left many in the Bitcoin community surprised. As such, LocalEthereum is seeking...
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    The upcoming Trust wallet version with built in Binance DEX support will be a game changer. This is in line with Binance launching its mainnet in the second quarter of 2019 to improve exchange efficiency.

    Trust Wallet Version with Built-In Binance DEX Support a Game Changer

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    The upcoming Trust wallet version with built in Binance DEX support will be a game changer. This is in line with Binance launching its mainnet in the second quarter of 2019 to improve exchange efficiency.
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    To some, spending $200 on anything that is not a video game can be considered to be a waste of money.

    Ethereum welcomes a $100,000 cryptocurrency collectible F1 racing car

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    To some, spending $200 on anything that is not a video game can be considered to be a waste of money.
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    exchange register

    Japan leading the push for G20 to embrace a global crypto exchange register

    Mia Tam -
    In a bid to reduce the usage of cryptocurrencies in money laundering, Japan has a proposal to the representatives of the G20; to have a global crypto exchange register. This was reported by Nikkei Asian Review.
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