The past week’s news started on a high note with Telegram announcing that it was ready to launch its Telegram Open Network (TON). However, the launch was postponed by six months, leaving some investors perturbed.
In other headlines, how come Bitfinex and Tether are now victims? Could Southeast Asia be leading in blockchain investment opportunities? Is Ripple pulling out of the United States market?
Below, we recap the top five news that has ruled the Asian crypto market in the past 7 days:
Telegram, the leading instant messaging application, and the largest supporter of the Telegram Open Network (TON), poured cold water on GRAM investors who thought it was time to see TON in action. In a letter sent to the investors, Telegram indicated that the launch had been pushed forward by six months.
Reason? Regulators came visiting interfering with TON’s launch date. Additionally, the postponement halted the distribution of GRAM coins.
To console the investors, Telegram said they:
“Will resolve the SEC’s (the United States Securities and Exchange Commission) lawsuit and work with other governmental authorities in advance of the launch of the TON network.”
Now, investors who took part in the second round of Telegram’s ICO will have 77 percent of the principal refunded if they don’t approve of the postponement.
Ripple, through Breanne Madigan, its head of international markets, warned the regulators in the United States for having a lack of regulatory clarity.
In a blog post published on Ripple.com, Madigan said:
“Throughout the industry, there is a concern that a lack of clear, consistent guidance from the US could lead to a talent flight where innovators and companies will gravitate towards regions with defined regulatory frameworks.”
While congratulating the US for being pro-innovation, Madigan hoped the US would “set the tone for the rest of the world to follow.”
A recent survey found that Chinese companies are setting up shop in Southeast Asia. Countries in this part of the world like Indonesia, Brunei, Laos, Cambodia, Malaysia, Vietnam, East Timur, Myanmar and the Philippines are now targets for a variety of ventures.
But why Southeast Asia? According to the survey, the region’s population of 664 million presents a sizeable market. Additionally, countries in this region have favorable tax laws compared to China.
According to Jinse, a Chinese media outlet, Vietnam, for example, has seen a roughly 6 times increase in new investment from China between January and May this year compared to the same period in 2018.
Some of the critical areas Chinese investors are putting their money, include blockchain and artificial intelligence.
The case in which Bitfinex and Tether Ltd are accused of misappropriating roughly US$850 million customer funds has taken another turn – now, Bitfinex is the victim. The exchange claims Crypto Capital, a payment processor, stole the funds.
According to a statement released by Bitfinex, Crypto Capital’s “integrity, banking expertise, robust compliance program and financial licenses” were falsified.
OKEx, a reputable crypto exchange, indicated that it would be joining Klaytn, a blockchain project developed by Kakao, a Japanese Internet giant. For OKEx, the partnership will drive blockchain adoption.
Notably, the exchange has also joined other blockchain projects steered by leading firms such as IDG Capital, Shinhan Bank, and Samsung. Andy Cheung, Okex Hong Kong, Head of Operations, noted that “exchanges and projects… should work together to define and adopt standards that will promote digital asset adoption globally.”