Asia 9 | MachinaTrader.com

Chinese Authorities Bust $2.2 Billion Underground Banking Operation Using Cryptocurrency

Chinese authorities have reportedly cracked down on a $2.2 billion underground banking operation that used foreign virtual currency trading platforms to help clients bypass the country’s capital controls. The operation involved underground banks purchasing virtual currencies and then selling them through overseas trading platforms to obtain foreign currency, thus circumventing China’s strict foreign exchange regulations. […]

Hong Kong Proposes Licensing Framework for Fiat-Referenced Stablecoins

Hong Kong is considering accepting and regulating fiat-referenced stablecoins (FRS) through a proposed licensing regime. The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have published a consultation paper outlining the requirements for obtaining a license. The proposed criteria include full backing of stablecoins with reserves, segregation and safekeeping […]

Former Binance CEO Changpeng Zhao’s Wealth Surges by $24 Billion Despite Legal Troubles

Changpeng Zhao, the former CEO of Binance, has experienced a significant increase in his personal wealth despite facing legal troubles. His net worth has climbed by an impressive $24 billion this year, securing him the 35th position on the Bloomberg Billionaires Index. Zhao’s career in the cryptocurrency industry began in 2013, and he played key […]

Japan to Introduce Tax Relief for Companies Holding Crypto Assets

Japan is set to approve a revision to its taxation law that will provide tax relief for companies holding cryptocurrency on their books. The reforms, if approved, will come into effect in the 2024 fiscal year. The revision includes specific conditions for assessment and inclusion, such as requiring firms to hold cryptocurrency issued by a […]

Japan to Introduce Tax Relief for Companies Holding Crypto Assets

Mt. Gox Creditors Finally Receiving Repayments After a Decade of Insolvency

After a decade of insolvency, Mt. Gox cryptocurrency exchange creditors are finally receiving payments for their claims. Recent speculation on the mtgoxinsolvency Reddit page suggests that users affected by the infamous Mt. Gox hack in 2014 may be receiving Japanese yen-denominated repayments through PayPal. While these reports remain unconfirmed, several Reddit users claim to have […]

Japan’s Cabinet Proposes Tax Breaks for Unrealized Crypto Gains

Japan’s Cabinet has approved a proposal to eliminate corporate tax on unrealized cryptocurrency gains, potentially revolutionizing the crypto landscape in the country. If this proposal becomes law, it would mean that companies would no longer have to pay taxes on the difference between the market and book values of their crypto assets. This move is […]

Mt. Gox Creditors Finally Receive Repayments After a Decade

After a decade-long wait, creditors of the Mt. Gox Bitcoin exchange are finally receiving repayments for their locked-up funds. Recent reports suggest that Mt. Gox has started distributing Japanese Yen refunds through PayPal. This comes after the exchange hinted at making Bitcoin payouts by the end of 2023.Mt. Gox’s collapse in 2014, resulting in the […]

Hong Kong Regulators Open to Spot Crypto ETF Applications

Hong Kong’s financial regulatory bodies, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA), have announced that they are open to receiving applications for spot crypto exchange-traded funds (ETFs). This comes after a review of their current policy on ETFs, acknowledging the evolving virtual asset environment since 2018.The SFC and HKMA […]

Paxos Receives Approval to Expand Stablecoin Operations to Solana Blockchain

Stablecoin issuer Paxos has received approval from the New York Department of Financial Services (DFS) to expand its operations to the Solana blockchain. This move comes after a thorough review process by the DFS, focusing on Solana’s risk framework. Previously, Paxos was only able to issue its Pax Dollar stablecoin on the Ethereum network.The Pax […]