Asia and Australia

Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country.

China

Bank to use blockchain for credit blacklist: Suning Bank, one of the biggest retailers in China has announced that it is testing a blockchain-based system that will allow it to reduce credit fraud.

The low credit scores will be recorded on the blockchain and and will be used in collaboration with other banks to reduce credit card and loan fraud. China is investing a lot in blockchain technology, especially in the banking sector to increase transparency.

Japan

Monero miners to face charges: Japanese police is investigating three suspected Monero miners involved in a crypto jacking case, according to latest reports by Japanese daily Mainchi.

The miners used a software called Coinhive, a Monero mining script in a crypto jacking conspiracy that set up websites to include the script that cause the visitors’ computers to slow down as their CPU was drained.

Criminal charges are expected to be placed on these individuals in a first for Japan.

South Korea

Crypto exchange suffers major hack: Latest news from South Korea reveals a massive hack inside CoinRail, one of the biggest cryptocurrency exchanges in the country, as reported by Reuters.

Roughly USD 37 million in altcoins were stolen in the hack but the claim was not verified by the exchange company itself. The exchange’s ranking is 9oth in the world with as much as USD 2.5 million in daily trading volumes.

Bitcoin’s massive drop last week was also amplified by the exchange hack that resulted in prices touching the lowest levels since the year’s start. A renewed mistrust in exchanges is going to a concern for the future price of all major cryptocurrencies.

Banks initiate blockchain ID system: The South Korean Federation of Banks (KFB) has announced a new blockchain-based ID system called BankSign that will be implemented as early as July.

The new initiative is anticipated to replace to the outdated current system that has been in place for the last 20 years and has resulted in numerous fraudulent activities.

A spokesperson of the KFB said,”[It is] the first project co-developed by the local banking sector utilizing blockchain technology. While BankSign will start off by providing the service in the banking sector, we will work with the government and other public organizations to expand its usage.”

The project itself is built on the Nexledger blockchain developed by tech giant Samsung.

Thailand

Securities regulator enforces crypto rules: The Securities and Exchange Commission of Thailand has announced new laws for cryptocurrency on 8 Jun that are seen as a milestone to legalize cryptocurrencies in the country.

The SEC Thailand’s decision is in contrast with other countries including China that has banned cryptocurrencies. It has instead declared cryptocurrencies as digital assets that are legal but need to be regulated.

As part of the legalization efforts, seven cryptocurrencies have been cleared for trading on cryptocurrency exchanges and they include Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Stellar and Ripple.

Afghanistan

Coders earn ETH by promoting new crypto projects: A non-profit company based in Afghanistan that gives young women coding lessons is partnering with a network that will allow these coding professionals to earn Ether for fixing issues in crypto startups and participating in bounties. A bounty is a simple job that results in reward of tokens for the person who does the job.

The startup, Code to Inspire (CTI), is partnering with The Bounties Network for this freelancing endeavor that will have a dual purpose of empowering women and promoting remote-learning in the mostly rural country.

Australia

Local tax office hunting crypto traders avoiding taxation: The Australian Tax Office (ATO) is on the hunt for unregistered cryptocurrency traders, according to latest reports coming from the country.

While Bitcoin appreciated several times over last year alone, a lot of money was made by ‘hodlers’ and traders in the cryptocurrency business but after the passing of crypto taxation regulation, the ATO is now on the hunt for all Bitcoin profiteers.

According to Liz Russel, senior tax agent: “There is a long-running debate over what cryptocurrency actually is – whether it’s an asset, currency or collectible – but the ATO has made it clear that it treats cryptocurrency as an asset. That means it’s subject to the same capital gains tax (CGT) provisions that apply to real estate and shares.”

 

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