Japan regulates virtual currency after Bitcoin scandal

JapanJapan Today — Japan has passed a law regulating virtual currency, after the country found itself at the epicenter of a multi-million dollar embezzlement scandal following the spectacular collapse of the Tokyo-based MtGox Bitcoin exchange. Once one of the largest, most established exchanges for the cryptocurrency, MtGox collapsed in 2014 after a suspected theft worth nearly half a billion dollars, which hammered the digital currency’s reputation.


Bitmex beats 475 startups to win Tech in Asia Singapore Arena

SingaporeTech on Asia — Bitmex, a financial trading platform that aims to let anyone bet on anything, has claimed the top prize at the Arena startup pitch battle at Tech in Asia Singapore 2016. The startup has clinched US$10,000 in cash. It also earlier won the Fintech Pitch Battle powered by DBS. Here’s our in-depth profile of Bitmex.


Goldman Sachs invests $20 M in China biotech firm

ChinaEnterprise Innovation — Goldman Sachs recently completed a $20 million investment in Ascletis, a China-based biotechnology company focused on innovative drug development. Within the past two months, Ascletis has completed two rounds of financing, with the first round of $35 million investment led by C-Bridge Capital, Tasly Pharmaceutical, and Pavilion Capital.


Asia’s Largest Blockchain Conference to be Hosted in Seoul

KoreaBlockchain Agenda, a global blockchain conference that is now meeting in 10 major cities in the world, will be held at KINTEX in Ilsan for three days from Dec. 9. A blockchain is a public ledger that is viewable by anyone in the world, and is distributed via the torrent protocol. A key example using this technology is virtual currency bitcoin. Since it can store any form of data and can be directly transacted by users, it is also used in stock trading in the U.S.-based NASDAQ.


Can Singapore lead the Bitcoin evolution in Asia ?

SingaporeDeal Street Asia — With cryptocurrency technologies emerging as a major force in the financial industry across the Asia Pacific, and rapidly gaining traction, Bitcoin and associated financial technology (fintech)innovations are increasingly a necessity for companies to maintain their competitive advantage.


Prolific investor Ratan Tata sets his sights on P2P bitcoin startup

IndiaRatan Tata and American Express yesterday announced strategic investments in US-based cryptocurrency startup Abra. This is a part of Abra’s US$14 million Series A round, led by Arbor Ventures, RRE Ventures, and First Round Capital. Although Ratan Tata is one of India’s most active angel investors, this is his first entrance into the world of bitcoin.


BTC China/ OKCoin heads: Bitcoin state of play and 6 years until it’s mainstream

ChinaSilicon Angle — BTC China Chief Executive Officer Bobby Lee and OKCoin, Inc. Head of International Jack Jiu took to the stage at the Rise Conference in Hong Kong Friday to discuss where Bitcoin was and what’s ahead for the popular cryptocurrency. “Bitcoin can mean different things to different people,” Lee explained to the crowd at the conference which has attracted thousands from across Asia, but, unfortunately didn’t cater to the volume of people well.


Former CEO of Mt Gox bitcoin exchange arrested: Report

JapanTimes of India — TOKYO: Mark Karpeles, the former head of defunct bitcoin exchange Mt Gox, was arrested in connection with the disappearance of hundreds of millions of dollars worth of the virtual currency, Japanese media reports said. The French-born Karpeles, 30, is suspected of falsifying data on the outstanding balance of the exchange, at one point the world’s largest hub for trading the digital currency, they added.


How Asia uses Bitcoin in one color-coded map

APACBitcoin is a global phenomenon, but not everyone around the world uses it in the same way. Here in Asia, the way a person from the Philippines uses bitcoin is probably very different from how it’s used in Thailand, and both are very different from the typical user in Taiwan. Despite bitcoin being hailed as “borderless,” these use cases tend to vary by country due to factors like government policy, economics, and culture. To help visualize these trends, we reached out to half a dozen Bitcoin thought leaders from some of the region’s most prominent bitcoin businesses.


Hong Kong’s Bitspark announces new funding round and new security partnership

Hong KongHong Kong-based bitcoin remittance startup Bitspark announced today that it has closed a new funding round and secured a new security partnership to strengthen its offerings. Details of the funding round were not disclosed, but Bitspark says the total sum was “six figures” (USD) and that the round was driven by “prominent financial technology investors and executives.” The company says this latest round will help it expand its service offerings.


Bitcoin in China still chugging along, a year after clampdown

ChinaA year after China began tightening regulations around Bitcoin, the virtual currency is still thriving in the country, albeit on the fringes, according to its largest exchange. Bitcoin prices may have declined, but Chinese buyers are still trading the currency in high volumes with the help of BTC China, an exchange that witnessed the boom days back in 2013, only to see the bust following the Chinese government’s announcement, in December of that year, that banks would be banned from trading in bitcoin.


Bitcoin breakthrough: Rakuten to accept the currency on global marketplaces

JapanAfter hinting several times over the past year or so that it wants to accept Bitcoin on its marketplaces, Japanese ecommerce giant Rakuten announced today that it will start to accept the cryptocurrency on its global marketplaces. The rollout will begin in America, and then spread to Rakuten Germany and Rakuten Austria. Bitnet, an enterprise-focused developer that creates bitcoin platforms, is Rakuten’s partner in the rollout.


Hong Kong lawmakers urge clamp down on bitcoin

Hong KongThe future does not look bright for bitcoin in Hong Kong as local lawmakers are urging the central bank to ban the virtual currency, following the scam that could have duped investors of up to US$387 million. The company at the centre of the scam, MyCoin, describes itself on its website as the “leading global bitcoin trading platform and application service provider.


Nearly $2M in bitcoins feared lost after Chinese cryptocurrency exchange hack

ChinaA Chinese cryptocurrency exchange revealed on Sunday that 7,170 bitcoins have been stolen by hackers. The current value is about US$1.75 million. The BTER exchange is temporarily closed while it tries to track down the culprits and recover the bitcoins. BTER’s site is now displaying only a notice about the hack along with a reward of 720 bitcoins (US$176,000) for hunting down the perps. This was first noticed by Coindesk.


Aussie Bitcoin miner scolded for pre-IPO marketing

AustraliaRegulators have ordered Australia’s Bitcoin Group to stop making public statements about its plans to undertake the world’s first initial public offering of a virtual currency exchange after the company approached potential Chinese investors via social media. Melbourne-based start-up Bitcoin Group in December said it hoped to raise $20 million on the Australian Stock Exchange, and had been seeking expressions of interest from potential investors from the Chinese community through Wechat, China’s hugely popular instant messaging service.


Bitcoin pyramid scheme in Hong Kong makes off with $387M of investors’ money

Hong KongA scam involving bitcoin in Hong Kong has robbed investors of HK$3 billion (US$387 million), according to the South China Morning Post. MyCoin.hk, a small local bitcoin exchange, suddenly closed and boarded up its office last month. The company reportedly ran a pyramid scheme wherein as many as 3,000 local investors signed up for the promise of a HK$1 million (US$129,000) return on HK$400,000 (US$52,000) bitcoin mining contracts.


Indonesian Bitcoin startups must now compete with BitX

IndonesiaIt’s fair to say that Bitcoin technology has grabbed attention in Indonesia, especially after local startup Bitdoku facilitated US$22,000 worth of bitcoin transactions within 24 hours at Startup Asia Jakarta 2014. Tech in Asia also recently ran a piece on the most popular Bitcoin startups in Indonesia.


Police suspect fraud took most of Mt. Gox’s missing bitcoins

Nearly all of the roughly US$370 million in bitcoin that disappeared in the February 2014 collapse of Mt. Gox probably vanished due to fraudulent transactions, with only 1 percent taken by hackers, according to a report in Japan’s Yomiuri Shimbun newspaper, citing sources close to a Tokyo police probe.


More people are remitting money to the Philippines using Bitcoin. Here’s why

Christmas has come early for Philippine Bitcoin remittance service Rebit.ph. Rebit, one of the verticals under Bitcoin umbrella company Satoshi Citadel Industries (SCI), has booked an average 150 percent growth in value of transactions month-on-month since October. That’s a big jump from the usual 80 percent growth it registered during the first few months from its launch in July. The reason for the spike is obvious: remittances from overseas Filipinos usually peak in the run-up to Christmas because of holiday spending, and Rebit has been able to capture a portion of that market.


Asian bitcoin exchange Quoine secures $2M funding ahead of aggressive expansion

Quoine, a pan-Asian bitcoin exchange, announced it closed a US$2 million angel round of funding from a number of investors and private funds, according to Coindesk. The young exchange opened shop in June and, while it is officially incorporated in Singapore, does most of its business in Japan. It also recently launched an Indonesian-language site.


This Indonesian startup says it struck gold in bitcoin, delivers currency in 3 minutes

For those of you who’ve been living on the moon, bitcoin is an unregulated digital currency that provides a way for folks to transfer money to each other over the web without using a bank or financial institution as a middleman. All bitcoin users need to do is install a wallet app to start trading with bitcoin. The technology is disruptive and controversial because bitcoin spenders can make their transactions anonymously, and even pay for illegal goods and services like drugs and prostitution online.


Australian law enforcement tracking Bitcoin use on black market

Australia’s national criminal intelligence agency is tracking the use of virtual currencies such as Bitcoin on online black markets as part of its new ‘Project Longstrike’ operation. The Australian Crime Commission’s executive director of strategy and specialist capability, Judy Lind, today revealed the agency is now monitoring Bitcoin-enabled crime after spending the last two years building technologies capable of tracing Bitcoin transactions.


Japan’s bitcoin community hears Mt. Gox’s final death rattle, releases the Kraken

When Mt. Gox, the former poster child for the wonders of Bitcoin, lost US$460 million worth of bitcoins in a hacking attack, the cryptocurrency world teetered on the brink of failure. Skeptics gained undeniable justification for their derision and public faith in the security of bitcoin exchanges dropped almost as precipitously as the currency’s value. Today, Mt. Gox, chastened and bankrupt, was essentially handed over to bitcoin exchange Kraken, officially turning the page on Bitcoin’s tumultuous first chapter.


Hong Kong’s foreign maids can now use bitcoin to send cash home without even knowing what bitcoin is

Bitcoin is often hailed as the solution to the world’s remittance problems. It’s accessible to the unbanked, it’s nearly instant, and the fees are minimal compared to banks and other money transfer services. But perhaps the biggest obstacle to bitcoin remittances gaining serious traction is bitcoin itself. The complex, unfamiliar nature of the cryptocurrency keeps would-be users at bay.


BTCChina Forges Bitcoin Deal With Chinese E-commerce Sites

Chinese Bitcoin exchange website BTCChina has reached a strategic deal with e-commerce providers, including online game service provider Shenzhoufu.com; Internet P2F financial management website Aicaike.com; and maternal and child product retail website Dandanchina.com. According to the agreements, BTCChina will provide Bitcoin payment services to those e-commerce enterprises, which expand payment channels for Internet users, help e-commerce enterprises attract more users, and improve their competitiveness.


Where is Bitcoin headed in the Philippines? Here are some predictions for 2015

Let’s admit it: part of the fun in following the Bitcoin world is not really knowing where it will go. A cryptocurrency has never reached the scale that Bitcoin appears to be getting now, so we have no benchmark with which to predict its progress. This idea holds especially true for how Bitcoin will affect developing countries like the Philippines, where it has been hailed as a solution for expensive remittance fees – but, on the other hand, some dismiss it as a technology too complex for the masses.


After Mt. Gox collapse, these bankers want to build a safer Bitcoin exchange

Mario Gomez Lozada looks nothing like the shaggy hipsters that you encounter at Bitcoin meetups. At 40 years old, he’s obviously more seasoned, and his tailored suit and Franck Muller watch clash with the usual T-shirts and beards. The first wave of Bitcoin exchanges, like their creators, were a bit rough around the edges. Their lack of professionalism – mixed with a lot of naivete and too much libertarian idealism – eventually ended with the collapse of Mt. Gox and the evaporation of approximately US$400 million worth of the cryptocurrency. Gomez Lozada, a former CIO at Credit Suisse in both Japan and Singapore, represents the coming wave of Bitcoin 2.0 services – polished, professional, and well-versed in both finance and IT security.


Bitcoin gains strength in Japan, wins support from a leading payment provider

Bitcoin’s cloudy future in Japan just got a bit brighter. The virtual currency has been slow to catch on in Japan following the collapse of noted bitcoin exchange Mt. Gox and the government’s subsequent refusal to categorize it as a currency. There are still proponents of Bitcoin in the country, however. Now you can add GMO, one of Japan’s largest internet infrastructure firms, to the list of fans.


12 Philippine companies that should really start accepting Bitcoin

It’s big news when a major corporation or non-profit, such as Wikipedia, starts accepting Bitcoin .  A number of people want to have more places to spend their bitcoins. So Tech in Asia spoke with entrepreneurs in the Philippine Bitcoin space on what companies they would like to see accept the cryptocurrency. There were no restrictions placed on the people we surveyed – they could name an international company  with a strong Philippine presence, or a local brand.


This Japanese politician is crowdfunding a personal trip to the US to study Bitcoin

Mineyuki Fukuda, a member of Japan’s House of Representatives, has taken a novel approach to fund an overseas Bitcoin research tour. The Liberal Democratic Party (LDP) lawmaker and head of the central government’s IT Strategy Committee has launched a crowdfunding campaign  that will send him to the US as a private citizen – without using taxpayer funds – to author a report on American Bitcoin businesses.