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.
Court sides with exchange despite allegations of defying government crypto ban: A Beijing court took the side of a cryptocurrency exchange despite strict local rules preventing cryptocurrency transactions and trade.
In a detailed judgment, the court upheld a decision on Bitcoin trader Li Jianfeng that he must return the proceeds of BTC 5 that he got by accident back in 2017. Li liquidated the cryptocurrencies immediately after that.
The case was complicated because cryptocurrency exchanges and transactions are under a blanket ban by the Chinese government and Li’s counsel argued that the transactions couldn’t be recognized by the court but the court still ruled that Li should return the funds.
The court’s judgment said:
“In this case, whether or not Coinnice’s establishment as a Bitcoin trading platform has violated relevant rules, does not have any impact on Li’s liability to return the profits he received with no legal basis… As such, the court denies his appeal and the decision is final.”
Alibaba working on application of blockchain technology: Alibaba, one of the largest e-commerce companies in the world, is working on application of blockchain technology and already has the largest number of blockchain-related tech patents in the world.
According to Jing Xiandong, CEO of Alibaba’s financial arm: “We are the most patented company in the world of blockchain technology.”
Overall, 43 blockchain-related patents were claimed by Alibaba in 2017 alone. That is around 11% of the total number of blockchain patents filed in the space in the world. The Ant Financial System 2.0 released by the Alibaba’s financial arm is an open platform for self-operation and decentralization. Alibaba is also involved in blockchain partnerships around the world.
50 ICOs apply for licenses: Increasing interest is being witnessed in the Thai crypto circles as more than 50 companies have applied for ICO permits, according to latest reports from the Bangkok Post.
The Thai Securities and Exchange Commission (SEC) has received increased interest after it announced that ICOs will have to be passed by it. ICOs normally look to raise funds through crowdfunding campaigns and SEC secretary-general Rapee Sucharitakul said that it remains to be seen how many of these new ICOs will actually be given license to operate in the country.
Crypto exchanges’ self-regulator applies for official status: Japanese cryptocurrency exchanges’ self-regulation body Japan Virtual Currency Exchange Association (JVCEA) is seeking official recognition from the government.
The union consists of 16 licensed cryptocurrency exchanges and are what they call security inspectors of Japanese exchanges themselves as part of a self-regulatory approach by them. The association has written up to 1,000 pages of self-regulatory measures.
The association filed for recognition and certification from financial regulator Financial services Authority (FSA) and said in the application that it is a “certified fund settlement business association” which will provide “guidance and recommendations to members to comply with regulations, laws and self-regulation rules”.
Blockchain association presses for regulation efforts: The South Korean Blockchain Enterprise Promotion Association (BEPA) has pressed the government to swiftly pass blockchain and cryptocurrency regulation in the country.
Yoo Joon-sand, president of BEPA said in a press briefing:
“But instead of welcoming the people’s fervor for the technology, the government is focused on controlling it to address negative short-term side effects. This is essentially kicking away the economic opportunities that lie in front of us.”
The association is a powerful union with ex-politicians, academics and even former Prime Minister Lee Soo-Sung is part of its team.
Government Using Blockchain Technology in Cleaning Rivers: The Philippines government is working on a blockchain system to help clean up a local river.
The Pasig River Rehabilitation Council (PRRC) which is in charge of cleanup operations in the city is looking to partner with CypherOdin, a blockchain startup with an environmental focus to help save a river that is one of the most polluted rivers in the country.
Government planning blockchain district in Hyderabad: The Indian government’s IT division is planning a new blockchain center in the city of Hyderabad in a partnership with multinational IT services company Tech Mahindra.
The two groups signed an MoU for future work on the center. The project is part of India’s agenda to bring new technological innovation in the country.
“Time traveler” millionaire investor plans crypto bank: Aussie cryptocurrency millionaire Fred Schebesta who claims to have traveled in time is trying to establish his own bank in the country to circumnavigate strict crypto-related restrictions in place in the Aussie system.
According to Schebesta:
“You don’t have your money. The bank has your money. Have you ever gone to the bank and asked for all your money? If everyone did a bank run on CommBank [Commonwealth Bank of Australia] right now, they wouldn’t be able to service it. That’s why I’m so big on crypto. I think eventually people will go, “Oh my god, this is so messed up”, and they’ll move to where they can hold their value. Not all of their money, but some of it.”
The eccentric millionaire says he “travels” forward in time to benefit from cryptocurrencies.
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