Category Archives: Asia blockchain news

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Asia and Australia: Crypto and Blockchain News Roundup 9th to 15th February 2019

Asia

Asia and Australia

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.

Japan

Financial Regulator Declares Drop in Crypto Inquiries: The top financial regulator of Japan, Financial Services Agency (FSA) has announced that there has been a drop in crypto-related inquiries reported to the agency during Q4 2018.

In Q3, around 1231 inquiries related to cryptocurrencies were asked by the public but in Q4, only 788 were filed signaling an almost 36% drop. While there has been an increase in the number of inquiries in other regions, signifying a rising level of interest in cryptocurrencies among the public, latest statistics from Japan shows that either the Japanese public is getting more aware of crypto regulations or the interest in the sector is cooling down. Only time will tell what it actually is.

South Korea

Telecom Company to Help Launch Local Cryptocurrency: Gimpo area in South Korea is looking to launch a local cryptocurrency in the region and has awarded the contract to a local Telecom company KT Corporation. The new token named K Token will be available for the public in April of this year and tokens worth 11 billion Korean Wong will be launched in the initial phase.

As part of the pilot project, only merchants will be allowed to use the newly localized cryptocurrency. They will also be able to convert the coins into fiat on request. The local cryptocurrency approach is gaining traction around the world and many local governments are looking to launch their own currency in order to promote cashless transactions and increase transparency.

China

Billionaire Claims Patience Needed for Bitcoin Investment: Chinese Zhao Dong, one of the largest Over the Counter (OTC) traders in the world has said that the crypto community will need to show patience if it is to reap its profits. He claimed that it might be more than a year before the next bull run is witnessed.

He made these comments during an appearance in a WeChat group called “The Public Chain Alliance Crossing The Bulls And Bears Elite Team”. Zhao has previously claimed that Bitcoin will touch USD 50,000 by 2021 but investors need to show patience before it can actually reach that level.

Indonesia

New Rules Tough on Crypto Trading: New cryptocurrency futures trading rules announced by the government are being viewed with apprehension by the cryptocurrency community according to the local daily Jakarta Post.

The new rules state that crypto traders have to deposit 80 billion (USD 5.7 million) in order to take part in trading activities. the Trade Ministry’s Futures Exchange Supervisory Board (Bappebti) has also placed other restrictive measures against trading as well.

Cryptocurrencies are currently illegal in Indonesia but still, under the wraps a lot of trading takes place with Bitcoin traders even surpassing the number of stock market traders in the country last year.

Australia

IBM Brings Blockchain Water Conservation Projects in Australia: IBM is working on a new range of water conservation projects in Australia with a combination of the Internet of Things (IoT) sensors.

The initial pilot programmes will be used to track sustainable underground water usage in a country where water is scarce in many areas. The new platform is expected to use the company’s flagship Hyperledger blockchain system that is being used in other industries as well.

IBM is also trying to get into other industries including financial services and government branches to help expand the use of Hyperledger system.

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The post Asia and Australia: Crypto and Blockchain News Roundup 9th to 15th February 2019 appeared first on BitcoinNews.com.

Asia and Australia: Crypto and Blockchain News Roundup 2-8 February 2019

Asia

Asia and Australia

Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.

Malaysia

New Amendments for Digital Asset Markets: Malaysian financial regulator, the Security Commission announced amendments to its Guidelines on Recognized Markets, bringing digital asset and crypto trading at par with equity crowdfunding and peer to peer financing.

Japan and South Korea

A Third of all Crypto Stolen in the World was from Japan and South Korea: A CipherTrace report has revealed that out of the USD 1.7 billion in crypto theft in 2018, a major portion was stolen from Japan and South Korea. Nearly one-third of the theft (USD 500 million) was from a single hack of Coincheck exchange in Tokyo.

Meanwhile, the Bank of Korea has said that the launch of a Central Bank Digital Currency (CBDC) in the country could threaten the existence of commercial banks. The report suggests that with blockchain based digital wallets acting as accounts for the central bank, people would simply not have the need to open bank accounts in commercial banks, leading to their ultimate demise.

On the other side of the sea, Japan’s financial regulator has released data on inquiries made in the last quarter of 2018. The data shows a near half decline in inquiries received by the financial regulator.

India

Indian Authorities Unsure about Impact of Cryptocurrencies: The Indian authorities are again at a confusion regarding the impacts of cryptocurrency on the economy. According to one report, they are worried that digital tokens could lead to a destabilization of the local Rupee.

With the debate taken to the highest levels in the financial and legislative arms of the government, a right to information report has revealed that the Indian government is looking outside its borders for advise on how to regulate the crypto sector.

In a publicly released information, Canadian crypto exchange, QuadrigaCX, has announced that the owner, Mr Cotten, died in the Indian city of Jaipur. The death occurred in a hospital, where he was brought in critical condition, caused due to his ongoing Crohn’s disease. The death occurred last December, but only now has it been made public.

Iran

Gold Backed Crypto Reportedly Launched by Iran: With reports surfacing for quite some time on the Persian nation developing its own national cryptocurrency, a small group of Iranian banks have teamed up with a blockchain startup to launch a gold-backed cryptocurrency. Dubbed the PayMon, nearly a billion tokens will be issued in the first stage.

Philippines

New Crypto Rules Set to be Enforced: A new set of rules are ready to be rolled out by the regulatory body, Cagayan Economic Zone Authority, in the Philippines. The first phase of the rules will be targeting crypto projects with crypto assets less than USD 5 million.

Australia

Australian Watchdog Registers 250 Exchanges: Australian Transaction Reports and Analysis Centre (AUSTRAC), the Australian financial regulator is keeping its lead in the crypto sphere with nearly 250 registered exchanges. With the latest license to operate a digital asset crypto exchange, CoinZoom joins the ever-increasing number of approved exchanges in the continental nation.

Australian Real Estate Preferring Cryptocurrencies: Australian real estate is also one of those business sectors that prefer operating with cryptocurrency. A regional housing report stated one the largest real estate agent claiming “We are happy to accept Bitcoin or any other major cryptocurrency instead of Australian dollars”. Even in the slump that has seen Bitcoin and other cryptocurrencies see a heavy crash in prices, it seems the real estate market is just as more interested in accepting digital currencies.

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The post Asia and Australia: Crypto and Blockchain News Roundup 2-8 February 2019 appeared first on BitcoinNews.com.

Asia and Australia: Crypto and Blockchain News Roundup 19 to 25 January 2019

Asia

Asia and Australia

Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.

South Korea

Exchange Accidentally Drops Tokens to Users: Coinnest, a South Korean exchange accidentally airdropped cryptocurrencies worth USD 5.3 million to its users. The incident occurred when the exchange executed a command to airdrop We Game Tokens (WGT). A computer error caused other cryptocurrencies to be used instead of WGT.

A leaked footage of Samsung’s upcoming S10 mobile hints that it may have a built-in crypto wallet feature. The wallet feature has been labeled as “Samsung Blockchain Keystore” and apparently supports only Ethereum at the moment.

Japan

Financial Institution Funds Blockchain Project: The Tokyo-based financial institution, SBI Group, has funded crypto smart card wallet company Tangem. The reported amount is to the tune of USD 15 million. Tangem is one of the pioneering companies in blockchain that has created an ultra slim hardware wallet that it describes as “physical banknotes of bitcoin.”

The Japanese government has approved the trial of a Yen pegged stablecoin under its new sandbox regulations. The Yen based stablecoin will be tested by a subsidiary of the Japanese giant internet group, Digital Garage.

Singapore

Regulator Stops Token Event: The Monetary Authority of Singapore (MAS) has ordered the halt of a token generation event that aimed to distribute security tokens. The regulator insists that all security token offerings have to register with MAS and seek permission first.  An exemption is allowed if certain rules are followed, that include advertising. The issuer of the security token apparently violated the exemption rule by setting up a promotional article on LinkedIn.

Standard Chartered Singapore division has successfully completed its first blockchain based trade finance deal. The use of blockchain enabled an agricultural deal to be finalized and completed within a day. Normal, traditional banking in the country take around 5 days for the complete process.

Malaysia

New Regulations Introduced by Malaysian Government: To date, an astounding 15 new regulations have been introduced by the Malaysian government in a bid to bring order to the country’s chaotic crypto market. Such a large number of regulations may seem counterproductive to the crypto friendly country, but the government insists that through these, investors will gain confidence due to improved securities.

Thailand

Stock Exchange to Launch Digital Exchange: Stock Exchange of Thailand (SET) is set to start a regulated, fully compliant digital asset exchange in the country. The country’s national stock exchange will apply for the necessary licenses in the next year though, as reported by The Bangkok Post.

China

Chinese Varsity Teams up with Ripple: A Chinese university has teamed up with Ripple, the cryptocurrency aimed towards banks, to start a blockchain research scholarship. Beijing’s Tsinghua University’s Institute for Fintech Research announced the Blockchain Technology Research Scholarship Program that will bring the best and the brightest of the Chinese nation to study blockchain, its industry, and impacts.

Australia

ATM Operator Increased Sales: The crypto market may be down globally, but one bitcoin ATM operator in Australia says otherwise. Auscoin is an ATM firm that runs more than 30 automated teller machines across the continental country. According to the company, it generates USD 360,000 a week in sales through the selling of bitcoins.

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The post Asia and Australia: Crypto and Blockchain News Roundup 19 to 25 January 2019 appeared first on BitcoinNews.com.

Asia and Australia: Crypto and Blockchain News Roundup 12th to 18th January 2019

Asia

Asia and Australia

Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.

Japan

Japanese Money Pouring into Mongolian Crypto Mining Sector: Japanese investor Ginco has announced that it is going to increase the mining capacity of its cryptocurrency mining project. The move comes after a sizeable reduction in operating hash power of Chinese miners and Japan may take advantage of it.

Ginco is expected to increase the number of miners in Mongolia from 600 to 1600 miners. The news may give hope to other miners to stay in the business despite the recent price tank and ever-increasing difficulty of mining due to ASIC chips. Ginco has also announced another service aimed at repairing existing mining facilities in the country.

South Korea

Tax Incentive for Blockchain Companies: The South Korean government has given a sizeable boost to the burgeoning cryptocurrency and blockchain industry in the country by adding the sector to the fields of research and development according to a recent communique by the Ministry of Strategy and Finance.

With the new classification comes sizeable tax benefits for the sector. The proposed amendment will be implemented in the coming month. The new categorization will allow blockchain companies to receive up to 40% fewer tax deductions with smaller companies getting a bigger share on discount percentage.

While the South Korean government has had a whirlwind relation with the sector mostly due to security hacks in some of its cryptocurrency exchanges, the new move will reinvigorate the Distributed Ledger Technology (DLT) industry in the Asian country.

India

Bank Closes Account Suspected of Crypto Activity: Online bank Digi Bank has closed down several of its accounts suspected of crypto trading in the country. The move comes despite the government considering lifting the current blanket ban on cryptocurrencies by the central bank in the country.

According to a crypto trader going by the name of Indian CryptoGirl:

“We observed transactions for in cryptocurrencies, hence we are putting a credit freeze in your account. You will not be able to deposit any more funds & within 30 days we will close your account”

While the Indian cryptocurrency users may be facing difficulties right now, the current government is also deliberating hard on allowing the new digital assets to function in the country, albeit under strict regulations.

Malaysia

Government Deliberating on Cryptocurrency Regulation: While the Malaysian government is undecided on how the future of crypto regulations in the country will look like, it has however decided that some rules are needed to govern the space.

While the Federal Minister for Territory Abdul Samad is of the opinion that the government is undecided about the future of the sector, other news emerging from the country show that the government is adamant to flex its muscles when it comes to unregistered cryptocurrency exchanges and Initial Coin Offerings (ICOs). Illegal ICOs will reportedly face a fine of up to USD 1.5 million for unregistered operations in the country.

New Zealand

Crypto Exchange Cryptopia Shuts Down Amid Reports of Sizeable Hack: Kiwi cryptocurrency exchange Cryptopia has closed down its website after a reported breach occurred in its servers that amounted to a sizeable loss.

While the website itself reads that the company is under maintenance, tweets from Whale Alerts and other large transaction reporters show that around USD 1.8 million worth of tokens was stolen from the exchange. The exchange is yet to announce how its users will be compensated. The company also admitted the hack in a series of Twitter posts.

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The post Asia and Australia: Crypto and Blockchain News Roundup 12th to 18th January 2019 appeared first on BitcoinNews.com.

Asia and Australia: Crypto and Blockchain News Roundup 5th to 11th January 2019

Asia

Asia and Australia

Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.

China

Government to Implement New Blockchain Laws to Monitor Content: The Cyberspace Administration of China has outlined new guidelines for Blockchain content regulation in the country. The new set of regulations called the Blockchain Information Management Regulations will be enforced from 15 February of this year.

The basic idea of the new regulations is to give the Chinese government a driving seat when it comes to regulating blockchain-related content. Non-compliance with the new regulations may result in fines up to USD 4,420.

Japan

Regulator Denies ETF Rumours: Top Japanese Financial Regulator Financial Services Authority (FSA) has denied rumors that it was considering Bitcoin Exchange Traded Funds (ETFs). The statement contradicts earlier reports by Bloomberg that claimed that the top financial authority was considering accepting Bitcoin ETFs.

While Japan is one of the most progressive countries when it comes to cryptocurrencies and blockchain development, ETFs are currently banned in the country and numerous entities are working to influence the government to allow it.

In other news, the FSA is looking to crack down on unregistered cryptocurrency exchanges in the country. The move will eventually bring everyone under the Financial Instruments and Exchange Act.

South Korea

7 Cryptocurrency Exchanges Pass Security Clearance: According to the South Korean Ministry of Science and ICT, only seven cryptocurrency exchanges have passed their detailed security inspection checklist. 

The extensive security survey was undertaken from September to December 2018 and covered key areas including administrative security, operational environment security, network and account security, database & backup security, and wallet security. Out of a total of 21 exchanges up for the security compliance, only seven could clear the test. The seven cleared exchanges include  Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea.

It remains to be seen how the uncleared cryptocurrency exchanges will be held accountable for their lack of robust security apparatus.

Pakistan/Malaysia

Pakistan Telecom Company Announces Development of a Blockchain-based Remittance System Between Pakistan and Malaysia: The first blockchain-based remittance system has been introduced by the Telenor group and is set to operate between Malaysia and Pakistan.

The new technology will be supported by AliPay’s blockchain technology and will serve the sizeable number of overseas Pakistani remittances based in Malaysia to send money back to their country.

India

Government May Legalize Cryptocurrencies with Strict Conditions: The Indian government may legalize cryptocurrencies in the country but with strict conditions according to the proceedings of a government committee formed to look into the matter.

The government committee is meeting twice per week to discuss the issue. A comprehensive financial report will be filed with The Ministry of Finance by February 2019. While it is clear that some members of the committee understand the need for allowing cryptocurrencies, yet, no final decision on the matter has been made.

In other news, India is seeking a skilled labor force for speeding up the pace of adoption of emerging technologies including Distributed Ledger and Artificial Intelligence.

New Zealand

Fake News Website Connects ex-PM with Cryptocurrencies: A fake news website was promoting Bitcoin-related investments using the image of ex-Prime Minister of the country.

The website Crypto Vault was already flagged before for its content including ads to promote fake services. The ex-PM in question John Keys has denied these rumors and also claimed that he has no investments in Bitcoin or any other cryptocurrency.

Kiwi scammers seem to have taken a liking to using the image of politicians to promote shady projects. The current prime minister of the country was also on the wrong end of a similar situation in October 2018.

 

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The post Asia and Australia: Crypto and Blockchain News Roundup 5th to 11th January 2019 appeared first on BitcoinNews.com.

Asia and Australia: Crypto and Blockchain News Roundup 29 December 2018 – 4 January 2019

Asia

Asia and Australia

Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.

India

India Drops Plans for National Cryptocurrency: A report from the Hindu BusinessLine, an Indian financial news portal has said that the Reserve Bank of India has dropped its plan for issuing its own cryptocurrency. The rising cost of printing paper based money and the ever increasing trend of mobile-based micropayment services is what had pushed the central bank to eye cryptocurrency. The research by the institution held results that were not favorable, hence the plan being shelved.

The country’s regulators have declared cryptocurrencies illegal, with the local blockchain association running a legal battle in the courts. The blockchain industry in the country has a significant volume, therefore, a positive result on the legal status of cryptocurrencies can help promote the industry to make India a major player in the industry.

Thailand

Government Trialing Blockchain Voting System: The Bangkok Post, a Thai news outlet reported that the country’s National Electronics and Computer Technology Center (NECTEC) has completed the development of a blockchain based voting system. The NECTEC is currently looking for smaller partners such as Universities and Provincial governments to test the system before deploying at a national level. The system’s developer is very confident that its voting system is strong. Yet, the country still requires a significant penetration of mobile and internet use for the system to be effective at a national level.

Adoption of blockchain-based voting systems is developing a trend in the country. Recently, Democrat Party, the main Thai opposition held its primary party elections using the decentralized technology.

Philippines

The Philippines Securities and Exchange Commission Fails to Issue Regulations on ICOs by the Year’s End: The Philippines Securities and Exchange Commission (PSEC) has made another delay in issuing regulations over Initial Coin Offerings (ICOs). The PSEC has hinted at declaring ICOs as securities and the local crypto community is eagerly waiting for an announcement from the regulator so that they can be in compliance. The regulator, though, allows unregulated sales of tokens to less than 20 individuals, organizations and other entities in a year.

The regulator has, so far, kept a positive attitude towards decentralized technology, with nearly a dozen blockchain companies in the country’s special economic zone of Cagayan. The Asian state has also granted licenses to 3 crypto exchanges.

China

Central Bank Concerned Over Rising Irrelevance of Cash: With cashless micropayment services like WeChat and AliPay on the rise, the People’s Bank of China is starting to show concerns towards cryptocurrencies. Perhaps one of the largest anti-crypto regulator in the world, the Chinese state bank has repeatedly stressed the illegal status of blockchain-based payment systems.

Online micropayments are common in Chinese society such that many vendors, hotels and merchants refuse to accept Yuan in the form of cash. The popularity of cashless transactions in the country is seen as only a stepping stone that will ultimately lead to decentralized payment systems.

Iran

Government Against Telegram’s Cryptocurrency: The Persian country’s authorities have once again stressed against the use of Telegram’s cryptocurrency, the Gram. The government has been in a strained relationship with the messaging app since the political upheaval of 2017. “One of the most important factors in banning Telegram was a sense of serious economic threat from its activities,” was explained as the reason by Javad Javidnia, the Secretary of Criminal Content Definition Task Force.

In the meantime, the Islamic Republic has announced plans for developing its own central bank backed cryptocurrency to circumvent the economic restrictions posed by the US. The Iranian banking system is completely isolated since the international money transfer service for banks, SWIFT.

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The post Asia and Australia: Crypto and Blockchain News Roundup 29 December 2018 – 4 January 2019 appeared first on BitcoinNews.com.

Asia and Australia: Crypto and Blockchain News Roundup 22 – 28 December 2018

Asia

Asia and Australia

Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.

Japan

Government Swamped with New Exchange Applications as Year’s End Approaches: Top Japanese financial watchdog Financial Supervisory Authority (FSA) has announced that it has received over 190 applications from potential exchanges in 2019 alone with many of them being filed in the recent months.

The move happened after the FSA gave the local cryptocurrency exchange union called Japanese Virtual Currencies Association (JVCEA) the authority to self-regulate the industry. The agency also stepped up in the classification of different tokens being traded on the market and distributed them into three categories; 1. Virtual currencies with no issuers (Bitcoin, etc), 2. Virtual currencies with issuers and 3. Currencies with issuers who also distribute profits among the investors.

Japan is currently among the most innovative and open countries when it comes to cryptocurrencies and blockchain development. One of the reasons why Japan is progressing so well is its flexible laws that are currently enforced on the industry.

South Korea

Cryptocurrency Exchange Acquitted by South Korean Court: Korean cryptocurrency exchange Bithumb has been cleared of all charges by a Korean court in a case filed by one of its affected users whose assets were stolen in one of the biggest crypto hacks of the current year.

According to the lawsuit, the user alleged that the exchange and its below-par security features were to be blamed for the hack that resulted in almost $355,000 worth of stolen funds from his account. The lawsuit was dismissed because the judge ruled that the company had fulfilled its obligation by sending confirmation messages to his phone. Still, this might not be the end of Bithumb’s legal issues.

Business School Reportedly Offering Crypto and Blockchain MBA Program: A major South Korean business school will now reportedly offer a cryptocurrency focused business degree program with crypto-specific courses including Bitcoin, Ethereum, Smart contracts, Game Theory, and App Development.

The new program will help the development of valuable human resource needed in the sector.

China

40% Chinese Willing to Invest in Cryptocurrencies: A recent survey in China shows that over 40% of the public would still be interested in investing in cryptocurrencies despite the price slump of 2018 that may well go into the year 2019 too.

According to a recent survey by a Chinese cryptocurrency media outlet PANews, out of 4980 participants, around 40% believed that they would still invest in cryptocurrencies. Astonishingly, 14.2 % had already invested in cryptocurrencies despite the blanket ban in mainland China. More than 98.2% of the populace had already heard about cryptocurrencies.

Chinese Taipei (Taiwan)

Miner Hit with $3 Million Power Theft Scandal: A Taiwan-based miner has been charged by the police for mining $14 million worth of cryptocurrencies from $3 million worth of stolen power. Known only as Yang, the miner will face charges in a local court.

According to police sources, Yang used rewiring to reroute electricity for mining purposes which is illegal and considered theft of essential commodity.

India

New Indian Committee may be Favourable to Bitcoin: India may have banned cryptocurrencies in the latest move but a new governmental committee in the parliament may have pro-crypto leanings according to latest reports.

According to a member of the committee, the government may be looking to partially legalize cryptocurrencies because there is a general consensus that cryptocurrencies cannot be deemed as completely “illegal” as the central bank has declared them to be.

Australia

Anti-Encryption Bill May Affect Operations of Blockchain Companies: A new law passed by the Australian parliament may affect the blockchain startups operating in the country.

The new bill named Telecommunications and Other Legislation Amendment Assistance and Access Bill 2018 will tighten the laws on privacy and will give government sweeping powers that they can use at their will. The move is similar to the law passed in the US named “Warrant Canary” that gave more powers to the Federal Bureau of Investigation (FBI).

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The post Asia and Australia: Crypto and Blockchain News Roundup 22 – 28 December 2018 appeared first on BitcoinNews.com.

Asia and Australia: Crypto and Blockchain News Roundup 14 – 20 December 2018

Asia

Asia and Australia

Welcome to another weekly blockchain news roundup from around the world. Here, we present to you all the latest Bitcoin news, continent by continent and country by country.

Japan

New Regulations Released for Protecting Investors: The Japanese Financial Services Agency (FSA) has recently released new regulations for cryptocurrency exchanges in the country. The move comes despite new self-regulatory moves by the Japanese cryptocurrency exchange association in recent weeks.

The new regulations are aimed at addressing different hacking incidents, privacy issues and margin trading within exchanges. In addition, the regulation also targets Initial Coin Offerings (ICOs) and their workings. According to FSA, more than 11 meetings were held by an agency study group before finally proposing these new regulations.

The Japanese Virtual Currency Exchange Association is yet to devise a strategy based on these latest regulations.

South Korea

Port Receives Blockchain Updates for Logistics Purposes: A partnership between different government ministries is working to modernize the logistics system of the South Korean port of Busan using decentralized technology. Busan is one of the largest and busiest ports of transit in the world.

The South Korean ministries of Science, ICT and Future Planning (MSIP) and Ministries of Oceans and Fisheries are working together on this project with the main intention of increasing container efficiency. The trial will begin this month at the Busan port.

Busan port is also partnering with IBM and its shipping platform for increasing efficiencies.

China

Media Alliance Looking to Use Blockchain for Copyright Protection: Recently, a media copyright p