Bank of China, China CITIC Bank, and China Minsheng Bank launched the first inter-bank blockchain forfeiting platform. On the first day, the trading volume reached 30 million yuan (4.3 million USD). This forfeiting platform is among one of the China banking industry’s blockchain innovations, including international remittance and payment.
2.Shenzhen Court of International Arbitration: bitcoin is personal property and protected by law
Shenzhen Court of International Arbitration (SCIA) recently issued a ruling on a case involving $500,000 worth of cryptocurrency. The ruling said there was no law to prohibit people from holding bitcoin or conducting bitcoin transactions between individuals. Although ICO and cryptocurrency exchanges are banned in China, bitcoin and cryptocurrencies are still considered personal property. SCIA is an arbitration institution to resolve contract and other property right disputes in China and overseas.
3.Alibaba wins trademark injuction against cryptocurrency Alibabacoin
Alibaba has won a preliminary injunction against Alibabacoin, a cryptocurrency in Dubai. In April, Alibaba sued Alibabacoin for trademark infringement, after the foundation raised $3.5 million in its ICO.
4.Hangzhou government subsidizes tech company R&D, including blockchain
Hangzhou Municipal Government, where Alibaba headquartered, said that software and information technology companies can receive subsidies of up to 1.5 million yuan to develop technology that meet industrial standards and technical specifications. Software and information technology services include software products, information technology services, artificial intelligence, blockchain, virtual reality, and quantum computing.
5.Japan grants cryptocurrency exchange industry self-regulatory status
Japan's Financial Services Authority (FSA) granted the Japanese Virtual Currency Exchange Association to police and sanction its own violations. The association now can set rules to safeguard client assets, prevent money laundering and provide operational guidance. However, the cryptocurrency exchange approval process has been stricter since last year’s cryptocurrency exchange scandals. FSA has not granted any new approval since December last year.
6.Japan's Financial Services Agency may cap on cryptocurrency margin trading
Japan's Financial Services Agency is considering 2 times ~4 times cryptocurrency margin trading caps to curb speculative trading and limit volatility risks. Currently, 7 out of 14 licensed Japanese cryptocurrency exchanges provide margin trading. Trading leverage goes as high as 25 times. In 2017, 80% of Japan’s cryptocurrency transaction volume came from margin trading.
Korea’s Financial Services Commission (FSC) warns investors that crypto funds might violate "Capital Market Acts" and are not subject to any investor protection regime. The financial authorities will discuss further measures to regulate crypto funds. Korean media believes that this is a response to Zeniex’s, a Korean exchange, cypto fund. FSC is increasingly involved in the cyprtocurreny space with a department dedicated to cryptocurrency and blockchain set up – called Financial Innovation Bureau.
8.Ukrainian government aiming to legalize cryptocurrency and ICO
Ukrainian government will approve a state policy aims to legalize virtual assets, including cryptocurrency, smart contract, and ICO. The policy is expected to be implemented in two stages starting from 2018 to 2021.
