Japan: In response to a reported increase in the illicit use of cryptocurrencies, Japan’s National Police Agency (NPA) plans to introduce new software which can track cryptocurrency transaction history, Japan’s national public broadcasting organization NHK reported August 30. In 2019, the National Police Agency will reportedly put special software into service to track the history of virtual currency transactions within the country. The move comes as part of an effort to fight the increased level of cryptocurrency misuse and thefts. In order to cover the expense of the new software, the NPA is looking to increase its budget by 35 million yen (around $315,000) for the next fiscal year.
READ MORE > Cryptocurrency Daily News Bulletin: August 31, 2018
China: A county in China’s northern Sichuan province has signed a strategic cooperation contract to establish a new blockchain company in an effort to develop the forestry industry. The Beichuan Qiang Autonomous County of Sichuan Province and Beijing Sinfotek Group have jointly established a new company, Hangzhou Yi Shu Blockchain Technology Co., Ltd for “forestry economic development and industrial poverty alleviation.” The newly established company is reportedly one of the 19 blockchain companies to have passed the first batch of 700 project declarations in the Hangzhou Blockchain Industrial Park. In other news, A special economic zone in China’s Guangzhou city is following the lead of Beijing’s financial district in banning activities that promote cryptocurrencies. The finance department of the Guangzhou Development District issued a notice to local businesses on Aug. 24, prohibiting them from hosting any crypto-related promotions or events.
READ MORE > Cryptocurrency Daily News Bulletin: August 30, 2018
China: Alipay and its parent company Ant Financial announced a partnership with local Chinese authorities to use blockchain for ensuring the authenticity of rice, local media report Aug. 28. A major player in the Chinese market, Alipay boasted 400 million users in August 2017. The company is owned by Alibaba affiliate Ant Financial. According to Global Times, the deal with the municipal government in Wuchang in Heilongjiang Province aims to stop counterfeit versions of the well-known Wuchang rice making it into the market.
READ MORE > Cryptocurrency Daily News Bulletin: August 29, 2018
China: Chinese mobile payment platforms WeChat Pay and Alipay are scrambling to keep up with regulators after recent announcements regarding ICOs. Both payment giants have said that they will work with the government agencies closely to monitor cryptocurrency transactions. Tencent said that it has come up with three main measures to regulate any “problematic” platforms related to ICOs and cryptocurrencies. And that it will prohibit users from using WeChat payments to make any virtual currency-related transactions. Moreover, it will conduct both real-time monitoring of daily transactions and risk assessment of any suspicious transactions. Meanwhile, Chinese search giant Baidu is reportedly moving to block cryptocurrency-related content on its online forums and is seeking to restrict or outright ban forum topics that discuss crypto-related activities on Baidu Tieba, the firm’s Reddit-like online platform. Currently, the company has toughened its scrutiny over digital currency and will not allow sub-forums under this theme, based on relevant rules and regulations.
READ MORE > Cryptocurrency Daily News Bulletin: August 28, 2018
China: Regulatory agencies in China have jointly issued a warning against illegal fundraising and trading activities related to blockchain and cryptocurrency as a crackdown continues. The warning was issued on Friday by six high-level watchdogs: the People’s Bank of China, the Banking Regulatory Commission, the Securities Regulatory Commission, the Ministry of Public Security, the Central Cyberspace Affairs Commission, and the State Administration for Market Regulation. It notably takes aim at cryptocurrency projects that set up operations using overseas IP addresses but solicit investment from Chinese residents and use mobile and internet payments tools to facilitate cryptocurrency trading. Meanwhile, Ant Financial, the payments affiliate of Alibaba, is cooperating with Chinese regulators to scrutinize peer-to-peer cryptocurrency trading using its Alipay mobile app. Beijing News reported Ant Financial is now beefing up efforts to monitor both merchant and customer accounts as well as notable sites that integrate the Alipay gateway to facilitate over-the-counter (OTC) crypto trading. A spokesperson from Ant Financial told CoinDesk that “Alipay adheres to the principle of not providing services for virtual currency transactions.”
READ MORE > Cryptocurrency Daily News Bulletin: August 24, 2018