Asia and Australia: Crypto and Blockchain News Roundup, 2nd to 8th November 2018

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.

Japan

Startup to try crypto payment option for limousine rides: A Japanese company is going to offer the services of limousine rides at airports with cryptocurrencies as a means of payment.

Remixpoint Inc, in partnership with Hinomaru, a Tokyo limousine company, has announced a trial for cryptocurrency payments for its limousine services in Japan. According to Bloomberg, the trial run will currently be limited to Tokyo and a few other major airports in the start.

The trial is expected to start later this month.

South Korea

Lawyers working for protection laws for crypto investors: The Korean Bar Association has called the government to establish a friendly regulatory framework for cryptocurrencies and blockchain industry in the country.

The government was urged on this matter by Bar Association president Kim Hyun. He said, “We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies.”

The effort comes after the Korean government increased its efforts to contain the domestic blockchain regulation by burying them in rules and excluding them from tax incentives reserved for venture capital firms.

China

Oldest mining pool in China shut down: Chinese owned cryptocurrency mining pool BTCC is finally shutting down its servers on 15 November. There are no concrete reasons given behind this sudden closure at the moment. The company has also requested all the miners to move their hashing power away from servers before the closure.

BTCC was established as early as 2011 and grew to become one of the largest cryptocurrency exchanges in the world before the Chinese government shut the exchange operations down. The firm was eventually acquired by a Hong Kong-based investment fund.

Reserve bank targets token airdrops: The Chinese clampdown on cryptocurrencies continues after the Peoples Bank of China (PBoC) came forward to remove the footprint of cryptocurrencies by declaring airdrops illegal.

The bank will now ask cyber authorities to enforce these latest anti-cryptocurrency rules.

Taiwan (Chinese Taipei)

Legislators tighten crypto anonymity through AML Legislation: Taiwanese parliament has introduced new cryptocurrency regulations on anti-money laundering (AML) into state law to avoid money laundering in the country.

The move comes after congressman Jason Hsu proposed an amendment to the AML Control Act in an effort to make cryptocurrencies face the same legal course as fiat currencies last month. Now the law has passed and exchanges will be required to use real names for cryptocurrency transactions rather than an alias.

Thailand

Blockchain upgrade to pin down errant taxpayers: Thailand’s tax system recently got a blockchain upgrade for catching tax evaders in the country. The system will provide a more efficient method for tax returns and tax refunds.

Ekniti Nitithanprapas, the head of the Revenue Department, said that blockchain and machine learning are now being used to catch tax avoiders in the country.

Malaysia

Securities commission to regulate ICOs in 2019: Malaysian Finance Minister YB Lim Guan Eng has announced that the Malaysian Securities Commission will introduce a regulatory framework in the country in 2019 for the cryptocurrency industry.

The regulations are expected to ensure a fair and orderly development of the new market.

Australia

Monero pioneer honored with researcher reward: A Monash University professor who co-founded the Monero network and blockchain has won a major Australian award.

Joseph Liu was given the title of Researcher of the Year at the 2018 Digital Disruptor Awards for his efforts in blockchain technology and its role in new economic and social systems.

 

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