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

Financial regulator adds more experts for crypto license applications: The Japanese financial regulator Financial Services Agency (FSA) has announced that more individuals are being added to its 30-strong team for cryptocurrency exchange license applications in the country.

Cryptocurrencies and exchanges are doing a roaring business right now with more and more players looking to enter the market. FSA is trying to strike a balance between newcomers to promote competition and security of Japanese investors.

According to reports from Japan, there are over 160 applications pending from companies in the space with some big names looking to enter the market.

South Korea

Firm offering insurance against hacking of crypto exchanges: Cryptocurrency exchange operators in the country can now get their exchanges insured against hacking attempts to cover for sizable losses that happen from time to time.

The new offer from Hanwha Insurance means that domestic South Korean exchanges will now have an option for an additional layer of security.

A representative of the Insurance company said:

“It is not a product that has to be compulsory, but it can be outlined if we discuss how much demand there will be. Even if the exchange wants to join, it will require as much coordination as the insurance and reinsurance companies need to meet in order to get insurance.”

Hacked exchanges are a big problem in South Korea as more than USD 500 million worth of coins have already been hacked from major exchanges in the country this year alone.

China

Government to track donations with the help of blockchain technology: The Chinese government is planning to implement blockchain technology to track charitable donations made in the country through their Ministry of Civil Affairs (MCA).

The Chinese government has always been wary of donations and charities that could be misused against the integrity of the country. The ministry has announced a four-year plan for charities to enhance governmental outreach and transparency in the field. NGOs and other charitable organizations will be made to held accountable for all donations through this under-development system.

Uzbekistan

Government looking for South Korean blockchain expertise: South Korea’s blockchain expertise has found overseas admiration and demand as other countries like Uzbekistan are looking to them for developing blockchain industry in their own country.

The Central Asian country recently legalized cryptocurrency trading in the country and has announced initial regulations for mining and trading in the country as well as a state-owned coin trading platform. It is in that regards that the government has sought help from the Korean Blockchain Business Association for help. The government is also looking to offer specialized educational courses in its local universities.

Australia

Driver’s license to be based on blockchain technology: The Australian government has announced that blockchain technology will now be incorporated into public services as part of its forward-thinking approach. The government will trial a digital drivers’ license backed by blockchain in Sydney.

The move is part of a concerted effort to deploy blockchain for better governance. The move will give 140,000 license holders an access to the newly-developed secure Logic TrustGrid license.

The tech behind the blockchain drivers’ license was developed by Australian data security company Secure Logic’s platform. The company is looking to partner with the government for further projects because of the potential of the technology.

 

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