GCR

Korea recognizing Bitcoin as asset; EOS raises $4bn from year-long sale; Korea banks not issuing new accounts to investors

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Top News

– EOS raises record-breaking $4 billion from crowdsale. https://on.wsj.com/2LDefrH

– South Korean Grand Court today recognized Bitcoin as a valuable asset and confiscated Bitcoin resulting from illegal activities. This is the first time that Korean courts have decided to confiscate digital currency property. http://bit.ly/2LKhWvI

– In Korea, there has been rising criticism on the current crypto market situation where there is increasing number of new crypto exchange markets but no banks out there issuing new accounts to investors for crypto-trading. http://bit.ly/2LJmJNL

Coin and Exchange News

– Suspected Chinese “whale” buying up Bitcoin since March 25th. As of May 28, the account named 1KAt6STtisWMMVo5XGdos9P7DBNNsFfjx7 has a total of nearly 94,000 Bitcoins and its current value exceeds US$700 million. BABI financial statistics found that the account tends to buy when Bitcoin prices fall. This account has now become the sixth largest wallet in the Bitcoin network. (The top five wallets are all owned by the exchange). http://bit.ly/2xp1u0T

– UPbit announced their 2 new coin listings?—?Odyssey (OCN) and Decred (DCR). http://bit.ly/2LJnarn

– ICON has partnered with venture capital firm TRIVE to develop the Southeast Asian market. http://bit.ly/2LD9Uop

– Pundi X (CURRENCY: NPXS) has established a strategic partnership with the American Chamber of Commerce Korea (AMCHAM). AMCHAM will help introduce and promote Pundi X blockchain-based point-of-sales solution to its members, including leading multinationals in Korea. http://bit.ly/2LG7s0i

Business News

– China Everbright Group and JD.com formally signed a strategic cooperation agreement to strengthen their cooperation in the field of blockchain. This includes the distributed shared billing capabilities based on blockchain technology, and jointly designing applications such as traceability, anti-counterfeiting, smart contracts, and information sharing.

– BizBlocks, a Korean blockchain security platform company, has reached an agreement with the Kyrgyzstan government to construct certain information and communications technology through its blockchain.

Macro and Regulation Watch

– An official from Korea Financial Services Regulatory Commission stated that the ICO restriction will not be lifted temporarily, despite the official announcement yesterday about lifting the ban.

– China is taking on a blockchain, not a bitcoin approach. As per President Xi Jinping’s speech yesterday, blockchain is among the technologies that have brought economic reforms in the country. http://bit.ly/2LFgbzI