An application for a blockchain-focused exchange-traded-fund (ETF) has been filed with China’s securities regulator, according to a disclosure from the China Securities Regulatory Commission. The proposal, filed on Dec. 24 by Shenzhen-based asset manager Penghua Fund, is for an ETF that would track the performance of a basket of publicly-listed stocks from businesses in the blockchain sector. If approved, the fund would be China’s first blockchain-themed ETF, according to a Dec. 26 news release from the state-run Shanghai Securities Journal (SSJ). Shanghai Stock Exchange Launches “Blockchain 50 Index” On the same day that Penghua Fund’s proposal was submitted, the Shenzhen …

While China has waged war on domestic cryptocurrency trading activities since 2017, this year saw it tighten the screws as hype around crypto’s underlying blockchain technology renewed interest in digital assets. Below is a summary of China’s difficult relationship with crypto and how it has evolved in 2019. China does not like crypto trading As Cointelegraph reported in September 2017, Chinese regulators placed a ban on local cryptocurrency exchanges, forcing them to close. Shortly after the ban, news broke that the government sought to crack down on all domestic cryptocurrency trading, not just commercial exchanges. At the beginning of 2018, …

Major South Korean cryptocurrency exchange Bithumb is reportedly looking to undertake administrative litigation over an $68.9 million (80 billion won) tax bill. English-language local news outlet KoreaHerald reported on Dec. 29 that the local tax agency has handed down over 80 billion won in taxation on the exchange. A first occurrence of its kind in South Korea The outlet notes that according to documents published by Bithumb’s largest shareholder Vidente via the financial supervisory services, the National Tax Service forced the exchange to pay the withholding taxes on trading activities of foreign customers. Vidente reportedly found out about the tax …

China’s securities regulators has urged Beijing authorities to carry out relevant actions aimed at preventing the usage of cryptocurrencies by the public. In a Dec. 27 announcement on the China Securities Regulatory Commission (CSRC) website pointed out the risks of the resurgence of digital currencies, such as the escalation of crypto trading activities, digital currency mortgage provision and introduction of zero-interest loans, as well as serious violations of the People’s Bank of China (PBoC) provisions. Signatory to the announcement were four Beijing-local regulators. To address risks, the regulators issued a warning and called local authorities to combat cryptocurrency-related illegal activities …

Chinese mining application-specific integrated circuit (ASIC) manufacturer Canaan will launch new, improved mining machines with 5-nanometer chips in Q1 2020. Chinese industry news outlet 8BTC reported on Dec. 24 that the new ASICs will have significant advantages compared to the previous generation. The new firm’s 5nm manufacturing process is expected to improve performance, power and area scaling. A significant development The company expects to scale the production of this new product series faster than it did with its 7nm chips. The scale of a nanometer or 1nm is approximately equivalent to the width of two silicon atoms. The number of …

Japanese financial services firm Tokai Tokyo Financial Holdings will invest about 500 million yen (nearly $4.6 million) in the Japanese branch of cryptocurrency exchange Huobi. According to a press release on Dec. 26, the investment is part of a broader collaboration with Huobi Japan, wherein Tokai will acquire shares in the exchange. Tokai did not immediately respond to Cointelegraph’s request for details regarding the share acquisition. This article will be updated once more information is forthcoming. Tokai intends to use the partnership with Huobi to promote new businesses in the areas of crypto asset exchange, initial exchange offerings, local currency …

The stock exchange of China’s technology capital Shenzhen, the Shenzhen Stock Exchange (SSE), launched an index tracking the performance of 50 blockchain firms. According to an announcement on Dec. 24, the index will be based on the stocks of 50 companies listed on the SSE that participate in the blockchain industry. The top 50 blockchain-related stocks are ranked based on their average daily market value over the past six months. The index is updated two times per year: on the second Friday of June and December. Doing due diligence Before creating the index, the SSE made sure that the companies …

The government of Uzbekistan has reportedly barred its citizens from purchasing cryptocurrencies. According to local news outlet Novosti Uzbekistana on Dec. 25, the National Project Management Agency has banned citizens from purchasing crypto, even on established exchanges. The decision comes as a surprise to many, as the country has previously displayed a relatively lenient stance toward digital currencies. In September 2018, the country’s government signed a memorandum of understanding to regulate and establish licensing for crypto exchanges, mining operations and initial coin offerings. That same month, Uzbek President Shavkat Mirziyoyev ordered the establishment of a state blockchain development fund called …

Japanese financial services giant SBI has partnered with Germany’s second-largest stock exchange Boerse Stuttgart Group to promote the adoption of digital assets. Specifically, SBI will invest an undisclosed amount in two digital asset-focused subsidiaries of Boerse Stuttgart Group — Boerse Stuttgart Digital Exchange (BSDEX) and Boerse Stuttgart Digital Ventures, Cointelegraph Japan reports Dec. 20. BSDEX is a new cryptocurrency exchange venture launched by Boerse Stuttgart Group in September 2019, while Boerse Stuttgart Digital Ventures is the parent company of Sowa Labs, a firm that developed crypto trading app Bison. SBI and Boerse Stuttgart Group to “create digital asset demand worldwide” …

The Maker Foundation, the group behind the decentralized crypto platform MakerDAO, announced today that venture capital funds Dragonfly Capital Partners and Paradigm have acquired $27.5 million worth of MKR. This is approximately 5.5% of the total MKR supply. As MKR token holders, both investment funds will actively participate in the decentralized governance of the Maker Protocol. This will also support Maker’s efforts to increase adoption in Asia of Dai, its decentralized stablecoin built on the Ethereum blockchain. In addition, Maker will have direct access to both Dragonfly’s and Paradigm’s expertise in the Asian market, increasing the presence of decentralized finance …

The Shenzhen Bao'An District Court in China has ruled to freeze roughly $676,000 in assets of a subsidiary of Bitcoin (BTC) mining giant Bitmain. According to a court filing released on Dec. 13, the Shenzhen Bao'An District Court ordered to freeze 4,718,710.68 yuan ($676,000) of Bitmain’s wholly-owned subsidiary, Shenzhen Century Cloud Core. The ruling follows an application submitted by a manufacturer of electronic components, Dongguan Yongjiang Electronics, on Sept. 24. Dongguan Yongjiang asked the court to freeze the amount in order to ensure that it would be able to claim it in an ongoing trade contract dispute should the court …

The International Blockchain Monetary Reserve (IBMR) and blockchain firm Algorand are jointly launching a microfinance platform and a dedicated token to promote financial inclusion in Southeast Asia. Per a press release shared with Cointelegraph on Dec. 12, the partnership between the two entities aims to develop and launch a microfinance ecosystem based on Algorand’s blockchain technology in a bid to boost the financial inclusion of the urban working poor in the region. Within the initiative, the parties will also introduce a dedicated token dubbed the Asia Reserve Currency Coin (ARCC). Not to provide free spending money ARCC is designed to …