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09/04/2018: Biggest Stories in the Cryptosphere

1. Chinese Government Backs $1.6 Billion Blockchain Fund

Xiong’An Global Blockchain Innovation Fund, a blockchain fund backed by the Chinese government, has made available $1.6 billion to be invested in startups. 30% of the funds available are being provided by the government. The news was released on Monday, during the Blockchain Industrial Park, in the Chinese city of Hangzhou. The project was launched by the venture capital firm Tunlan Investment. However, promising blockchain startups will have the chance to receive investments from the $400 million, which the Hangzhou city government will supply to the fund. Blockchain Investor and Bitcoin Tycoon Li Xiaolai has been assigned the role of manager of the fund, while Zhenfund Founder Xu Xiaoping will serve as an advisor.

2. UK Financial Regulator To Release Discussion Paper On Cryptocurrencies

The Financial Conduct Authority (FCA), a British financial regulator, has published its business plan for the year 2018/2019. A review of cryptocurrencies (Discussion Paper) will be released later this year in collaboration with HM Treasury and the Bank of England. We previously reported on the government’s plan to establish a crypto task force. A review of cryptocurrencies has now been listed as a cross-sector priority by the FCA. It falls under innovative technologies and competitiveness. The watchdog acknowledged that cryptocurrencies do not generally fall under their jurisdiction. However, there are some situations in which they actually do, and this creates a grey area. This was part of the reason why a Discussion Paper covering the stance of the organisation will be published.

3. More Organisations Join The Lawsuit Against Crypto Ads

Two weeks ago we reported on blockchain associations from China, Russia and South Korea deciding to launch a joint lawsuit against Google, Twitter, and Facebook’s decision to implement a ban on crypto ads. Russian’s news website RNS has reported that three more cryptocurrency and blockchain organisations located in Switzerland, Kazakhstan, and Armenia have now joined the lawsuit. The associations in question are the Swiss InnMind fintech firm, the Armenian Blockchain Association, and the Kazakhstan Blockchain and Cryptocurrency Association. The funds required to pay for the lawyers are being raised through a digital wallet registered in Estonia, while the lawsuit is planned to be filed in May in New York.

4. Singapore Wants To Promote Blockchain For More Inclusivity in Southeast Asia

The government of Singapore wants to promote a wider adoption of blockchain technology in Southeast Asia, in order to improve the countries’ inclusivity. Singapore’s Minister For Finance, Heng Swee Keat said that “[Digital Ledger Technology] can promote financial inclusion for underserved and underbanked segments in ASEAN.” This was during his ‘opening remarks’ at the 22nd ASEAN Finance Ministers’ Meeting (AFMM). The three main areas discussed were sustaining growth, boosting resilience, and fostering innovation. When approaching the third area — fostering innovation — the minister for finance stated that they would actively support digital innovations.

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