Commission-related income of South Korean cryptocurrency exchanges 87.5 times higher in 2017 than 2016, bipartisan momentum growing to implement stricter regulation of cryptocurrencies, top 5 price changes, and more!
Commission-Related Income of South Korea Cryptocurrency Exchanges in 2017 Were 87.5 Times Higher Than Previous Year
According to Bitcoin.com, the total commission-related income of South Korea’s 30 cryptocurrency exchanges in 2017 was approximately USD 658 million — 87.5 times more than that of 2016. The vast increase in income and cryptocurrency transactions was primarily thanks to Upbit. Upbit, which is backed by Kakao Corp, is now the largest crypto exchange in South Korea with a market share of 52.9%. Bithumb had approximately 32.7% of the market share, Coinone had 8.3%, while Korbit had 6.2%.
Bipartisan Momentum is Growing in U.S. Congress to Implement Stricter Regulation of Cryptocurrency Market
According to Reuters, bipartisan momentum is growing in both the U.S. Senate and House of Representatives to address the risks posed by virtual currencies to investors and the financial system. Free-market Republican conservatives, who traditionally avoid creating government regulations relating to the economy, agree that regulation on the cryptocurrency market may be necessary. Some lawmakers are pushing for cryptocurrencies to be regulated as securities, which would make them subject to the SEC’s investor protection rules.
British Blockchain Association Launches Europe’s First Academic Journal Dedicated to Distributed Ledger Technologies
The British Blockchain Association (BBA) has launched Europe’s first journal devoted to blockchain and distributed ledger technologies, called the Journal of The British Blockchain Association (JBBA). The JBBA will “cover aspects of interdisciplinary work in the field of distributed ledger technologies” and “report on practical uses in a wide range of applications in industry, the public sector, government, and academia.” According to the Enterprise Times, the journal is available online and an inaugural print version will be available this summer.
Citigroup Joins List of Tech and Financial Companies Taking Stake in Blockchain Startup, SETL
According to CoinDesk, Citigroup has bought a stake in SETL, a blockchain startup that “aims to facilitate the movement of cash and other assets between two parties using a permissioned ledger.” Citigroup’s announcement comes about three weeks after the French banking institution, Credit Agricole, also became a minority shareholder — along with Computershare, Deloitte, and S2iEM. SETL disclosed that Computershare boosted its stake, and that Computershare’s CEO, Stuart Irving, has joined SETL’s board of directors.