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Fantastic Growth of Blockchain Industry in China

China’s Ministry of Industry and Information Technology states that the domestic blockchain industry saw a fantastic growth last year. 

178 new blockchain startups have been launched in 2017, which makes 465 in total. The notable progress is led by the improvement of the crypto regulation in China, and today the new sector is boosting the development of industries, helps bring down expenses and raise the efficiency. As an example of China generously funding the industry, last month the government of Hangzhou decided to invest more than $400 mln in a Hangzhou-based venture capital firm known as Tunlan Investment, to facilitate the growth of Blockchain startups and projects. To the publishment date, China has the most blockchain patents in the world. 

Upbit has faked its balance sheets – or has not.

The fourth largest crypto exchange from South Korea Upbit is being investigated by police: it is accused of having faked its balance sheets and deceiving investors. This morning South Korea’s Financial Supervisory Commission (FSC) sent 10 investigators to the exchange’s head offices in Seoul to audit its virtual currency holdings. 

This spring multiple crypto exchanges had attracted the attention of South Korean authorities that announced citing anti-money laundering and investigating into exchanges’ corporate bank accounts.