FCoin clogged Ethereum; Japan regulate crypto as financial product; Phillipines Coin.ph has 1mn users; China more proactive in blockchain

*China Media* China's MIIT department that provided cryptocurrency rankings is now actively taking effective measures to create a good development environment and promote the blockchain industry. Google translated

Thailand’s securities firms are exploring the possibility of establishing a joint cryptocurrency exchange and ICO portals. http://bit.ly/2tOYmXM

Japanese financial regulator is considering changing the legal basis of how it regulates cryptocurrencies from electronic money to a financial product, possibly introducing crypto derivatives. http://bit.ly/2NmDFe4

Under the supportive regulators, Philippines' crypto startup Coins.ph has evolved into one of the leading cryptocurrency businesses in Asia with more than 1mn users on Android app. http://bit.ly/2tP5FyI

💰 Coin and Exchange News

Yesterday, FCoin's “cumulative deposit number ranking” system motivated numerous token projects to enlist their communities in sending masses of their respective tokens to FCoin accounts. Some projects have been coordinating these transactions with high gas prices in order to make their deposits faster than competitors, resulting in higher transaction prices and clogging up the Ethereum network. http://bit.ly/2tT8FtO

WaykiChain launched Lock Revenue Sharing Plan to encourages all third-party developers who develop and operate applications on WaykiChain to return a certain proportion of WICC to WaykiChain investors. http://bit.ly/2u8cWsX

💼 Business and Regulation News

Back in June, Indian exchanges petitioned to challenge the ban on banks for doing crypto transactions but was turned down by Supreme court today. http://bit.ly/2tOu1Zm

A Russian company called Blackmoon has offered the world’s fourth-largest smartphone producer Xiaomi to tokenize its IPO and to sell digitized tokens for its stock on a dollar-for-dollar basis. http://bit.ly/2tOWL4g

Gamania, a Taiwan-based international gaming company, is looking to introduce blockchain technology in the game industry and launch a virtual item exchange.

SK Telecom's OK Cashbag point system is turning into stablecoin on a blockchain, "given that the points are tied to the Korean won". http://bit.ly/2Nmo4Lx

Hong Kong-based venture capital firm GSR has agreed to purchase US$160mn of security token exchange tZERO tokens for a price of $10 each. tZERO is parented under Overstock.com. http://bit.ly/2z6DMY9

Head of Greater China at 500 Startups discussed top 10 trends of Blockchain in China- including that B2C protocols are more popular in Asia, but infrastructure protocols are still Asia investors' favorite. http://bit.ly/2tNPaDa

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