The Attorney-General’s Office of Singapore Established a Virtual Currency Working Group to Focus on Dealing With Virtual Currency and Other Issues
October 18, the Deputy Chief Prosecutor of the Singapore Attorney-General's Chambers, Wang Shouren, stated that the Attorney-General's Chambers has officially established two specialized task forces this year to address new challenges, namely the Technology Crime Task Force and the Virtual Currency Task Force.
China Daily: Beijing-Hong Kong Internet Web3.0 Digital Industry Cooperation Is a Milestone
China Daily published an article today titled "Exploring Web3.0 in Hong Kong and Beijing: A Dual Integration of Innovation and Opportunity". The article pointed out that as two iconic cities, Hong Kong and Beijing are actively embracing Web3.0. The cooperation between Beijing and Hong Kong in the construction of the Internet 3.0 digital industry has been launched at the Beijing Internet 3.0 Innovation and Ecological Development Conference, jointly building the future Web3Hub (Web3.0 Fund) digital center.
South Korea’s Financial Intelligence Agency is reorganized and a separate organization will be established to regulate cryptocurrencies
The Financial Intelligence Unit (FIU) of the Financial Services Commission of South Korea is undergoing restructuring, which includes the virtual asset inspection department. The restructuring of the Financial Intelligence Unit will replace the virtual asset inspection department, the planning management office, and the system operation department with the anti-money laundering inspection department, the anti-money laundering comprehensive department, and the anti-money laundering supervision department respectively.
SUI Foundation Issued a Document Responding to the Circulation Controversy and Refuting the Accusations of Regulatory Agencies
October 18th, the SUI Foundation responded to the questioning of the South Korean financial regulatory agency on its social media platform, emphasizing that it has always been committed to full cooperation with the Korean Digital Asset Exchange Association (DAXA) and its members to maintain complete compliance and transparency.
FTX Has Paid Nearly $100 Million in Sponsorship Fees to Riot Games and $67 Million to Two Music Festivals
According to The Block, court documents show that FTX had agreed to pay nearly $100 million in sponsorship fees to Riot Games, the developer of "League of Legends," within seven years. After FTX announced bankruptcy, Riot Games began trying to withdraw from the deal at the end of last year.
U.S. Senate Banking Committee is weighing legislation to crack down on illegal cryptocurrency trading
Politico reports that the US Senate Banking Committee is considering two hearings related to Israel and legislation to crack down on illegal cryptocurrency transactions following Hamas attacks. Earlier this year, multiple members of the committee, including Senators Jack Reed (D-RI), Mike Rounds (R-SD), and Elizabeth Warren (D-MA), introduced bills aimed at bringing digital assets in line with anti-money laundering and economic sanctions rules.
Reed said that Senate Banking Committee Chairman Sherrod Brown (D-OH) is considering merging them because there are reports that Hamas is using cryptocurrency to "collect or launder funds from overseas." Sherrod Brown said, "We are looking at a lot of cryptocurrency ideas. We want to learn more and make some decisions."
Crypto Exchanges to Require Financial Services License in New Australian Proposal
The Australian government has proposed that crypto exchanges must obtain a license from the country's financial services regulator to operate. The proposal requires digital asset intermediaries to obtain an Australian financial services license from the Australian Securities and Investments Commission (ASIC) to issue and deal in digital asset facilities. Crypto brokers and other dealers will also be included in the licensing regime. The proposal places the responsibility of fighting market misconduct on crypto exchanges, requiring them to have and apply listing criteria and make sufficient disclosures before digital asset transactions occur. Exemptions are available for digital asset intermediaries holding assets with a value not exceeding $5 million AUD.
EU Finance Ministers Adopt New Rules Allowing Tax Authorities to Share Data on Individuals' Crypto Holdings
On Tuesday, the European Union's finance ministers formally adopted new rules that allow tax authorities to share data on individuals' cryptocurrency holdings. The rules, known as the Eighth Directive on Administrative Cooperation (DAC8), will be published in the EU's Official Journal and come into force 20 days later. The DAC8's crypto provisions complement recently finalized regulations on markets in crypto assets and anti-money laundering rules under the Transfer of Funds Regulation. The rules will require all EU-based crypto-asset service providers, regardless of their size, to report transactions from customers residing in the EU, and will also apply to financial institutions with respect to electronic money and central bank digital currencies.
Israel Ordered the Freezing of Multiple Hamas-Related Accounts on Platforms Such As Binance to Prevent the Flow of Funds
Israeli law enforcement has ordered the freezing of multiple cryptocurrency accounts and seized millions of dollars worth of cryptocurrency to prevent the flow of funds to Hamas.
Since the attack launched by Hamas on October 7th, more than 100 accounts on the Binance platform have been closed. Authorities have also requested information on up to 200 additional encrypted accounts, most of which are on the Binance platform.
Binance has confirmed that it has banned "a small number" of accounts since this summer, adding that it "complies with internationally recognized sanction rules."
Asian Stocks Rise as Investors Focus on Earnings and U.S. Economy Amid Middle East Tensions
Asian stocks rose cautiously on Tuesday as investors focused on corporate earnings prospects and the resilience of the US economy, despite tensions in the Middle East. MSCI's broadest index of Asia-Pacific shares outside Japan rose by 0.4%, while Tokyo's Nikkei increased by 1%. The S&P 500 climbed by 1% overnight, while oil prices and the US dollar fell. Investors are also assessing the risks of a wider conflict breaking out in the Middle East, as US President Joe Biden prepares to visit Israel on Wednesday.
