Korea Financial Commission Clarifies Reporting Standards for Internal Employee Holdings of Virtual Assets
The Financial Services Commission of Korea clarified the reporting standards for internal employees holding virtual assets and established a new reporting form. According to financial authority sources, the Financial Services Commission released a revised draft of the "Code of Conduct for Civil Servants" that includes these contents on the 6th. The revised draft specifies the reporting objects as civil servants who are currently engaged in duties related to virtual assets and those who have engaged in such duties within the last six months. In addition, a reporting form on virtual asset holdings such as type, date of acquisition, quantity and amount, etc., has been developed.
South Korea Passes Virtual Asset User Protection Act To Regulate Digital Assets
July 3 (Cointime) - South Korea has taken its first step towards establishing a legal framework for virtual assets with the passing of the Virtual Asset User Protection Act by the National Assembly. The legislation, which will take effect next year, includes 19 proposals from lawmakers and defines digital assets while setting out penalties for unfair transactions.
Hong Kong Investment Commission: “Virtual Assets” Beware of the Risks of Unlicensed and Overseas Trading Platforms
July 3 (Cointime) -"Virtual Assets" beware of the risks of unlicensed and overseas trading platforms. The CSRC has not approved any virtual asset trading platform to provide services to retail investors. Most of the platforms that the public has access to are unregulated and have high potential risks. These platforms may lack transparency, operate in an unstable manner, and investors may have no security. If there is a dispute with the platform, there is no way to complain and the CSRC cannot provide assistance. Overseas trading platforms may be lightly regulated and have no investor protections. The cross-border nature makes claims difficult, and local police and regulators are unable to help.
Hong Kong Investment Commission: If the Virtual Asset Trading Platform Has No Connection With Hong Kong, the Local Police and Regulators May Not Be Able To Provide Assistance
July 3 (Cointime) - The official website of the Hong Kong Investor and Financial Education Committee issued a document "Virtual Assets Beware of Risks of Unlicensed and Overseas Trading Platforms", which reminds investors that the Hong Kong Securities Regulatory Commission has not yet approved any virtual asset trading platform to provide services to retail investors, and most of the existing Virtual asset trading platforms that are accessible to the public are not regulated by the China Securities Regulatory Commission. Investors should be careful about the risks of unlicensed and overseas trading platforms.
Hong Kong Establishes Task Force to Guide Web3 Development with Focus on Ethics
July 2 (Cointime) - Hong Kong has formed a task force consisting of 15 industry participants and 11 government officials to oversee the development of Web3 and provide guidance on ethical aspects. The task force was established as part of Hong Kong's commitment to embrace the "megatrend" of Web3 development and aims to make Hong Kong a leader in the sector. The government's policy statement on the development of virtual assets in Hong Kong, issued in October 2022, has received a favorable response from the market, with over 80 virtual asset-related companies expressing interest in establishing their presence in Hong Kong. The Hong Kong Securities and Futures Commission (SFC) has also announced that it will soon allow licensed platforms to cater to retail investors, encouraging operators of virtual asset trading platforms to submit license applications.
Seoul High Court Rules Bitcoin Not Classified as Money, Exempt from Lending Regulations in South Korea
June 28 (Cointime) - The Seoul High Court Civil Division has ruled that Bitcoin should not be classified as money, exempting it from lending business regulations in South Korea and declaring that interest rate rules do not apply to BTC.
Palau's Digital Residency Program Offers Visa Extension and Access to Banned Crypto Exchanges
June 26 (Cointime) - Palau's digital residency program, RNS.ID, allows individuals to obtain digital residency assets for a fee of $248, which extends their visas and provides access to banned cryptocurrency exchanges while concealing their true identities.
Most Jurisdictions Not Compliant with International Anti-Money Laundering Norms for Crypto, Says FATF
June 23 (Cointime) - The Financial Action Task Force (FATF) has stated that most jurisdictions are not fully complying with international anti-money laundering norms for cryptocurrency. The watchdog's statement following a plenary meeting chaired by Singapore's T. Raja Kumar revealed that almost three quarters of jurisdictions are only partially compliant or not compliant with the FATF's requirements for virtual assets.
Belarus Reports Criminal Cases for Illegal Bitcoin Transactions
June 20 (Cointime) - Belarusian State Control Committee has initiated 70 criminal cases associated with illegal cryptocurrency transfers in 2022, according to the Committee's Chairman Vasily Gerasimov as reported by the local news agency BELTA.
South Korean Financial Regulator Establishes Virtual Asset Fraud Reporting Center To Enhance Investor Protection
The South Korean financial regulator has established a virtual asset fraud reporting center to combat investment fraud related to virtual assets. The center will operate a reporting period by the end of this year and will be led by the Financial Fraud Response Team in collaboration with relevant departments.
