Taiwan opens digital asset ETF market to professional investors
Taiwans FSC opens investment channels for professional investors, allowing access to high-risk foreign digital asset ETFs while maintaining a cautious stance on market risks.
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Taiwans FSC opens investment channels for professional investors, allowing access to high-risk foreign digital asset ETFs while maintaining a cautious stance on market risks.
The Digital Asset User Protection Foundation will be set up by the DAXA self-regulatory organization and receive support from financial authorities.
South Africa emerges as a leading digital asset hub, driving growth in crypto with proactive regulations and expanding platforms like VALR.
Taiwans second-largest telecom has found a way into the crypto market, bring resources and experience with it.
The details of enforcing the Protection of Virtual Asset Users Act are not contained in the bill, which comes into force July 19.
NFTs considered as virtual assets are eligible to receive interest when deposited to exchanges according to the FSCs guidelines published in 2023.
Unlike their U.S. counterparts, Koreas FSC and FSS have been cautious about allowing crypto trading on traditional securities markets.
The island nation of Vanuatu has enacted new laws that regulate the cryptocurrency industry on the island, introducing licensing standards for local crypto businesses. These crypto regulations are described as ‘strict’ in nature and are designed to prevent those who could use smaller countries as a ‘shophouse’ for fraudulent activities. The Vanuatu Financial Services Commission […]
Taiwan's FSC urges public caution with virtual asset trading due to extreme price volatility, highlighting the speculative nature and risks involved. (Read More)
The South Korean crypto lender has had to halt certain interest payments amid a recent investigation resulting in the company and its customers' assets being seized.
The South Korean central bank will be able to access crypto transaction data from exchanges operating in the country.
Taiwan’s Financial Supervisory Commission is set to be announced as the body that will oversee and regulate the virtual asset industry. According to a report, the collapse of crypto exchanges like FTX prompted Taiwanese officials to seek ways of protecting users against similar events should they recur. Virtual Asset Industry’s Self-Regulation According to Taiwanese government [...]
The post Taiwan’s Financial Supervisory Commission Set to Regulate Country’s Virtual Assets Industry appeared first on Crypto Breaking News.
South Korea is on its remarkable journey concerning blockchain developments and legislation. On Monday, South Korea’s Financial Service Commission (FSC) noted that the blockchain-based tokens [...]
South Korean officials are bringing out proposed amendments to the Digital Assets Bill in an effort to impose more control over cryptocurrency exchanges. As reported by News1 Korea that to prevent another FTX disaster, Rep. Yoon Chang-Hyun, a People’s Power party member, drafted a proposal for an amendment that will increase the power of Financial […]
Korean Financial Intelligence Unit (KoFIU) launched a probe into crypto exchanges in relation to listing their in-house, self-issued tokens. While Korean crypto exchanges are barred from issuing native tokens, KoFIU's probe into the same is to ensure regulatory adherence for investor's safety. Initial investigations revealed that all crypto exchanges performed lawful operations across South Korea. (Read More)
<p>Some of the largest securities firms in South Korea are on schedule to launch a virtual asset exchange in H1 2023, led by the Financial Investment Association. According to local news, the financial firms have applied for government approval to initiate the exchanges.</p><p>An official from one of the securities companies said: "The discussions necessary for the establishment are currently being finalized internally.</p><p> "Details could be made after the government announced in the fourth quarter of this year that included provisions of the virtual asset law and deregulation."</p><p>The President of South Korea, Yoon Suk-yeol is dubbed as a crypto-pro President. Yoon, a former prosecutor said vowed to allow initial coin offerings (ICO), which will enhance South Korea's position among the crypto-friendly countries.</p><p>A member of the People Power Party said that profits of up to $40,000 will not be taxed. Nevertheless, airdrops may still be subject to gift tax, which ranges between 10% and 50%.</p><p>Plans to impose 20% on crypto profits were delayed to 2025. Cryptocurrency trading regulations may be introduced in 2023 under the Digital Asset Basic Act.</p><p>The Digital Assets Framework Act</p><p>The securities companies that are planning to launch an exchange are <a href="https://www.financemagnates.com/fintech/samsung-enables-us-stocks-trading-during-south-korean-hours/" target="_blank">Samsung Securities</a>, Mirae Asset Consulting, NH Investment & Securities, Shinhan Financial Investment and KB Securities.</p><p>KB Bank hinted at the beginning of the year its intention to enter the digital assets markets:</p><p>'We plan to prepare for the preemptive launch of related products through domestic and overseas digital asset market research. Considering the speed of adoption of virtual assets in major countries, the company aims to launch products as quickly as possible after deregulation in Korea [led by Yoon].</p><p>'Hong-gon Kim, head of KB Asset Management’s Index Quant Management Division, said, “We will launch a virtual asset-themed equity fund, etc. as soon as possible." Periodicals will also be published.'</p><p>The Digital Assets Framework Act will differentiate between tokens that are considered as securities (STOs) and non-security tokens including NFTs.</p><p>The FIU Took Action against 16 Crypto Exchanges</p><p>Although the South Korean government is more open to crypto, it does not necessarily mean exchanges can operate without a required license.</p><p>The Financial Intelligence Analysis Unit (FIU), which is operating under the Financial Services Commission (<a href="https://www.financemagnates.com/cryptocurrency/regulation/taiwan-bans-cryptocurrency-purchases-with-credit-cards/" target="_blank">FSC</a>), discovered 16 exchanges that are violating the Special Payment Act.</p><p>An FIU official explained the Special Payment Act: "Undeclared virtual asset operators are not adequately equipped with the Information Security Management System (ISMS), which is a reporting requirement under the Special Payments Act and may be exposed to risks such as leakage and hacking of personal information, and may be exploited through money laundering channels."</p><p>The 16 crypto exchanges that have been providing services to Koreans without a required license are:</p><p>KuCoinMEXCPhemexXT.comBitrueZB.comBitglobalCoinWCoinEXAAXZoomEXPoloniexBTCEXBTCCDigiFinexPionex</p><p>The FIU warned the exchanges in July 2021 that they are subject to declaration, however, no declaration has been provided.</p><p style="" class="text-align-center">source: <a href="https://www.kofiu.go.kr/eng/notification/notice_view.do" target="_blank" rel="nofollow">IFU</a></p><p>As a result, the IFU requested the Broadcast and Communications Commission and the Korea Communications Commission to block access to their websites.</p><p>Furthermore, the IFU wishes to halt credit card companies from providing services to these exchanges, assuring unlicensed crypto companies will be unable to process credit card transactions.</p> This article was written by Matti Williamson at www.financemagnates.com.
Regulators in South Korea have issued a new report that offers a bevy of recommendations for how to properly govern the country’s crypto industry.
The country’s president elect is proving his crypto savvy by declaring there will be no tax on crypto investment gains until legislation can ensure consumer protections.
The Gibraltar Financial Services Commission (GFSC) has updated its regulatory guidelines for the digital currency ecosystem to include a 10th clause that addresses insider trading and market manipulation. (Read More)
South Korea FSC has set a deadline for over 60 crypto exchanges. Crypto exchanges need to partner with south Korean
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