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CATEGORY: fsc


Taiwan opens digital asset ETF market to professional investors

Author: Cointelegraph by Josh O'Sullivan
United States
Oct 01, 2024 12:00

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.

South Korean foundation to recover funds from defunct crypto exchanges

Author: Cointelegraph by Derek Andersen
United States
Sep 26, 2024 12:00

South Korean foundation to recover funds from defunct crypto exchanges

The Digital Asset User Protection Foundation will be set up by the DAXA self-regulatory organization and receive support from financial authorities.

African economies show high potential for digital asset adoption

Author: Cointelegraph by Pradipta Mukherjee
United States
Sep 23, 2024 12:00

African economies show high potential for digital asset adoption

South Africa emerges as a leading digital asset hub, driving growth in crypto with proactive regulations and expanding platforms like VALR.

Taiwan Mobile receives VASP license, entry to crypto market

Author: Cointelegraph by Derek Andersen
United States
Jul 06, 2024 12:00

Taiwan Mobile receives VASP license, entry to crypto market

Taiwans second-largest telecom has found a way into the crypto market, bring resources and experience with it.

Enforcement of South Korean virtual assets law prescribed in decree

Author: Cointelegraph by Derek Andersen
United States
Jun 27, 2024 12:00

Enforcement of South Korean virtual assets law prescribed in decree

The details of enforcing the Protection of Virtual Asset Users Act are not contained in the bill, which comes into force July 19.

South Korea labels mass-produced NFTs as virtual assets

Author: Cointelegraph by Ezra Reguerra
United States
Jun 11, 2024 12:00

South Korea labels mass-produced NFTs as virtual assets

NFTs considered as virtual assets are eligible to receive interest when deposited to exchanges according to the FSCs guidelines published in 2023.

US ETH ETF approval pressures Korean regulators

Author: Cointelegraph by Amaka Nwaokocha
United States
May 26, 2024 12:00

US ETH ETF approval pressures Korean regulators

Unlike their U.S. counterparts, Koreas FSC and FSS have been cautious about allowing crypto trading on traditional securities markets.

Apr 02, 2025 02:30

Vanuatu Finally Approves its Long-awaited Crypto Regulations, which Introduce Stricter Rules

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 […]

Mar 21, 2024 02:15

Taiwan's Financial Regulator Cautions Investors Amidst Crypto Volatility


Taiwan's FSC urges public caution with virtual asset trading due to extreme price volatility, highlighting the speculative nature and risks involved. (Read More)

Crypto lender Delio warns normal operations in jeopardy after asset seizures

Author: Cointelegraph By Tom Mitchelhill
United States
Jul 24, 2023 08:20

Crypto lender Delio warns normal operations in jeopardy after asset seizures

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.

Bank of Korea given right to investigate local crypto firms: Report

Author: Cointelegraph By Martin Young
United States
Apr 24, 2023 08:20

Bank of Korea given right to investigate local crypto firms: Report

The South Korean central bank will be able to access crypto transaction data from exchanges operating in the country.

Mar 21, 2023 02:10

Taiwan’s Financial Supervisory Commission Set to Regulate Country’s Virtual Assets Industry

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.

Feb 06, 2023 06:30

South Korea Starts To Define Cryptocurrencies As Legislation Approaches

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 [...]

Nov 24, 2022 07:10

New Digital Assets Bill: South Korean Officials To Impose More Control Over Crypto Exchanges

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 […]

Nov 20, 2022 06:55

South Korea probes crypto exchanges for local tokens


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)

Aug 24, 2022 05:05

Large Securities Companies in South Korea Plan to Launch a Crypto Exchange in H1 2023

<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.

South Korean legislature considering new licensing system for crypto

Author: Cointelegraph By Brian Newar
United States
May 18, 2022 08:20

South Korean legislature considering new licensing system for crypto

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.

South Korea's new president delays crypto taxes in favor of consumer protections

Author: Cointelegraph By Brian Newar
United States
May 04, 2022 08:25

South Korea's new president delays crypto taxes in favor of consumer protections

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.

Apr 28, 2022 10:40

Gibraltar Introduces New Legislation to Combat Insider Trading and Market Manipulation


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)

Sep 17, 2021 08:55

South Korea FSC Has announced Deadline for Over 60 Crypto Exchange

South Korea FSC has set a deadline for over 60 crypto exchanges. Crypto exchanges need to partner with south Korean

The post has appeared first on thenewscrypto.com

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