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📢 Lee Seok-ran, head of the Financial Innovation Division of the Financial Services Commission, discussed the need for a disclosure system and the regulation of user deposits and withdrawals in the context of the Virtual Asset User Protection Act at a symposium. The commission is reviewing the disciplinary system for companies in the form of guidelines and working on regulations for under what circumstances deposits and withdrawals can be restricted through enforcement ordinances. 🏦🪙 #VirtualAsset #regulation #FSC 🌐💼
South Korean Government Implements Stricter Regulations on Cryptocurrencies!
The South Korean government is preparing to introduce new regulations to increase transparency and improve accounting standards in the cryptocurrency sector. Under these new regulations, all companies will be required to report their digital assets. The Financial Services Commission (FSC) of South Korea announced the draft law, stating that it aims to enhance accounting transparency for companies involved in crypto transactions. #FSC
A More Transparent Crypto Sector:
According to the draft law announced by the Financial Services Commission (FSC), all companies that hold digital assets will be required to disclose them. The FSC stated that this regulation aims to provide greater transparency in accounting for companies' crypto transactions. The new regulations include revising the accounting treatment guidelines for virtual asset transactions and introducing accounting standards that require disclosure. #SouthKorea
Reporting Obligation for Employees and Public Officials:
The obligation set by the FSC also includes reporting of crypto assets by internal employees. Individuals working in positions related to the FSC are required to declare their digital assets under the Financial Information Act. This requirement applies to those involved in the cryptocurrency sector and those who have engaged in cryptocurrency transactions within the past six months.
Furthermore, government officials are also required to disclose their crypto assets. This requirement emerged following allegations of market manipulation by public officials and their influence on cryptocurrency prices in the region. Government officials aim to increase transparency and establish trust by disclosing their crypto assets.
Comprehensive Regulations:
The draft law specifies that the "crypto" assets to be reported include all tradable digital assets that operate and are issued through blockchain or distributed ledger technology. This encompasses assets created using cryptography, such as Bitcoin (BTC), Ether (ETH), and security tokens. #regulations
The new accounting guidelines will be implemented immediately, and the disclosure law will come into effect from the beginning of 2024. The purpose of these regulations is to enhance transparency, build trust, and maintain financial stability in the cryptocurrency sector in South Korea.
In Summary:
The South Korean government is implementing new and stringent regulations to enhance transparency in the cryptocurrency sector. The new bill requires all companies holding digital assets to report their accounting transactions. Additionally, internal employees and government officials are obligated to disclose their crypto assets. These regulations aim to increase transparency, establish trust, and ensure financial stability in the cryptocurrency sector. With the implementation of these new regulations, South Korea aims to create a more reliable environment in its cryptocurrency industry.
A More Transparent Crypto Sector:
According to the draft law announced by the Financial Services Commission (FSC), all companies that hold digital assets will be required to disclose them. The FSC stated that this regulation aims to provide greater transparency in accounting for companies' crypto transactions. The new regulations include revising the accounting treatment guidelines for virtual asset transactions and introducing accounting standards that require disclosure. #SouthKorea
Reporting Obligation for Employees and Public Officials:
The obligation set by the FSC also includes reporting of crypto assets by internal employees. Individuals working in positions related to the FSC are required to declare their digital assets under the Financial Information Act. This requirement applies to those involved in the cryptocurrency sector and those who have engaged in cryptocurrency transactions within the past six months.
Furthermore, government officials are also required to disclose their crypto assets. This requirement emerged following allegations of market manipulation by public officials and their influence on cryptocurrency prices in the region. Government officials aim to increase transparency and establish trust by disclosing their crypto assets.
Comprehensive Regulations:
The draft law specifies that the "crypto" assets to be reported include all tradable digital assets that operate and are issued through blockchain or distributed ledger technology. This encompasses assets created using cryptography, such as Bitcoin (BTC), Ether (ETH), and security tokens. #regulations
The new accounting guidelines will be implemented immediately, and the disclosure law will come into effect from the beginning of 2024. The purpose of these regulations is to enhance transparency, build trust, and maintain financial stability in the cryptocurrency sector in South Korea.
In Summary:
The South Korean government is implementing new and stringent regulations to enhance transparency in the cryptocurrency sector. The new bill requires all companies holding digital assets to report their accounting transactions. Additionally, internal employees and government officials are obligated to disclose their crypto assets. These regulations aim to increase transparency, establish trust, and ensure financial stability in the cryptocurrency sector. With the implementation of these new regulations, South Korea aims to create a more reliable environment in its cryptocurrency industry.
South Korea Takes Bold Measures Against Crypto Crimes. 🇰🇷👮🏻♂️👨🏻⚖️
In response to the 2022 crypto industry crisis involving Terraform Labs and its founder, Do Kwon, South Korea has enacted the Virtual Asset User Protection Act, showcasing its commitment to safeguarding the virtual asset market. The legislation, enforced since July 19, 2023, imposes strict measures to combat crimes within the crypto industry.
The primary aim of the Virtual Asset User Protection Act is to establish order in the virtual asset market and combat illicit activities within the industry. South Korea's proactive approach underscores the importance of ensuring user protection and market integrity.
The law outlines severe penalties for offenders, including fixed-term imprisonment of over one year or fines ranging from three to five times the amount of unjust enrichment. Notably, individuals involved in significant illegal profits exceeding 5 billion won may face life imprisonment, emphasizing the gravity of crypto-related crimes.
The Financial Services Commission (FSC) is granted the authority to impose fines equal to twice the amount of unfair profits. This additional layer of oversight ensures a stringent regulatory framework, with fines applicable after notifying the Prosecutor General and receiving the investigation's outcome.
The law encourages collaboration between the FSC and the Financial Supervisory Service to investigate unfair trading practices. Violations may result in various consequences for crypto businesses, including suspension, correction orders, complaints, or notifications to investigative agencies.
South Korea's strong stance, through the Virtual Asset User Protection Act, signals a commitment to accountability in the crypto landscape, acting as a deterrent against crimes and showcasing dedication to user protection. This legislative move positions South Korea as a leader in global efforts to regulate the virtual asset market.
#SouthKorea #Write2Earn #TrendingTopic #Terraform #FSC
In response to the 2022 crypto industry crisis involving Terraform Labs and its founder, Do Kwon, South Korea has enacted the Virtual Asset User Protection Act, showcasing its commitment to safeguarding the virtual asset market. The legislation, enforced since July 19, 2023, imposes strict measures to combat crimes within the crypto industry.
The primary aim of the Virtual Asset User Protection Act is to establish order in the virtual asset market and combat illicit activities within the industry. South Korea's proactive approach underscores the importance of ensuring user protection and market integrity.
The law outlines severe penalties for offenders, including fixed-term imprisonment of over one year or fines ranging from three to five times the amount of unjust enrichment. Notably, individuals involved in significant illegal profits exceeding 5 billion won may face life imprisonment, emphasizing the gravity of crypto-related crimes.
The Financial Services Commission (FSC) is granted the authority to impose fines equal to twice the amount of unfair profits. This additional layer of oversight ensures a stringent regulatory framework, with fines applicable after notifying the Prosecutor General and receiving the investigation's outcome.
The law encourages collaboration between the FSC and the Financial Supervisory Service to investigate unfair trading practices. Violations may result in various consequences for crypto businesses, including suspension, correction orders, complaints, or notifications to investigative agencies.
South Korea's strong stance, through the Virtual Asset User Protection Act, signals a commitment to accountability in the crypto landscape, acting as a deterrent against crimes and showcasing dedication to user protection. This legislative move positions South Korea as a leader in global efforts to regulate the virtual asset market.
#SouthKorea #Write2Earn #TrendingTopic #Terraform #FSC
Breaking News : Taiwan set to regulate Cryptocurrency
The Financial Supervisory Commission (FSC) in #Taiwan is set to become the regulator for cryptocurrency with the introduction of special legislation. Huang Tien-mu, the head of the FSC, confirmed this during a hearing about global banking stability.
The industry is welcoming the news as it believes that regulation will help it to grow. Wayne Huang, CEO of XREX, said that the next step would be for the virtual asset service provider industry to work with the #FSC to define regulatory operations.
One of the first steps in this collaboration is to form an industry self-regulatory body to help develop a set of rules. However, the FSC won't be regulating non-fungible tokens (NFTs) as they are still emerging as an asset class, and it's too early to regulate them. Taiwan has two financial regulators, the Central #Bank and the FSC, with the latter having a broad remit over banking regulation, securities and futures, and anti-money laundering.
Taiwan has historically taken a hands-off approach to #cryptocurrency regulation, only regulating the asset class under the framework of controlling money laundering. However, the collapse of FTX, a popular cryptocurrency exchange, added a sense of urgency to Taiwan's regulatory push.
Authorities approved 24 crypto platforms under the island's AML compliance system last September. The introduction of the new legislation is expected to strike a balance between experimentation and investor protection.
An initial framework for the law is expected by June, with an initial draft for later this year.
The industry is welcoming the news as it believes that regulation will help it to grow. Wayne Huang, CEO of XREX, said that the next step would be for the virtual asset service provider industry to work with the #FSC to define regulatory operations.
One of the first steps in this collaboration is to form an industry self-regulatory body to help develop a set of rules. However, the FSC won't be regulating non-fungible tokens (NFTs) as they are still emerging as an asset class, and it's too early to regulate them. Taiwan has two financial regulators, the Central #Bank and the FSC, with the latter having a broad remit over banking regulation, securities and futures, and anti-money laundering.
Taiwan has historically taken a hands-off approach to #cryptocurrency regulation, only regulating the asset class under the framework of controlling money laundering. However, the collapse of FTX, a popular cryptocurrency exchange, added a sense of urgency to Taiwan's regulatory push.
Authorities approved 24 crypto platforms under the island's AML compliance system last September. The introduction of the new legislation is expected to strike a balance between experimentation and investor protection.
An initial framework for the law is expected by June, with an initial draft for later this year.
In recent reports, the Taiwan authorities have assigned FSC to take charge of framing crypto regulations to oversee crypto assets on the island.
#cryptocurrency #NFT #Regulation #Taiwan #FSC
https://blockchainreporter.net/taiwans-crypto-industry-welcomes-financial-regulator/
#cryptocurrency #NFT #Regulation #Taiwan #FSC
https://blockchainreporter.net/taiwans-crypto-industry-welcomes-financial-regulator/
