🏦 The Financial Supervisory Service to launch 'Virtual Asset Supervision Bureau' for oversight and market stability, and 'Virtual Asset Investigation Bureau' to combat unfair transactions, responding to the virtual asset market's growth. 🌐💼 #CryptoRegulation #FinancialSupervision #VirtualAssets

🏦 **Absence of Virtual Asset Industry Figures in Government Affairs Committee's Audit** 🚫
This year's list of witnesses for the Government Affairs Committee's audit of government affairs did not include representatives from the virtual asset industry. Despite efforts by Democratic Party members to have Lee Seok-woo, chairman of DAXA and representative of Dunamu, as a witness for the Financial Services Commission audit, he was not selected during the final consultation between the ruling and opposition parties.
📋 Last year, virtual assets were a major topic during the National Assembly audit, with Dunamu CEO Lee Seok-woo and Hashed CEO Kim Seo-jun testifying to investigate responsibility for the 'Terra/Luna' incident.
#VirtualAssets #GovernmentAudit #KoreanPolitics #CryptoNews 🏛️📰💼

🏦 **Deposit Insurance Corporation Seizes Virtual Assets for Bad Debtors** 💰
In a significant move, the Deposit Insurance Corporation (Yebo) has seized virtual assets, including Bitcoin, from individuals who caused financial company insolvency. Here are the key details:
1️⃣ A total of 1,075 individuals linked to financial company insolvency were investigated during the first half of this year.
2️⃣ The investigation led to the detection of 29 cases related to virtual assets, resulting in the seizure of 16 of these cases.
3️⃣ The initiative targeted individuals who had borrowed significant sums (at least 3 billion KRW) from insolvent financial companies, as well as executives and employees of group companies responsible for the financial company's insolvency.
This marks a significant development in the regulation and handling of virtual assets in cases of financial insolvency.
#VirtualAssets #DepositInsurance #Bitcoin #FinancialInsolvency #CryptoNews 🏦🔒🚫

🕵️‍♂️ In the investigation of virtual asset cases like WEMIX, prosecutors in South Korea are considering whether virtual assets should be categorized as securities or not, given the absence of a fundamental law distinguishing them from securities. The application of the Capital Markets Act depends on whether a specific virtual asset is considered a security. An official from the Seoul Southern District Prosecutors' Office emphasized the need to evaluate this aspect, stating that virtual assets are not uniformly recognized as securities. 📊💼 #VirtualAssets #LegalReview 🚀🇰🇷

📅 Important Update: The Ministry of Personnel Management announces the approval of a partial revision to the Enforcement Decree of the Public Official Ethics Act, effective December 14th. Public officials of grade 4 or higher must now disclose and report virtual assets when registering property, providing detailed information on their formation process and submitting one year of virtual asset transaction details for level 1 or higher property disclosure. 💼💻 #PublicEthics #VirtualAssets #RegulationUpdate

🚓 **Police Arrest Scammers Defrauding Investors with Fake Virtual Assets** 💔
A group of individuals who posed as virtual asset consignment sellers and defrauded 123 victims of 7.1 billion KRW have been apprehended by the police.
🏢 The scammers had set up offices in three locations in Guwol-dong, Incheon, and one location in Uijeongbu, Gyeonggi Province, operating from August of the previous year to May of the current year.
💼 They illegally obtained a list of individuals who had suffered investment losses through a prominent company and lured them into purchasing worthless scam coins.
👮 The police have taken action to seize and secure 750 million KRW in criminal proceeds. Nine individuals, including Mr. A, have been detained, and 84 others have been booked without detention.
#CryptoScam #VirtualAssets #PoliceArrest #CryptoNews #InvestmentFraud 🕵️‍♂️💰🚫

South Korea's National Assembly has successfully passed the Virtual Asset User Protection Act, paving the way for a solid legal foundation for virtual assets. This groundbreaking legislation, comprised of 19 lawmaker proposals, defines digital assets and establishes penalties for unfair transactions. Excitingly, it will go into effect next year, bringing increased security measures such as segregated user assets, insurance, cold wallet reserves, and transaction records. A major leap forward for the virtual asset ecosystem! 🚀 #VirtualAssets #SouthKorea #Legislation

**According to Yonhap Infomax:**
Over the past five years, the total size of illegal foreign exchange transactions associated with virtual assets amounted to 10.4 trillion won. Data obtained from the Korea Customs Service, as reported by Rep. Ko Yong-jin of the Democratic Party of Korea, indicates that there were 6,066 cases of violations, resulting in fines totaling 2.2961 trillion won. The majority of these fines were related to false proof of virtual asset purchase funds (1.8755 trillion won) and funds for virtual asset purchases that didn't go through banks (407.1 billion won). During the same period, 93 cases were referred to the prosecution, leading to penalties for illegal foreign exchange transactions aimed at acquiring virtual assets, with a total amount detected at 8.0728 trillion won.
#VirtualAssets #KoreaCustomsService #IllegalTransactions #ForeignExchange

The Mokpo Marine Police Station has taken action against Mr. Park, a virtual asset price manipulation worker, who was arrested on charges of violating the Smuggling Control Act. Mr. Park, known for his aliases such as 'Coin King' and 'MM Godfather,' has been involved in coin investment techniques and has shared his lifestyle through social media. His arrest and the charges against him are part of efforts to combat illegal activities in the virtual asset market. 🕵️‍♂️💼 #VirtualAssets #CryptocurrencyCrime #MarketRegulation 🚔💰

💰 Public institutions, including the Deposit Insurance Corporation, convert virtual assets seized from insolvent individuals into cash for the first time. The move is facilitated under potential law amendments in a bid to recover stolen or hidden public funds via virtual asset exchanges. #VirtualAssets #BitcoinWorld 💼💸🏛️📃

👮‍♂️ **National Police Agency Forms Dedicated Team for Virtual Asset Crimes** 🚔
📢 The National Police Agency is establishing a specialized team (TF) to address virtual asset-related crimes. This move comes as legislation concerning virtual assets has been rapidly enacted, and the prosecution has launched a joint virtual asset investigation team.
🏙️ Additionally, the police are contemplating the establishment of a new metropolitan investigative unit dedicated to virtual asset investigations in the future.
#VirtualAssets #CryptoCrimes #NationalPoliceAgency #LawEnforcement #CryptoNews 🚀🔍📰

📝 The Financial Supervisory Service is working on guidelines for virtual asset issuance volume, distribution volume, and transaction support, expected to be announced soon. Team Leader Byung-nam Ahn mentioned that while they anticipate creating regulations similar to those in the traditional financial sector, it's a new market with unique challenges, and global considerations are necessary due to the presence of various exchanges and the interconnectedness of markets. 🌐🏦💼 #CryptoRegulation #VirtualAssets 🇰🇷

📅 Event Update: Samjong KPMG's '10th Content Industry Seminar' on the 29th at POSCO Tower Yeoksam, Gangnam-gu, focuses on 'virtual assets,' delving into accounting and tax considerations for digital assets in content companies and exploring response strategies. 🎮📈 #ContentIndustry #Seminar #VirtualAssets

🇰🇷 The Child Support Implementation Management Office of the Korea Healthy Family Promotion Agency, under the Ministry of Gender Equality and Family, will collaborate with Korea Credit Bureau (KCB) to seize virtual assets of child support debtors starting next year. This initiative aims to make it easier to view and seize virtual assets through the KCB virtual asset electronic management system. 💼💻💰 #ChildSupport #KCB #VirtualAssets 📢🔒

A recent survey in Hong Kong reveals a significant shift in public sentiment toward virtual assets, driven by the JPEX scandal. The survey conducted by the Hong Kong University of Science and Technology (HKUST) found that 41% of respondents now prefer not to hold virtual assets, marking a 12% increase since April. In the wake of the JPEX scandal, only 20% expressed an interest in holding virtual assets in the future, down 5% from earlier this year.
JPEX, a fraudulent cryptocurrency platform, triggered a financial scandal of HK$1.57 billion and led to 28 arrests. The fallout has raised concerns about the city's efforts to embrace virtual assets and become a global hub for the industry.
While virtual assets have gained popularity, a lack of understanding and poor investment decisions among retail investors is evident. An Investor and Financial Education Council (IFEC) survey found that 8% of Hong Kong's retail investors bought virtual assets this year, up from 1% in 2019, with many driven by fear of missing out. The surveys also highlight a significant lack of understanding and concerns about regulation and fraud in the crypto space. #HongKong #VirtualAssets #CryptoSentiment #JPEX #CryptoHub

🏦 Korean authorities mull 'bank real-name account issuance standard'! 💼 Stricter AML-capable banks to issue real-name accounts on crypto exchanges. 📅 Guide announcement expected, opinions divided over entry regulation. 🤝 Aim to balance virtual asset market health and growth. 📝 FIU's standards differentiate 'initial' and 'multiple' issuance. 👥 Debate emerges on potential impact on new account contracts. Fine-tuning regulations to ensure a robust and secure virtual asset environment. #VirtualAssets #BankRealNameAccounts #AMLRegulations

🇨🇳💼 China's Legal Protection for Virtual Assets: The People's Court of China has declared that virtual assets are legally recognized as property under the current law, granting them protection akin to tangible assets. The announcement also states that judicial authorities must adhere to proper procedures when dealing with virtual assets, forbidding arbitrary confiscation. The official commentary from the Chinese People's Court Interpol highlights that virtual assets possess economic value and are considered a form of wealth. The legal framework safeguards them as legal property, even in criminal cases, ensuring a balance between the protection of private property rights and public societal interests. 🏦💰 #China #VirtualAssets #LegalProtection

💱 **Illegal Forex Transactions Linked to Virtual Assets in South Korea** 🚫
📅 Over the past five years, illegal foreign exchange transactions related to virtual assets amounted to 10.4 trillion KRW in South Korea.
📊 Data from the Korea Customs Service, obtained by Rep. Ko Yong-jin, indicates 6,066 fine violations totaling 2.2961 trillion KRW. These violations included falsified proof of virtual asset purchase funds (1.8755 trillion KRW) and unprocessed virtual asset purchase fund transfers to banks (407.1 billion KRW).
⚖️ During this period, 93 cases were sent to prosecution, resulting in penalties for illegal foreign exchange transactions aimed at acquiring virtual assets, with a total detected amount of 8.0728 trillion KRW.
#SouthKorea #VirtualAssets #IllegalForex #CryptoNews #Regulation 🇰🇷💰📊

**🔒 Legal Gap in Virtual Assets:** Prof. Hwang Seok-jin from Dongguk University's Graduate School of International Information Security emphasized the need to address the legal gap in virtual assets at a seminar. He warned of potential user protection limitations due to the one-year legal gap. Attorney Jeong Jae-wook from Joowon Law Firm highlighted the importance of separating user deposits from business assets and ensuring safe custody. He noted the lack of specific regulations on deposit methods and customer deposit safety. Additionally, concerns were raised about the absence of civil penalties in the Business Rights Act, calling for necessary supplements. #VirtualAssets #LegalGap #UserProtection 📜💼🔐