Blockchain
Financial watchdog clarifies role amid South Korea’s new crypto compliance crackdown
South Korea’s Financial Supervisory Service (FSS) has clarified its involvement amid rumors of mass delisting of digital assets from local crypto exchanges.
On June 17, reports surfaced that the FSS had directed registered crypto exchanges, including Upbit, Bithumb, and Gopax, to evaluate several tokens listed on their platforms. This directive aligns with the Virtual Asset User Protection Act, which mandates stringent compliance and regular assessments of listed tokens.
Under the new law, exchanges must adhere to stricter guidelines for token listings and reassess existing tokens biannually. They are required to evaluate the reliability of the issuing entity, user protection measures, technology, security standards, and regulatory compliance of these digital assets.
The legislation also imposes severe penalties for non-compliance, including a minimum one-year jail term or fines ranging from three to five times the illegal profits generated from the venture. Consequently, there are concerns that up to 600 altcoins may face delisting during these reviews, triggering panic selling among investors.
In response to these rumors, the FSS denied direct involvement in listing or delisting virtual assets on exchanges. The regulator emphasized that its role is limited to establishing listing standards, not overseeing the review process. The FSS stated:
“Financial authorities inspect virtual asset operators and do not directly review tokens. We participated initially to support the creation of best practices, but the announcements will be made by the exchange and DAXA.”
Additionally, there are reports that the FSS plans to create a new division dedicated to crypto regulation. This division would be responsible for policy development, regulatory oversight, and establishing a framework for the growing sector.
Source: cryptoslate.com
The post Financial watchdog clarifies role amid South Korea’s new crypto compliance crackdown appeared first on HIPTHER Alerts.
The European Union’s landmark MiCA regulation is set to transform the crypto industry, establishing stringent standards that many current Virtual Asset Service Providers may find challenging to meet. As MiCA compliance becomes the standard for operating within the European Economic Area, crypto exchanges and asset companies must take prompt action to align their operations with these comprehensive regulations.
To support businesses in navigating this significant transition, an exclusive webinar “Adapt or Die: The Urgent Shift from VASP to MiCA” will be held on Tuesday, November 19th, 2024, at 5:00 PM (CET) time.
This session is designed to provide industry professionals with practical insights and strategies to ensure their software and operations comply with MiCA standards.
Key highlights of the webinar include:
● Detailed analysis of MiCA regulations and their implications for the crypto sector.
● Actionable steps for software adaptation to achieve MiCA compliance.
● Case study feature: How Kyrrex achieved MiCA readiness using solutions from Simplify Labs.
● Practical tools for Anti-Money Laundering, Know Your Customer processes, cybersecurity, and transaction monitoring.
The webinar will be useful for CEOs, COOs, Compliance Officers, Regulatory and Legal Professionals, Tech Managers, and Investors looking to enter or expand within the EEA market. Attendees will gain the knowledge and tools necessary to adapt and thrive under the new MiCA regulatory framework.
Featured speakers:
Vadim Rozov, CEO at Simplify Labs, brings over 20 years of management and software development experience. Under his leadership, the company is dedicated to simplifying crypto and blockchain technology, making it accessible for non-technical founders and management teams.
Kevin Plumpton, CEO at Kyrrex, is a warranted advocate with extensive expertise in finance, business, property, and international law. He specializes in corporate governance, risk, and compliance legislation, and is a prominent figure in the Anti-Money Laundering and Counter Financing of Terrorism fields. He is recognized for developing innovative KYC and due diligence platforms utilized by leading organizations.
“The crypto industry is at a critical juncture where understanding and adhering to MiCA regulations is essential for continued growth and market access,” said Kevin Plumpton, CEO at Kyrrex. “Events like these are vital for bringing together industry leaders to share knowledge and best practices, ensuring businesses can adapt effectively and sustain their operations.”
Franklin Cachia, Executive Director at CSB Group, is an accomplished professional who advises clients on taxation, financial services, AML compliance, and corporate law, among other areas. His broad expertise also encompasses gaming, GDPR, and property law.
The post Adapt or Die: The Urgent Shift from VASP to MiCA appeared first on .
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