Financial regulators in South Korea have issued an update on 4 December, calling on users to report any unlicensed cryptocurrency exchanges providing services within the region.
The Digital Asset Exchange Association (DAXA) and the Financial Intelligence Unit (FIU) of South Korea collaborated on this initiative.
DAXA comprises major digital asset exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax.
The regulators aim to identify both domestic and foreign virtual asset business operators targeting Korean citizens, not adhering to Article 7 of the Specific Financial Information Act.
The approach includes a two-tier review process.
Reports will be initially reviewed by DAXA before being forwarded to the FIU for further assessment, determining the operator's status and the need for notification.
An official from DAXA emphasised that if operators persist in "undeclared business activities," the FIU plans to take necessary measures, potentially involving investigative agencies.
Reports can be submitted through DAXA's tip email address, requiring comprehensive information about the business, reasons for suspicion, and evidence of undeclared activities.
This development aligns with South Korea's increasing involvement in the crypto industry.
On 14 November, the Democratic Party mandated its parliamentary candidates to disclose personal crypto holdings for transparency.
In October, the Financial Supervisory Service announced preparations for regulations to supplement the Virtual Asset Users Protection Act, expected by January 2024.
Additionally, South Korea's central bank plans to invite 100,000 citizens to test its central bank digital currency in 2024.
This step represents a strategic move in exploring and understanding the implications of digital currencies on a broader scale.
The President of the New York Stock Exchange reveals that if the regulatory landscape becomes clearer, the exchange will consider directly offering cryptocurrency spot trading.
AlexBlackRock has submitted the S-1 document for an Ethereum spot ETF. Analysts predict that this ETF could begin trading before the end of June.
MiyukiThe Federal Reserve released its Beige Book report yesterday, indicating that overall economic activity in the United States is growing but indirectly forcing people to change their spending habits. The Beige Book gives a pessimistic summary of the overall economic activity in the U.S.
WeiliangThe alleged individual, who launched Caitlyn Jenner’s Solana token, also took over $300K presale funds of an Iggy Azalea coin. Azalea has stated she is not involved and has instead launched her own token. So who is Sahil Arora, the man behind the recent series of celebrity meme coin launches?
KikyoBuffett has long opposed Bitcoin, but his company Berkshire Hathaway still profits from cryptocurrencies.
AlexBrock Pierce, a founding veteran of Tether, the issuer of USDT, has released a significant signal, suggesting that China will eventually open its cryptocurrency market. He is preparing to return to work in Hong Kong for the third time.
AlexSince Trump's conviction last week, he has raised an astonishing $200 million, outpacing Biden's campaign and launching Bitcoin Lightning Network donations.
MiyukiAfter the Bitcoin halving, miners' revenue dropped by 46% in May. A well-known Chinese figure warns that some miners may be forced to shut down.
WeiliangDonald J. Trump has made history as the first US president, former or current, to be convicted in a criminal court. Despite his eagerness to serve, he plans to appeal too. If re-elected, could he govern from prison?
CatherineAs Biden’s campaign strategically decides to give minimal attention to Trump's legal battles, the nation's focus is also drawn to the ongoing trial of Hunter Biden on gun charges, less than a week after Trump's felony conviction in New York.
Kikyo
