Reddit Posts
Taiwan Unveils Comprehensive Crypto Regulations, Bans Unregistered Foreign Exchanges
US FSC Chairman Urges Clear Regulations for Digital Assets
US FSC Chairman eyes regulatory clarity for crypto, stablecoin ecosystems
South Korea’s FSC Mandates Crypto Holding Disclosures for Companies
Where is Bitget registered and regulated?
Taiwan’s FSC to oversee the crypto sector excluding NFTs
Taiwan watchdog FSC to assume authority on crypto regulation
BTC and ETH will not be regulated as securities in South Korea
South Korea’s FSC to monitor crypto whales for money laundering
Mentions
tldr; South Korea's Financial Services Commission (FSC) has proposed a ban on purchasing cryptocurrency with credit cards due to concerns about money laundering and illegal cash outflow. The ban, which is expected to pass, aims to prevent financial crimes associated with buying crypto from foreign exchanges. The proposal will undergo a review and public feedback process before taking effect by the summer of this year. This is part of South Korea's broader efforts to regulate the crypto market. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
At some point it will all be about institutions and their entry into digital asset trading. In my quest of finding institutional focused crypto projects I stumbled upon Definity Markets. They seem to be lightyears ahead in terms of product readiness. I read they recently had their first live trade by one of their big clients. I DYOR and think it could be a gem. I am no team member and not affiliated in any other way than owning a small bag of tokens. Below some information I gathered: Definity Markets is a London based fintech company with connections to big banks and several financial institutions. They have a team with long experience in TradFi including leadership roles in major financial institutions, led by Co-Founder/CEO Manu Choudhary (previously Director FX Sales at Lloyds Bank). They are owned by DMALINK who have been running a successful and rapidly scaling FX business (FX & precious metals) since 2017, with major international banks as partners and over $1T of completed transactions - currently over $1B+ per day (see more below). One of the major narratives in the upcoming bull market will most likely be based on institutions and this project has absolutely huge potential because of its institutional connections and technology! They have recently launched a world first trading model that allows institutions to trade crypto at lightning-fast speeds, while minimizing counterparty risk. They are NOT an exchange. DeFinity does NOT take custody of either crypto or fiat. The custody of fiat is with a European Investment Bank. Crypto custody is either self-custody on Fireblocks or via an accredited custodian such as BNY Mellon. They can do a maximum trade size of $100m and $500m via Algos (they will upscale later). They offer Fiat On/Off ramp services to crypto native firms. They are regulated through FSC Mauritius. Their institutional asset trading platform has been operational since September 26th. 6 institutional clients (for now under NDA) have been onboarded and are trading live. Definity has 60+ clients lined up to join the ecosystem. The platform is not for retail users, only for institutional clients. Institutions will hold $DEFX (native token) to get discounted trading fees among other features/benefits. A % of the fees paid to use the Definity platform will be used to buy back $DEFX from the open market and then burned. Buy backs will be a percentage of entire group revenue (incl. DMALINK revenue). Open market buys mean that a CEX with proper liquidity is essential (and in progress). With a current market cap of around $5 million and almost all tokens in circulation (a part is reserved for farming pools/liquidity/market making) there's quite a lot of upside to the token. With a real use product like this, combined with massive institutional clients (think Big EU banks for partners) this could be a true gem! In short / tldr: A London based crypto focused company called DeFinity Markets. Microcap: current mcap $5.1M and FDV $7.7M Their ecosystem token is $DEFX Available on BSC (Pancakeswap) & ETH Offering institutional crypto trading and Fiat On/Off ramp to crypto native firms Institutional clients using the platform will pay fees in $DEFX (new tokenomics document in progress) CEX is being worked on for buy backs on open market Their platform is designed to cater to the specific needs and expectations of institutional investors, such as banks, hedge funds, asset managers, and corporations DeFinity leverages blockchain technology for transparency and security while implementing high-frequency trading capabilities to meet institutional demands Owner DMALINK has 40 live institutional clients including 16 banks, including: Danske Bank, Nomura Bank, Crédit Agricole CIB, CME Group etc. It's also partnered with Tier 1 European investment bank for crypto trading As for additional tokenomics there currently are staking pools available through their dashboard (BSC & ETH pools) for staking rewards. Right now farming pools for liquidity are being prepared. The supply is fixed and future buy backs & burns will decrease supply.
> The bill, titled “The Digital Currency Legalization and Regulation Act”, aims to provide a clear legal framework for the use, exchange, taxation and regulation of Bitcoin and other cryptocurrencies in Taiwan. The bill also recognizes Bitcoin as a foreign currency for the purposes of foreign exchange and trade. According to the bill, Bitcoin will be treated as a legal means of payment for all public and private transactions in Taiwan, as well as a store of value and a unit of account. The bill also stipulates that all individuals and businesses that deal with Bitcoin must register with the Financial Supervisory Commission (FSC), the main financial regulator in Taiwan, and comply with anti-money laundering and counter-terrorism financing rules. Pretty interesting!
tldr; Taiwan's legislative body has proposed a draft crypto act that, if passed, would make cryptocurrency legal tender in the country. The bill aims to regulate crypto assets and operations more effectively, requiring all crypto exchanges to apply for a license to transact in digital assets. The Financial Supervisory Committee (FSC) will have policing power over the sale and purchase of these assets. The second reading of the bill is expected to take place in January 2024. The move is supported by the public and aims to make digital asset use more secure, safer, and more transparent. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
TLDR: Lawmakers in Taiwan plan to draft a special law for crypto regulation, aiming to complete the first draft by the end of November 2023. Yung-Chang Chiang, an official in the Legislative Yuan, views this as necessary to regulate crypto-related businesses and prevent regulatory arbitrage in offshore markets. They held a public hearing on October 6 to discuss the draft proposal. The Financial Supervisory Commission (FSC) released guidelines on September 26 to enhance cryptocurrency investor protection, including rules for asset separation and foreign virtual asset service providers. Major crypto exchanges in Taiwan formed an association on the same day to advance industry interests.
tldr; The Securities and Exchange Commission (SEC) has once again delayed its decision on approving spot Bitcoin (BTC) exchange-traded funds (ETFs), as well as spot Ether (ETH) ETFs from VanEck and ARK 21Shares. The SEC has also delayed decisions on spot Bitcoin ETF applications from Invesco, Bitwise, and Valkyrie. The delays may be related to the narrowly avoided U.S. government shutdown. Bitwise Asset Management has responded to the delay by amending its application to address the SEC's objections. In other news, Taiwan's Financial Supervisory Commission (FSC) has released industry guidelines for virtual asset service providers (VASPs), and the Securities and Futures Commission (SFC) of Hong Kong will publish a list of licensed and unregulated virtual asset trading platforms (VATPs) following the JPEX crypto exchange scandal. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; The Securities and Exchange Commission (SEC) has once again delayed its decision on approving spot Bitcoin (BTC) exchange-traded funds (ETFs), as well as spot Ether (ETH) ETFs from VanEck and ARK 21Shares. The SEC has also delayed decisions on spot Bitcoin ETF applications from Invesco, Bitwise, and Valkyrie. The delays may be related to the narrowly avoided U.S. government shutdown. Bitwise Asset Management has responded to the delay by amending its application to address the SEC's objections. In other news, Taiwan's Financial Supervisory Commission (FSC) has released industry guidelines for virtual asset service providers (VASPs), and the Securities and Futures Commission (SFC) of Hong Kong will publish a list of licensed and unregulated virtual asset trading platforms (VATPs) following the JPEX crypto exchange scandal. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
If you want to watch Gary be questioned this morning at the FSC meeting, you can watch that here at 10 am. est. Hearing Entitled: Oversight of the Securities and Exchange Commission [link](https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408978) https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408978
Attn! If you want to watch Gary be questioned this morning at the FSC meeting, you can watch that here at 10 am est. Hearing Entitled: Oversight of the Securities and Exchange Commission [link](https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408978) https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408978
tldr; Taiwan's Financial Supervisory Commission (FSC) has introduced new rules to improve protections for cryptocurrency investors. The FSC has released a set of industry guidelines for virtual asset service providers (VASPs) operating in the country, which include rules such as separating exchange's treasury assets from customer assets and reviewing mechanisms for listing and delisting virtual assets. The FSC has also required foreign VASPs to obtain necessary approvals from the regulator before providing services in Taiwan. In response, major crypto exchanges in Taiwan have formed a joint self-regulatory association. This move comes as the FSC plans to become the primary regulator of cryptocurrencies in Taiwan in 2023. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; Taiwan's cryptocurrency industry is working towards establishing an industry association in collaboration with the financial regulator. Nine cryptocurrency firms have announced their intent to apply for the formation of an industry association, with the aim of developing self-regulatory rules aligned with forthcoming regulatory guidelines. The Financial Supervisory Commission (FSC) is expected to release comprehensive guidelines for cryptocurrency trading and payments by the end of the month. The industry association aims to encompass various types of crypto firms and ensure regulatory compliance within the sector. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; South Korean Bitcoin lender Delio is planning to sue regulators for what it claims is a wrong interpretation of the law. The Financial Service Committee (FSC) has accused Delio of fraud and embezzlement, but the lender argues that the allegations are baseless. Delio claims that the regulators unreasonably applied the law in a situation where there were no clear regulations for virtual asset deposit and management products. The Financial Intelligence Unit (FIU) recommended the dismissal of Delio's CEO and imposed a three-month business suspension and a fine. Delio argues that the regulators' actions could kill the domestic virtual asset industry. The major issue of conflict is the interpretation of existing laws regarding virtual asset lending and storage. Delio argues that it is unclear whether virtual asset deposits and management products are considered financial products under current law. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
tldr; Taiwan's Financial Supervisory Commission (FSC) is planning to ban offshore cryptocurrency exchanges from operating in the country without proper compliance registration. The FSC has drafted ten guiding principles for virtual asset service providers, which are expected to be released by the end of the month. These principles include strengthening information disclosure, establishing review standards for virtual asset listing and delisting, and ensuring the separation and custody of companies’ and customers’ assets. The FSC will also prohibit the illegal solicitation of business by foreign crypto firms. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*
>Last week, **the United States took a step closer to regulatory clarity for its crypto industry**. In a 35–15 vote, the House Financial Services Committee (FSC) approved the Financial Innovation and Technology for the 21st Century Act. The bill is intended to establish rules for crypto firms on when to register with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). Positive news are always welcome. I hope we have soon a proper regulation framework.
tldr; South Korea's Financial Services Commission (FSC) has announced new regulations that will require firms that issue or own cryptocurrencies to provide detailed crypto disclosures in their financial statements. The disclosures must include information such as the amount and characteristics of their crypto tokens, their business models, and their accounting policies regarding the sale of cryptocurrencies. Companies holding cryptocurrencies for investment purposes will also need to disclose information about the token's classification, book value, and market value. These rules aim to improve accounting transparency, especially in light of the investigation into the collapse of Terra, which resulted in a loss of $40 billion. The regulations will bring clarity to the timing and criteria for recognizing virtual asset sales as profit. Guidelines for audit procedures are currently being developed. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; South Korean crypto lending firm Delio is under investigation by the country's Financial Services Commission (FSC) for alleged fraud, embezzlement, and breach of trust. The investigation was triggered by Delio's decision to suspend users' deposits and withdrawals on June 14. Delio's CEO assured stakeholders that the company would secure sufficient capital to compensate affected users. Delio currently holds an estimated $1 billion worth of Bitcoin and $8.1 billion in various altcoins. The investigation will determine the extent of Delio's culpability and any potential consequences for its management. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; South Korean crypto lending firm Delio is under investigation by the country's Financial Services Commission (FSC) for alleged fraud, embezzlement, and breach of trust. The investigation stems from Delio's decision to suspend users' deposits and withdrawals on June 14. Delio, one of South Korea's largest crypto lenders, holds significant amounts of Bitcoin, Ether, and various altcoins. The CEO and management staff have been barred from leaving the country while prosecutors conduct their investigation. Delio's sister firm, Haru Invest, also suspended withdrawals and deposits, leading to staff cuts and legal action against their service partner. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
"Some “fictitious” regulatory bodies and organizations, as listed by the CSA, include the Financial Standard Commission FSC Canada, Financial Commission/Finacom PLC Ltd., and its associated entity, Blockchain Association."
I keep a bucket handy whenever i watch the FSC hearings because i know im about to puke when he talks
According to Kim Han-kyu, the Democratic Party lawmaker who introduced the crypto bill, the Financial Services Commission has acknowledged the Bank of Korea should have the right to request data, “but refuses to include it in the bill.” This week, the FSC backtracked on its stance, and accepted the BOK’s right to request documentation.
tldr; The Bank of Korea (BoK) has been granted increased power to investigate cryptocurrency service providers and issuers. The BoK has been in competition with the country's financial regulator, the Financial Services Commission (FSC), over who should govern the regulation of the digital asset sector. The FSC will express its official position at a subcommittee meeting on April 25. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
"The BoK has been in competition with the country’s financial regulator, the Financial Services Commission (FSC), over who should govern the regulation of the digital asset sector. "
tldr; South Korea's central bank has been given permission to increase its surveillance of cryptocurrency service providers and issuers. The Bank of Korea will be given the authority to probe operators of cryptocurrency-related enterprises. The country's financial regulator, the Financial Services Commission (FSC), will have the last say in regulating the digital asset sector. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Taiwan's Financial Supervisory Commission (FSC) has announced that it will take over everything related to digital payments and transactions. However, it will not include non-fungible tokens (NFTs), which are still emerging within the digital asset industry. The FSC demands that all digital asset firms locally registered must comply with its anti-money laundering (AML) rules. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
tldr; The Financial Supervisory Commission (FSC) of Taiwan will become the main regulator of cryptocurrencies in the island country, according to the head of the authority. The FSC is currently instructed by the nation's highest administrative body, the Executive Yuan, to supervise payments and transactions in the crypto market. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Get more of today's trending news [here](https://coinfeeds.substack.com).*
“Reports say that the FSC won’t be regulating NFTs” How does one regulate NFTs? Aren’t they just images on the blockchain it’s not like it’s a currency that can or can’t have regulation.
tldr; South Korea's Financial Services Commission (FSC) on Monday published guidelines on which blockchain-based iterations of traditional securities, known as security tokens, will qualify for regulation under the country's capital markets rules. Security tokens refer to the digitalization of securities under the Capital Markets Act using distributed ledger technology. South Korea is working to regulate the crypto and blockchain sector comprehensively. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
>However, sources reveal that the FSC said that cryptocurrencies that do not fall into the category of securities, however, will be regulated by the upcoming Framework Act on Digital Assets. This is pretty bullish. First country recognizing that crypto is something different.
>However, the FSC stated that token issuers and brokers, like crypto exchanges, will be required to assess which cryptocurrencies are securities on a case-by-case basis This isn't going to be a pain in the rear /s
>Notably, the digital assets that do not have an issuer, like Bitcoin (BTC) and Ethereum (ETH), will not be considered securities. The FSC will also permit Security Token Offerings (STOs) by making amendments to its Electronic Securities Act. Makes sense to me. Sometimes the best approach is the simplest.
TLDR: South Korea's Financial Services Commission (FSC) on Monday published guidelines on which blockchain-based iterations of traditional securities, known as security tokens, will qualify for regulation under the country's capital markets rules.
> According to the FSC, token issuers and brokers like crypto exchanges will be tasked with making the evaluations on which crypto will be classified as securities based on the regulations. That's basically self-regulation
tldr; South Korea's Financial Services Commission (FSC) has established guidance on which types of digital assets will be considered and regulated as securities in the country. Cryptocurrencies that fit the descriptions of security tokens will be regulated under the country's Capital Markets Law. Meanwhile, digital assets that do not fit the characteristics of securities will be governed by other upcoming regulations. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
That woman being on the FSC is a perfect example of how government is failing it’s citizens.
tldr; South Korea's Financial Services Commission (FSC) has launched a probe into crypto exchanges in relation to listing their in-house, self-issued tokens. Initial investigations revealed that all crypto exchanges performed lawful operations across South Korea. However, a FSC spokesperson revealed plans for deeper investigation because “there are still some doubts related” *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
This warning is for a domestic audience. Taiwan's financial system is very conservative. It is centered around mutual funds with a very high rate of savers. Sitting and sneering from anywhere else in the world is a little pointless. The FSC here does not give a crap where foreigners invest, so they are not directing any kind of message to you.
tldr; Taiwan's Financial Supervisory Commission (FSC) has warned about the extremely high risks involved in investing in cryptocurrencies after crypto exchange FTX declared bankruptcy last week. The FSC issued the call after Taiwanese victims tried to establish an online self-rescue group to seek a way out of the crypto market collapse. It has been reported that hundreds of thousands of Taiwanese have invested in the crypto exchange *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The FSC in South Korea will monitor crypto whales with more than 100M won in assets. It seeks to prevent any money laundering or illicit activity. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; A South Korean court has dismissed the arrest warrant against Terraform Labs’ head of general affairs and business operations, Yoo Mo. The judge ruled the apprehension unnecessary in the case against Terra. Meanwhile, the Financial Services Commission (FSC) announced it has reintroduced support for blockchain technology and consumer protection in digital asset trading context. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Taiwan’s Financial Supervisory Commission (FSC) has approved WOO Network, one of the top ten bitcoin trading platforms in the country, as one of 24 registered virtual asset providers (VASPs). The license permits Woo Network to implement AML compliance measures in accordance with Taiwanese legal standards. The platform can offer custody and trading services for cryptocurrencies in Taiwan. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Huobi has secured an investment business license from the Financial Services Commission (FSC) of the British Virgin Islands. The approval allows Huobi to operate a virtual asset exchange under the subsidiary Brtuomi Worldwide Limited. Huobi also holds a distributed ledger technology license in the territory of Gibraltar. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
So first off, to make things clear, Y5 is based in the UK and is seeking regulation within Gibraltar in the UK. Regulation within the US is a complete different monster as you have explained above. Their regulation is a complete mess and it's pure luck if they are to class you as a security or not. To be quite honest, the approach the US is taking on regulation is embarrassing and highlights all that is wrong with the current financial system. The Y5 team are working on the Distributed Ledger Technology framework based in Gibraltar (details [here](https://www.fsc.gi/FSC/distributed-ledger-technology-providers)). And the quote you have referenced from the current website has actually been removed from the new website that is currently in development in order to avoid confusions like above. The quote provided "think of it as similar to your share in a business where you earn a dividend" is a quote to explain in layman's terms how the wealth token system works. Bottom line: Y5 is pushing for regulation within the DLT framework. The US has a whole lot of issue right now so we are monitoring it. Hope this provides some more insight to you.
tldr; Taiwan Financial Supervisory Commission (FSC) has sent a letter to the Association of Banks reminding them not to engage in cryptocurrency. The report said credit card processors must not facilitate payment for crypto platforms. If their current practices do not meet its stated requirements, they must make adjustments within three months. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
free uVoucher: UTP-EX4U-62MK-WJVB-5FSC-OZA5. you can claim this uVoucher to get free CRP coins. Download the Utopia desktop app first.
tldr; South Korean lawmaker Roh Woong-rae, a member of the ruling Democratic Party, has called for the introduction of stricter rules regarding public officials' employment after leaving public service. He revealed that a Grade 5 employee at the country's main financial regulator, the Financial Services Commission (FSC), recently quit his position to join Bithumb, one of the leading digital asset exchanges in South Korea. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
AOC "because she sits as a member on the Financial Services Committee FSC, digital assets are also a no-go area for her if she is to remain as ethical as possible in her job." Doesn't mean Crypto isn't the future and nor should she be discouraging any Cryptocurrency.
"because she sits as a member on the Financial Services Committee FSC, digital assets are also a no-go area for her if she is to remain as ethical as possible in her job." In a way, she is inside trading if she buys and sell anything.
I wonder if stablecoin regulation can be by passed by pegging it in different denominations of fiat. So not 1:1, but say 1:5. So 1 FSC (crypto market that doesn't contain the word US) is equal to 5 USD at all times.
Good question. A lot of 'carbon offsets' are also super dubious. That's our next challenge, it's like the 'oceanwise' certification or the FSC certification, which are actually pretty much meaningless but are an easy thing for industry to claim when the actual on the ground results might be very different from one offsetting scheme or one certification to another.
With the South Korean government recently imposing strict new rules on the cryptocurrency industry that have driven dozens of digital asset platforms out of business, a lawmaker is accusing the country’s top financial regulator of favorable treatment toward Upbit, the country’s largest crypto exchange. At the annual National Assembly audit yesterday, South Korean lawmaker Yun Chang-hyun, who had previously announced his plan to propose a new law for the country’s virtual asset industry, called the relationship between Upbit and the Financial Services Commission (FSC) into question.
lol, if you dont understand how CBDC's function currently on Ripplenet you shouldnt be telling others to go look at interoperability testing. Im well versed in ILP, it uses XRP as a bridge asset from the FSC...
tldr; South Korea's Financial Services Commission (FSC) has issued a deadline of September 24 for crypto exchanges to register with the country's anti-money laundering unit (FIU) and secure a partnership with a bank to offer Korean Won trading pairs and payment options. Currently, only ten of the 50 crypto exchanges operating in the country have been able to meet the requirements. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Cryptocurrency exchanges in South Korea have till midnight on Friday to register with monetary authorities in an effort to proceed working legally. Only 10 out of dozens of coin buying and selling platforms have up to now filed functions with the anti-money laundering division of the Financial Services Commission (FSC). The group contains Upbit, Bithumb, Coinone, Korbit, and Flybit. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
The FSC has advised exchanges that fail to meet regulatory conditions to inform their customers of any likely closure by Friday, September 17.
tldr; South Korea's Financial Services Commission (FSC) has directed unregistered exchanges to inform their users of potential closure by September 17. The closure of the small exchanges will not have a big impact because they have low volumes. The four largest exchanges in the country handle 97% of the crypto trading volume. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; South Korea’s Financial Services Commission is strengthening its regulations for cryptocurrency exchanges, in an effort to fight illegal monetary transactions, such as money laundering. The FSC mainly requires crypto exchanges to coordinate with local banks and create real-name bank accounts for their investors. All crypto exchanges that fail to comply with the given regulations are required to stop providing services. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; South Korea's Financial Services Commission (FSC) has set a September 24 deadline for crypto exchanges to meet new regulatory requirements. Up to 40% of the country's estimated 60 crypto operators are expected to be forced to shut down. The FSC has advised those operators who expect to close to notify their clients no later than September 17. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
TLDR: Around $2.6 billion worth of digital assets could be wiped out when South Korea’s deadline for crypto exchange registration rolls around on Sept. 24, the Financial Times reported Sunday. South Korea’s Financial Transaction Reports Act is requiring all crypto exchanges to register with the Financial Services Commission (FSC) by the end of the month. To comply with the country’s anti-money laundering and know-your-customer procedures, crypto exchanges need to register with local banks and set up real-name accounts for their customers. Around two-thirds or 40 exchanges out of 60 have yet to register, according to the report, with experts saying it could create a “bank run” scenario. A bank run occurs when the majority of customers attempt to withdraw their money fearing the institution will cease to exist.
tldr; The Financial Service Commission (FSC), a South Korean financial watchdog, announced on Thursday that it would set up an independent bureau that seeks to address all crypto-related matters in the country. The new entity will have the name ‘crypto-asset monitoring bureau’ and aims to track any suspicious transactions and decide whether to extend licenses for crypto operators in South Korea. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; South Korea's Financial Services Commission (FSC) has issued a press release warning that 24 out of 63 crypto exchanges in the country will likely be shut down by the September 4th deadline. The deadline is due to be enforced in less than a month. Exchanges are required to obtain the Information System Management System (ISMS) certification with approval from Korea Internet & Security Agency. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
>Meanwhile, the ISMS is currently reviewing applications sent in by 18 other exchanges while 21 exchanges out of the 63 have already obtained the certification. >As stated by the press release, those exchanges that have made the application could still be declined by KISA, in which case they will also be forced to close down after the Sept. 4 deadline. Furthermore, the FSC document also specified that securing the ISMS certification does not grant the exchanges a free pass to operate under the new rules. >The FSC went as far as issuing a warning at the end of the press release advising users to take preemptive measures and withdraw their cash and crypto deposits in case of any sudden shut down of an exchange.
tldr; South Korea’s Financial Service Commission (FSC) is forming an independent, crypto-focused bureau to supervise digital assets in the country. The new bureau will officially launch in September and fall under the authority of the Korea Financial Intelligence Unit (KFIU). It will be responsible for looking out for suspicious activity, including fraud and money laundering. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
>South Korea’s Financial Services Commission (FSC) announced Wednesday through a press release that 24 out of a total 63 crypto exchanges in Korea will most likely be shut down in less than a month. Those exchanges have not prepared for the compliance requirements that are part of an act enforced earlier this year on March. 25. The FSC gave exchanges until Sept. 24 to prepare and submit a report to the Financial Intelligence Unit (FIU) to continue operating in South Korea.
According to the article >>Under the Special Financial Transaction Information Act, which will take effect Sept. 24, cryptocurrency exchanges will have to report Korean investors' activities on their platforms to the Financial Services Commission (FSC). >>As it is unfeasible for overseas crypto exchange operators to meet the regulatory guidelines from the Korean overseer, a group of major foreign exchanges are on track to shut down their businesses here ahead of the introduction of the act. I'm gonna guess most of the international ones. Koreans will likely switch to the Korean based exchanges.
tldr; The South Korean Financial Services Commission (FSC) has shut down 11 local exchanges suspected of engaging in illegal activities. Notably, the suspension has not affected the country’s leading exchanges Upbit and Bithumb, which allow users to register accounts with real-name. South Korea announced its regulations on 578 cryptocurrencies last month. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The South Korean Financial Services Commission (FSC) has shut down 11 local exchanges suspected of engaging in illegal activities. Notably, the suspension has not affected the country’s leading exchanges Upbit and Bithumb, which allow users to register accounts with real-name. South Korea announced its regulations on 578 cryptocurrencies last month. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; South Korea’s Financial Services Commission (FSC) is reportedly planning to shut down a dozen local cryptocurrency exchanges amid fraud allegations. The FSC will reportedly suspend operations of at least 11 mid-sized crypto exchanges in South Korea due to alleged illegal activities and fraudulent collective accounts. The names of the exchanges have not been disclosed. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; 11 cryptocurrency exchanges in South Korea are to close their doors as a result of an audit by the Financial Services Commission (FSC), the Korea Herald has reported. According to the publication, these platforms have been used to run fraudulent schemes. Three South Korean cryptocurrency exchanges have already announced their closure in the past three weeks. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
"South Korea is toughening its stance on overseas crypto exchanges. The country’s Financial Services Commission (FSC) today confirmed it has notified 27 foreign virtual asset services providers (VASPs) active in the country to follow reporting norms. The FSC warned that exchange operators that fail to meet standard reporting requirements before the deadline must stop or face prosecution. Non-compliant crypto exchange operators may face imprisonment of up to five years or a fine of 50 million South Korea Won, the equivalent of around US$43,500. The mandate is based on the South Korean law that requires know your customer (KYC) procedures for all cross-border fund transfers."
“The FSC chairman emphasized that all cryptocurrency exchanges, both foreign and domestic, must report to the Korea Financial Intelligence Unit” Interesting 
tldr; The South Korean National Assembly's National Policy Committee is currently deliberating on four cryptocurrency-related bills for the regulation of crypto businesses and protection of investors. The country's top financial regulator, the Financial Services Commission (FSC), is also preparing to regulate the crypto industry. "We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms," FSC Chairman Eun Sung-soo said. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; One in five Kiwis has tried or is planning to try investing into cryptocurrencies like Bitcoin, according to a Financial Services Council (FSC) survey. Nearly 40% of respondents in the survey said they currently use or plan to use micro investing platforms like Sharesies, Hatch or Stake. FSC CEO Richard Klipin said over the past 18 months the industry had seen an incredible rise in digital investors. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; According to a survey conducted by the Financial Services Council (FSC), 40% of Kiwis are currently using or intend to use micro-investing platforms. A fifth of 2,000 respondents either plan to or have already invested in cryptocurrencies or plan to buy digital coins in the future. Young people are more likely to use platforms such as Sharesies, Hatch or Stake than older generations. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The Korea Financial Services Commission (FSC) will impose a fine of $89,844 on exchange employees caught trading on the platforms for which they work. As of now, there are no laws that prohibit executives and employees of exchanges from trading crypto on their own platforms. Korea’s major exchanges have actually established company policies that restrict employee trading.{} *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The Korea Financial Services Commission (FSC) will impose a fine of $89,844 on exchange employees caught trading on the platforms for which they work. As of now, there are no laws that prohibit executives and employees of exchanges from trading crypto on their own platforms. Korea’s major exchanges have actually established company policies that restrict employee trading.{} *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; South Korea’s Financial Services Commission (FSC) held a closed-door meeting with roughly 20 different cryptocurrency exchanges on June 3. The meeting was called the “Report Registration Guidance Consulting” and only Upbit, Bithumb, Korbit, Coinone, Coinncoin, and Flybit attended the meeting. 16 small to medium exchanges expressed difficulties toward meeting the ‘real name’ mandate.{} *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
You may get very rich buying ONE (Harmony) and FSC (FashionCents) it's all about gettin in early, and holding for the long term, collecting reflections, and staking rewards along the way.
It gets better. Clearly these scammers have seen this post. All references to the London address and the regulatory agencies they say to be regulated by (NFA, UK FCA, ASIC Vanuatu FSC) have been removed from their website. It’s a scam!
They have 2 main websites [dam.gi](http://dam.gi) and [damex.io](http://damex.io). On this [website it's analyze](https://hebertpark.com/damex.io) the website and looks it has really poor technological side. But I dig up a bit more and they have social media accounts like in [LinkedIn ](https://www.linkedin.com/company/digital-asset-management-ltd-gib) [Facebook ](https://m.facebook.com/DigitalAssetManagementLtd/) [Instagram ](https://www.instagram.com/dam_ltd/) and [twitter ](https://twitter.com/DAMgib) It could be a really complex and longterm scam, or only that they are a startup trying to put all the pieces together for that cool card. According to their info they were accepted by VISA so they can be partners. On the other hand, on both sites, they claim to have a register number and a license in the following statement: "Digital Asset Management Limited is Company registered in Gibraltar with registration number 116618, licensed by the Gibraltar Financial Services Commission (Licence Number FSC1338B) as a Distributed Ledger Provider to provide custody solutions and broker / dealer services under the Financial Services (Distributed Ledger Technology) Regulations 2017." But I couldn't find them in the [fsc website](https://www.fsc.gi/regulated-entities/) but might be I don't know how to use (I'll give them the benefit of the doubt) but nothing else (email password or anything lol)
Bullish on $ADA $LTC $BTC $BNB and $FSC
tldr; Thousands of petitions have been filed on the South Korean government's website seeking the removal of Financial Services Commission (FSC) head Eun Sun-soo. Eun recently said that crypto has no "intrinsic" value whatsoever. He also warned that domestic crypto exchanges should close if they don't comply with new regulations that came into force. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; **As the South Korean government keeps strengthening the harsh rhetoric against cryptocurrencies, citizens have become increasingly angry due to the recent words from regulatory authorities. Over the weekend, petitions started to appear on the web, seeking the removal of the head of the country’s Financial Services Commission (FSC).** ## Over 141,000 Signatures Collected in One Petition The presidential website is now being filed with thousands of petitions from furious people aged 20-39, seeking that Eun Sun-soo, the FSC’s chief, resign. The drop that broke the glass were the [statements](https://www.edaily.co.kr/news/read?newsId=02341926629018744) from Eun over the weekend, who stated that crypto has no “intrinsic” value whatsoever. As of press time, one of the most popular petitions [filed](https://www1.president.go.kr/petitions/597851) on the government’s website has 141,659 signatures asking for the FSC head’s removal. Another one [has](https://www1.president.go.kr/petitions/597870) 8,567 signatures.
tldr; South Korea's Financial Services Commission (FSC) has ordered officials dealing with cryptocurrency policies to file reports on their own crypto investments. Those who must file reports include FSC employees whose role includes developing the country’s virtual currency policies and managing cryptocurrency exchange activities. An FSC official called it a "reminder of the existing code of conduct" *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Taiwan’s Financial Supervision and Administration Commission (FSC) has given cryptocurrency exchanges and bitcoin trading platforms until July 1, 2021, to fully comply with existing anti-money laundering regulations in the country. Exchanges will be required to report all transactions that exceed NT$500,000 ($17,800) to the authorities. FSC has also hinted that it will formulate more anti-terrorist financing guidelines for crypto market participants. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; South Korea's Financial Services Commission Chair Eun Sung-soo has said all the country's cryptocurrency exchanges could be shut down in September. Eun was referring to South Korea’s anti-money laundering law, the Financial Transactions Reporting Act (FTRA), which was amended last year to apply to crypto exchanges. The FSC began accepting applications for VASP registration on March 25, but no exchanges have applied yet. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; Eun Sung-soo, head of South Korea’s Financial Services Commission (FSC), said no crypto exchange had applied for its Virtual Asset Service Provider (VASP) license. Eun was referring to South Korea's anti-money laundering law, the Financial Transactions Reporting Act (FTRA), which was amended last year to apply to crypto exchanges. The law requires VASPs to register with financial authorities. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
>>South Korea's financial authorities are moving to impose an income tax on cryptocurrency trading from next year, but investors in digital tokens have raised a nagging question about the proposed taxation. >>A growing number of cryptocurrency investors have cried foul over whether the government will collect a tax on virtual currencies while top policymakers see no intrinsic value in crypto assets amid a lack of regulations to protect cryptocurrency investors. >>Like many governments around the world, South Korea has been struggling with how to regulate cryptocurrency trading as daily cryptocurrency turnover recently surpassed 20 trillion won (US$17.9 billion). >>So far, the government has defined a cryptocurrency as a "crypto asset with no intrinsic value," and few rules have been set on regulating cryptocurrencies. >>Financial Services Commission (FSC) Chairman Eun Sung-soo repeated the view on Thursday. >>"A cryptocurrency is a crypto asset with no intrinsic value and a highly speculative (investment)," Eun told lawmakers. >>Eun said the government could not protect cryptocurrency investors because digital tokens are speculative markets with little regulatory oversight. >>Bank of Korea Gov. Lee Ju-yeol has also denied cryptocurrency's utility as a means of exchange or payment, citing its high volatility. >>Describing a recent surge in the price of Bitcoin as "abnormal," Lee said it is difficult to understand why the record rally had continued. >>Bitcoin topped 80 million won (US$72,000) per unit in South Korea for the first time in mid-April. The virtual currency is currently trading at some 60 million won, according to local cryptocurrency exchange Bithumb. >>Some investors say Bitcoin could be an alternative as a hedge to gold, but critics say the cryptocurrency frenzy is a bubble created by excess liquidity amid the COVID-19 pandemic. >>Although financial regulators have not come up with rules to protect cryptocurrency investors from fraud, the government will impose a 20 percent tax on income from cryptocurrency transactions from 2022. >>According to the finance ministry, the proposed taxation is aimed at "normalizing taxation on trading income of crypto assets." >>Major economies around the world, including the United States, Japan, Britain and Germany, have imposed taxes on cryptocurrency investments, the ministry said. >>Starting next year, cryptocurrency exchanges will be required to submit records of cryptocurrency trading to tax authorities. >>Lee Jong-koo, a former senior FSC official and a senior official at the Korea Blockchain Association, urged the government to make a new law on regulating crypto assets. >>"There is no unified and consistent law on crypto assets while there are millions of cryptocurrency investors, and daily turnover reaches tens of trillions of won," Lee said. >>While the government is hesitant about creating a set of rules to regulate cryptocurrencies, it does not appear to turn a blind eye to the recent frenzied buying of digital tokens. >>Until June, the government will crack down on any illegality involving cryptocurrencies, such as money laundering. >>Financial regulators will require local financial institutions to strengthen their monitoring on withdrawals of virtual money. If any signs of suspected money laundering are detected, they should report them to the state-run Financial Intelligence Unit (FIU), an agency tracking unlawful flows of funds. >>Regulators also plan to keep close tabs on illegal transfers of virtual assets abroad. The state tax agency will zero in on alleged tax dodgers stashing away assets in cryptocurrencies, officials said. (Yonhap)
tldr; South Korea's Financial Services Commission (FSC) has asked financial firms including cryptocurrency exchanges to enhance monitoring activities to identify the involvement of digital currencies in crimes. Financial firms in the country are required to report suspicious transactions to the Korean Financial Intelligence Unit (KoFIU) within three days. KoFIU will conduct a joint investigation with the police and local tax authorities. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I see a fungible token there.. and a market to freely trade those tree tokens like any fungible tokens on binance and such. One owner could tokenize every tree that is at minima 3 inches diameter. The measure must be taken between 5 and 6 feet height from dirt like in the log industrie. The 3 inches is just an example. The non profit organization that develop the project could choose 2 inch. 3/4 or 3 inc. 1/2, . It's not important in my explanation. The purpose of this is to not tokenize newly planted trees and force owners to manage years in advance… So I continue.. The owner cannot cut down a tokenized tree without burning a token. When he wants to make money with the wood, he must first own some token by himself and accept to loose the value of the token to take the value of the wood. When the market is high, owners will tend to sell tokens. When the market is low, owners will tend to buy tokens and may be burn some of those tokens to do logging with old trees. The burning of tokens will cause the value to rise. Owners can plant trees in advance to be able to mint new tokens in a couple of years. Those new tokens could give him access to the wood of older trees. Just have to burn them right away. You know… one could decide to sell because he is only interested in preservation. Investors can be traders that are looking for profit on the token by looking at real life wood price chart and predict a period of high burning. Investors can also be peoples who only want trees preservation so they will buy and hodle for eternity, encouraging owners to plant more trees., making the number of token to grow and lower the price, etc, etc. Mint and burn process must be controlled/audited by a non profit organization. This organization must have the control on the source code of the token and distribute accreditations (like FSC) to owners that follow the rules. Participant owners must be bounded to the non profit organization by notarized contract. The owner must not be able to sell token, take the money and then run away and sell the land to another. Rules must be written to mitigate bad situation and anticipate change in ownership. We need finance expert and experimented forest manager in the non profit organization to design good rules. It must be interesting for owners but also for investors. Side effect, the number of trees in the world will grow ! Non-commercial forest will be profitable. Preserved zone could be monetized by government. etc. I’m a software developer and I personally own a woodland of 900 acres. I never had the chance to touch any crypto code in my carrer but, if someone is interested by this Idea I want to be part of the game. As a developer and a woodland owner. Took me 2 days to write down this comment !
I see a fungible token there.. and a market to freely trade those tree tokens like any fungible tokens on binance and such. One owner could tokenize every tree that is at minima 3 inches diameter. The measure must be taken between 5 and 6 feet height from dirt like in the log industrie. The 3 inches is just an example. The non profit organization that develop the project could choose 2 inch. 3/4 or 3 inc. 1/2, . It's not important in my explanation. The purpose of this is to not tokenize newly planted trees and force owners to manage years in advance… So I continue.. The owner cannot cut down a tokenized tree without burning a token. When he wants to make money with the wood, he must first own some token by himself and accept to loose the value of the token to take the value of the wood. When the market is high, owners will tend to sell tokens. When the market is low, owners will tend to buy tokens and may be burn some of those tokens to do logging with old trees. The burning of tokens will cause the value to rise. Owners can plant trees in advance to be able to mint new tokens in a couple of years. Those new tokens could give him access to the wood of older trees. Just have to burn them right away. You know… one could decide to sell because he is only interested in preservation. Investors can be traders that are looking for profit on the token by looking at real life wood price chart and predict a period of high burning. Investors can also be peoples who only want trees preservation so they will buy and hodle for eternity, encouraging owners to plant more trees., making the number of token to grow and lower the price, etc, etc. Mint and burn process must be controlled/audited by a non profit organization. This organization must have the control on the source code of the token and distribute accreditations (like FSC) to owners that follow the rules. Participant owners must be bounded to the non profit organization by notarized contract. The owner must not be able to sell token, take the money and then run away and sell the land to another. Rules must be written to mitigate bad situation and anticipate change in ownership. We need finance expert and experimented forest manager in the non profit organization to design good rules. It must be interesting for owners but also for investors. Side effect, the number of trees in the world will grow ! Non-commercial forest will be profitable. Preserved zone could be monetized by government. etc. I’m a software developer and I personally own a woodland of 900 acres. I never had the chance to touch any crypto code in my carrer but, if someone is interested by this Idea I want to be part of the game. As a developer and a woodland owner. Took me 2 days to write down this comment !
Oh great! How about digital securities? come to FUSANG! We’re planning to IPO in July :) Join its community and invite your friends. Become a Gold Ambassador and receive US$50 worth of FSC shares (which is likely going to the moon!🚀🚀🚀)[https://link.fusang.co/join-fusang-community-naomi ](https://link.fusang.co/join-fusang-community-naomi ) It takes less than a minute to join. See you there! Naomi
I'm very to hear this from you. Perhaps with your knowledge and experience, you could help benefit the Community we are currently building. We are definitely looking for people to share their expertise as industry experts. Here's a little summary of what our Community wishes to achieve: Fusang is Asia’s first fully licensed digital stock exchange available to retail investors. Share your ideas with our hundreds-strong community of digital asset enthusiasts, investors and professionals. Openly learn about what’s exciting in the digital asset industry, and build meaningful connections with each other. We’d love for you to play a part in the digital asset revolution – hope to see you there and have you as part of our growing community! Join and invite your friends and become our Gold Ambassador to get rewarded with **USD 50 worth of FSC tokens** when we IPO in July this year! Don’t hesitate to ping me if you have any questions! Join the Fusang Community [here](https://community.fusang.co/share/Ey3wIZmylpxF3tK5?utm_source=manual), we hope to see you there!
tldr; The Financial Superintendency of Colombia (FSC) has authorized 9 partnerships between local banks, regulated banks, and cryptocurrency exchanges. Reports say that these alliances are part of a pilot program called “LaArenera” (meaning “the sandbox”). It starts in March 2021 and will continue till 2022. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
tldr; The Financial Superintendence of Colombia (Superfinanciera) has approved nine partnerships between banks and digital currency exchanges to make cryptocurrency operations more accessible to citizens. The initiative started in 2020, and a number of exchanges had to get approval from the FSC in order to participate. Panda Exchange and Movii are two of the nine platforms approved so far. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*