The government of South Korea is looking forward to the upcoming crypto and blockchain legislation and hurrying it up – all in order to recognize the cryptocurrency and blockchain sectors as legitimate industries.
According to some local reports, the authorities in South Korea disclosed their intent to regulate the crypto market with a stricter but more comprehensive regulatory framework – all in order to protect investors and boost the growth of startups in the field of blockchain.
As the government said earlier this year, financial authorities in the country were reluctant towards regulating cryptocurrencies because they feared that local investors would consider investing in crypto rather than fiat money in the government.
Still, the two major security breaches experienced by Bithumb and Coinrail, both some of the biggest crypto exchanges in South Korea certainly scratched the surface of possibilities and a potential legislation of the local cryptocurrency market.
This is when the government of South Korea saw that a strict regulatory framework for crypto is more than necessary – and what it is working on ever since. Everyone is right now looking forward to the new cryptocurrency and blockchain bill which will make digital asset exchanges regulated financial institutions and under the control of the Financial Services Commission (FSC) of South Korea.
More importantly, there will be strict security measures implemented within the country – such as the Know Your Customer (KYC), Anti-Money Laundering (AML) and transaction monitoring requirements all in order to ensure that crypto exchanges provide the same level of service as other commercial banks and major financial service providers.
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
CoinShares Officer: “SEC Is Unlikely To Approve Bitcoin ETF, Concerns Remain”
Join us on Facebook
- Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
- Crypto Exchange OKCoin Is Adding Tron To The Platform
- BitMex Pulls The Plug On Trading Accounts In Quebec And The US
- Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
- Cryptopia Exchange Suspends Services After Major Hack Causes ‘’Significant Losses’’
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News3 days ago
United States: Presidential Candidate Tulsi Gabbard Bought Crypto At Peak
Altcoin News3 days ago
Bitcoin Hovers Near $3,700 As Top Altcoins Record A Mix Of Reds And Greens
Altcoin News2 days ago
Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market
Ethereum News2 days ago
$100,000 Reportedly Returned From Ethereum Classic 51% Attacker
Blockchain News3 days ago
Washington’s Douglas County Wants To Build A Blockchain Innovation Campus
Altcoin News4 days ago
Cryptocurrencies As One Of The Examination Priorities Of The U.S. SEC
Altcoin News3 days ago
New Report Shows That Increased Altcoin Supply May Decrease Bitcoin’s Value
Altcoin News1 day ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers