ChainCatcher news, the chairman of the Financial Services Commission (FSC) of South Korea, Kim Byung-hwan, announced that a sanction decision against Upbit for violating customer verification obligations will be made soon. He stated, "Compared to other sanctions, I have expressed the intention to resolve this issue as quickly as possible, as some areas may affect the market, and we are proceeding accordingly." He added, "We have held several meetings to listen to the opinions of various parties."Previously, Upbit was ordered to suspend operations by South Korean financial regulators for violating anti-money laundering obligations, including the customer identification system (KYC).

ChainCatcher news, according to Hanguk, the Financial Services Commission (FSC) of South Korea has denied reports about "allowing companies to issue real-name accounts for virtual assets (cryptocurrencies) starting next year," stating that discussions are still ongoing. In addition, some media reported that the launch of virtual asset ETFs has been postponed after the revision of the virtual asset law, but officials from the Financial Services Commission responded that this is also not true.

ChainCatcher news, according to Yonhap News Agency, Kim Byoung-hwan, chairman of the Financial Services Commission (FSC) of South Korea, announced that the government will take strong measures to prevent virtual assets from becoming a "loophole" in the anti-money laundering system.At the 18th Anti-Money Laundering Day ceremony, Kim Byoung-hwan emphasized that cases of virtual assets being misused for illegal activities are not uncommon.He also added that future amendments to the Foreign Exchange Transaction Act will require virtual asset service providers participating in cross-border transactions to register in advance and report transaction details to ensure that virtual assets are not used for illegal fund transfers or tax evasion.

ChainCatcher news, Yellow Card has obtained a Crypto Asset Service Provider (CASP) license from the South African Financial Sector Conduct Authority (FSCA). This license allows Yellow Card (also licensed in Botswana) to expand its operations and meet the growing demand for stablecoin services.Previous news, the African crypto trading platform Yellow Card announced the completion of a $33 million Series C funding round, led by Blockchain Capital.

ChainCatcher news, the South African Financial Sector Conduct Authority (FSCA) announced that although the Western Cape High Court has lifted the asset preservation order against the South African exchange Banxso (Pty) Ltd, Banxso's Financial Services Provider (FSP) license remains revoked.In addition, the company is prohibited from conducting financial services business, and its funds can only be used to migrate clients to other FSCA-authorized financial service providers. The related case of Banxso is scheduled for a retrial on December 4, 2024, and the FSCA is investigating the activities of Banxso and its management.

ChainCatcher news, a new South Korean regulatory body will be established this month, with the decision on Bitcoin ETF approvals as a key focus of its agenda. The agency is temporarily named the Virtual Assets Committee and may hold its first meeting "as early as this month."The agency will operate under the jurisdiction of the Financial Services Commission (FSC) of South Korea. Analysts say its establishment will help "accelerate discussions on issues such as the approval of Bitcoin and Ethereum spot ETFs." Industry insiders revealed that the committee will also discuss the issue of "allowing corporate investments in virtual assets."

ChainCatcher news, according to Bitcoin.com, the South African Revenue Service (SARS) has announced the inclusion of crypto assets in its compliance program. The revenue service is seeking information about crypto users from the Financial Sector Conduct Authority (FSCA) and crypto asset service providers.SARS recently stated that it felt it necessary to take this step after noticing that taxpayers were not declaring crypto assets and transactions on their tax returns. According to the statement, South African law requires SARS to account for all income and assets, including cryptocurrencies.In its latest comments on the issue, SARS stated that it is working to simplify compliance for taxpayers and traders. Meanwhile, tax officials emphasized the consequences of intentional tax evasion. To achieve this goal, SARS stated that it has strengthened its audit team and adopted the latest technology.

ChainCatcher news, according to Chosun Biz, at the 2024 Seoul Fintech Week, Lee Hyun-deok, head of the Virtual Asset Regulatory Bureau of the Financial Services Commission (FSC) of South Korea, emphasized that although the current impact of the cryptocurrency market on financial stability is still limited, this impact is expected to intensify.He pointed out that the recent cryptocurrency regulatory measures introduced in South Korea may trigger further discussions on regulatory details, leading to regulatory uncertainty. This uncertainty could potentially affect innovation and development in the cryptocurrency sector.

ChainCatcher news, according to Yonhap News Agency, Kim Byoung-hwan, the current First Vice Minister of Economy and Finance of South Korea and nominated as the chairman of the Financial Services Commission (FSC), emphasized that many issues need to be resolved before allowing virtual asset ETFs.

ChainCatcher news, according to Finance Feeds, alternative investment fund management company Jaltech has received a Crypto Asset Service Provider (CASP) license from the South African Financial Sector Conduct Authority (FSCA). This license will allow Jaltech to provide cryptocurrency investment services to financial advisors as well as institutional and retail investors.ChainCatcher previously reported, according to Bloomberg, that South Africa will issue licenses to about 60 cryptocurrency platforms by the end of March, making it one of the first countries on the African continent to require digital asset trading platforms to obtain operating licenses.

ChainCatcher news, according to Bloomberg, South Korea is attempting to prevent a large influx of speculative funds into U.S. spot Bitcoin ETFs. The country's securities regulator, the Financial Services Commission (FSC), stated on Thursday that brokering such ETFs may violate the government's current stance on virtual assets and their capital market laws. This statement caused confusion among investors and led to a significant drop in related stocks during Friday's early trading, with Wizit Co.'s stock price plummeting by as much as 13%.It is reported that this is the first major regulatory body's cautious response following the U.S. Securities and Exchange Commission (SEC) approving about a dozen ETFs that directly hold Bitcoin earlier this week. The FSC stated that it plans to further review digital asset regulations in light of changes in overseas regulations.

ChainCatcher news, according to Cointelegraph, the Financial Services Commission (FSC) of the United States plans to hold a hearing on November 15 to delve into illegal activities within the cryptocurrency ecosystem. The theme of the hearing is "The Context of Cryptocurrency Crime: Combating Illegal Activities in Digital Assets."Bill Hughes, Senior Advisor and Global Head of Regulatory Affairs at Consensys, and Jonathan Levin, Co-founder and Chief Strategy Officer of Chainalysis, will testify at the hearing. Discussions surrounding illegal activities such as money laundering and terrorist financing will be the focus of the hearing. The FSC cited a Chainalysis report from January 2023, which indicated that the amount of illegal cryptocurrency reached an all-time high due to a surge in sanctioned designations and hacking incidents.The hearing will also review the depth of anti-money laundering and counter-terrorist financing (AML/CTF) measures implemented by cryptocurrency exchanges and DeFi providers. Additionally, the roles of regulatory entities such as the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and the Department of Justice (DOJ) will also be discussed at the hearing.