ChainCatcher news, the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) emphasized that even if the Financial Action Task Force (FATF) decides to blacklist Russia, its anti-money laundering system will continue to operate effectively. Previous assessments mentioned issues related to virtual currency regulation, but Rosfinmonitoring insists that these issues have been resolved.According to TASS, the regulatory agency stated: "The Russian Federation has improved its ratings on three FATF recommendations, with only one being downgraded to 'partially compliant' due to insufficient legislative regulation in the field of virtual currency circulation."However, Rosfinmonitoring pointed out that since these assessments, Russia has passed two federal laws to strengthen its digital currency regulatory framework. The agency added: "Since then, the Russian Federation has passed two federal laws regulating the circulation of digital currencies."It is reported that the FATF is an intergovernmental organization that sets global standards for anti-money laundering and combating the financing of terrorism. Whether Russia will be blacklisted will be discussed at the FATF plenary meeting from October 21 to 25.

ChainCatcher news, according to Newsis, the head of the Financial Supervisory Service of South Korea, Lee Bok-hyun, stated at the National Assembly's Political Affairs Committee's national inspection meeting that they are investigating abnormal transactions of various cryptocurrencies, including suspicious trading activities of the AVAIL token on the Bithumb exchange. He also mentioned that the financial regulatory authorities are continuously improving the abnormal transaction detection system and handling multiple related investigation cases to enhance market confidence.It is reported that the AVAIL token was listed on Bithumb on July 23, 2024, with an initial price of 236 KRW. Within 15 minutes of its listing, its price surged over 1300%, but it fell back to around 200 KRW in less than 24 hours, raising market concerns about price manipulation.Democratic Party lawmaker Min Byeong-deok pointed out that the AVAIL token incident exposed flaws in Bithumb's abnormal transaction monitoring system. He revealed that Bithumb had stated that only transactions exceeding 5% of the total issuance would be considered abnormal transactions, a standard that clearly failed to effectively prevent such incidents.Director Lee Bok-hyun promised that the Financial Supervisory Service will continue to monitor and investigate various suspicious cryptocurrency trading activities, striving to enhance market transparency and investor protection.Previous news, South Korean lawmakers have requested access to abnormal trading data of AVAIL on Bithumb and are investigating potential price manipulation.

ChainCatcher news, the Financial Supervisory Service (FSS) of South Korea announced that it will conduct its first inspection of virtual asset service providers, marking the first action since the implementation of the "Virtual Asset User Protection Act" in July. The FSS plans to inspect 6 institutions, including 2 won market exchanges, 3 token market exchanges, and 1 wallet/custody service provider. Notably, 2 of the major won market exchanges, such as Upbit, Bithumb, Coinone, Gopax, and Korbit, will be selected for inspection.The inspection will focus on compliance with regulations, user protection systems, internal control mechanisms, and monitoring of unfair trading. The FSS will review aspects such as user asset management, cold wallet usage, insurance and reserve status, maintenance of transaction records, and monitoring systems for abnormal trading. For violations, the FSS stated that it will impose strict sanctions to maintain market order while supporting businesses in strengthening self-regulatory oversight.

ChainCatcher news, the Financial Supervisory Service (FSS) of South Korea urgently summoned five major virtual asset exchanges, including Upbit and Bithumb, to discuss the issue of deposit utilization rates.This move stems from the recent intensification of rate competition among exchanges, especially after Bithumb temporarily raised the annual interest rate to 4.0% and then retracted it. The FSS emphasized that utilization rates should be calculated reasonably and required exchanges to provide detailed reports on deposit operations and rate calculation methods.

ChainCatcher news, the Financial Supervisory Service of Korea plans to focus on the appropriateness of virtual asset accounting practices this year, with key targets including companies issuing virtual assets, holding companies, and exchanges.They will review accounting issues such as revenue recognition, non-circulating asset valuation, related party transactions, and virtual assets. The Financial Supervisory Service emphasizes the need to ensure that accounting practices for virtual assets are correct, and issuing companies must keep detailed records of relevant information. Target companies will be selected for focused reviews next year.

ChainCatcher news, the Financial Supervisory Service (FSS) of South Korea has confirmed that the token delisting standards will be included in the best practices for compliance with the Virtual Asset User Protection Act, which will be released in early June. An official from the Financial Supervisory Service stated in a call with Bloomberg on Tuesday that the upcoming "Best Practices for Compliance with the Virtual Asset User Protection Act" will not only include listing standards for virtual assets but also guidelines on whether to maintain the trading of listed virtual assets. The guidelines will provide a basis for cryptocurrency issuers to delist in case of issues. The guidelines are expected to be released from late May to early June.Currently, the Financial Supervisory Service is developing guidelines to support cryptocurrency exchanges in self-regulation before the implementation of the Virtual Asset User Protection Act in July. The plan includes best practices that contain standards for the issuance volume, circulation, and trading support of virtual assets, prohibits the listing of virtual assets with a history of hacking incidents, and requires the release of a Korean white paper and technical manual when listing virtual assets overseas.

ChainCatcher news, the chairman of the Financial Supervisory Service (FSS) of South Korea, Lee Bok-hyun, is expected to visit the United States this year to meet with the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, to discuss the virtual asset (cryptocurrency) industry, including the Bitcoin spot ETF."(This year) I will meet with SEC Chairman Gary Gensler, and there are some areas where we will intersect, such as virtual asset issues and the Bitcoin spot ETF," Lee Bok-hyun said in response to reporters' questions at the event, "The SEC's policies now have a significant impact on the world."

ChainCatcher news, the head of the Financial Supervisory Service of Korea, Lee Bok-hyeon, will meet with SEC Chairman Gary Gensler next month to discuss cryptocurrency regulation issues.

ChainCatcher news, according to News1, the Financial Supervisory Service of South Korea has announced the establishment of the "Virtual Asset Regulatory Bureau" and the "Virtual Asset Investigation Bureau," which will specifically oversee virtual assets to establish market order before the implementation of the "Virtual Asset User Protection Act" in July next year.It is reported that the Virtual Asset Regulatory Bureau is the regulatory department for virtual assets, responsible for the supervision and inspection of virtual asset operators, market monitoring, and system improvement. In addition, it plans to establish a regulatory system related to virtual assets to stabilize the market. The Virtual Asset Investigation Bureau is a department focused on combating market disruption through investigations of unfair trading practices. The key is to prevent unfair trading from disrupting market order and causing harm to users.The head of the Virtual Asset Regulatory Bureau will be Lee Hyun-deok (transliteration), the current second director of the Financial Investment Supervision Bureau. Additionally, Moon Jeong-ho (transliteration), the current head of the Accounting Supervision First Bureau, will serve as the head of the Virtual Asset Investigation Bureau.

ChainCatcher news, the head of the Financial Supervisory Service of South Korea, Lee Bok-hyeon, stated in an interview that "Terraform Labs CEO Do Kwon and his colleagues wish to be repatriated to South Korea." Previously, the country's prosecutors also stated that they are making every effort (such as dispatching investigators) to repatriate Do Kwon.According to previous reports, Do Kwon's legal representative in Montenegro, Voislav Zetsevich, stated in an interview that regarding the passport forgery case involving Do Kwon, they have appealed the first-instance verdict to the high court, and if they lose, they will also appeal the case to the Supreme Court for a final ruling, exercising their right to self-defense as much as possible. An article from the Korean News Agency commented that this means that actual extradition may take quite a long time. (Source link)

According to Chain Catcher news, South Korean media News1 reported that the head of the Financial Supervisory Service, Lee Bok-hyun, stated that in order to eliminate the accounting treatment uncertainties arising from the interpretation and application of International Financial Reporting Standards (IFRS), there are plans to establish accounting standards related to virtual assets, pharmaceuticals, and biotechnology. Discussions on accounting standards related to virtual assets are currently underway, and they are being listed in the notes to financial statements, or may be conducted through enhanced disclosures.In addition, Director Lee stated: "If specific companies hold virtual assets, it is allowed to record them in the notes or disclose them as other public matters, which is the current policy direction."It is reported that the Financial Supervisory Service of Korea previously discussed accounting regulation issues related to virtual assets with the Korean Accounting Standards Board and others on July 28. (source link)