ChainCatcher news, according to foreign media reports, PayCoin (PCI) issuer Pay Protocol AG (Pay Protocol) has obtained preliminary certification for its new Virtual Asset Service Provider (VASP) Information Security Management System (ISMS). Pay Protocol had previously obtained ISMS certification for its Paycoin wallet services (excluding Paycoin issuance) in 2021.It is reported that according to the Special Financial Information Act implemented in September 2021, virtual asset operators must meet reporting requirements such as ISMS certification and must report to and be accepted by the Financial Intelligence Unit (FIU) to operate. However, to obtain ISMS certification, a company needs to have at least two months of service operation performance, which creates a conflict between the two systems. With the introduction of the preliminary certification system, new virtual asset operators who cannot enter the market due to a lack of accumulated operating performance can obtain "preliminary certification" after passing the ISMS preliminary certification, thus meeting the reporting requirements for virtual asset operators under the Special Financial Information Act.

ChainCatcher news, Korean exchanges such as Upbit, Bithumb, and Coinone announced that they will delist Paycoin (PCI) at 15:00 local time on April 14. Upbit stated: "Until the investment warning period expires, Paycoin has not resolved the issues pointed out in the investment warning, such as failing to open real-name deposit and withdrawal accounts and report changes in virtual asset operators. Therefore, the domestic payment business using PCI is deemed to have effectively suspended. From the perspective of performance and direction, investing in this project poses significant risks for investors, so we have decided to terminate trading support."It is reported that Paycoin is a cryptocurrency payment platform under Danal Fintech, a subsidiary of the large Korean payment company Danal. Previously, on November 14 last year, news emerged that Korean regulators were investigating Paycoin and platform tokens like Wemix to prevent a "second FTX incident"; subsequently, several Korean exchanges delisted WEMIX in December last year. On January 6, it was reported that Korean financial authorities ordered Paycoin to close related services by February 5. On January 12, it was reported that Korea's DAXA had marked Paycoin with an investment warning. (source link)

ChainCatcher news, the Financial Intelligence Unit (FIU) under the Financial Services Commission of South Korea will conduct a comprehensive investigation into the risks associated with self-issued tokens (platform coins) for 40 virtual asset providers that have completed domestic reporting. The aim is to prevent a recurrence of the "FTX incident" by examining the current status of self-issued coins listed on domestic exchanges and the risk management measures of each exchange.Tokens issued by companies with issuance platforms, such as Danal's Paycoin (PCI) and WEMIX (WEMIX), are expected to be included in the investigation. Financial authorities believe that a regulatory framework for self-issued coins should be established following the FTX bankruptcy. (source link)