ChainCatcher news, according to South Korean media NAVER, the Financial Intelligence Unit (FIU) of South Korea issued a business suspension notice to Upbit, the largest cryptocurrency exchange in South Korea, on January 9. The main reason is the violation of anti-money laundering obligations regarding customer identity verification (KYC) under the Specific Financial Transaction Information Act. The FIU found approximately 700,000 cases of improper KYC execution during its inspection, as well as violations related to business dealings with unregistered overseas virtual asset service providers.Once the penalties are confirmed, Upbit will be restricted from new user-related operations for up to 6 months. Upbit currently holds over 70% of the South Korean cryptocurrency trading market, and this penalty may affect its business license renewal review. The FIU will hold a sanctions committee meeting on January 21 to determine the final details of the penalties.

ChainCatcher news, according to CoinDesk, Ian McGinley, the Enforcement Director of the Commodity Futures Trading Commission (CFTC), announced he will resign on January 17. He joined the agency in February 2023 and led enforcement actions against companies such as Binance, KuCoin, and Falcon Labs. In a statement announcing his resignation on January 17, Ian McGinley stated that "making the CFTC the primary enforcement agency for digital assets" was a top priority during his tenure.Reports indicate that Trump's transition team has set its sights on a long list of potential CFTC leaders, but has not acted as swiftly as it did during appointments at the Securities and Exchange Commission. However, if cryptocurrency legislation progresses in 2025, the CFTC may replace the SEC as the dominant regulator of the U.S. digital asset market.

ChainCatcher news, according to Jinshi reports, the chairman of the financial regulatory authority in Taiwan, Peng Jinlong, stated that he adopts a cautious and friendly attitude towards the virtual asset market. The draft of the special law on virtual assets has been completed and will soon enter the public hearing process. The draft of the special law on virtual assets will be submitted to the administrative management agency of Taiwan before June 30 this year.

ChainCatcher news, Indonesia has not yet finalized the transfer of cryptocurrency regulation, supervision, and oversight from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK). Since 2018, Bappebti has been responsible for regulating crypto assets. The transition, originally scheduled to be completed by January 12, 2025, has been delayed due to a lack of supportive government regulations.The OJK is expected to create a more transparent regulatory environment that meets international standards. It plans to introduce clearer rules for trading, taxation, and the operation of cryptocurrency exchanges, areas that were previously managed by Bappebti with insufficient regulatory oversight.OJK Chairman Mahendra Siregar stated that discussions and preparations for the regulatory transition are actively underway.

ChainCatcher news, according to Cointelegraph, the Italian data protection authority has fined OpenAI $15.7 million (€15 million) after investigating data collection related to OpenAI's flagship artificial intelligence model, and has ordered the ChatGPT manufacturer to conduct a six-month public awareness campaign.The Italian Data Protection Authority (IDPA), also known as Garante, stated in a declaration on December 20 that its investigation found OpenAI did not report a data breach that occurred in March 2023 to the agency.The supervisory body stated that OpenAI also "processed users' personal data" to train the chatbot but did not first establish "sufficient legal grounds" for this action, violating the "principle of transparency and the obligation to provide relevant information to users."

ChainCatcher news, according to Decrypt, the Income Tax Appellate Tribunal (ITAT) in Jodhpur, India, ruled that profits from cryptocurrency sales prior to the introduction of the Virtual Digital Assets (VDA) regime in 2022 should be considered capital gains.The ruling classifies cryptocurrencies, including Bitcoin, as capital assets, addressing the previous ambiguity surrounding the taxation of cryptocurrencies.

ChainCatcher news, Fox reporter Eleanor Terrett posted on the X platform that the Financial Industry Regulatory Authority (FINRA) has added a section about cryptocurrencies on its website.Although the term "crypto asset security" is not mentioned (except in the "Learn More" section linking to the 2023 SEC investor alert), FINRA still points out that, in addition to trading crypto assets, the assets themselves can also be considered a form of security.The section provides an in-depth overview of various types of crypto assets, how they are bought and sold, and the potential risks associated with them. It also links to additional cryptocurrency-related resources on its own website as well as those from other regulatory agencies such as the SEC, CFTC, and FTC.

ChainCatcher news, according to Hong Kong media Ming Pao, Deepa Raja Carbon, Managing Director and Vice Chairman of the Dubai Virtual Assets Regulatory Authority (VARA), stated that after the turmoil in the virtual asset industry, people are more eager for clear regulations, which is the reason why international exchanges are developing their businesses in Dubai.Hong Kong and Dubai share very similar DNA. The regulation of virtual assets does not need to be consistent across regions, but coordination between regulatory agencies is very important, as many scams involving virtual assets do not occur in a single region. Dubai and Hong Kong's regulatory departments also have close ties and highly appreciate Hong Kong's approach to regulatory issues. As long as the transactions or businesses are suitable for development in the region, they are willing to consider opportunities for mutual cooperation.

ChainCatcher news, according to market news, the CEO of the UK's Financial Conduct Authority (FCA) stated that the FCA is experimenting with using artificial intelligence to process some applications, and one day AI will be able to make decisions on certain application contents.

ChainCatcher news, according to FOX Business, the cryptocurrency derivatives exchange Bitnomial has sued the U.S. Securities and Exchange Commission (SEC), questioning its regulatory authority over XRP futures. After Bitnomial self-certified XRP dollar futures contracts, the SEC claimed that XRP is a security and demanded that the exchange comply with additional regulations.Bitnomial believes that XRP futures should not be classified as security futures and is seeking a court declaration to prevent the SEC from asserting jurisdiction over it. This lawsuit intensifies the battle between the SEC and the Commodity Futures Trading Commission (CFTC) over regulatory authority over crypto assets.

ChainCatcher news, according to CoinDesk, the Dubai Virtual Assets Regulatory Authority (VARA) is one of the regulatory bodies for the cryptocurrency industry in the United Arab Emirates (UAE). The authority stated that it has fined seven "entities" for operating without the required licenses and violating marketing regulations.VARA did not disclose the names of these entities and stated that it is investigating them in collaboration with local authorities. The fines for each entity range from 50,000 dirhams (13,600 USD) to 100,000 dirhams. The statement said: "All relevant entities have been instructed to immediately cease all activities and stop any marketing or advertising of virtual asset services." VARA indicated that this move also serves as a public warning to everyone to avoid dealing with any unlicensed companies.

ChainCatcher news, Blockchain Association CEO Kristin Smith recently publicly supported the lawsuit filed by Crypto.com against the U.S. SEC, stating that the regulatory agency's overreach threatens the U.S. crypto industry.In a statement posted on X, Smith emphasized that this lawsuit is a key initiative for the regulatory transparency needed to drive the growth of the U.S. crypto industry, saying, "Crypto.com's leadership has sent a clear message to the U.S. SEC: the crypto industry is here to stay."She stressed that this lawsuit is not only a defense of the company but also a defense of the broader U.S. crypto community and its users against what she perceives as regulatory overreach.

ChainCatcher news, New York Department of Financial Services (NYDFS) Superintendent Adrienne Harris stated that she welcomes federal cryptocurrency legislation, but that states should retain regulatory responsibilities.Adrienne Harris said, "We may be more eager than anyone to work with our federal partners and see the introduction of federal legislation and regulation. I believe that the passage of legislation and the establishment of regulation are very important, but states should still retain their regulatory roles."Adrienne Harris expressed an "optimistic" attitude that the House and Senate may soon push related legislation, noting that NYDFS has engaged in dialogue with lawmakers from both chambers and both parties over the past few years.Additionally, Harris stated that NYDFS has one of the largest cryptocurrency departments in the world, with 60 full-time employees focused on the cryptocurrency industry.

ChainCatcher News, a survey by the Financial Industry Regulatory Authority (FINRA) shows that 55% of American Gen Z prefer to invest in cryptocurrencies. Gen Z prefers managing their finances on-chain rather than online. They find digital banking platforms clunky and opaque. Gen Z prefers to manage their finances on-chain through decentralized financial applications and digital dollar stablecoins.It is reported that Gen Z refers to those born between 1997 and 2012, currently aged 12 to 27.

ChainCatcher news, the Securities and Commodities Authority (SCA) of the United Arab Emirates and the Virtual Assets Regulatory Authority (VARA) in Dubai announced an agreement that will allow the country's virtual asset service providers (VASP) to supervise each other. According to the agreement, VASP operating in Dubai and wishing to obtain VARA licensing can be registered with the SCA by default, providing services to the wider UAE. However, the SCA clarified that VASP wishing to operate outside of Dubai in other emirates must still obtain the regulatory authority's license.

ChainCatcher news, the enforcement division of the Financial Sector Conduct Authority (FSCA) of South Africa has established a task force to investigate individuals or entities operating cryptocurrency financial services without the appropriate licenses. Currently, there are 30 cases under review.The FSCA aims to protect the public and maintain fairness in the industry by taking decisive action against illegal cryptocurrency operations. The regulator will also publish the results of its investigations and issue warnings if unregistered cryptocurrency businesses are found. Before classifying crypto assets as financial products on October 19, 2022, the FSCA provided a grace period until November 30, 2023, for license applications to be submitted.

ChainCatcher news, according to Cointelegraph, billionaire investor Mark Cuban urged the U.S. Commodity Futures Trading Commission (CFTC) to take responsibility for regulating all cryptocurrencies, and ultimately requested the U.S. Congress to provide clear regulations for the crypto industry before the 2024 presidential election.Cuban believes that this clarity could help Joe Biden secure another presidential term, as legislation could address Biden's issue by defining specific registrations for the crypto industry, similar to how other industries have registrations defined for them. If Biden cannot be re-elected, the U.S. SEC and its chairman Gary Gensler may be held accountable, as cryptocurrency voters will make their voices heard in this election. Cuban agrees with the views of the crypto community that Gensler's enforcement-focused regulatory approach makes it nearly impossible for compliant crypto companies to operate within the United States.

ChainCatcher news, according to Bloomberg, QCP Capital has received preliminary approval to operate in Abu Dhabi, becoming the latest cryptocurrency company to expand into the Middle East.According to a statement on Tuesday, the seven-year-old company has received in-principle approval from the Abu Dhabi Global Market Financial Services Regulatory Authority to conduct regulated activities. According to a spokesperson from the Abu Dhabi Global Market, the company is the first Singapore digital asset market maker and broker to receive preliminary approval.

ChainCatcher news, according to CoinDesk, Matthew White, CEO of the Dubai Virtual Assets Regulatory Authority (VARA), stated at Paris Blockchain Week that the agency is currently considering many things to try to make the system and regulation suitable for everyone. One of these is to find a way to address the compliance costs for small (crypto) entities.Currently, the agency observes that there are not many companies with sufficient resources to accept regulation, and the new regulatory scheme includes allowing larger market participants to host smaller market participants.

ChainCatcher news, according to Cointelegraph, during a regulatory panel discussion at Paris Blockchain Week, Matthew White, CEO of the Dubai Virtual Assets Regulatory Authority (VARA), stated that the digital asset regulatory agency aims to provide a more favorable environment for smaller crypto entities. He acknowledged that cryptocurrency regulation is not perfect and is looking for ways to improve it. One plan currently under consideration is to alleviate the financial burden on small crypto businesses, as compliance is a "costly endeavor." The regulatory agency has recognized this issue and is seeking solutions.White explained a potential solution, which is a market structure example where larger participants can "host" smaller ones. In this structure, the costs would be borne by the more resource-rich entities. White also mentioned that considering issues like this is part of the process for regulators to establish rules while allowing for innovation, and they will continue to engage with the industry to better understand it.