Enforcement of South Korean virtual assets law prescribed in decree
The details of enforcing the Protection of Virtual Asset Users Act are not contained in the bill, which comes into force July 19. Go to Source
VASPs
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Nigerian SEC announces new rules, compliance program for digital assets
While this application process is intended to improve compliance, VASPs are directed to complete it no later than 30 days from the circular date. Go to Source
UK crypto industry publishes Travel Rule navigation guide
The Travel Rule requires crypto businesses to collect, verify and share information about digital asset transactions with another crypto company. Go to Source
Central Bank of Brazil Aims to Finalize Crypto Regulations This Year
The Central Bank of Brazil outlined its crypto regulation calendar, defining a three-phase process for finalizing these tasks in 2024. The bank aims to consult market actors regarding VASPs, establish plans to regulate stablecoins and finalize the rules to welcome VASPs into the country later this year. Central Bank of Brazil to Finalize VASPs and … Read more
Taiwan proposes tougher AML measures for crypto service providers
Taiwan’s Ministry of Justice proposed four amendments to the country’s AML regulations focused on cryptocurrency firms that plan to impose hefty penalties for noncompliance. Go to Source
Turkish crypto bill: 5 things to know before it’s introduced
Turkey was expected to introduce crypto legislation in early 2024, but the local parliament is yet to report on the process. Go to Source
Kenya Establishes Working Group to Draft Rules Governing Crypto Entities
The Kenyan government recently established a multi-agency technical working group tasked with developing a framework for regulating and monitoring the cryptocurrency industry. The group, which includes financial regulators such as the Central Bank of Kenya, is set to draft rules for controlling and monitoring Virtual Asset Service Providers (VASPs). FATF Grey Listing Threat The Kenyan … Read more
Blockchain Advocacy Group Says Nigerian Government’s Actions Could Drive Crypto Activities Underground
Nigerian blockchain lobby group has said the government’s decision to block access to crypto trading like Binance, Kraken and Coinbase will not “help Nigeria build the much-needed trust and confidence in the financial system.” The advocacy group also said the Nigerian Communications Commission’s directive to telecommunication companies may not be consistent with the “norms of … Read more
US Treasury Report Warns of Defi’s Threat to National Security, Authors Conclude Fiat Is Used in Illicit Finance More Than Crypto
The U.S. Treasury has released a 42-page report assessing the risks of decentralized finance (defi). The report states that specific nation-state adversaries, cybercriminals, ransomware attackers, thieves, and scammers are using defi to “transfer and launder their illicit proceeds.” The Treasury’s report warns that defi could threaten national security and calls for policymakers to increase oversight. … Read more
Oman Capital Markets Regulator Plans to Establish a Virtual Assets Regulatory Framework
The Oman Capital Market Authority (CMA) has said it plans to establish a regulatory regime to govern as well as develop the country’s virtual assets market. The regulator said the envisaged regulatory regime enables it to avail an “alternative financing and investment platform for issuers and investors while mitigating the risks associated with this asset … Read more
