South Korea Financial Watchdog Eye Crypto Laws

South Korea’s financial watchdog is considering speeding up the review of proposals for new crypto laws, according to a report by Coindesk.

The task force plans to review proposed virtual asset legislation, of which there are currently 13 proposals.

This comes after Terra collapsed and sent shockwaves through the crypto industry, with many companies freezing withdrawals lately and several filing for bankruptcy.

India’s Directorate of Law Enforcement has reportedly investigated 10 crypto exchanges for laundering more than $10 million (Rs 1,000 crore) as proceeds of crime, the Economic Times of India said.

Many companies have ties to China.

The report says many companies have approached exchanges to buy cryptocurrencies sent to international wallets, citing unnamed sources.

Binance Labs has invested in Ankr, a web3 infrastructure provider, according to a press release.

The funds will help Ankr add more work for its remote procedure call service and further grow its suite of web3 developers.

This comes as Ankr has made open source contributions to the BNB Chain and BNB Liquid Staking.

Additionally, nearly half of Australian retail investors owned a cryptocurrency by the end of 2021, and even more get their coin information from YouTube videos, Reuters wrote.

Australia’s securities watchdog said it was a “strong case for regulation”.

Around 25% of investors surveyed said the crypto they had was their only investment.

In other news, the Ethereum “merger,” a hugely ambitious upgrade, will likely take place in September, Reuters wrote.

The merger has been in talks for years and will change the way Ethereum orders transactions to be more energy efficient.

Finally, the DOJ has called for greater judicial oversight of Celsius’ plans to charge employee severance and sell bitcoin, Reuters wrote, as the company navigates bankruptcy.

The DOJ’s bankruptcy watchdog, the US trustee, has filed an objection opposing the company’s proposed severance packages of $409,000 to 19 employees.

The DOJ said there should be more transparency about Celsius’s assets and plans before moving forward.



About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.

Lance B. Holton