This article will provide an update on the evolution of cryptocurrency regulation in several Asian countries.
A new bill obliging South Korean lawmakers and senior government officials to publicize their crypto holdings is expected to go into effect within the next two months, ruling party leader said. this country said.
On May 23, South Korea's Yonhap News reported that People's Power Party Representative Yun Jae-ok said a tentative date for the introduction of new cryptocurrency declaration rules, currently under scheduled for December, is not fast enough.
In addition, Yun Jae-ok said that the bill needs further amendments:
“Given the current high level of public concern, especially for legislators, it is not appropriate to enforce the law six months after its enactment.”
The new bill is expected to be put to a vote on May 26.
Under current regulations, South Korean government officials must report stocks, bonds, jewelry, donated memberships and other holdings worth more than 1 million won ($760). but currently there is no similar disclosure requirement for cryptocurrencies and digital assets.
The new bill is proposed following a major scandal involving government official Kim Nam-kuk, who was accused of liquidating more than $4 million worth of crypto assets before the country started enforcement. Travel Rules” in March.
On May 15, Kim decided to resign from the opposition Democratic Party after the controversy.
On the same day he resigned, South Korean authorities raided the offices of two local crypto exchanges, Upbit and Bithumb, as part of an investigation into alleged financial misconduct. by Kim.
South Korean officials have been speeding up regulation regarding cryptocurrencies and related digital assets since the collapse of the Terra ecosystem in May last year.
Japanese lawmakers have decided to enforce stricter anti-money laundering (AML) measures to track cryptocurrency transactions from June 1.
On May 23, Japan's parliament made a decision to roll out stricter AML procedures from next month, according to a report the same day from local media outlet Kyodo News.
The move is aimed at bringing Japan's regulatory framework into line with global crypto regulations.
Lawmakers revised the AML law in December after the international financial watchdog, the Financial Action Task Force (FATF), deemed it insufficient.
According to the report, a key feature of the new measures is the enforcement of “Travel Rules” to more accurately track money laundering.
Japan was one of the first countries to accept cryptocurrency, legalizing it as property. Cryptocurrency regulations in Japan are among the strictest globally.
Japan's financial regulator, the Financial Services Agency, has tightened rules for crypto exchanges following major hacks of exchanges Mt.Gox and Coincheck.
The FSA has a number of exchange rules to protect clients, including separate holdings of client and company assets, with holdings verified in annual audits.
Investors cannot borrow more than twice their investment for leveraged trades on exchanges. Licensed crypto exchanges are also required to keep at least 95% of customer funds in cold wallets.
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Bitcoin Magazine
