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Korean Government Considers Imposing Unified Listing Standard on Crypto Exchanges After LUNA, UST Collapse
The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).
The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Times reported Thursday.
The Korean National Assembly and the government held an emergency meeting with the heads of major crypto exchanges in the country Tuesday to discuss measures to prevent the recurrence of the LUNA and UST implosion. However, the lawmakers and financial authorities appeared to support the imposition of tougher regulations on crypto exchanges, the publication conveyed.
The Korean government has criticized crypto exchanges for their delayed response to the collapse of the two cryptocurrencies. Several top Korean crypto exchanges did not delist LUNA until two weeks later. Some critics said they intentionally delayed delisting to reap more commissions from the incident.
Rep. Yoon Chang-hyun of the ruling People Power Party raised concerns over crypto exchanges’ ambiguous listing and delisting standards. He stressed:
The exchanges do not have any unified listing standard, nor do they hold any negotiations over the issue.
Responding to the lawmakers’ discussion about imposing a unified listing standard across domestic cryptocurrency exchanges, Lee Sirgoo, the CEO of Dunamu, which operates Upbit, the country’s top exchange, explained that it will not solve the problem. “Crypto assets can be sent to overseas exchanges, and many crypto investors are already using non-Korean headquartered exchanges,” he said.
Rep. Sung Il-jong of the People Power Party reportedly said during the meeting: “We need to make exchanges play their proper role, and toward that end, it is crucial for watchdogs to supervise them thoroughly.” He added:
When exchanges violate rules, they should be held legally responsible to ensure that the market functions well without any troubles.
Vice-Chairman Kim So-young of the Financial Services Commission (FSC), the country’s top financial regulator, said: “We are going to build close ties with the Ministry of Justice, the prosecution and police, in a bid to monitor any illegal acts in the industry and protect investors’ rights.”
An official from one of the domestic cryptocurrency exchanges opined: “Exchanges can easily become a target of criticism at this period of time when no specific regulatory guideline has been introduced.” He added:
We understand the purpose of the meeting, but the most urgent step is to summon Do Kwon, co-founder of the company, as quickly as authorities can.
The National Assembly plans to hold a hearing session on the LUNA incident in the near future. However, the publication noted that Do Kwon is unlikely to attend since his whereabouts are unknown.
The South Korean government is considering imposing tougher regulations, including a unified listing standard, on all cryptocurrency exchanges in the country following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST).
The South Korean government is shifting responsibility for the crash of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) onto crypto exchanges, the Korea Times reported Thursday.
The Korean National Assembly and the government held an emergency meeting with the heads of major crypto exchanges in the country Tuesday to discuss measures to prevent the recurrence of the LUNA and UST implosion. However, the lawmakers and financial authorities appeared to support the imposition of tougher regulations on crypto exchanges, the publication conveyed.
The Korean government has criticized crypto exchanges for their delayed response to the collapse of the two cryptocurrencies. Several top Korean crypto exchanges did not delist LUNA until two weeks later. Some critics said they intentionally delayed delisting to reap more commissions from the incident.
Rep. Yoon Chang-hyun of the ruling People Power Party raised concerns over crypto exchanges’ ambiguous listing and delisting standards. He stressed:
The exchanges do not have any unified listing standard, nor do they hold any negotiations over the issue.
Responding to the lawmakers’ discussion about imposing a unified listing standard across domestic cryptocurrency exchanges, Lee Sirgoo, the CEO of Dunamu, which operates Upbit, the country’s top exchange, explained that it will not solve the problem. “Crypto assets can be sent to overseas exchanges, and many crypto investors are already using non-Korean headquartered exchanges,” he said.
Rep. Sung Il-jong of the People Power Party reportedly said during the meeting: “We need to make exchanges play their proper role, and toward that end, it is crucial for watchdogs to supervise them thoroughly.” He added:
When exchanges violate rules, they should be held legally responsible to ensure that the market functions well without any troubles.
Vice-Chairman Kim So-young of the Financial Services Commission (FSC), the country’s top financial regulator, said: “We are going to build close ties with the Ministry of Justice, the prosecution and police, in a bid to monitor any illegal acts in the industry and protect investors’ rights.”
An official from one of the domestic cryptocurrency exchanges opined: “Exchanges can easily become a target of criticism at this period of time when no specific regulatory guideline has been introduced.” He added:
We understand the purpose of the meeting, but the most urgent step is to summon Do Kwon, co-founder of the company, as quickly as authorities can.
The National Assembly plans to hold a hearing session on the LUNA incident in the near future. However, the publication noted that Do Kwon is unlikely to attend since his whereabouts are unknown.
Turkey Drafting Crypto Bill to Submit to Parliament in Coming Weeks: Report
Turkey is reportedly drafting crypto legislation to be submitted to parliament in the coming weeks. The bill may also impose taxes on some crypto transactions.
Turkey is drafting a bill to establish new rules for the crypto industry, Bloomberg reported last week, citing two unnamed Turkish officials familiar with the matter.
According to the officials, the governing AK Party of President Recep Tayyip Erdoğan plans to submit the cryptocurrency bill to parliament in the coming weeks.
Under the new regulatory framework, companies would be required to have a minimum of 100 million liras ($6 million) in capital. In addition, global cryptocurrency exchanges would be mandated to open branch offices that can be taxed in Turkey. The authorities are also exploring ways to safely store cryptocurrencies.
The new measures were on the agenda of a meeting held at the president’s office last week. The meeting was attended by Vice President Fuat Oktay, Treasury and Finance Minister Nureddin Nebati, and Trade Minister Mehmet Muş.
Moreover, the government is also considering imposing a symbolic levy on crypto purchases, the publication added.
In January, President Erdoğan reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse.
According to crypto payments service provider Triplea, over 2.4 million people, or 2.94% of Turkey’s total population, currently own cryptocurrency.
There have also been reports that crypto ownership is soaring in Turkey as high inflation and a weak lira prompt Turks to seek ways to preserve their wealth. According to reports, the Turkish lira has lost half of its value in the past 12 months while annual inflation reached a 20-year-high of nearly 70% in April.
Turkey is reportedly drafting crypto legislation to be submitted to parliament in the coming weeks. The bill may also impose taxes on some crypto transactions.
Turkey is drafting a bill to establish new rules for the crypto industry, Bloomberg reported last week, citing two unnamed Turkish officials familiar with the matter.
According to the officials, the governing AK Party of President Recep Tayyip Erdoğan plans to submit the cryptocurrency bill to parliament in the coming weeks.
Under the new regulatory framework, companies would be required to have a minimum of 100 million liras ($6 million) in capital. In addition, global cryptocurrency exchanges would be mandated to open branch offices that can be taxed in Turkey. The authorities are also exploring ways to safely store cryptocurrencies.
The new measures were on the agenda of a meeting held at the president’s office last week. The meeting was attended by Vice President Fuat Oktay, Treasury and Finance Minister Nureddin Nebati, and Trade Minister Mehmet Muş.
Moreover, the government is also considering imposing a symbolic levy on crypto purchases, the publication added.
In January, President Erdoğan reportedly instructed the country’s ruling party to conduct a study on cryptocurrency and the metaverse.
According to crypto payments service provider Triplea, over 2.4 million people, or 2.94% of Turkey’s total population, currently own cryptocurrency.
There have also been reports that crypto ownership is soaring in Turkey as high inflation and a weak lira prompt Turks to seek ways to preserve their wealth. According to reports, the Turkish lira has lost half of its value in the past 12 months while annual inflation reached a 20-year-high of nearly 70% in April.
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Singapore’s Deputy Prime Minister Advises Retail Investors to Steer Clear of Cryptocurrencies
Singapore’s deputy prime minister has advised retail investors to steer clear of cryptocurrencies, citing that they are “highly risky.” He stressed, “We cannot express this enough.”
Singapore’s Deputy Prime Minister Heng Swee Keat reportedly warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech x Singapore (ATxSG) summit. He said:
Retail investors, especially, should steer clear of cryptocurrencies. We cannot express this enough.
He brought up the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) to support his argument. Many investors lost a lot of money when the two cryptocurrencies crashed.
While cautioning that cryptocurrency is “highly risky,” the deputy prime minister stated that digital dollars could transform finance.
Keat also stressed the importance of crypto regulation, stating:
We must continue to adapt our rules to ensure that regulation remains facilitative of innovation, and yet addresses the key risks that crypto assets pose.
Singapore has adopted strict rules on crypto, with the country’s central bank, the Monetary Authority of Singapore (MAS), as the main regulator of the crypto sector. Many people have applied for a license with the MAS to operate a crypto exchange. However, about 100 companies have already failed to meet regulator requirements.
Over the past two years, the MAS only granted licenses and in-principle approvals to 11 digital payment token service providers. “We will continue to evaluate applications, and facilitate live experiments through regulatory sandboxes, to enable safe adoption in the financial sector,” the deputy prime minister detailed.
The central bank said in April that its licensing process for digital asset service providers needs to be stringent. “It needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities,” the MAS explained.
In January, cryptocurrency ATMs closed down in the country following the MAS announcement. The central bank also restricted crypto ads earlier this year, stressing that crypto trading is not suitable for the general public.
Singapore’s deputy prime minister has advised retail investors to steer clear of cryptocurrencies, citing that they are “highly risky.” He stressed, “We cannot express this enough.”
Singapore’s Deputy Prime Minister Heng Swee Keat reportedly warned retail investors against investing in cryptocurrency Tuesday while speaking at the Asia Tech x Singapore (ATxSG) summit. He said:
Retail investors, especially, should steer clear of cryptocurrencies. We cannot express this enough.
He brought up the collapse of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST) to support his argument. Many investors lost a lot of money when the two cryptocurrencies crashed.
While cautioning that cryptocurrency is “highly risky,” the deputy prime minister stated that digital dollars could transform finance.
Keat also stressed the importance of crypto regulation, stating:
We must continue to adapt our rules to ensure that regulation remains facilitative of innovation, and yet addresses the key risks that crypto assets pose.
Singapore has adopted strict rules on crypto, with the country’s central bank, the Monetary Authority of Singapore (MAS), as the main regulator of the crypto sector. Many people have applied for a license with the MAS to operate a crypto exchange. However, about 100 companies have already failed to meet regulator requirements.
Over the past two years, the MAS only granted licenses and in-principle approvals to 11 digital payment token service providers. “We will continue to evaluate applications, and facilitate live experiments through regulatory sandboxes, to enable safe adoption in the financial sector,” the deputy prime minister detailed.
The central bank said in April that its licensing process for digital asset service providers needs to be stringent. “It needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities,” the MAS explained.
In January, cryptocurrency ATMs closed down in the country following the MAS announcement. The central bank also restricted crypto ads earlier this year, stressing that crypto trading is not suitable for the general public.
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Central Bank of Armenia Urged to Regulate Cryptocurrencies
Calls have been issued in Armenia for the central bank to do its job and put the country’s crypto space in order. Both government regulators and representatives of the financial sector insist that the industry needs regulation to prevent the use of cryptocurrencies for illicit purposes.
The State Revenue Committee (SRC), a regulatory body responsible for tax and customs services in Armenia, has turned to the Central Bank of Armenia (CBA), urging the monetary authority to ensure the country’s crypto market is regulated. Speaking in the Armenian parliament, the head of the agency, Rustam Badasyan, elaborated:
Without regulating this area, we allow shady transactions to be made and there have been examples of both tax evasion and money laundering using cryptocurrencies.
The SRC official made the statement during parliamentary hearings devoted to the execution of last year’s state budget, the financial and banking news portal Armbanks reported on Wednesday. The committee works closely with the CBA and oversees the Customs Service and the Tax Service of the small South Caucasus nation.
Badasyan also noted that authorities are now unable to take any action regarding transactions with digital assets. He pointed to a case involving the exchange of a large amount of fiat cash for cryptocurrency, in which an investigation failed to produce any results due to the lack of a legal framework for this sphere.
His comments follow an earlier statement by the Executive Director of the Union of Banks of Armenia Seyran Sargsyan, who said that the issues associated with the identification of cryptocurrency users and the transparency of crypto transactions need to be addressed. The banker emphasized that financial institutions in Armenia do not work with digital coins and do not provide related services.
In March 2021, Armenia and the other members of the Eurasian Economic Union (EAEU) failed to agree on a common approach towards the adoption of rules for the crypto economy in their jurisdictions, the crypto news outlet Forklog noted in a report. The calls for crypto regulation in Armenia come as ongoing discussions on the matter in Russia are delaying its regulatory framework.
Calls have been issued in Armenia for the central bank to do its job and put the country’s crypto space in order. Both government regulators and representatives of the financial sector insist that the industry needs regulation to prevent the use of cryptocurrencies for illicit purposes.
The State Revenue Committee (SRC), a regulatory body responsible for tax and customs services in Armenia, has turned to the Central Bank of Armenia (CBA), urging the monetary authority to ensure the country’s crypto market is regulated. Speaking in the Armenian parliament, the head of the agency, Rustam Badasyan, elaborated:
Without regulating this area, we allow shady transactions to be made and there have been examples of both tax evasion and money laundering using cryptocurrencies.
The SRC official made the statement during parliamentary hearings devoted to the execution of last year’s state budget, the financial and banking news portal Armbanks reported on Wednesday. The committee works closely with the CBA and oversees the Customs Service and the Tax Service of the small South Caucasus nation.
Badasyan also noted that authorities are now unable to take any action regarding transactions with digital assets. He pointed to a case involving the exchange of a large amount of fiat cash for cryptocurrency, in which an investigation failed to produce any results due to the lack of a legal framework for this sphere.
His comments follow an earlier statement by the Executive Director of the Union of Banks of Armenia Seyran Sargsyan, who said that the issues associated with the identification of cryptocurrency users and the transparency of crypto transactions need to be addressed. The banker emphasized that financial institutions in Armenia do not work with digital coins and do not provide related services.
In March 2021, Armenia and the other members of the Eurasian Economic Union (EAEU) failed to agree on a common approach towards the adoption of rules for the crypto economy in their jurisdictions, the crypto news outlet Forklog noted in a report. The calls for crypto regulation in Armenia come as ongoing discussions on the matter in Russia are delaying its regulatory framework.
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Reward from CEO
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3rd = 250 USDT
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Get a chance to win a prize pool of up to $200K in the form of KunciCoin and also a first time deposit reward if you are a new member of Bybit Exchange.
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Reward from CEO
1st = 1000 USDT
2nd = 500 USDT
3rd = 250 USDT
Reward from Jokocrypto
1st = 5000 kunci
2nd = 2500 kunci
3rd = 1250 kunci
Reward Will be distribute after announcement
Register link:
http://bit.ly/votekuncicoin
Join Kunciglobal group
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Kunciglobal twitter
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Bitcoin, Ethereum Technical Analysis: BTC Surges Above $30,000 to Start the Week
Following a weekend which saw bitcoin trading mainly in the red, prices rebounded to start the week. BTC was once again above $30,000 on Monday, while ETH climbed by over 5%.
The world’s largest cryptocurrency was trading higher on Monday, as prices once again rose above the $30,000 level.
Following a low of $29,574.45 on Sunday, BTC/USD rallied to a peak of $31,342.18 earlier in today’s session.
This move comes after the interim support level of $29,500 held firm over the weekend, with bulls using this as a point of re-entry.
Looking at the chart, prices have gone from this short-term support, to now breaking out of resistance at $30,600.
Overall, BTC is now trading at a six-day high, with many now hoping to see prices climb above the next hurdle, which is the $32,500 point.
As of writing, the 14-day RSI is trading at its highest level since April 6, which is also a resistance point, and unless broken, we may see today’s gains ease as the week progresses.
ETH also rebounded to start the week. However, prices continue to trade below $2,000 following last week’s sell-off.
Last week saw ETH/USD fall below $2,000, hitting a low of $1,742 in the process, but it has since strung together back-to-back sessions of gains.
As of writing, ETH has risen to an intraday peak of $1,903.99, which comes following a bottom of $1,777.13 the day prior.
The move comes as the 14-day RSI has marginally broken out of its recent ceiling at 43.70, and is trading at 44.30 as of writing.
Should price strength continue to increase, then we will likely see bulls making a run for the next resistance point at $1,950.
Although it has not yet occurred, the potential for an upwards cross of moving averages still exists, and this could be the catalyst that takes prices back above $2,000.
Following a weekend which saw bitcoin trading mainly in the red, prices rebounded to start the week. BTC was once again above $30,000 on Monday, while ETH climbed by over 5%.
The world’s largest cryptocurrency was trading higher on Monday, as prices once again rose above the $30,000 level.
Following a low of $29,574.45 on Sunday, BTC/USD rallied to a peak of $31,342.18 earlier in today’s session.
This move comes after the interim support level of $29,500 held firm over the weekend, with bulls using this as a point of re-entry.
Looking at the chart, prices have gone from this short-term support, to now breaking out of resistance at $30,600.
Overall, BTC is now trading at a six-day high, with many now hoping to see prices climb above the next hurdle, which is the $32,500 point.
As of writing, the 14-day RSI is trading at its highest level since April 6, which is also a resistance point, and unless broken, we may see today’s gains ease as the week progresses.
ETH also rebounded to start the week. However, prices continue to trade below $2,000 following last week’s sell-off.
Last week saw ETH/USD fall below $2,000, hitting a low of $1,742 in the process, but it has since strung together back-to-back sessions of gains.
As of writing, ETH has risen to an intraday peak of $1,903.99, which comes following a bottom of $1,777.13 the day prior.
The move comes as the 14-day RSI has marginally broken out of its recent ceiling at 43.70, and is trading at 44.30 as of writing.
Should price strength continue to increase, then we will likely see bulls making a run for the next resistance point at $1,950.
Although it has not yet occurred, the potential for an upwards cross of moving averages still exists, and this could be the catalyst that takes prices back above $2,000.
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Brazilian Judge Dismisses Bitcoin Scam Mastermind’s Attempt to Block His Extradition to South Africa
A Brazilian judge has ruled that the CEO of Mirror Trading International should remain in precautionary detention as authorities in South Africa have already furnished their Brazilian counterparts with the documentation that is required for extradition purposes. The judge also rejected Johann Steynberg’s attempts to use his Brazilian family as the basis for seeking an end to his precautionary detention.
A Brazilian judge recently dismissed an application by Johann Steynberg — the mastermind behind Mirror Trading International (MTI), one of South Africa’s biggest cryptocurrency scams — to have his precautionary detention revoked. In his application, the MTI chief executive had reportedly argued that since no formal extradition request had been made the court should at least place him under house arrest.
Steynberg also argued that when he left South Africa in December 2020, there was no outstanding warrant for his arrest and that the case itself failed to meet certain requirements which would make extradition possible. Also, as stated in the document released by the Brazilian judiciary, Steynberg had raised the point that he had since started a family in Brazil, hence placing him under house arrest would suffice.
However, in his ruling, Brazilian supreme court judge Andre Mendonça rejected arguments brought forward by Steynberg. The judge revealed that South African authorities had in fact “presented documentation aimed at formalizing the extradition request on April 14, 2022.”
In addition, the judge noted that a warrant for Steynberg’s arrest was also “issued on 03/01/2022 by the Justice of South Africa, as evidenced by Interpol’s Red Diffusion documents.” A document reportedly sent by the South African Public Ministry suggested that the MTI CEO was being probed for his role in the bitcoin scam when he left the country.
As previously reported by Bitcoin News, before disappearing in late 2020, Steynberg had handed control of MTI funds to his wife Nerina. Yet by the time he was arrested by Brazilian law enforcement in December 2021, the former MTI mastermind was reportedly in a relationship with a Brazilian woman.
Addressing Steynberg’s attempt to use his intimate relationship with the unnamed woman as justification for blocking his extradition, Mendonça said:
The fact that the person being extradited has taken up residence in Brazil and constituted a family does not, in itself, prevent the precautionary arrest and the future extradition. As well noted by the Attorney General’s Office, the ‘rule in extraditions is the precautionary arrest, due to the respect reciprocal between jurisdictions.’ The person being extradited, it must be repeated, is with the imprisonment in your country of origin.
The judge added that the fact that Steynberg had fake identity documents at the time of his arrest means he likely has an “intention to evade possible criminal liability.” The judge’s ruling also hints that Steynberg might still violate the conditions of a house arrest should the court accede to his request for one.
A Brazilian judge has ruled that the CEO of Mirror Trading International should remain in precautionary detention as authorities in South Africa have already furnished their Brazilian counterparts with the documentation that is required for extradition purposes. The judge also rejected Johann Steynberg’s attempts to use his Brazilian family as the basis for seeking an end to his precautionary detention.
A Brazilian judge recently dismissed an application by Johann Steynberg — the mastermind behind Mirror Trading International (MTI), one of South Africa’s biggest cryptocurrency scams — to have his precautionary detention revoked. In his application, the MTI chief executive had reportedly argued that since no formal extradition request had been made the court should at least place him under house arrest.
Steynberg also argued that when he left South Africa in December 2020, there was no outstanding warrant for his arrest and that the case itself failed to meet certain requirements which would make extradition possible. Also, as stated in the document released by the Brazilian judiciary, Steynberg had raised the point that he had since started a family in Brazil, hence placing him under house arrest would suffice.
However, in his ruling, Brazilian supreme court judge Andre Mendonça rejected arguments brought forward by Steynberg. The judge revealed that South African authorities had in fact “presented documentation aimed at formalizing the extradition request on April 14, 2022.”
In addition, the judge noted that a warrant for Steynberg’s arrest was also “issued on 03/01/2022 by the Justice of South Africa, as evidenced by Interpol’s Red Diffusion documents.” A document reportedly sent by the South African Public Ministry suggested that the MTI CEO was being probed for his role in the bitcoin scam when he left the country.
As previously reported by Bitcoin News, before disappearing in late 2020, Steynberg had handed control of MTI funds to his wife Nerina. Yet by the time he was arrested by Brazilian law enforcement in December 2021, the former MTI mastermind was reportedly in a relationship with a Brazilian woman.
Addressing Steynberg’s attempt to use his intimate relationship with the unnamed woman as justification for blocking his extradition, Mendonça said:
The fact that the person being extradited has taken up residence in Brazil and constituted a family does not, in itself, prevent the precautionary arrest and the future extradition. As well noted by the Attorney General’s Office, the ‘rule in extraditions is the precautionary arrest, due to the respect reciprocal between jurisdictions.’ The person being extradited, it must be repeated, is with the imprisonment in your country of origin.
The judge added that the fact that Steynberg had fake identity documents at the time of his arrest means he likely has an “intention to evade possible criminal liability.” The judge’s ruling also hints that Steynberg might still violate the conditions of a house arrest should the court accede to his request for one.
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Crypto-Related Lawsuits Rising in Russia, Criminal Cases Increase by 40%
Courts in Russia are hearing a growing number of cases around crypto assets, a new study has shown. About two-thirds of them have been launched under provisions of the country’s Criminal Code but civil cases represent a large share as well.
Lawsuits related to cryptocurrency, exchange of digital assets and coin minting have seen a serious increase in Russia over the course of last year, reaching a total of 1,531. The number comes from research conducted by the cybersecurity company RTM Group and quoted by Izvestia this week.
The majority of these, 954 cases, have been initiated under various articles of the Russian Criminal Code, the daily wrote on Friday. Another quarter of the proceedings, 365, are civil cases, almost one in 10 (141) is a bankruptcy, and 5% (71) are administrative cases, the article detailed.
The authors of the study note that most often cryptocurrency appears in criminal cases related to drug trafficking as those behind such deals would like their payments to remain anonymous — 738 such cases were filed last year. Other criminal proceedings include the laundering of illicit funds using digital coins.
Claims against unjust enrichment through crypto transactions form the majority of civil law disputes (42 cases). A common scenario is when a person transfers money to a third party to buy cryptocurrency but later receives a smaller amount than expected or agreed.
Meanwhile, the number of bankruptcy cases related to ownership of cryptocurrency has doubled in 2021, the researchers revealed. In these proceedings, the Russian judiciary refers to crypto assets as property and the sides are required to provide documents proving they own the coins.
The illegal use of electricity for cryptocurrency mining is considered a civil offense in Russia which entails the collection of debt. During the examined period, Russians running underground mining facilities had to pay 61.5 million rubles (over $1.1 million at current rates) in nine such cases.
To prepare its report, RTM analyzed published acts of courts of general jurisdiction and arbitration courts as well as information obtained from the official correspondence of various departments. The results from its study appear as authorities in Moscow continue to debate over the legal status cryptocurrencies should have in Russia.
Courts in Russia are hearing a growing number of cases around crypto assets, a new study has shown. About two-thirds of them have been launched under provisions of the country’s Criminal Code but civil cases represent a large share as well.
Lawsuits related to cryptocurrency, exchange of digital assets and coin minting have seen a serious increase in Russia over the course of last year, reaching a total of 1,531. The number comes from research conducted by the cybersecurity company RTM Group and quoted by Izvestia this week.
The majority of these, 954 cases, have been initiated under various articles of the Russian Criminal Code, the daily wrote on Friday. Another quarter of the proceedings, 365, are civil cases, almost one in 10 (141) is a bankruptcy, and 5% (71) are administrative cases, the article detailed.
The authors of the study note that most often cryptocurrency appears in criminal cases related to drug trafficking as those behind such deals would like their payments to remain anonymous — 738 such cases were filed last year. Other criminal proceedings include the laundering of illicit funds using digital coins.
Claims against unjust enrichment through crypto transactions form the majority of civil law disputes (42 cases). A common scenario is when a person transfers money to a third party to buy cryptocurrency but later receives a smaller amount than expected or agreed.
Meanwhile, the number of bankruptcy cases related to ownership of cryptocurrency has doubled in 2021, the researchers revealed. In these proceedings, the Russian judiciary refers to crypto assets as property and the sides are required to provide documents proving they own the coins.
The illegal use of electricity for cryptocurrency mining is considered a civil offense in Russia which entails the collection of debt. During the examined period, Russians running underground mining facilities had to pay 61.5 million rubles (over $1.1 million at current rates) in nine such cases.
To prepare its report, RTM analyzed published acts of courts of general jurisdiction and arbitration courts as well as information obtained from the official correspondence of various departments. The results from its study appear as authorities in Moscow continue to debate over the legal status cryptocurrencies should have in Russia.
South Korean Government Calls for Voluntary Regulations From Crypto Industry
The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets.
Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin and its sister coin terra (LUNA) that affected many South Koreans.
Aiming to prevent the negative consequences of such crashes and better protect investors, Korean officials and lawmakers are now considering the adoption of a new law for blockchain-based platforms, Arirang unveiled. They also urge the crypto industry to come up with its own regulations that would include safety mechanisms.
The report by the English-language TV network noted that South Korea’s crypto assets market stood at 55.2 trillion Korean won, or around $43 billion, at the time of writing. Furthermore, 24 cryptocurrency exchanges licensed in the country process a daily average of 11.3 trillion won (over $8.7 billion) in transactions, reflecting the rapid growth of the market in the past few years.
South Korean authorities, however, think that current regulations are insufficient as a response to the rapid expansion. That’s why the government and South Korea’s leading political force are calling on the sector to propose “voluntary regulatory measures” while many other nations are looking into the impact of digital currencies on their financial systems and economic policies.
More than a dozen crypto-related bills are now pending in the Korean National Assembly, Arirang added, and the country’s Financial Services Commission is planning to propose more legislation tailored to protect investors from the swings of the crypto market.
At the same time, the Governor of the Financial Supervisory Service Lee Bok-hyun has been quoted as emphasizing the need for a reasonable regulation system. Such as would allow the crypto asset market to have what he described as responsible growth.
The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets.
Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin and its sister coin terra (LUNA) that affected many South Koreans.
Aiming to prevent the negative consequences of such crashes and better protect investors, Korean officials and lawmakers are now considering the adoption of a new law for blockchain-based platforms, Arirang unveiled. They also urge the crypto industry to come up with its own regulations that would include safety mechanisms.
The report by the English-language TV network noted that South Korea’s crypto assets market stood at 55.2 trillion Korean won, or around $43 billion, at the time of writing. Furthermore, 24 cryptocurrency exchanges licensed in the country process a daily average of 11.3 trillion won (over $8.7 billion) in transactions, reflecting the rapid growth of the market in the past few years.
South Korean authorities, however, think that current regulations are insufficient as a response to the rapid expansion. That’s why the government and South Korea’s leading political force are calling on the sector to propose “voluntary regulatory measures” while many other nations are looking into the impact of digital currencies on their financial systems and economic policies.
More than a dozen crypto-related bills are now pending in the Korean National Assembly, Arirang added, and the country’s Financial Services Commission is planning to propose more legislation tailored to protect investors from the swings of the crypto market.
At the same time, the Governor of the Financial Supervisory Service Lee Bok-hyun has been quoted as emphasizing the need for a reasonable regulation system. Such as would allow the crypto asset market to have what he described as responsible growth.
SEC, State Regulators Probe Crypto Lender Celsius Over Accounts Freeze
The U.S. Securities and Exchange Commission (SEC) and several state regulators are reportedly investigating the decision by crypto lender Celsius Network to freeze withdrawals.
The U.S. SEC and securities regulators in Alabama, Kentucky, New Jersey, Texas, and Washington are investigating the decision by crypto lender Celsius Network to freeze withdrawals, Reuters reported Thursday.
Texas’ director of enforcement Joseph Rotunda explained that officials representing the five state securities regulators met Monday morning to begin the investigation following Celsius’ withdrawal freeze announcement Sunday night.
Noting that the investigation is a “priority,” Rotunda said:
I am very concerned that clients – including many retail investors – may need to immediately access their assets yet are unable to withdraw from their accounts.
“The inability to access their investment may result in significant financial consequences,” he stressed.
Rotunda said he and his team learned about Celsius’ accounts freeze from the company’s tweet and blog post Sunday night.
“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts,” the company wrote.
Alabama Securities Commission Director Joseph Borg told the publication that the SEC has also been in communication with Celsius, adding that the crypto lender has been responsive to questions from the regulators.
Last year, regulators in a number of states, including Alabama, Kentucky, New Jersey, and Texas hit Celsius with a cease and desist order over the lender’s interest-bearing products, which they said should be registered as a security.
After freezing withdrawals, Celsius reportedly sought help from Akin Gump Strauss Hauer & Feld, a law firm that specializes in financial restructuring. The crypto lender is also reportedly hiring Citigroup as an advisor.
Moreover, Ben Armstrong, aka Bit Boy, announced a class-action lawsuit against Celsius and CEO Alex Mashinsky on Wednesday via Twitter.
The U.S. Securities and Exchange Commission (SEC) and several state regulators are reportedly investigating the decision by crypto lender Celsius Network to freeze withdrawals.
The U.S. SEC and securities regulators in Alabama, Kentucky, New Jersey, Texas, and Washington are investigating the decision by crypto lender Celsius Network to freeze withdrawals, Reuters reported Thursday.
Texas’ director of enforcement Joseph Rotunda explained that officials representing the five state securities regulators met Monday morning to begin the investigation following Celsius’ withdrawal freeze announcement Sunday night.
Noting that the investigation is a “priority,” Rotunda said:
I am very concerned that clients – including many retail investors – may need to immediately access their assets yet are unable to withdraw from their accounts.
“The inability to access their investment may result in significant financial consequences,” he stressed.
Rotunda said he and his team learned about Celsius’ accounts freeze from the company’s tweet and blog post Sunday night.
“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts,” the company wrote.
Alabama Securities Commission Director Joseph Borg told the publication that the SEC has also been in communication with Celsius, adding that the crypto lender has been responsive to questions from the regulators.
Last year, regulators in a number of states, including Alabama, Kentucky, New Jersey, and Texas hit Celsius with a cease and desist order over the lender’s interest-bearing products, which they said should be registered as a security.
After freezing withdrawals, Celsius reportedly sought help from Akin Gump Strauss Hauer & Feld, a law firm that specializes in financial restructuring. The crypto lender is also reportedly hiring Citigroup as an advisor.
Moreover, Ben Armstrong, aka Bit Boy, announced a class-action lawsuit against Celsius and CEO Alex Mashinsky on Wednesday via Twitter.