🚀 South Korea To Enhance Cryptocurrency Monitoring System
#SouthKorea #Cryptocurrency #MonitoringSystem #FinancialSupervisoryService #VirtualAssetUserProtectionAct #DataManagement #SuspiciousTransactions #TradingVolume #PriceChanges #OverseasExchanges
According to PANews, the Financial Supervisory Service (FSS) of South Korea is set to strengthen its cryptocurrency monitoring system under the Virtual Asset User Protection Act. The FSS plans to enhance its methods for collecting and processing cryptocurrency data and establish its own standards for identifying suspicious transactions. Additionally, the agency aims to develop criteria for monitoring sudden price changes and surges in trading volume. The FSS will also improve the management of data received from overseas cryptocurrency exchanges, including transaction records and policy actions. Approximately 150 million KRW (108,000 USD) has been allocated for these upgrades, with the goal of completion by the first quarter of next year.#SouthKorea #Cryptocurrency #MonitoringSystem #FinancialSupervisoryService #VirtualAssetUserProtectionAct #DataManagement #SuspiciousTransactions #TradingVolume #PriceChanges #OverseasExchanges
🚀 South Korea Expands Cryptocurrency Regulations to Combat Money Laundering
#SouthKorea #CryptocurrencyRegulations #MoneyLaundering #TravelRule #RealNameSystem #AntiMoneyLaundering #VirtualAssets #FinancialServicesCommission #OverseasExchanges #FinancialIntelligenceUnit
According to PANews, South Korea's Financial Services Commission Chairman, Lee Eui-kyung, announced on November 28 that the country will extend its 'travel rule' regulations, commonly known as the cryptocurrency real-name system, to cover transactions below 1 million Korean won (approximately $680). This announcement was made during the 19th Anti-Money Laundering Day ceremony at the Financial Intelligence Unit.
Lee emphasized a stringent crackdown on money laundering activities conducted through virtual asset transactions. He also stated that South Korea will prohibit virtual asset transactions with overseas exchanges that pose a high risk of money laundering.
In addition, the country plans to implement a rigorous review mechanism to thoroughly examine the criminal records, financial status, and social credit of major shareholders involved in virtual asset businesses.#SouthKorea #CryptocurrencyRegulations #MoneyLaundering #TravelRule #RealNameSystem #AntiMoneyLaundering #VirtualAssets #FinancialServicesCommission #OverseasExchanges #FinancialIntelligenceUnit
🚀 Russian Law Establishes Procedures for Cryptocurrency Seizure in Criminal Cases
#Russia #cryptocurrency #seizure #criminalcases #law #StateDuma #digitalcurrency #property #assetconfiscation #government #overseasexchanges #FederationCouncil #ConstitutionalCourt
Russia's State Duma has passed a law in its third and final reading that outlines the procedures for the seizure and freezing of cryptocurrencies in criminal cases. According to ChainCatcher, the legislation confirms the legal status of cryptocurrencies as property and mandates detailed documentation of asset types, quantities, and wallet addresses during confiscation. The law permits the transfer of seized cryptocurrencies to designated state wallets and authorizes government agencies to collaborate with overseas exchanges to enforce seizure measures. The bill requires approval from the Federation Council and the President's signature before it becomes effective 10 days after official publication.
Previously, the Russian Constitutional Court allowed citizens to protect their digital currency rights in court, even if they had not declared them to tax authorities.#Russia #cryptocurrency #seizure #criminalcases #law #StateDuma #digitalcurrency #property #assetconfiscation #government #overseasexchanges #FederationCouncil #ConstitutionalCourt