South Korea to Grant ‘Venture Company’ Status to Crypto Firms Next Week
South Korea is set to take a decisive step in integrating its fast-growing digital asset sector into the mainstream economy, as crypto firms in the country prepare to receive official venture company status starting next week. The move is seen as a major breakthrough for the industry, which has long pushed for greater recognition and […]
Fed Cuts ‘Reputational Risk’ Scrutiny Seen as Tool to Undermine Crypto Firms
The Federal Reserve has officially removed reputational risk as a factor in its bank supervisory process, a move welcomed by the crypto industry and seen as a step toward fairer access to banking services for digital asset firms. The decision marks a significant policy shift to refocus regulatory oversight on quantifiable financial risk rather than […]
Australia Requires Crypto Firms to hold Financial Services Licenses
According to reports, Australian regulators are drafting a new guidance that will mandate cryptocurrency exchanges to obtain financial services licenses. According to The Australian Financial Review (AFR), the licensing requirements for crypto exchanges in Australia are expected to be expanded beyond those relevant to digital currency exchanges. Alan Kirkland, the Commissioner of the Australian Securities […]
Nigerian SEC Requires VASPs to Establish Local Offices
Virtual Assets Service Providers (VASPs) are now required to establish an office within Nigeria to qualify for Nigeria’s Securities and Exchange Commission (SEC) framework program. The SEC stated in a website post that the Accelerated Regulatory Incubation Programme (ARIP), intended to enroll VASPs in the country, is only available to incorporated entities with an office […]
Taiwan Imposes Strict Jail Time Laws Targeting Crypto Firms
Taiwan’s Ministry of Justice proposes stricter AML measures for the crypto industry, shifting from administrative to criminal penalties for non-compliance. The amendments the Ministry of Justice of Taiwan put forth aim to strengthen anti-money laundering (AML) protocols in the cryptocurrency sector. If implemented, the novel suggestions will significantly depart from the existing system, where administrative […]