virtual assets – Page 2

Nigerian Regulator Amends VASPs Rules; Threatens Enforcement Against Noncompliant Entities

June 23, 2024

The Nigerian securities regulator said on June 21 that it had amended the digital asset rules to expand their scope and introduced an accelerated process for onboarding virtual asset service providers. The Accelerated Regulatory Incubation Programme provides VASPs with insights into the Commission’s expectations before they fully commence operations. Regulator Threatens Enforcement Action Against Non-Compliant…
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Zimbabwean Regulators Develop Framework for Virtual Assets Trading

June 18, 2024

The Securities and Exchange Commission of Zimbabwe (SECZ) and the Reserve Bank of Zimbabwe (RBZ) are reportedly developing a framework for virtual asset trading. The framework aims to provide clear legislation, client protection under the Data Protection Act, and educational support. Challenges include infrastructural investment and licensing fees for foreign-supplied systems. An informal virtual asset…
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South Korean Regulator Excludes Certain NFTs From Crypto Regulations

June 11, 2024

South Korea’s top financial regulator has issued guidelines clarifying when non-fungible tokens (NFTs) are considered virtual assets. This distinction aims to minimize the risk of widespread user harm. The guidelines will be part of the Virtual Asset User Protection Act, effective July 19, 2024. FSC Issues New NFT Classification Guidelines On Monday, South Korea’s top…
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South Korea to Unveil Guidelines Barring the Listing of Hacked Coins

April 7, 2024

South Korean authorities are reportedly planning to release updated guidelines for virtual asset trading. These guidelines will prohibit the listing or relisting of coins that have previously been hacked. Additionally, the guidelines will require issuers of “foreign” virtual assets to release a whitepaper or a technical manual specifically for the Korean market. Guidelines for ‘Foreign’…
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South Korea to Expel Crypto Exchanges Failing to Meet Its Stringent Conditions

February 15, 2024

Cryptocurrency exchanges that fail to meet South Korea’s stringent operating standards will be expelled from the crypto market, the country’s financial intelligence agency has said. The Financial Intelligence Unit said its annual work plan incorporates the insights of cryptocurrency experts serving on its advisory committees. South Korea to Deploy System for Identifying Suspicious Transactions South…
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Kenya Advances Toward Digital Asset Hub Ambition With Virtual Assets Bill – Kenya Blockchain Association

February 9, 2024

The Blockchain Association of Kenya (BAK) is reportedly on the verge of launching a community-led draft bill, a significant stride towards its objective of transforming Kenya into a hub for digital assets. BAK has expressed its intention to integrate feedback from stakeholders into a revised draft. This updated version of the draft bill is due…
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Hong Kong Securities Regulator Issues Warning to Unlicensed Virtual Asset Trading Platforms

February 6, 2024

The region’s securities regulator has said that Hong Kong crypto investors must only use or trade on approved virtual asset trading platforms. The regulator urged crypto investors using platforms not featured on its two lists to close accounts or transfer funds to licensed entities. Verifying a Virtual Asset Trading Platform’s Regulatory Status The Hong Kong…
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Report: Taiwan Police Arrest Crypto Exchange Bosses Accused of Fraud

January 7, 2024

The police in Taiwan recently arrested two individuals who are accused of deceiving 100 investors into buying fake virtual currencies. The police also apprehended 14 other participants in the fraud scheme and recovered more than $7 million in both cash and virtual currencies. Worthless Virtual Currencies Taiwanese police recently arrested two executives of what has…
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Hong Kong Regulators Unveil Public Consultation Paper on Stablecoin Regulation

December 28, 2023

Hong Kong Monetary Authority (HKMA) and Financial Services and the Treasury Bureau have released a public consultation paper to gather residents’ opinions on the proposed regulatory regime for stablecoin issuers. The HKMA also announced the introduction of a sandbox arrangement whose purpose will be to convey supervisory expectations and guidance on compliance to prospective stablecoin…
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Nigerian Central Bank Lifts February 2021 Crypto Prohibition Order

December 24, 2023

The Nigerian central bank has reversed its Feb. 5 order which barred banks and financial institutions from extending their services to crypto entities. The central bank said new guidelines align with the Financial Action Task Force’s updated recommendation 15, which calls for the regulation of virtual asset service providers. Guidelines Align With FATF’s Recommendation On…
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Category: virtual assets