This Friday (24) is the deadline for cryptocurrency brokers operating in South Korea to register with the Financial Services Commission (FSC), the body that regulates the capital market in the country.
The company that does not follow the new rules, determined in March of this year by the Financial Intelligence Unit of Korea (KoFIU), can suffer both blockages of its platform and even the visit of authorities.
This is what determines the new rules imposed by the ‘Law of Information on Special Financial Transactions’ (SFTIA), a legislature that kick-starts the regularization of the cryptocurrency market in the country.
The move by the South Korean government in favor of a market regulated by the state caused several exchanges to anticipate, either to stop operating in the country or to adapt to the new legislation. Upbit, Bithumb, Coinone and Korbit, according to Coindesk, are already registered with regulatory bodies.
On the other side are about 40 exchanges, of the 60 existing in the country, which until a week ago had not yet done the job of KoFIU. A Financial Times report calculated that, as a result, about $2.6 billion in digital assets could be wiped out by applying the SFTIA.
Binance, for example, was one of the last companies in the sector to take action after the South Korean demand, when just over a month ago it restricted a series of services in the country, such as operations with the South Korean won (KRW) and local language customer support. Even further behind is BitMEX, which only this Thursday (23) seems to have taken the case seriously and released a note stating that it excluded the Korean language from its platform.
South Korea’s new law
South Korea’s new law allows financial regulators to be mandated to oversee cryptocurrency-related platforms while providing guidelines to protect against money laundering. To strengthen supervision, a new department created by the FSC, but independent, must also start its activities.
It is a subdivision of the autarchy that was named ‘Crypto Asset Monitoring Bureau’ — Asset Monitoring Agency — and will be responsible for overseeing exchange licenses with regulatory bodies and also at the Internet and Security Agency (KISA), as well. how to monitor suspicious activity.
As the Commission detailed, the new division adds personnel specifically in charge of the management and supervision of virtual asset service providers and their AML (‘Money Laundering Prevention’) functions.
The SFTIA also introduces a cryptocurrency taxation framework, the purpose of which is to institutionalize current guidelines for banks carrying out transactions associated with cryptocurrencies, making them mandatory. Another objective is to remove the anonymous trade in cryptocurrencies in the country from the gray zone.
In summary, the new law requires: compliance, such as KYC (Know Your Customer) on all platforms that operate and hold cryptocurrencies; KISA’s Information Security Management System (ISMS) certification; transfer of financial reports to regulatory bodies, established by the Financial Action Task Force (GAFI).
Deadline for withdrawing from a Chinese cryptocurrency broker that will close in Brazil ends today
Today, November 30th, is the last day that Coinbene’s clients can withdraw their funds from the platform that will permanently cease operating in Brazil as of December 1st.
The Chinese brokerage firm decided to close operations in the country in October this year, after attracting Brazilian clients to its trading platform for about four years.
The decision to close its doors in Brazil was justified by a series of operational restrictions that the company began to suffer from the increase in the Chinese government’s ban on the crypto market. As it is a Chinese exchange, operations on the global platform depended on the central in the Asian country.
On that occasion, an employee of the brokerage provided the Bitcoin Portal that the operational problems at Coinbene were not limited to Brazil and that the company would soon close its operations in the rest of the world.
Later, the information was confirmed by Coinbene’s official channels when the brokerage firm announced the permanent closure of its services in all jurisdictions in which it operated until then.
Also in the October announcement focused on the Brazilian public, the company had set today, the last day of November, as the deadline for all customers to withdraw the balance that was still stored on the platform.
Although November is a day off, at the time the Coinbene team warned users: “After November 31, there will be no customer service staff to accept the withdrawal request. Users need to bear the property losses caused by not withdrawing money in time”.
The process of withdrawing funds, however, may not be so simple as the broker’s website is having problems in the user login area.
In Coinbene’s official Telegram group, focused on Latin American customers, company support confirmed that the problem at login time: “Due to the maintenance of CoinBene’s global server, the page www.coinbene.com/br/ is presenting a problem that is making login impossible. We are very sorry for that.”
To be able to enter the platform, users are required to fill out a form with their personal information such as CPF, address and date of birth and send a photo of their identity card or CNH. In addition, users must also submit a selfie holding their official document along with a paper written “CoinBene” and the date of request.
Only after completing all these steps, the user can have access to a customer service service dedicated to granting withdrawals.
Since the exchange confirmed the departure from Brazil, at least 15 users have complained on Reclame Aqui about the difficulty of withdrawing funds from the platform in this final stage.
A client from São Paulo, for example, wrote last Saturday (27) that he had been trying since the end of October to withdraw the balance in bitcoin he had left standing at Coinbebe for three years, but without success.
“I followed the guidelines, sending the necessary documents and selfie to be able to withdraw on 11/30, but as reported more than once to you (10/30, 11/06, 11/09), no matter how authenticator, pin and e-mail code are correct, I can’t transfer and my questions are not answered”.
He reports that he tried the broker’s international support, but he also had no return. “I’m going to claim my rights in other ways since I’m not getting the support I need from the company,” he concluded.
Another user from Barueri (SP) claimed the same problem, saying that he has more than R$ 10 thousand in cryptocurrencies stuck on the platform and that even after sending more than 50 withdrawal requests, he has not been answered.
The report got in touch with Coinbene representatives in Brazil, but as of this writing, there has been no response.
CBDC: Japan urged to intensify its development
- Japan urged to intensify the development of its CBDC
- Bank of Japan intensifies research
- Government officials continue to mount pressure on BOJ
Countries across the world are presently ramping up preparations to create their respective central bank-backed digital currency. Although some countries have launched their CBDC, China still leads in top countries hoping to list the currency. With China and other countries still in the lead, Japan has been urged to intensify its approach towards making its CBDC. According to the report, politicians have urged the finance officers to make haste and debut its digital currency like most countries.
BOJ intensifies research into its CBDC
Japan has been integral in the adoption of digital assets over the years, and the politicians do not want to lose this status. According to many reports, China is still testing as its CBDC is continually being tested across the country. Recently, it inked several partnerships with brands to intensify the testing in major cities. In its race to outpace China, Japan has bolstered its financial officer, which is tasked with researching every aspect concerning digital currencies. Despite its lengthy move to develop its CBDC, the Bank of Japan has preferred to attack it with caution. But with the increased pressure from the top echelons in the country, the bank might be forced to consider a new and aggressive approach.
WinNow’s cryptocurrency has completed its mainnet launch and looks at a utopian metaverse
ENEVA, SWISS. It just seems 2021 is the year of the metaverse and more and more companies are positioning themselves to be present in what appears to be a trillion dollar business.
On November 16, a group of European developers and cryptocurrency experts launched WinNow ($WNNW) to act as a DAO token in the Wonniw metaverse, a P2E game with real-world dynamics able to generate yield through the choices of its citizens.
A DAO token is a modern form of democratic representation, the participants in the game will therefore be able, through the WinNow token, to take an active part in the decisions on the dynamics of functioning of the metaverse.
According to reports from the team’s Medium, the metaverse Wonniw has all the credentials to be able to try to replicate a utopian reality, in which all citizens and mayors elected by the DAO are equally incentivized towards a common goal called “sustainability”.
The development of the metaverse is in the alpha phase, team has already signed an agreement with a European software house, Falcon Interactive, and the launch of a first playable version is currently scheduled for March 31, 2022.