Worldwide Crypto Regulation Advance Despite Global Crisis

The worldwide crypto regulation efforts are advancing despite the coronavirus outbreak and the global crisis. In our regulation crypto news, we read what exactly is happening with the crypto sector.

The South Korean government approved the revision of the Act on the Reporting and Using Specified Financial Transaction Information during the cabinet meeting on March 17 according to the Financial Services Commission announcement. The bill was passed on March 5 as per the regulation crypto news.

The FSC explained that all of the crypto businesses will now have to report all of the transactions to the South Korea Financial Intelligence Unit and they will also be subject to the basic AML requirements including transaction reporting and suspicious activity reporting. They will have to follow further obligations such as keeping the details of the separate transaction for the users and they will also have to own separate transaction details for the users ensuring a real-name account that is used for crypto trading. The crypto businesses will also have to obtain approval from the Korea Internet and Security Agency. The FSA explained:

 “The revision bill will take effect one year after promulgation, and the current crypto-asset business operators will be given a six-month transition period to report to the KOFIU. This revision act will place Korea’s legal framework on crypto assets more in line with international standards set forth by the Financial Action Task Force (FATF) and strengthen its AML/CFT regime.’’

The worldwide crypto regulation includes India’s plan on regulating crypto that will supposedly happen after April’s Supreme Court hearing. The Indian government revealed to be working on a regulatory framework for cryptocurrency while the crypto exchanges will come under the regulatory basked of the Securities and Exchange Board of India. The government is waiting for the cryptocurrency case on April 27 before it makes the final decision on crypto regulation. The Minister of State for Finance and Corporate Affairs said that the Ministry has already inspected some Bitcoin businesses through the Register of Companies.

Venezuela also shut down its banking system and now the refugees are looking for help in cryptocurrencies. Nicolas Maduro shut down the banking system of the country and ordered his entire country to get into quarantine as per the regulation crypto news. The regulator Sudeban sent a circular to all of the institutions in the country stating:

‘’All activities involving direct attention to customers, users and the general public through agencies, branches, offices and administrative headquarters throughout the country will be indefinitely suspended.’’