金融监管

South Korea's central bank vigilant about non-bank entities issuing stablecoins, market players actively preparing to respond

The Bank of Korea recently issued a warning regarding the issuance of stablecoins pegged to the Korean won by non-bank entities, expressing deep concern that such actions could lead to market chaos.

Bank Governor Lee Chang-yong pointed out at a press conference on Thursday that if multiple non-bank entities issue stablecoins, it could recreate the chaotic situation of rampant private currency issuance in the 19th century, thereby interfering with the implementation of sovereign monetary policy and even challenging the regulatory framework under foreign exchange liberalization policies.

He warned that the arbitrary issuance of stablecoins would disrupt the implementation of monetary policy and might require a reconstruction of the central bank system. At the same time, the involvement of non-bank entities in payment settlements would severely impact the banking profit model.

Lee Chang-yong noted that this issue cannot be decided solely by the central bank and requires cross-departmental consultation. He stated that discussions will commence after the appointment of relevant ministers to determine the direction. His remarks come at a time when the development of stablecoins in South Korea is rapidly advancing.

However, recently, Min Byeong-deok, a member of the Democratic Party of Korea, submitted a draft of the "Basic Law on Digital Assets" aimed at constructing a more structured regulatory framework for crypto assets, which includes licensing requirements for stablecoin issuers. This law aims to supplement existing regulations and may open the door for non-bank entities to participate in stablecoin issuance.

In light of this potential change, banking officials revealed that, given the uncertainty surrounding the issuance rights of non-bank entities, banks are also preparing two parallel plans: one is to explore joint issuance models with banks, and the other is to make preliminary preparations to engage with non-bank entities.

It is noteworthy that the Bank of Korea's actions seem to be shifting focus towards stablecoins. Reports indicate that its CBDC project, "Hank River," has been temporarily suspended after the first phase of testing, during which it will focus on point-to-point transfers, merchant coverage, and identity verification.

The Bank of Korea has also requested participating banks to establish a cross-departmental task force and formulate a long-term planning roadmap, citing current high costs and a lack of commercialization solutions.

Overall, given the uncertainties in the process of legalizing stablecoins and the unclear policies on how to distinguish and coexist CBDC, stablecoins, and deposit tokens, the Bank of Korea has no choice but to adopt a cautious wait-and-see attitude.

#韩国央行 #稳定币 #金融监管 #CBDC

🚨 **$BTC Shocking case: Chinese woman arrested on suspicion of money laundering, secret transaction behind 61,000 Bitcoins**
Hello everyone, today I am going to tell you a shocking story about a Chinese woman who was arrested on suspicion of money laundering in the UK. Not only did this woman own an astonishing 61,000 Bitcoins, but her case implicated a transnational money laundering network.
🌍 **Secret Deals in Dubai**
According to an investigation by British police, the woman conducted a series of Bitcoin exchange operations in Dubai, involving billions of dollars. She converted the digital currency into cash and valuables, including luxury jewelry and high-end properties. This large-scale capital flow has undoubtedly attracted the attention of international regulatory agencies.
🔍 **Judgment for Money Laundering**
After a series of investigations and trials, the woman was eventually found guilty of money laundering. This case is a wake-up call that even in the world of cryptocurrency, the legal boundaries are still clear. Money laundering is not only illegal, but also poses a threat to the stability of the entire financial system.
💡 **Double-edged Sword of Cryptocurrency**
This case once again demonstrates the double-edged sword nature of cryptocurrencies. On the one hand, digital currencies such as Bitcoin provide people with unprecedented transaction freedom and privacy protection; on the other hand, this anonymity and decentralization feature can also be easily exploited by criminals to conduct illegal transactions and money laundering activities.
🔐 **The need for supervision**
As the cryptocurrency market continues to mature and expand, the need for regulation has become increasingly apparent. Governments and international organizations are strengthening the regulation of cryptocurrencies to ensure financial security and combat criminal activities. This is crucial to protecting the interests of investors and maintaining market order.
🤝 **Cooperation and Self-Discipline**
Finally, what I want to say is that whether we are investors, exchanges or other participants in the cryptocurrency industry, we all need to strengthen cooperation and improve self-discipline. Only by working together can we ensure the healthy development of the cryptocurrency industry and allow this revolutionary technology to bring more positive impacts to society.#Bitcoin#Money Laundering Case#CryptocurrencySupervision#FinancialSecurity#CryptocurrencyNews
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Friends, the enlightenment this case gives us is profound.In the world of cryptocurrency, we must always be vigilant and comply with laws and regulations. At the same time, we must also actively participate in the self-discipline and supervision of the industry and jointly create a fair, transparent and safe trading environment. What do you think of this case? Welcome to share your views in the comment area and let us discuss together!#cryptocurrency#money laundering#legalboundary#industryself-discipline #金融监管

🏴󠁧󠁢󠁳󠁣󠁴󠁿First in Scotland: £110,000 in crypto seized to offset criminal forfeiture of physical cash

A big deal has happened in Scotland recently, as they have confiscated £110,000 worth of crypto from a criminal for the first time under new laws. This could mean that UK law enforcement can now seize crypto assets from suspects without arresting them first.

The protagonist of the case is 29-year-old John Ross Rennie, who was found guilty at the High Court in Edinburgh. Here's what happened: In March 2020, a violent robbery took place in Blantyre, southeast of Glasgow. Three men broke into a house, and the victim woke up to see a machete pointed at him and was forced to transfer 23.5 bitcoins, worth almost £110,000.

During the attack, the victim's girlfriend was beaten with a custom chocolate bar, and the attackers made a throat-slitting gesture with blood-stained chocolate before running away. Although Rennie denied involvement in the robbery, he was accused of being the "technical brains" of the operation and providing expertise in transferring cryptocurrencies.

Despite his role in the crime, Rennie received a relatively light sentence of only 150 hours of community service and a six-month supervision order. On September 3, lawyers at the Edinburgh High Court agreed to convert the Bitcoin into cash.

The case reflects the growth of cryptocurrency crime in the UK, and the Financial Conduct Authority has assigned 30% of its financial crime experts to focus on crypto asset companies. In April, the UK Home Office gave law enforcement new powers to allow the seizure of cryptocurrencies involved in the case without arresting suspects.

At the same time, police have stationed crypto tactical advisers across the country and seized digital assets worth hundreds of millions of pounds. In January, the US National Crime Agency and the US Drug Enforcement Administration conducted a joint investigation into a drug trafficking group and confiscated $150 million in cash and cryptocurrency.

💬 Globally, the crackdown on cryptocurrency crime is intensifying, with countries working together and jointly enforcing laws to improve the security and transparency of blockchain. 。 Does this mean that the era of "anonymity" in cryptocurrency is coming to an end?

#加密货币 #法律打击 #加密货币犯罪 #金融监管 #全球行动

UK Releases New Draft to Include Staking, Stablecoins, and Other Crypto Custody Services Under FCA Regulation

On April 29, the UK Treasury published a new legislative draft proposing regulatory measures for crypto services, including stablecoins, staking, and custody. The new rules are part of the government's broader 'transformation plan' aimed at bringing cryptocurrency exchanges and related companies into the Financial Conduct Authority (FCA) regulatory framework, similar to the standards for traditional financial services.

UK Chancellor Rachel Reeves stated that the goal of these reforms is to make the UK 'the best place in the world for innovation,' enhancing investor confidence, promoting industry growth, and protecting domestic investors' interests.

The new regulations require companies engaged in cryptocurrency activities to obtain authorization to operate in the UK, which means that issuing stablecoins or providing custody services must comply with the new rules. In addition, the draft clarifies the definitions of 'crypto assets' and 'stablecoins' for compliance, helping crypto custody companies distinguish between asset types and ensuring they are regulated under existing financial services legislation.

It is worth noting that current stablecoin payments are not regulated under the Payment Services Regulations, and as their adoption increases, relevant rules will remain open and flexible in the future. Furthermore, the regulations state that regardless of a company's registration location, as long as you have ties to the UK market, you are required to comply with these rules.

In terms of financial advertising and anti-money laundering, authorized crypto companies can independently approve promotional activities, ending the previous temporary regulations for unauthorized companies, thus aligning crypto advertising regulation with traditional financial service standards. Additionally, the updated anti-money laundering regulations mean that previously authorized companies do not need to register a separate entity.

Regarding implementation timing, the FCA will establish an application window before the new regulations come into full effect, allowing existing crypto asset companies to apply for authorization. Those companies that fail to obtain authorization during the transition period will enter a two-year winding down process, during which they can maintain contracts but must cease all new business with UK consumers.

Additionally, the first 'Financial Services Growth and Competitiveness Strategy' will be released on July 15, and the introduction of these new regulations will undoubtedly have a significant impact on the UK crypto market!

#加密货币 #金融监管 #稳定币 #英国

🚨Italian Bank Warning: Bitcoin P2P Services Become 'Crime as a Service'

Despite an increasing number of large institutions accepting Bitcoin, a recent report from the Bank of Italy has poured cold water on it. They referred to Bitcoin's peer-to-peer (P2P) services as 'crime as a service' (implying that criminal organizations implement criminal activities by providing services) and stated that these services could be used for money laundering.

The Bank of Italy stated in their 'Economic and Financial Interim Report' that these P2P services are becoming more popular in areas with lax regulation, becoming the new favorite of criminals. These platforms and trading networks bypass the familiar 'Know Your Customer' (KYC) and Anti-Money Laundering (AML) rules, making it easier for bad actors to hide the illegally obtained money.

This bank, which has a history of 131 years, further pointed out that decentralized finance (DeFi) systems pose greater challenges in combating money laundering. Since there are no intermediary institutions in this system, it is not as easy to regulate as traditional financial institutions. The anonymous nature of blockchain also facilitates identity concealment for criminals, a feature that is both loved and hated.

The report also mentioned some emerging technologies, such as Zero-Knowledge Proofs (ZKP), which may help reduce illegal activities while protecting user privacy. However, the Bank of Italy believes that these technologies cannot fully meet the needs of regulators in identifying suspicious activities.

🗣 Conclusion:

The Bank of Italy characterizes Bitcoin P2P services as 'crime as a service' and points out that they could be used for money laundering. This report realistically showcases some of the issues exposed by cryptocurrencies like Bitcoin during their application. However, we cannot deny the overall value of technologies like Bitcoin simply because they are misused by criminals at this stage.

Blockchain technologies like Bitcoin are characterized by decentralization, anonymity, and immutability, and these features in themselves are not problematic. Technologies like Zero-Knowledge Proofs (ZKP) aid regulatory bodies in combating illegal activities. Through these technologies, we can enjoy the conveniences of technology while maintaining financial security.

💬 What do you think about the Bank of Italy's report on Bitcoin P2P services potentially being used by criminals for money laundering? How should we balance privacy and regulation?

#比特币 #P2P服务 #金融监管

💥 The Trump Family Meme Coin Sparks Investigation, Senators and Representatives Join Forces to Question!

Senator Elizabeth Warren and Representative Jake Auchincloss have joined together to call for a federal investigation into the Trump family's meme coin! This has shocked the community!

They wrote to the U.S. Office of Government Ethics, the Treasury Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, requesting an investigation into the meme coins launched by Trump, including the 'Trump Official Token' (TRUMP) and 'Melania Meme' (MELANIA), to confirm whether they violate ethical and regulatory rules.

The letter also mentioned that Trump profited immensely from the meme coins by leveraging his presidential status, with his family business controlling 80% of the meme coin supply. Just last weekend, meme coin prices surged, and Trump's net worth skyrocketed by billions of dollars.

Even more concerning is their point that anyone, including foreign leaders, can quietly purchase these meme coins, which could lead to Trump being manipulated by external forces. Just thinking about this situation feels like too much risk!

They also emphasized that these meme coins have gained notoriety for alleged fraud and scams. The Trump team could suddenly sell off, triggering a price collapse and causing huge losses for investors. Moreover, the token terms shockingly grant them protection from fraud allegations, making it difficult for victims to sue or join class-action lawsuits, which is extremely unfair to investors.

Finally, they raised several key questions. For example, do they know of any other incoming presidents who have set up companies just hours before taking office? Do the meme coins held by Trump and Melania need to adhere to ethical standards? Also, can U.S. anti-corruption laws prevent foreigners from purchasing these coins? And do the SEC and CFTC have the capability to address the risks posed by meme coins? They requested clear answers to all these questions by February 4.

The controversy surrounding the Trump family's meme coins continues to escalate; what do you think about this incident? With federal agencies getting involved in the investigation, do you believe it will reveal more insider information? Share your thoughts in the comments!

#特朗普模因币 #联邦调查 #反腐败法 #政治调查 #金融监管