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Kim Byoung-hwan, chairperson of South Korea's Financial Services Commission (FSC), announced that the regulator will soon make a decision on whether to impose sanctions on Upbit, a crypto exchange that failed to meet customer authentication requirements. The decision follows an inspection launched by the FSC's Financial Intelligence Analysis Unit (FIU) at the end of August last year as part of the renewal process for Upbit's Virtual Asset Service Provider (VASP) license. During the inspection, i...
Kim Byung-hwan, chairperson of South Korea's Financial Services Commission (FSC), said he plans to announce his position on allowing businesses to invest in virtual assets (cryptocurrencies) as soon as possible, while also expediting preparations for the stablecoin regulatory system and the second phase of legislation.
According to News1, Kim Byung-hwan, chairperson of the South Korean Financial Commission, said on allowing legal persons to invest in virtual assets: "The content of the legal person account was omitted from the press release issued by the Virtual Asset Commission (meeting) last week. So there is speculation whether it will not be advanced, but it is not the case. Since the committee has discussed the relevant content before, we will determine the position and announce it as soon as possible." H...
Kim Byung-hwan, chairperson of the Financial Commission of South Korea, said that the virtual asset market monopoly phenomenon centered on Upbit will be reviewed. During the national affairs supervision of the National Assembly Affairs Committee, Kim Byung-hwan responded to lawmakers' questions about the monopoly structure of Upbit, noting that a comprehensive review will be carried out through the Virtual Asset Committee.
Bill Hwang, founder of Archegos Asset Management, was indicted on criminal charges stemming from his company's 2021 bankruptcy at the end of a two-month trial on Wednesday in which a US jury convicted him and co-defendant Patrick Halligan, chief financial officer. Bill Hwang, 60, was found guilty on one count of conspiracy to defraud, three counts of fraud and seven counts of market manipulation.
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