News list for " supervisory authority"
Speaking at the Seoul Fintech Week 2024 event, Lee Hyun-duk, head of the Korea Financial Supervisory Service's Office of Virtual Assets Supervision, said that although the impact of the virtual asset market on financial stability is limited at present, it is expected to continue to expand in the future. In response to the regulatory gap existing in the recently implemented Virtual Asset User Protection Law (referred to as the Virtual Asset Law), Lee Hyun-duk stressed that it should be filled by ...
South Korea's financial watchdog, the Financial Supervisory Service (FSS), will begin inspecting virtual asset exchanges for any suspicious or illegal transactions. According to local news media quoting the regulator, the FSS will impose severe penalties on illegal activities found during the inspection to maintain market order and, if necessary, advocate for amending regulations to address systemic deficiencies. During the inspection, the regulator will look for suspicious transactions and ensu...
The Financial Supervisory Service (FSS) of South Korea has announced that it will conduct its first inspection of virtual asset service providers, the first action since the implementation of the Virtual Asset User Protection Act in July. The FSS plans to inspect 6 institutions, including 2 won market exchanges, 3 token market exchanges, and 1 wallet/custody service provider. It is worth noting that major Korean companies such as Upbit, Bithumb, Coinone, Gopax, and Korbit...
Colombia's Supervisory Authority for Industry and Commerce (SIC) has charged Worldcoin, a decentralized identity project founded by Sam Altman, and the company behind it, Tools for Humanity, for allegedly violating the country's personal data protection regulations. SIC has issued a notice of preliminary prosecution, accusing the companies of failing to comply with relevant policies when collecting sensitive personal data. Worldcoin currently uses its Orb devices to collect data at 25 locations ...
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