S. Korea Financial Watchdog Eye Crypto Laws
The South Korean financial watchdog is looking at a quick review of proposals for new crypto laws, a Coindesk report said.
The working group plans to review proposed legislation on virtual assets, of which there are currently 13 proposals.
This comes after the collapse of Terra sent shockwaves through the crypto industry, with a number of companies freezing withdrawals recently and several filing for bankruptcy.
India’s Enforcement Directorate has reportedly investigated 10 crypto exchanges for laundering over $10 million (Rs 1,000 crore) as proceeds of crime, the Economic Times of India said.
Many of the firms have links to China.
The report said many of the firms have turned to exchanges to buy cryptocurrencies that are sent to international wallets, citing anonymous sources.
Binance Labs has invested in Ankr, a provider of web3 infrastructure, it says in a press release.
The funds will help Ankr add more work to its remote procedure call service and build out more of its web3 developer suite.
This comes as Ankr has made open source contributions to the BNB chain and BNB Liquid Staking.
Furthermore, almost half of Australian retail investors owned cryptocurrency by the end of 2021, and even more got information about the coins from YouTube videos, Reuters wrote.
The Australian Securities and Exchange Commission said there is a “strong case for regulation.”
Around 25% of the investors surveyed said that the crypto they held was their only investment.
In other news, the Ethereum “Merge,” an extremely ambitious upgrade, is likely to happen in September, Reuters wrote.
The merger has been in talks for years and will change the way Ethereum orders transactions to become more energy efficient.
Finally, the DOJ has called for more judicial oversight of plans for Celsius to get employee severance pay and sell bitcoins, Reuters wrote, as the company moves into bankruptcy.
The DOJ’s bankruptcy watchdog, the US Trustee, filed an objection to the company’s proposed $409,000 severance payments to 19 employees.
The DOJ said there should be more transparency about Celsius’ assets and plans before moving forward.
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