Web3 Diaries-South Korea Approves Crypto Bill
Crypto users in South Korea are now protected by the bill. The National Assembly has passed the Virtual Asset User Protection Bill into Act on Friday, hence taking the country’s first step towards building a legal framework for virtual assets.
The legislation will take effect next year, is compiled from 19 proposals from lawmakers. It defines digital assets and sets out penalties for unfair transactions. Service providers are required to segregate user assets, ensure insurance protection, hold some reserves in cold wallets and maintain records of all transactions.
The bill empowers the Financial Services Commission to oversee and inspect service providers. The Bank of Korea has the right to request data from service providers.
Fidelity, Other Bitcoin ETFs Select Coinbase As Surveillance Partner
Chicago Board Options Exchange’s (Cboe’s) BZX Exchange has decided to rope in services of crypto exchange Coinbase as the market for its surveillance-sharing agreement. This information was revealed by its refiled spot bitcoin exchange-traded (ETF) fund applications for several would-be bitcoin ETF issuers on Friday.
Fidelity, WisdomTree, VanEck, ARK Invest, Galaxy/Invesco and BlackRock have filed for spot bitcoin ETFs over the past few weeks, hoping to succeed at launching a product amid hopes of benefiting from investor interest for Bitcoin derivative products.
Hong Kong Establishes Task Force To Advance Web3 Development
Hong Kong has established a diverse group of industry and government officials to look after the advancement of Web3 development in the region.
The government of Hong Kong has formed a task force consisting of 15 industry participants and 11 important government officials to oversee the development of web3 with a specific intent on promoting its growth in an ethical manner.
Paul Chan, Hong Kong’s Financial Secretary, said the task force would focus on Hong Kong’s drive to be a top contender in the web3 sector.
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