South Korea tightens regulation of cryptocurrencies & ICO

The Financial Supervisory Commission of South Korea planned measure for regulation of ICO and cryptocurrencies
05 September 2017   1643

The Financial Supervisory Commission of South Korea (FSC) held a meeting of the working group on digital currencies, discussing measures to strengthen control, which will be aimed at protecting consumers and eliminating the "gray zones" in this area. This is reported by the Business Korea.

The meeting was held on the last Friday, September 1, and representatives of the Fair Trade Commission and the National Tax Service also took part in it.

Among the planned measures, there are:

  • strengthening the authentication of users procedure
  • improvement of banks’ suspicious transaction report systems 
  •  tighten the monitoring on petty overseas remittance service providers who use digital currencies as means to transfer money abroad in cooperation with related agencies
  • regulations on domestic trading of digital currencies

However, the greatest attention is paid to the plans to tighten control over the ICO. In particular, it is assumed the responsibility of the organizers of ICO.

We will clearly state the foundations of the Act on the Regulation of Conducting Fund-Raising Business Without Permission for illegal fund-raising impersonating digital currency investment and strengthen levels of punishment. We will expand the application range of Act on the Regulation of Conducting Fund-Raising Business Without Permission and come up with regulations on digital currency trading by establishing the law.

Official FSC statement

The representative of FSC also noted that at this stage digital currencies can not be considered money, currency or financial product.

Bittrex to Go For Maintenance After 1/3 Funds Moved

Users suspects hack, but exchange says "funds are safe"
05 December 2019   114

The Bittrex cryptocurrency exchange has announced scheduled maintenance today, December 5, from 22:00 to 23:00 (GMT). On the eve, a third of its assets were transferred to an unknown wallet.

During maintenance, users will not be able to log into the system or use the APIs. Trading will be suspended.

On December the 4th, populat Twitter account posted that "43,564 #BTC (313,074,134 USD) transferred from Bittrex to unknown wallet." Users suspected that the exchange was hacked, but the exchange . 

Closures for scheduled maintenance only heightened suspicion. However, the Bittrex team assures that "that claim is false."