The Securities and Exchange Commission of Zimbabwe (SECZ) and the Reserve Bank of Zimbabwe (RBZ) are reportedly developing a framework for virtual asset trading. The framework aims to provide clear legislation, client protection under the Data Protection Act, and educational support. Challenges include infrastructural investment and licensing fees for foreign-supplied systems. An informal virtual asset […]
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Korean Exchanges Set to Reevaluate Over 600 Listed Virtual Assets
South Korean cryptocurrency exchanges are set to reevaluate more than 600 digital assets, and those failing this process will ultimately be delisted. Once the process is completed, crypto exchanges will be required to conduct maintenance reviews quarterly. The reputation of the issuers and user protection tools are among the factors related to virtual assets that […]
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Ripple Introduces XRPL EVM Sidechain: Bringing Ethereum Virtual Machine Compatibility to XRP Ledger
Ripple has announced the development of a new product, the XRPL EVM Sidechain, which will bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger (XRPL). This move is expected to unlock new opportunities in decentralized finance (defi) and real-world asset (RWA) tokenization. The sidechain will connect to the XRPL mainnet using a bridge, with […]
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Argentina Officially Launches Virtual Assets Service Providers Registry
The Argentine securities watchdog (CNV) announced the official launch of Argentina’s Virtual Assets Service Provider (VASP) Registry, allowing almost 100 companies and individuals to apply to be authorized to offer digital assets linked services in the country. The registry will remain open for more companies to submit their application, given that the regulator will only […]
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India Approves Crypto Exchanges Binance and Kucoin as Registered Virtual Asset Service Providers
Cryptocurrency exchanges Binance and Kucoin have successfully registered with India’s Financial Intelligence Unit as Virtual Asset Service Providers (VASPs), a top official has reportedly confirmed. Both crypto exchanges were previously banned in India due to violations of the country’s anti-money laundering regulations. Kucoin and Binance Registered With FIU India The Financial Intelligence Unit – India […]
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Deribit’s Dubai Unit Receives ‘Conditional’ Virtual Asset Service Provider License
Deribit FZE, an entity owned by crypto derivatives platform Deribit, has secured a conditional virtual asset service provider from the Dubai virtual assets regulator. The license, which covers spot and derivative trading, will remain non-operational until Deribit meets the regulator’s localization requirements. Meeting Dubai’s Localization Requirements Deribit FZE, a wholly owned entity of the crypto […]
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Kenya Advances Toward Digital Asset Hub Ambition With Virtual Assets Bill – Kenya Blockchain Association
The Blockchain Association of Kenya (BAK) is reportedly on the verge of launching a community-led draft bill, a significant stride towards its objective of transforming Kenya into a hub for digital assets. BAK has expressed its intention to integrate feedback from stakeholders into a revised draft. This updated version of the draft bill is due […]
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Hong Kong Securities Regulator Issues Warning to Unlicensed Virtual Asset Trading Platforms
The region’s securities regulator has said that Hong Kong crypto investors must only use or trade on approved virtual asset trading platforms. The regulator urged crypto investors using platforms not featured on its two lists to close accounts or transfer funds to licensed entities.
Verifying a Virtual Asset Trading Platform’s Regulatory Status
The Hong Kong Securities and Futures Commission (SFC) has reminded crypto investors in the region to only use or trade on approved virtual asset trading platforms (VATP). In a statement released on Feb. 5, 2024, the SFC emphasized the importance of verifying a VATP’s regulatory status before engaging in any transactions.
The Hong Kong regulator’s latest warning came a few months after it asked users to refrain from using unlicensed operators. The SFC suggested at the time that many such entities had no realistic prospect of getting the license.
Meanwhile, in its latest warning, the SFC also urged investors to pay particular attention to the list on which the VATPs are featured. According to the regulator, there are two lists, one for licensed entities and another for those that applied for a license.
“VATPs on the ‘List of licensed virtual asset trading platforms’ are formally licensed by the SFC. VATPs on the ‘List of virtual asset trading platform applicants’ include VATPs operating in Hong Kong which have submitted licence applications to the SFC on or before 29 February 2024,” the SFC clarified.
The regulator also disclosed that Virtual Asset Service Providers (VATPs) failing to submit their license applications by Feb. 29 will be obliged to cease operations by May 31. On the other hand, the SFC urged crypto users using VATPs which are not featured on either list to close accounts or consider transferring their funds to licenced VATPs.
Concerning the license submissions by entities on the virtual asset trading platform applicants list, the SFC said such VATPs’ respective applications are still being processed hence “trading on these platforms [still] carries a risk.” The regulator concluded its statement by urging users to avoid trading on unapproved VATPs because they offer zero protection.
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South Korean Prosecutor in Court for Passing Information to a Virtual Asset Investment Fraudster
On Jan. 30, a South Korean court continued with the trial of a prosecutor who is accused of passing sensitive information on the progress of an investigation to an alleged virtual asset investment fraudster. According to the Gwangju District Prosecutor’s Office, the acts by the prosecutor constitute a violation of the Attorney General Act.
Prosecutor Accused of Tipping Off Fraudster
On Jan. 30, a South Korean court held its third trial of a prosecutor who is accused of passing on sensitive information to an alleged virtual asset investment fraudster. The unnamed prosecutor, who allegedly received financial favors from the fraudster known only as Tak, faces bribery and violation of the Attorney General Act charges.
According to the Gwangju District Prosecutor’s Office, the prosecutor is believed to have informed the fraudster’s broker named Seong of the existence of a search and seizure against his client. For supplying this information, the prosecutor allegedly received cash and goods worth ,700.
The prosecutor is also accused of providing legal advice as well as writing and editing statements related to Tak’s criminal case. During his appearance as the court’s witness, Tak explained how Seong initiated the meeting between himself and the prosecutor. According to Tak, it was during one of their meetings in December 2020 when the prosecutor initially talked about altering his statement.
“I met with Mr. A at the office of a church one day with Mr. Seong, and he told me that I needed to revise my statement to sort out the details of the case,” the alleged fraudster reportedly told the court.
In his testimony, Tak said he only agreed to pay the bribe money after his broker warned him of an impending change in the fraud case. The broker allegedly told the fraudster that by making the payment would prevent his arrest. However, the prosecutor, through his lawyers, has disputed Tak’s claims and insisted that there is no way to prove that he indeed received the bribery money.
As per the report, as many as eight prosecutors and police officials linked to Seong’s investigation suppression tactics have been arrested.
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Ripple’s XRP Ousted From Hong Kong Virtual Asset Consortium’s Top Crypto Index
As Hong Kong strengthens its crypto regulatory framework and embraces ETFs, the Hong Kong Virtual Asset Consortium (HKVAC) has updated its crypto indexes, showing a preference for tokens with market performance and growing industry partnerships.
Ripple’s XRP Loses Ground in HVAC’s Crypto Index Revamp
The Hong Kong Virtual Asset Consortium has revised its key crypto indexes, notably excluding Ripple’s XRP. HKVAC, a non-profit organization that rates digital asset trading platforms and compiles crypto market indexes, announced these revisions in a recent statement. The adjustments include the top five, top 10, and overall crypto indexes.
December 2023 saw a notable shift in the crypto market, with Solana (SOL) surpassing XRP in market capitalization, becoming the fourth-largest cryptocurrency. This was a significant factor in HKVAC’s decision to replace XRP with SOL in its top five global crypto index.
Furthermore, the Avalanche (AVAX) token made its way into the top 10 index, following a surge in its value amidst a general downturn in the crypto market at the end of 2023. This addition came alongside partnerships between traditional finance businesses like JPMorgan and Deloitte with the Avalanche Foundation for asset tokenization initiatives.
HKVAC’s January statement also noted the inclusion of new cryptocurrencies such as Internet Computer’s ICP, Optimism (OP), Injective (INJ), and Immutable (IMX) in its global large crypto index. These updates coincide with Hong Kong’s continued efforts to strengthen its position in the crypto industry.
The region’s financial regulator announced in December 2023 its readiness to welcome spot crypto exchange-traded funds (ETFs). This development follows the United States Securities and Exchange Commission’s approval of 11 spot Bitcoin ETF applications.
The Hong Kong Securities and Futures Commission (SFC) stated,
Demand for these products has also increased in Hong Kong. In light of these developments, the SFC has introduced regimes that allow the offering of certain [virtual asset] products to the Hong Kong public with appropriate investor protection safeguards.
Do you think XRP deserved to be bumped in favor of SOL? Share your thoughts and opinions about this subject in the comments section below.