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In June, the Virtual Asset Users Protection Act was ushered into existence without the necessary regulator y underpinning, as highlighted by the chief of South Korea’s Financial Supervisory Service. The FSS of South Korea is actively formulating supplementary regulations to fortify the Virtual Asset Users Protection Act, ratified earlier in 2023, as per local reports. Anticipated to be finalized by January, these new regulations are poised to be in effect concurrent with the law’s enforcement, revealed the head of FSS. On October 17, the Political Affairs Committee of the South Korean National Assembly scrutinized the FSS, during which Lee Bok-hyeon, the head of FSS, responded to criticisms asserting that South Koreans were incurring losses due to crypto “burger coins” – a colloquial term denoting foreign-issued cryptocurrencies traded within South Korea. FSS is gearing up to institute criteria for listing processes, internal controls, and the issuance and distr...

Join Our Telegram channel to stay up to date on breaking news coverage In the United Arab Emirates, free-trade zones are places where business owners own 100% of their companies and enjoy unique legal and tax structures. While the nation’s approach to the industry continues to draw in international crypto players, Ras Al Khaimah, one of the United Arab Emirate’s (UAE) seven Emirates, is getting ready to introduce a free zone for businesses dealing in digital and virtual assets. A “purpose-built, innovation-enabling free zone for unregulated operations in the virtual assets sector,” the RAK Digital Assets Oasis (RAK DAO) will be. The statement stated that applications would be available in the second quarter of 2023. The free zone will be reserved for companies that provide services for digital and virtual assets in cutting-edge fields like the metaverse, blockchain, utility tokens, virtual asset wallets, nonfungible tokens (NFTs), decentralized autonomo...

Despite most of the cryptocurrency market being down 60% from all time highs, Demissie said the digital asset industry is “here to stay.” Michael Demissie, the head of digital assets at Bank of New York Mellon (BNY Mellon) is adamant that the cryptocurrency market fall in 2022 won’t waver institutional interest in digital assets.  At a conference run by Afore Consulting on Feb. 8, Demissie said the digital asset industry is “here to stay” as institutional investors have held a strong interest in crypto. "What we see is clients are absolutely interested in digital assets , broadly,” he said, according to a Feb. 8 report from Reuters. Demissie backed up his thoughts by referencing a survey conducted by BNY Mellon in October, 2022, which found that 91% of custodian bank clients are interested in investing in blockchain-based tokenized products. The survey also found that 86% of institutional players are adopting a “buy and hold” strategy, which may suggest that they see the crypt...