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S Korean Police Bust Two ‘Crypto Scam Rings’ Worth a Combined $350m – Crypto Fraud on the Rise?
31.5.2023
South Korean police have shut down two suspected crypto scams they think are worth a combined $350 million, with hundreds of victims believed to have been duped.
Per Joongboo Ilbo, one case involved a “virtual fashion items” marketplace.
This appears to have tricked at least 435 “victims” out...
South Africa’s Perceived Pro-Russia Stance May Result in Secondary Sanctions Which Threaten Financial Stability — Central Bank
30.5.2023
The South African central bank has said the that perception that the African nation has aligned itself with Russia could result in the imposition of secondary sanctions which threaten financial stability. The bank also warned in its latest financial stability review that such a perception poses...
South Korean Court Jails Civil Servant Who Stole Public Funds to Buy Crypto
29.5.2023
A South Korean court has handed a suspended jail term to a civil servant who stole thousands of USD worth of public funds to pay for crypto investments.
Per Yonhap, the public official was handed a one-year suspended prison sentence, as well as two years of probation.
The official was not named...
From Beijing to Tokyo, Asian nations get active in crypto regulation: Law Decoded, May 22–29
29.5.2023
Lawmakers in Japan have decided to enforce stricter Anti-Money Laundering measures to trace cryptocurrency transactions from June 1
South African Rand Plunges to New Low After Benchmark Interest Rate Is Raised to 14-Year High
29.5.2023
The South African fiat currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of 19.7640 per dollar on May 25 just moments after the South African Reserve Bank raised the benchmark interest rate to its highest since 2009. Although the currency has since made some...
Spike in Crypto Scams Targeting Young Korean Women – Here’s How Fraudsters Strike
29.5.2023
There has been a spike in South Korean crypto scams that target young women on social media platforms, a new study has revealed.
Per iNews24 and Hanguk Kyungjae, the study revealed that 71% of “romance scam victims” ensnared via social media in 2022 were women.
The vast majority of these women...
Crypto Exchange Coinone's Former Exec Acknowledges Bribery Charges in South Korea: Report
26.5.2023
A lawyer for the accused reportedly said he admits "the facts of the prosecution," during a May 25 trial hearing
S Korean Police Bust ‘Crypto Scammer’ Who ‘Preyed on Housewives and Office Workers’
26.5.2023
South Korean police have arrest a suspected crypto scammer who allegedly preyed on “housewives and office workers.”
According to the broadcaster SBS, officers in Gimpo, Gyeonggi Province, arrested a 38-year-old man.
He was handed over to prosecutors on fraud-related charges.
Officers claimed...
South Africa’s Crypto Firms Will Soon Need to Apply for Registration or Face a Heavy Fine
25.5.2023
Continuing operations without applying for registration could lead to a $542,854 fine or imprisonment
South Korea Lawmakers Pass Law Requiring Officials to Disclose Crypto Holdings: Report
25.5.2023
Lawmakers recently called for the Bill to take effect within two months
South Korea passes bill to make officials disclose Bitcoin holdings
25.5.2023
The “Kim Nam-guk Prevention Law” comes in response to a scandal involving some National Assembly members moving large amounts of crypto
Binance Pay sees growing interest in Africa, South Asia and Independent States
25.5.2023
Three major markets are adopting Binance Pay as a means to make cryptocurrency-based payments for everyday goods and services
South Korean Prosecution Vows to ‘Review’ Crypto Sector as Scandal Intensifies
25.5.2023
South Korea’s Prosecutor-General has promised a “thorough review” of the crypto sector amid rising “public suspicion” about politicians and their crypto holdings.
Per Yonhap, Prosecutor-General Lee Won-seok said his agency would “faithfully investigate” the sector.
And he pledged to “resolve...
Bail revoked for Do Kwon after prosecutors in Montenegro appeal: Report
24.5.2023
Kwon and former chief financial officer Han Chong-joon reportedly lived in Serbia before they were caught trying to leave neighboring Montenegro using false documents
Bitfinex partnership pushes crypto adoption in Latin America
24.5.2023
Bitfinex announced a new investment in the Chile-based crypto exchange in an effort to boost crypto adoption in Latin America
Bill Seeks to Oblige South Korean Lawmakers to Declare Crypto Assets
24.5.2023
A new bill requiring South Korean lawmakers to disclose their cryptocurrency holdings has been proposed in Seoul. The legislative initiative comes amid a snowballing scandal surrounding the crypto dealings of an opposition lawmaker whose case has been referred to the parliamentary ethics committee....
South Korea’s lead party wants crypto disclosure laws to apply earlier: Report
24.5.2023
The proposed bill would require top government officials and lawmakers to declare all personal crypto holdings over $760
South Korea's Ruling Party Calls to Expedite Bill on Lawmakers' Crypto Disclosures: Report
23.5.2023
The leader of South Korea's ruling People Power Party wants a new bill requiring lawmakers and high-level government officials to declare their cryptocurrency-related assets to be implemented within two months
South Korea to Amend Public Service Ethics Act, Mandating Disclosure of Cryptocurrency Holdings
23.5.2023
The South Korean government has drafted an amendment to an existing law, which would require public officials to disclose their cryptocurrency holdings.
According to the draft, public officials are abusing their positions, as well as the fact that the current Public Service Ethics Act does...
G7 discusses crypto, supports CBDC — Law Decoded, May 15–22
22.5.2023
The European Council has approved updated rules that extend tax reporting requirements to include transfers of crypto assets