South Korea has exempted non-fungible tokens (NFTs) and central bank digital currencies (CBDCs) from the crypto interest mandate. The Financial Services Commission (FSC) has released a notification stating that investors in digital assets must receive interest when depositing their cash into an exchange by July 2024. The regulator has also classified virtual assets and established guidelines for managing customer deposits for virtual asset providers.
El Salvador’s “Volcano Bonds,” which are based on Bitcoin, have received regulatory approval and are set to launch in the first quarter of 2024. The bonds will be issued on the Bitfinex Securities Platform, a trading platform registered in El Salvador for blockchain-based stocks and bonds.
Japan’s SBI Holdings is considering a partnership with Saudi Aramco for digital asset investment and semiconductor manufacturing. The two companies are exploring collaboration on initiatives related to semiconductor manufacturing and identifying Japanese digital asset firms interested in expanding to Saudi Arabia.
The Financial Accounting Standards Board (FASB) has introduced new standards to enhance the disclosure of crypto assets. The FASB has affirmed the adoption of the “fair value” methodology for corporate cryptocurrency holdings. Starting from December 15, 2024, companies can use fair-value accounting for specific cryptocurrencies on their balance sheets.
Taiwan has initiated an investigation into crypto betting on election results. Taiwanese citizens have been advised against using crypto-betting platforms to place bets on the forthcoming presidential election. It has been reported that several Taiwanese nationals have bet on the next presidential election using the decentralized betting website Polymarket.
In the platform and tokens space, Tether has unveiled stringent measures, including a wallet-freezing policy for individuals and businesses owned or controlled by sanctioned nations. Venus Protocol is set to recover $270,000 following a price oracle glitch on its platform. KuCoin has settled a $22 million lawsuit with New York and will reimburse New York customers with $16.77 million. Immortal Game has decided to abandon crypto integration and dismantle its NFT marketplace due to concerns about rampant cheating. Montenegro has extended the detention of Do Kwon, who is facing charges in both the US and South Korea.
On the project updates front, DEX trading volume on Solana has exceeded Ethereum on the 16th. Worldcoin has unveiled World ID 2.0, an upgrade to its protocol.
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This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | None |
| Companies | None |
| Currencies | Fetch.ai, Worldcoin, South Korean Won, Bitcoin, US Dollar, Ethereum, xExchange, Solana, Terra Luna Classic |
| Securities | None |
