South Korea's Crypto Recovery, Hong Kong's Stablecoin Bill, and ASIC vs. Binance Australia
South Korea's Digital Asset Protection Foundation has stepped in to help users affected by the closure of several local crypto exchanges. So far, they’ve secured assets from five exchanges, including Apro Korea and Hanbitco and taken control of digital assets belonging to around 40,000 users from these platforms. They also intend to oversee the return of over 200 million won in user deposits from seven additional firms. This effort is part of the country's commitment to assisting closed exchanges in meeting customer obligations.
Affected customers can now apply for recovery by verifying their identity. While they’re currently handling inquiries via email, a dedicated website is set to launch in January 2025 to make the process smoother. Kim Jae-jin, the Foundation's chairman, is all about ensuring users get the help they need as they navigate these tough waters.
Over in Hong Kong, the stablecoin bill just passed its first reading! This legislation aims to regulate fiat-backed stablecoins in the city. With stablecoins gaining popularity, the bill emphasizes the need for regulation to prevent potential risks to financial stability and with a market cap of $220 billion, stablecoins like Tether and USDC are becoming key players.
The bill, overseen by the Hong Kong Monetary Authority (HKMA), introduces strict requirements for stablecoins issuers to maintain reserves that match the tokens they circulate. It’s a proactive step to prevent risks to financial stability while encouraging innovation.
In Australia, the securities regulator ASIC has sued Binance's local operator for misclassifying over 500 retail clients as wholesale investors, denying them essential legal protections. ASIC accused Binance of failing to comply with consumer safeguards, providing inadequate staff training, and lacking proper dispute resolution systems.
This lawsuit is part of a broader crackdown on crypto regulation in Australia, highlighting the need for firms to play by the rules. As the crypto landscape evolves, staying informed and compliant is more important than ever.
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