Crypto Chronicles: BitOK's Weekly Recap of Top Regulatory News
Get a quick and easy update on last week's top headlines with BitOK.
- 1. KuCoin is introducing mandatory identity verification (KYC) for all new users starting July 15, 2023Existing users who registered before July 15, 2023, will also have to complete the KYC process to access certain features, but they will still be able to use some services like trading and withdrawals. The move aims to comply with global regulations and enhance security.
Source - 2. Israeli authorities have successfully seized millions of dollars in cryptocurrency intended to fund terrorist organizationsThe operation, carried out by the Israeli defense and justice ministries, intelligence agencies, and using new technology, targeted crypto wallets associated with Hezbollah and the Iranian Quds Force. This marks the largest seizure of cryptocurrency from these groups to date. In related efforts, Israel had previously seized accounts on the Binance platform linked to Hamas and the Islamic State. These actions demonstrate ongoing efforts to combat crypto financing of terrorism.
Source - 3. Slovakia has approved a new amendment to lower taxes on cryptocurrenciesThe personal income tax on cryptocurrency profits held for at least one year will be reduced to 7%, and payments up to 2,400 euros will be tax-exempt. The amendment also excludes crypto income from health insurance contributions. The Ministry of Finance expects the financial impact of the amendment to be around 30 million euros annually.
Source - 4. South Korea has passed a new cryptocurrency bill to protect investors from unfair trading practicesThe legislation aims to regulate digital assets and impose penalties for activities like market manipulation and using undisclosed information. Virtual asset service providers must now take responsibility for users' deposits and provide insurance to safeguard against risks. Violating the new rules can result in imprisonment or significant fines. The move comes after a high-profile case involving Terra ecosystem's founder, who was sentenced to prison for using a false passport and faces further allegations related to capital markets law violations.
Source - 5. Belarus is planning to ban peer-to-peer (P2P) cryptocurrency transactions due to a high rate of cybercrime in the countryThe Ministry of Foreign Affairs cited cases of illegal crypto exchanges and money laundering, totaling millions of Belarusian rubles. To address this issue, individuals will only be allowed to exchange cryptocurrencies through registered exchanges, similar to the procedure for exchanging foreign currencies. The government hopes that by implementing this ban, it will discourage fraudulent activities and make it unprofitable for criminals to operate in the country. However, some cryptocurrency enthusiasts question the government's ability to enforce such a ban, considering the decentralized nature of P2P transactions. This move is contradictory to Belarus's previous support for the free circulation of cryptocurrencies, as affirmed in a decree signed by President Alexander Lukashenko in 2022.
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