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Mastermind Behind Massive Crypto Ponzi Scheme AirBit Club Receives 12-Year Prison Sentence

In a landmark verdict, Pablo Renato Rodriguez, the co-founder of AirBit Club, has been sentenced to 12 years in prison by US District Judge George B. Daniels. 

According to the US Department of Justice (DOJ), Rodriguez, along with his co-conspirators, masterminded a sprawling global pyramid scheme that defrauded investors of millions of dollars through false promises of cryptocurrency trading and mining profits.

AirBit Co-Founder Convicted For $100 Million Crypto Fraud

Per the DOJ’s investigations, the elaborate scheme involved luring unsuspecting and often inexperienced investors into purchasing AirBit Club memberships with the guarantee of substantial returns. 

However, instead of engaging in legitimate cryptocurrency activities, Rodriguez and his cohorts allegedly diverted the funds for personal gain while employing an intricate money laundering operation to conceal their ill-gotten profits.

Rodriguez’s co-defendants, Gutemberg Dos Santos, Scott Hughes, Cecilia Millan, and Karina Chairez, have already pleaded guilty and await sentencing. The court has also ordered the forfeiture of the fraudulent proceeds, which include a staggering $100 million worth of assets, such as US currency, Bitcoin (BTC), and real estate.

Describing Rodriguez’s actions as a flagrant exploitation of cryptocurrency for fraudulent purposes, US Attorney Damian Williams emphasized the importance of this case in deterring potential fraudsters from making false promises of lucrative cryptocurrency investments.

Troubling Pattern Of Fraudulent Ventures

According to court documents, Rodriguez and Dos Santos founded AirBit Club in 2015 and “aggressively” marketed it as a multilevel marketing club operating in the cryptocurrency industry. 

The duo reportedly organized extravagant expos and presentations worldwide, enticing victims to invest in cash and providing them access to an online portal showcasing false investment returns. 

As early as 2016, victims who attempted to withdraw funds encountered excuses, delays, and exorbitant hidden fees. The scheme’s architects, including Rodriguez, spent the defrauded money on luxury items, financed more expos to attract additional victims, and siphoned funds through a network of domestic and foreign bank accounts. 

According to the DOJ, Rodriguez’s attorney trust account, managed by Scott Hughes, played a crucial role in concealing the illicit proceeds of the AirBit Club scheme.

Before AirBit Club, Rodriguez and Dos Santos were involved in another pyramid investment scheme called Vizinova, which led to a legal battle with the US Securities and Exchange Commission (SEC). 

Hughes, an attorney representing Rodriguez and Dos Santos in the Vizinova case, later assisted them in perpetrating the AirBit Club fraud by removing negative information about both schemes from the internet.

With Rodriguez’s sentencing, justice has been served to one of the key figures responsible for defrauding countless victims through AirBit Club.

Airbit

Featured image from Shutterstock, chart from TradingView.com 

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Grayscale CEO Highlights US Opportunity To Lead Crypto Space Through Regulation

The chief executive of Grayscale, a leading digital asset management firm, believes that the United States has a significant opportunity to dominate the cryptocurrency space by shaping effective regulations. 

In a recent interview with Yahoo Finance, Grayscale CEO Michael Sonnenshein expressed optimism about the progress made in the past year and highlighted the bipartisan support for crypto-related legislation. 

Sonnenshein emphasized the importance of lawmakers’ understanding of the crypto industry and urged Congress to actively engage with the issue to foster innovation and create robust financial and regulatory frameworks.

Grayscale CEO Urges Congress To Support Crypto

Sonnenshein commended the “groundbreaking” work done by regulators and lawmakers in Washington over the past 12 months, acknowledging the efforts of Chairman McHenry, Congressman Hill, and Senators Lummis and Gillibrand. 

The Grayscale CEO emphasized that crypto has become a nonpartisan issue, with members of Congress increasingly recognizing its long-term presence and importance.

Sonnenshein praised the bills that have made progress and are set for further votes in the fall, highlighting the need for broader member support and ongoing engagement on crypto-related topics.

Moreover, Sonnenshein underscored the growing involvement of constituents who are part of the crypto space and stressed the importance of elected officials aligning their positions accordingly. 

With upcoming elections and various catalysts on the horizon, Sonnenshein urged members of Congress to actively engage with the crypto industry, given its increasing significance and the need for comprehensive financial and regulatory frameworks, expressing optimism about the current momentum surrounding crypto legislation and the unprecedented level of engagement from lawmakers.

Grayscale’s GBTC Inches Closer To ETF Conversion?

Regarding the recent court order that vacated the SEC’s denial order for the Grayscale Bitcoin Trust (GBTC) application to convert to an Exchange-Traded Fund (ETF), Sonnenshein addressed the ongoing process and emphasized the organization’s commitment to full and fair disclosures. 

Grayscale has been litigating to convert GBTC into an Bitcoin (BTC) Spot ETF, as it would provide investors with additional protections, disclosures, and reporting obligations. 

On this matter, Sonnenshein stated that constructive dialogue with the SEC is anticipated once the 45-day process is complete, and the organization looks forward to pursuing the next steps expediently.

Furthermore, Sonnenshein highlighted the significant recognition given to the crypto industry by global entities such as the G20 and the International Monetary Fund (IMF), emphasizing the opportunity for the United States to establish itself as the center of the global capital markets ecosystem by implementing the right frameworks. 

Notably, Sonnenshein advocated for maintaining an open-door policy for innovation and positioning the US as a leader in the crypto space.

Overall, Grayscale CEO Michael Sonnenshein’s interview emphasized the United States’ chance to dominate the crypto space through effective regulation. With bipartisan support and increasing awareness among lawmakers, Sonnenshein urged Congress to engage actively and build momentum around crypto-related legislation. 

Grayscale

Featured image from iStock, chart from TradingView.com

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SEC Charges Stoner Cats With Alleged Unregistered $8 Million Securities Sale In NFT Crackdown

In a recent move that intensifies the Securities and Exchange Commission’s (SEC) crackdown on the Non-Fungible Token (NFT) sector, the SEC has charged Stoner Cats 2 (SC2) with conducting an “unregistered offering of crypto asset securities.” 

The charges specifically target Stoner Cats’ sale of non-fungible tokens, which raised approximately $8 million from investors to finance the production of an animated web series.

SEC’s Legal Earthquake Hits NFT Market Once Again 

The SEC order reveals that on July 27, 2021, SC2 sold over 10,000 NFTs to investors at approximately $800 each, with the entire supply being sold out within a mere 35 minutes. The SEC alleges that SC2’s marketing campaign highlighted the potential benefits of owning the NFTs, including allowing owners to resell them on the secondary market. 

Furthermore, the SEC claims that SC2 emphasized its Hollywood producer expertise, knowledge of crypto projects, and involvement of well-known actors in the web series, which led investors to anticipate profits from the potential rise in resale value.

According to the SEC, SC2 configured the NFTs to provide a 2.5% royalty for each secondary market transaction, incentivizing individuals to buy and sell the NFTs. Subsequently, purchasers allegedly engaged in over 10,000 transactions, amounting to more than $20 million. 

The SEC alleges that SC2 violated the Securities Act of 1933 by offering and selling these SEC-denominated “crypto asset securities” to the public without registering the offering or qualifying for an exemption.

Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, emphasizes that the determination of whether an investment contract qualifies as security lies in the economic reality of the offering, rather than the labels attached to it. Grewal stated: 

Here, the SEC’s order finds that Stoner Cats marketed its knowledge of crypto projects, touted that the price of their NFTs could increase, and took other steps that led investors to believe they would profit from selling the NFTs in the secondary market.

Stoner Cats Settles Charges, Agrees To NFTs Destruction

While the SEC’s actions are intended to “protect investors” by ensuring proper disclosures, some critics argue that the SEC’s language and terminology surrounding the NFT market are biased and lack clarity. 

Crypto enthusiast and investor Adam Cochran expressed his concerns, highlighting that there is no such thing as an “unregistered offering of NFTs” since registration requirements typically apply to securities. Cochran believes that the SEC’s communications should accurately reflect the law to avoid a chilling effect through fear-mongering.

In response to the charges, SC2 has agreed to a cease-and-desist order and to pay a civil penalty of $1 million. The order also establishes a Fair Fund to return funds to injured investors who purchased the NFTs. 

Additionally, SC2 has committed to destroying all NFTs under its possession or control and publishing notice of the order on its website and social media channels.

The SEC’s lawsuit against Stoner Cats underscores the ongoing regulatory battle surrounding the NFT sector. As the industry evolves, stakeholders are calling for clearer guidelines and unbiased regulatory practices to strike a balance between investor protection and fostering innovation in the digital asset space.

NFT

Featured image from iStock, chart from TradingView.com 

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Betrayal In Blue: Former NJ Officer Charged With Crypto Fraud

In a major development, the US Securities and Exchange Commission (SEC) has charged former New Jersey State Correctional Police Officer, John A. DeSalvo, for allegedly orchestrating a fraudulent crypto fraud scheme that specifically targeted law enforcement personnel. 

DeSalvo stands accused of raising funds through the unregistered offering of the Blazar Token, a crypto asset he created, which eventually collapsed in May 2022. 

The SEC’s complaint further alleges misappropriation of investor funds, including diverting substantial amounts to his crypto asset wallets and using them for personal expenses, such as a bathroom renovation.

Crypto Scam Targeting Cops?

According to the SEC, DeSalvo managed to raise a minimum of $620,000 from around 220 investors between the launch of the Blazar Token in November 2021 and its subsequent collapse. 

The complaint reveals that DeSalvo made “false claims” to investors, stating that the Blazar Token was registered with the SEC and that it would replace existing state pension systems. He further “deceived” investors by falsely assuring them that automatic payroll deductions would facilitate their investment and guarantee extraordinary returns. 

Ultimately, DeSalvo allegedly misused and misappropriated the funds entrusted to him. Notably, the SEC’s complaint highlights DeSalvo’s deliberate targeting of fellow law enforcement and first responders in his fraudulent schemes.

In addition to the Blazar Token scheme, the SEC’s complaint also exposes an earlier fraud initiated by DeSalvo. Beginning in late January 2021, he allegedly solicited investors, primarily through social media, for an investment venture that involved trading stocks, options, and crypto asset securities. 

Within weeks of raising $95,000 from 17 investors, DeSalvo reportedly lost a significant portion of the funds through speculative investments and misappropriated the rest. He proceeded to inform investors that poor market conditions led to the complete devaluation of the securities.

SEC Accuses Former Officer Of Exploiting Trust

Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, condemned DeSalvo’s actions, stating: 

We allege that DeSalvo orchestrated several fraudulent investment schemes that targeted law enforcement personnel and promised astronomical returns, including one involving a crypto asset security that would somehow replace traditional state pension systems. Rather than producing any returns or revolutionary technology, he instead misappropriated and misused investor money.

Grewal further emphasized the breach of trust perpetrated by DeSalvo, who “exploited” his former position as a corrections officer to gain the confidence of fellow law enforcement professionals, many of whom invested their “hard-earned” savings with him.

The SEC’s complaint, filed in the U.S. District Court for the District of New Jersey, charges DeSalvo with violating antifraud and offering registration provisions of the securities laws. The SEC seeks injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, and imposition of civil penalties.

Simultaneously, the U.S. Attorney’s Office for the District of New Jersey has announced criminal charges against DeSalvo, further underscoring the severity of the allegations and the commitment to holding him accountable for his actions.

Crypto

At the time of writing, Bitcoin (BTC) maintains its upward trajectory in price, currently trading at $26,700, reflecting a notable increase of over 3% within the past 24 hours.

Featured image from iStock, chart from TradingView.com

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What in the World Is Going on With Crypto Regulation?

Regulatory clarity has fueled crypto bull markets, demonstrated by Japan’s 2016 adoption of crypto as payment and OCC’s 2020 endorsement of crypto engagement. While global strides in clear crypto regulations are evident, particularly in Hong Kong, EU and UK, the US lags, emphasizing the need for enhanced regulatory certainty in the industry’s advancement.

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Beware Of Crypto Firms Falsely Claiming To Have Submitted License Applications

In recent developments, Hong Kong regulators have issued cautionary warnings to crypto investors, asking them to be careful of potential investment risks. According to the city’s chief regulatory agency, some cryptocurrency trading platforms have been making erroneous claims about meeting the regulatory requirements for digital assets. 

Investors Beware Of False Claims From Crypto Firms

The Securities and Futures Commission (SFC), the chief regulatory body of Hong Kong, released the alert on August 7. In the statement, the commission noted that some unlicensed exchanges in the city were engaging in “improper practices.” 

According to the body, unlicensed Virtual Assets Trading Platforms (VATPs) are falsely claiming to have submitted license applications to the body, which would enable them to conduct transactions legally in the special administrative region of China. 

Such fraudulent claims were designed to “give the public a false sense of assurance” and were targeted at “inducing another person to trade in virtual assets.” Making such claims amounts to a punishable offense under the city’s Anti-Money Laundering and Counter-Terrorist Finance Ordinance, the regulatory body said. 

Furthermore, the SFC will consider any likely misrepresentation made by an unlicensed Virtual Asset Trading Platform when deciding whether or not to grant them a license. The SFC may view as unfavorable any non-compliant actions that would need the reversion of client withdrawal or transactions that could have been reasonably avoided. 

The Securities and Futures Commission said it will evaluate a Virtual Asset Trading Platform’s application based on its ability to show genuine intention to correct previous non-compliant actions, including the gradual unwinding of impermissible transactions. 

Virtual Assets Trading Platforms that do not meet the agency’s requirements must make efforts to meet the regulatory and legal obligations of licensed VAPTs, the SFC clarified.

Crypto total market cap chart from Tradingview.com

Hong Kong’s Regulatory Framework

Hong Kong’s Securities and Futures Commission (SFC)  recently released guidelines for Virtual Asset Trading Platform operators in the country to provide more regulatory certainty for the crypto industry in the country and help protect investors’ interests. 

The SFC laid down rules that would enable centralized exchanges to provide services to retail clients, provided they are authorized by a license obtained from the Securities and Futures Commission. 

Under Hong Kong’s VASP regime, which kickstarted on June 1, 2023, a one-year grace period commencing from June 1, 2023, allowed exchanges with an existing large presence in the city to continue operations while making changes to their businesses to ensure compliance with the new SFCs rules. 

Platform operators that had not commenced operations before June 1, 2023, had to be SFC-licensed before they could operate. However, it seems that certain exchanges are already violating the rules provided under the new regime. 

According to SFC, investors participating in trading on unregulated virtual asset exchanges are likely to face “losing their entire investment” on the exchange if it “ceases operation, collapses, is hacked,” or “suffers from any misappropriation of assets.” 

Following this, many exchanges have publicly pledged to submit licensing applications with the SFC, including Huobi and OKX, two popular exchanges in Asia. 

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Ethereum Denied Non-Security Status In Latest Court Battle Against SEC

In a recent court ruling, Ethereum (ETH) was denied non-security status in a case against the U.S. Securities and Exchange Commission (SEC). 

The court granted the SEC’s motion to dismiss the complaint for declaratory relief on whether Ethereum and the Ethereum Network are securities. While the ruling was a procedural one and not on the merits, it confirmed that there is no protection for Ethereum as a non-security. 

Ethereum And Other Cryptocurrencies Left In Legal Limbo

At this point in the US, only Bitcoin (BTC) and XRP are large-cap tokens that have legal clarity. The court’s decision highlights the regulatory uncertainty surrounding cryptocurrencies and the need for the SEC to issue definitive guidance rather than approaching the issue in piecemeal litigation.

According to the Law Firm Dedicated to unique issues of digital assets and cryptocurrency, Hodl Law, the court emphasized that the SEC has not investigated the plaintiff or threatened to investigate, and there is no imminent threat based on its unclear Ethereum position and enforcement-by-litigation approach. 

However, the SEC’s recent refusals to comment on Ethereum, combined with the position it was forced to take in this briefing, clearly demonstrate that it views Ethereum as a security and is waiting for the most opportune time to strike.

While there are appellate options and constitutional grounds available, the ruling underscores the need for greater regulatory clarity in the cryptocurrency space. Businesses and individuals operating in the crypto industry need expert legal counsel to navigate the complex legal landscape and ensure compliance with applicable regulations.

ETH’s Fate As A Security

If the SEC were to classify Ethereum as a security, it could have significant consequences for the cryptocurrency and the broader industry.

First and foremost, if Ethereum were classified as a security, it would be subject to the same regulations as traditional securities, such as stocks and bonds. This would mean that Ethereum would have to comply with securities laws and regulations, including registration requirements, disclosure requirements, and other compliance obligations. 

This would likely increase the cost and complexity of operating the ETH network and could potentially stifle innovation.

Additionally, it could impact the value and liquidity of the cryptocurrency. The SEC’s classification would create uncertainty and potentially undermine investor confidence in Ethereum, leading to a decline in its value and potentially reducing demand for the cryptocurrency.

Furthermore, this case could potentially lead to legal action against the platform and its developers. If the SEC were to determine that Ethereum was sold in violation of securities laws, it could result in penalties and fines for the platform’s founders and developers.

As the crypto industry continues to evolve, regulators must provide clear guidance on the status and treatment of cryptocurrencies. 

The ongoing confusion and uncertainty surrounding the legal status of Ethereum and other cryptocurrencies pose significant challenges for businesses and investors in the space. While the court’s ruling, in this case, maybe disappointing for some, it underscores the need for greater clarity and regulatory certainty in the cryptocurrency industry.

Ethereum

As of the time of writing, ETH is in the process of recovering from a significant decline experienced over the past few days. Currently, the second-largest token in the nascent industry is trading at $1,850, which represents a 0.7% decrease in the last 24 hours.

Featured image from iStock, chart from TradingView.com

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Bitcoin In Trouble: Market Guru Predicts Price Dip Below $20,000

Bitcoin (BTC) has been struggling to regain its momentum as its price remains stuck below the $27,000 mark. This prolonged period of stagnation has prompted Michael J. Kramer, a renowned market strategist, to voice his apprehensions about an impending market breakdown for Bitcoin. 

Taking to Twitter, Kramer shared his concerns, highlighting the potential risks and uncertainties surrounding the cryptocurrency’s price trajectory. 

As the cryptocurrency’s value remains inert, it is crucial to examine the factors contributing to this situation and delve into its implications for investors and the broader crypto landscape.

Bitcoin Price: Concerns Arise Over Potential Slide Below $20K

As the cryptocurrency market faces another bout of turbulence, Bitcoin’s price has faltered, with the current value pegged at $26,863, according to CoinGecko. The crypto has lost 2.1% of its value in the last seven days. 

In his analysis, Kramer not only highlights the potential for Bitcoin to reach the critical psychological level of $20,000 but also draws attention to the implications such a downturn may have on the broader stock market.

Bitcoin serves as a barometer for other risk assets, providing valuable insights into market sentiment. Should Bitcoin experience a substantial slide below the $20,000 threshold, it could signal increased risk aversion among investors, potentially dampening confidence in the stock market and other asset classes.

Regulatory Uncertainty Casts Dark Clouds For Bitcoin

Just as analysts eagerly anticipated a potential breakout in Bitcoin’s price, the cryptocurrency market took an unexpected turn, descending into a period of decline fueled by heightened regulatory uncertainty. 

Despite initial optimism, the prevailing macroeconomic climate and regulatory challenges have conspired to dampen the prospects of a significant price surge in the near term.

Analysts had speculated that Bitcoin could experience an influx of investment if the United States were to default on its debt obligations. However, this potential scenario carries substantial risk, as there is a real possibility that the US Treasury may face a shortage of funds. The implications of such a liquidity crunch could be felt across the crypto space, impacting the overall demand and sentiment for digital assets.

Volatility Expected To Persist

Adding to the market’s woes, Democrats in the United States legislature have taken steps to solidify the Securities and Exchange Commission’s (SEC) authority over cryptocurrencies. This move has raised concerns that a significant number of tokens may be classified as securities, potentially subjecting them to stricter regulations. 

The prospect of increased regulatory scrutiny looms over the crypto market, injecting an element of uncertainty and caution among investors and industry participants.

In light of these developments, the volatility that has long characterized the crypto market is likely to persist.

-Featured image from Pixabay

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SEC Junks Grayscale’s Filecoin Trust Application Over ‘Security’ Label

Filecoin, a decentralized storage platform based on blockchain technology, has recently found itself entangled in a regulatory debate as the United States Securities and Exchange Commission (SEC) raises concerns over its classification as a security. 

Grayscale Investments, a prominent digital asset management firm, has been instructed by the SEC to withdraw its application for a Filecoin Trust, citing potential securities implications.

Grayscale’s intent to launch an updated Filecoin Trust product was initially disclosed through a Form 10 application submitted to the SEC on April 14. However, in a recent announcement, Grayscale revealed that the regulatory body has expressed reservations about Filecoin’s categorization, asserting that it could fall under the definition of a security.

Grayscale Pushes Back Against SEC Filecoin Securities Claim

Grayscale has revealed that it received a comment letter from the SEC on May 16. In the letter, the regulatory body cautioned that Filecoin (FIL), the underlying asset of Grayscale’s proposed Filecoin Trust, meets the criteria for being classified as a security under federal law. As a result, the SEC requested that Grayscale withdraw its application for the trust product.

The intended transformation of Grayscale’s existing Filecoin Trust into a more public company-like entity, as outlined in the Form 10 application, would have entailed the filing of quarterly reports detailing the financial activities of the trust. However, the SEC’s recent warning has cast doubt on the regulatory viability of such a structure.

In response to the SEC’s assertion, Grayscale expressed a differing viewpoint. According to the firm, Filecoin should not be classified as a security under federal securities laws. Consequently, Grayscale intends to promptly submit a detailed explanation to the SEC staff, outlining the legal basis for its position.

SEC Definition Of Securities; Implications For Crypto Industry

The comment letter received by Grayscale Investments from the SEC sheds light on the regulator’s perspective regarding the classification of Filecoin (FIL) as a security. 

The SEC’s definition of securities is crucial in determining the regulatory framework and compliance requirements for various financial instruments. 

Securities, as per federal law, encompass a broad range of tradable financial assets, including stocks, bonds, and investment contracts, which are typically subject to specific disclosure and registration regulations. 

The implications of the SEC’s position extend beyond the specific case of Filecoin and Grayscale Investments. It remains to be seen how this particular case will play out and what implications it will have for the broader regulatory approach to cryptocurrencies and blockchain-based assets.

-Featured image from Depositphotos

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Crypto Regulation In South Korea Under Scrutiny Following Gruesome Murder Case

Crypto regulation is gaining momentum in South Korea as lawmakers seek to impose stricter rules on digital assets in response to a shocking murder case linked to cryptocurrency. 

In a tragic incident reported by Bloomberg, a Korean woman was kidnapped and subsequently killed in what appears to be a dispute arising from losses related to crypto. 

The gravity of the crime, which reportedly took place late March, has placed the spotlight on the efforts of lawmakers to expedite the country’s inaugural standalone crypto bill, which may soon undergo a parliamentary vote, potentially as early as this month. 

The incident has underscored the need for comprehensive regulatory measures to address the risks and challenges associated with the burgeoning crypto industry.

On Focus: Virtual Asset User Protection Bill

This event has prompted lawmakers to accelerate the passage of the nation’s inaugural standalone crypto bill, known as the Virtual Asset User Protection Bill, which consolidates 19 different crypto-related measures into a single comprehensive legislation.

A draft version of the bill, obtained by Bloomberg, reveals that it aims to establish precise legal definitions for virtual assets and introduce penalties for offenses such as insider trading and market manipulation. 

Furthermore, the proposed legislation seeks to grant the Financial Services Commission in South Korea the authority to supervise cryptocurrency companies and oversee the custody of digital assets.

Different Regulatory Paths For Crypto, Securities Tokens

Under the new rules, cryptocurrencies like Bitcoin will be subject to the proposed regulations, while tokens categorized as securities by the government will continue to be governed by existing capital-markets laws. 

By establishing clear guidelines for digital assets, South Korea aims to fortify the resilience of the crypto industry and protect investors from potential risks.

The bill’s provision for mandatory insurance coverage aims to provide a safety net for digital asset firms, shielding them from financial losses in the event of cyberattacks or breaches.

Additionally, the stricter rules on reserve funds and account keeping seek to ensure greater transparency and accountability within the cryptocurrency ecosystem.

The introduction of the Virtual Asset User Protection Bill comes at a crucial moment for South Korea as the nation grapples with growing apprehension surrounding the crypto industry. 

Recent events, including the financial crimes committed by Do Kwon, co-founder and CEO of Singapore-based Terraform Labs, and the collapse of the Terra ecosystem, have heightened concerns and shed light on the urgent need for robust regulatory measures.

-Featured image from Showmetech