[Weekly Blockchain] Major Blockchain News in the 2nd Week of July 2024
Hello, this is the LEDGIS Team.
Welcome to [Weekly Blockchain], where we review the key issues from the blockchain market over the past week.
You can find detailed information on each news item by referring to the respective articles.
👉 The implementation of the Virtual Asset User Protection Act is imminent… ‘Virtual Asset Insurance’ is about to be launched.
According to E-Daily, the first virtual asset insurance product, which compensates for incidents such as hacking in virtual asset transactions, is set to be released next week.
According to the financial sector on the 11th, three major domestic non-life insurance companies, including Samsung Fire & Marine Insurance, have submitted a review report on the common terms and conditions for virtual asset business insurance products to the Financial Supervisory Service.
Once the financial authorities complete the review of the terms and conditions, the related insurance products are expected to be launched immediately. The authorities and the insurance industry intend to ensure that the product is ready to be launched in time for the implementation of the Virtual Asset User Protection Act on the 19th of this month.
👉 [Exclusive] Binance is pushing to sell its stake in GOPAX to Megazone
According to IT Chosun, the global virtual asset exchange Binance is pushing to sell its stake in GOPAX to Megazone, the parent company of Megazone Cloud.
According to the virtual asset industry on the 11th, Binance is in the final stages of negotiations with Megazone to reduce its 72.6% stake in GOPAX’s operating company, Streami, to around 10%.
A virtual asset industry insiders stated, ‘Binance is pushing for the sale of its stake to improve its ownership structure as demanded by financial authorities for changes and notifications ahead of the renewal of real-name account contracts with Jeonbuk Bank scheduled for August. A conclusion is expected this month.’
👉 Financial Services Commission: ‘Virtual Asset Operators Must Submit User Protection Plan One Month Before Closure.’
According to Newsis, virtual asset operators must prepare internal guidelines in advance for closing their business and submit a ‘user protection plan for business closure’ to the authorities at least one month prior to the closure date.
The Financial Services Commission announced on the 4th that it has revised the ‘Guidelines for Virtual Asset Operators on Business Closure,’ which include the contents mentioned earlier.
According to the revised guidelines, virtual asset operators must prepare internal guidelines for business closure, including advance notice to users, individual user guidance, support for withdrawal of deposits and virtual assets, withdrawal fees, preservation and disposal of member information, and handling of user assets held in custody.
👉 Bithumb Implements ‘User Protection’ Reward System for Reporting Unfair Trading in Virtual Assets.
According to Busan Ilbo, Bithumb has announced on the 8th that it will operate a ‘reward system for reporting unfair trading’ to foster a healthy and transparent virtual asset market.
Bithumb’s reward system for reporting unfair trading is introduced to prevent unethical and illegal behavior by its employees, ahead of the enforcement of the Virtual Asset User Protection Act.
It is reported that Bithumb has introduced a reward system to more rigorously and effectively address unfair trading practices.
That’s all for this week’s news.
We’ll be sure to bring you more updates through [Weekly Blockchain] next week, so stay tuned!
See you again next week!
