[Weekly Blockchain] Major Blockchain News in the 3rd Week of November
This week, the nationwide College Scholastic Ability Test (CSAT) in South Korea has concluded.
We would like to extend our heartfelt respect to the numerous students for their efforts and dedication throughout this period. We want to send a big round of applause to all of you.
Now that the exams are over, it’s a time for students to reflect on the efforts they’ve put in over the past period. And we will take a moment to review the issues that occurred in the blockchain market over the past week.
The detailed content of each news can be confirmed by clicking on the original news article.
👉 Financial Supervisory Service (FSS) Initiates Drafting Guidelines for Cryptocurrency Listing and Delisting
According to the Electronic Times, the Financial Supervisory Service (FSS) has recently formed a task force (TF) dedicated to virtual asset listings. They have commenced discussions on the standard regulations for listing, maintenance, and delisting, aiming to establish guidelines in this regard.
The TF includes participation from financial authorities, external experts, and representatives from both the public and private sectors.
A representative from the FSS has stated, “We plan to reach a conclusion several months before the enforcement of the Virtual Asset User Protection Act in July next year and report to the National Assembly.” The official added, “The guidelines are being considered to enhance effectiveness under the supervision of financial authorities, while also exploring ways the industry can adhere to through self-regulation.”
👉 [Exclusive] FSS Establishes ‘Virtual Asset Bureau’… World’s First Investigation into Coin Price Manipulation
The Financial Supervisory Service (FSS) is reportedly pushing ahead with the establishment of a dedicated organization for the supervision, inspection, and investigation of virtual assets, according to a exclusive report by Edaily.
In particular, the investigation team under the new bureau will be given the authority to investigate the virtual asset “market manipulation” for the first time in the world.
Inspections of virtual asset service providers, as well as investigations into unfair trading practices such as market manipulation and the use of undisclosed information in the market, will intensify starting from July next year.
The scale of the newly established department is expected to be determined after the government’s budget management guidelines for public and quasi-public institutions are finalized next month. It has been reported that the resolution of this matter is anticipated to take place during the FSS’s final regular meeting at the end of next month.
👉New York State Announces Guidelines for Cryptocurrency Listing and Delisting
The Financial Supervisory Service of South Korea has begun devising guidelines related to virtual assets, following this, the New York Department of Financial Services (NYDFS) in the United States is reportedly planning to actively intervene in the token listing and delisting procedures of exchanges amid strengthened supervision of the cryptocurrency industry.
According to TokenPost, the New York Department of Financial Services (NYDFS) reportedly disclosed guidelines for token listing and delisting applicable to cryptocurrency companies on the 15th (local time) and is implementing them immediately.
The new guidelines include additions to the initial draft, such as △Token Listing Procedure Governance, △Token Risk Assessment, △Token Monitoring Procedure, △Advance Notice of Events Affecting Delisting, and △Methods for Delisting Decisions. In addition to the draft presented in September, new elements have been added, including △Risk Assessment Criteria and △Enhanced Requirements for Individual Investor Protection.
👉Ripple faces turbulence amid fake news… Bitcoin treads cautiously in the 46 million won range
According to Chosun Biz, Ripple (XRP) showed a sharp rise on the morning of the 14th, reaching the mid-900 won range.
This is being attributed to reports by some media outlets stating that the global asset management firm BlackRock has applied for the registration of Ripple Trust on the Delaware state business registration website.
The application for trust registration is typically considered a preliminary step before filing for an ETF. This raised expectations in the market for Ripple’s ETF application. However, as BlackRock’s registration of Ripple Trust was found to be false, Ripple retraced its gains.
This week, there were significant developments regarding cryptocurrency regulation in both Korea and the United States. We will continue to monitor the impact of regulatory changes on the blockchain market and look forward to another update next week!
