[Weekly Blockchain] Major Blockchain News in the 4th Week of March
Hello, this is the LEDGIS Team.
This week, there were various interesting news in the blockchain industry once again. Let’s find out what those news were together.
For detailed information on each news, please refer to the respective articles.
👉 “Manipulation of virtual asset prices could lead to imprisonment” … Financial authorities prepare strong regulations ahead of July implementation
According to DigitalDaily, ahead of the full implementation of the ‘Virtual Asset Act’ (Virtual Asset User Protection Act) on July 19th, strong criminal penalties, including maximum imprisonment, are being prepared for price manipulation of virtual assets and unfair gains resulting from it.
On the 27th, the Financial Services Commission announced that it will start the process of drafting regulations for the establishment of ‘Virtual Asset Market Investigation Regulations’ to define detailed measures for monitoring, investigating, and taking actions against unfair trading practices in the virtual asset market, including market manipulation.
The financial authorities aim to prohibit unfair trading practices related to virtual assets, such as insider trading, price manipulation, and fraudulent transactions, through this regulatory framework for the virtual asset market. They will establish grounds for criminal prosecution or impose fines on those who violate these regulations.
👉Strengthened Requirements for Real-Name Bank Accounts on Virtual Asset Exchanges… Barriers to Entry Increased for Coin Market Exchanges
According to Etoday, the barrier for virtual asset exchanges to establish contracts with banks and obtain real-name bank accounts has been raised further. With the amendment of the Specific Financial Information Act, specific requirements have been added for banks issuing real-name accounts compared to before.
According to the virtual asset industry on the 31st, the current Specific Financial Information Act restricts the issuance of real-name verified deposit and withdrawal accounts to banks only, but there have been criticisms about the unclear legal framework due to the lack of additional requirements. Therefore, with the passage of the amendment to the Specific Financial Information Act on the 19th, aimed at improving the reporting procedures and systems for virtual asset operators, requirements have been established for financial institutions that can issue real-name verified deposit and withdrawal accounts.
The recently passed amendment to the Specific Financial Information Act requires financial institutions to secure organization and personnel, as well as possess physical facilities such as computer systems, to issue real-name verified deposit and withdrawal accounts to virtual asset operators.
👉Collapsed ‘Cryptocurrency King’ FTX Founder Sentenced to 25 Years in Prison… Confiscation of 15 Trillion Won (Comprehensive)
According to Yonhap News, a U.S. court has sentenced Sam Bankman-Fried (32), the founder of the major cryptocurrency exchange FTX, who was indicted on charges of embezzling tens of billions of dollars of customer funds, to 25 years in prison.
“On the 28th (local time), according to AP and Reuters, Judge Lewis A. Kaplan of the Southern District of New York Federal Court sentenced Bankman-Fried on the same day. It was also reported that he ordered the confiscation of $11.02 billion (approximately 14.877 trillion won) in assets.”
Judge Kaplan stated, “There is a risk that this person could be in a position to do very bad things in the future, and that is not a trivial risk,” as the reason for the verdict.
👉The ‘meme coin’ craze is picking up again… New listings are also shaking up the market.
“The meme coins, which showed strength earlier this year, are once again causing excitement in the cryptocurrency market. Unlike in the past when only major player Dogecoin received attention, this time, newly issued meme coins based on various blockchains have emerged as new contenders,” reported by Newsis.
According to industry sources on the 30th, among the top 10 coins that have seen the biggest gains in the past month, 5 of them are meme coins.
Taking into account that Bitcoin, the leading cryptocurrency, rose by 12% during the same period, the active performance of meme coins in the recent bullish market stands out. It was also reported that this reflects the characteristic of meme coins to rise more significantly during bull markets.
On the previous day at 7 p.m. according to CoinMarketCap, the meme coins that ranked in the top 10 for monthly percentage gains were as follows: ▲1st Dogwifhat. ▲2nd Floki ▲4th Shiba Inu ▲7th Pepe ▲8th Dogecoin. All of these are among the top 5 meme coins by market capitalization.
Today’s prepared news concludes here.
Thank you for joining us for this week’s edition of [Weekly Blockchain].
See you again next week!
