[Weekly Blockchain] Major Blockchain News in the 5th Week of May, 2024
Hello, this is the LEDGIS Team.
It feels like 2024 just started, but it’s already almost halfway through June. Time really does fly by.
Just as time swiftly passes, the blockchain market also evolves rapidly. Let’s examine the latest trends in the ever-changing blockchain market through [Weekly Blockchain].
For detailed information on each news item, please refer to the respective articles.
👉 [Exclusive] Financial Services Commission to Establish New Virtual Asset Division… Is the Discussion on ‘Spot ETF Approval’ Gaining Momentum?
According to the Seoul Shinmun, the Financial Services Commission(FSC) is pushing for the establishment of a dedicated department for virtual assets called “Virtual Assets Division.”
The need for manpower reinforcement and the establishment of dedicated institutions has been raised ahead of the implementation of the Virtual Asset User Protection Act in July.
Recently, with the approval of virtual asset spot exchange-traded funds (ETFs) in the United States and Hong Kong, there has been lively international discussion on the institutionalization of virtual assets. Among them, it is expected that discussions on this matter will gain momentum in South Korea as well.
According to the FSC and the Ministry of the Interior and Safety (MOIS) on the 28th, the FSC has submitted a reorganization plan with the relevant content to the MOIS and is currently undergoing internal review. It has been reported that the reorganization plan could be finalized as early as next month.
👉 Lee Bok-hyun, the head of the Financial Supervisory Service, met with representatives of the top five virtual asset exchanges… Expressing Interest in Nurturing the Blockchain Industry
According to Chosun Biz, Lee Bok-hyun, the head of the Financial Supervisory Service(FSS), reportedly had a private luncheon meeting with representatives of the top five virtual asset exchanges, including Dunamu, Bithumb, Coinone, Korbit, and Gopax, on the 23rd.
Following discussions in the United States regarding the introduction of Bitcoin spot exchange-traded funds (ETFs) domestically, it has been reported that the head of the FSS has also met with representatives of Korean virtual asset exchanges to listen to industry opinions for the development of the blockchain industry.
The head of the FSS has urged each exchange to make efforts in investor education, manpower reinforcement, and internal regulation revision to ensure the stable implementation of the “Virtual Asset User Protection Act,” which will come into effect on July 19th.
👉 June is the month for reporting overseas financial accounts… “Don’t forget virtual assets either.”
June is the month for reporting overseas financial accounts. According to joseilbo, reporting is possible until July 1st.
The National Tax Service(NTS) announced that residents and domestic corporations holding overseas financial accounts must report the total balance of all overseas financial accounts for the year 2023 if the balance exceeded 500 million won on any day of the month by the end of each month. This information must be reported by July 1st.
Additionally, the obligated reporter must report all cash, stocks (including deposit certificates), bonds, collective investment securities, insurance products, derivatives, virtual assets, and any other assets held within all overseas financial accounts opened for financial transactions and virtual asset transactions with overseas financial companies.
👉 US Securities Regulators Initiate Discussions on Launching ‘Ethereum Spot ETF’
According to Kyunghyang Games, it has been identified that substantive discussions between local securities regulators and prospective issuers have begun for the opening of the Ethereum spot ETF market in the United States.
The Block, a specialized industry publication, reported that the U.S. Securities and Exchange Commission requested revisions to the “Form S-1” from prospective issuers of local Ethereum spot exchange-traded funds (ETFs) by May 31st.
The Block informed that even if prospective issuers of the U.S. Ethereum spot exchange-traded funds (ETFs) submit the “Form S-1” to local securities regulators by the deadline, it could take several weeks before actual trading of the investment products begins.
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!
