NFT News Official TheBitTimes.com

The FSC concluded a digital asset private joint task force (TF) working group meeting on Monday to outline legislation for fully incorporating virtual assets into the institutional system. The second phase focuses on regulating virtual asset issuance and financing by virtual asset operators, solutions to conflicts of interest in the issuance process, stablecoin regulatory frameworks, and other remaining aspects of the crypto market. advertisement “We will prepare for the second phase of legislation for virtual assets before the law is implemented. We will actively negotiate with relevant agencies such as the Ministry of Strategy and Finance, the Ministry of Science and Technology, the Ministry of Justice, the Ministry of Administrative Security, the prosecution, the police, the Bank of Korea, and the Financial Supervisory Service, and promote various measures to establish a market discipline system.” Also Read: Regulators in Australia Search Binance O...

The former Terraform Labs CEO could face 40 years in jail in South Korea, the country where he committed most of his crimes, according to local authorities. South Korean authorities are seeking the extradition of the co-founder and former CEO of Terraform Labs, Do Kwon. The prosecutor overseeing the investigation believes his repatriation would best serve the victims of the TerraUSD (USTC) and LUNA token collapses, The Wall Street Journal reported.  South Korea is the place where most of the crimes Kwon is accused of took place, according to Dan Sung-han, leader of South Korean prosecutors investigating the crash of the two cryptocurrencies, which erased nearly $40 billion from the Terra ecosystem. “Given the nature of this incident, we think investigating the case in South Korea would be the most efficient way of bringing justice” to investors, the prosecutor said in an interview with the newspaper. Do Kwon, also a South Korean citizen, was arrested in Montenegro in March and indic...