According to a recent report from crypto analytics platform Messari, The XRP Ledger (XRPL) has shown significant growth in various aspects of its protocol during the second quarter of 2023, despite concerns over the Ripple vs. SEC lawsuit.
The report reveals that the circulating market cap of XRP has increased by 42.5% year-to-date, although there was a 10.7% decline in Q2, from $27.8 billion to $24.8 billion.
The initial growth was driven by a surge in the asset’s price in the first quarter. While the transaction volume on the XRP platform decreased quarter-over-quarter, there was a noteworthy 12.7% increase in average daily nonfungible token (NFT) transactions, rising from 13,800 to 15,500.
Although Ethereum and Solana overshadow the XRPL in the decentralized finance (DeFi) and NFT ecosystems, there are indications that this trend is shifting.
READ MORE: ZachXBTโs Research Cited in $3.1 Million NFT Rug Pull Lawsuit Against Boneheads
A key development in the XRP ecosystem highlighted by the Messari data is the expansion of XRPL sidechains.
Two notable protocols, Coreum and Root Network, were recently introduced, providing XRPL developers and users with desired programmability. Coreum focuses on ecosystem security, while Root Network drives metaverse innovations.
The XRPL also experienced a significant increase in the total new address count, reaching 138,790, a growth of 31.8% compared to the same period in 2022.
Additionally, quarterly revenue surged by 220.3% to $188,376.
Despite the ongoing SEC lawsuit, Ripple has seen efforts from developers within its ecosystem to drive utility adoption.
The progress made in essential operational aspects of the XRPL reflects its journey toward delivering sustainable value and utility.
Ripple’s distinct fundamentals, including its focus on real estate tokenization and dedicated research in blockchain technology, position it for substantial long-term growth and innovation.
While challenges persist, the growth witnessed in the XRPL’s protocol and ecosystem signifies progress in providing value and utility to its users.
Bitcoin (BTC) is currently experiencing a significant price discrepancy on Binance.US, offering a tempting opportunity for arbitrage. The cryptocurrency is being sold at a nearly $3,000 discount compared to global spot prices.
This phenomenon has been referred to as a “depeg” of cryptocurrencies, as the prices listed on the United States crypto exchange deviate from the global average.
At present, Bitcoin is trading at $27,536 against the U.S. dollar on Binance.US, representing an 8.5% markdown from the global spot price of $30,106.
Other digital assets, including Ethereum, are also being traded at discounted rates.
READ MORE: South Korean Regulator Takes Action After โCoin Gateโ Scandal
Ethereum is priced approximately $200 lower on Binance.US, with a current trading value of $1,695.
Even stablecoins like Tether (USDT) are affected, trading below their intended peg with Tether being valued at $0.915 on the exchange.
However, it is important to note that these discounts are only applicable when trading cryptocurrencies against fiat USD on Binance.US.
Unfortunately, most investors will not be able to take advantage of this opportunity due to the suspension of new USD deposits on the platform since June 9.
As a result, only those who already possess USD funds in their Binance.US accounts can purchase the discounted cryptocurrencies.
Moreover, concerns have arisen that Binance.US may soon halt USD withdrawals, prompting some users to sell their cryptocurrencies below market value in order to exit their positions in USD.
An email from Binance.US to customers, which has circulated on Twitter, states that the last day for USD withdrawals will be July 20.
This situation mirrors a similar incident that took place in late May at the Australian branch of Binance, where the company’s third-party payments provider ceased offering fiat on- and off-ramps.
Consequently, the price of BTC on Binance dropped by 20% when traded against the Australian dollar.
As a testament to the significance of these events, readers are encouraged to collect this article as a non-fungible token (NFT).
This unique digital asset will preserve this moment in history and demonstrate support for independent journalism in the cryptocurrency space.
Since the launch of Meta’s microblogging app, Threads, scammers have wasted no time in their attempts to deceive users.
Despite the app’s growing popularity, with over 98 million sign-ups since its release on July 5, it still falls significantly short of Twitter’s estimated 450 million users.
Crypto Twitter users, including prominent figures in the industry, have already raised concerns about the presence of imposter accounts on Threads.
READ MORE: South Korean Regulator Takes Action After โCoin Gateโ Scandal
On July 8, Wombex Finance, a decentralized finance platform, tweeted an image of a Threads account impersonating their platform.
They warned their followers about the potential scam, as their project was not associated with Threads.
A day earlier, popular nonfungible token (NFT) influencer Leonidas issued a similar warning to their 93,000 followers.
They revealed that both they and other notable NFT accounts were being impersonated on Threads by scammers.
Leonidas took the initiative to create their own account on Threads to combat these impersonators.
Jeffrey Huang, known as Machi Big Brother on Twitter, also fell victim to impersonation.
On July 6, he shared his Threads profile, only to have another user point out the existence of an imposter account posing as his Twitter persona.
Fortunately, the mentioned Threads accounts have refrained from sharing any scam or phishing links. Instead, they have predominantly posted crypto-related content.
This serves as a reminder that scammers have long targeted Twitter as a platform for crypto phishing schemes.
One common tactic involves hacking into the accounts of well-known individuals and businesses, then posting malicious links.
These links typically aim to trick unsuspecting users into revealing their crypto exchange login credentials, crypto wallet seed phrases, or connecting their wallets to crypto-draining smart contracts.
In the first half of this year alone, Web3 security firm Beosin reported that phishing scams resulted in the theft of $108 million worth of cryptocurrencies.
As Threads gains more traction and attracts a larger user base, it is crucial for Meta to implement robust security measures to protect users from scammers.
Additionally, educating users about the risks associated with phishing scams and providing guidance on how to identify and avoid them is essential.
By taking proactive steps, both the platform and its users can work together to mitigate the threat posed by scammers in the crypto space.
Today, the most significant cryptocurrency gaining traction on Uniswap is Elon Musk (MUSK).
However, caution is advised as DEXTools reveals that this new meme token incorporates a blacklist function within its smart contracts.
As of the time of writing, $MUSK has experienced an astronomical surge of approximately 30,000%.
It is crucial to note that such substantial percentage gains over a short period are often attributed to low liquidity rather than genuine buying volume and demand.
READ MORE: Former BitMEX CEO Says Bitcoin Will Reach $760,000 as Currency of Artificial Intelligence
What is the Elon Musk (MUSK) Token?
The Elon Musk cryptocurrency asset made its debut on Uniswap on July 1st and currently boasts a liquidity pool of approximately $130k, with a 24-hour trading volume of $70k.
The market capitalization stands at $1.2 million, with 180 holders. Furthermore, it possesses a DEXTscore of 86/99.
Blacklist Function and Past Concerns
It is essential to acknowledge that previous rugpull incidents, such as the case of PepeHub earlier this week, involved the utilization of a blacklist function.
This particular function prevents specific wallet addresses from engaging in normal trading activities.
Therefore, it is plausible that some holders may be unable to sell, which could potentially account for the continuous price surge of $MUSK.
These circumstances contribute to the token’s status as one of the leading gainers in the cryptocurrency market.
At present, $MUSK coin has yet to secure a listing on CoinMarketCap.
However, it is worth mentioning that other unrelated assets associated with Elon Musk (MUSK) have appeared, and unfortunately, many of these have turned out to be scams.
The DEXTools description of $MUSK coin states, “$MUSK – Risk-taking and imagination are keys to success. Take a chance or regret it!”
Although Elon Musk, a long-time advocate of Bitcoin, Dogecoin, and cryptocurrencies in general, has not directly addressed the $MUSK token, he has recently engaged with another meme coin known as Wall Street Memes (WSM).
Musk has responded to tweets featuring memes from the @wallstmemes account on Twitter on three separate occasions.
While it remains unclear whether Elon Musk is aware of the upcoming launch of the $WSM token on Uniswap, his interactions with the @wallstmemes account indicate his involvement in the meme coin sphere.
Ethereum co-founder Vitalik Buterin recently engaged in a Twitter Spaces session on July 7, where he shared his insights on new developments within the Bitcoin blockchain.
During the conversation with Bitcoin proponents Eric Wall and Udi Wertheimer, Buterin highlighted a few areas where Bitcoin could potentially learn from Ethereum developers.
Buterin commended the introduction of Bitcoin Ordinals, a layer for non-fungible tokens (NFTs), for reviving a “builder culture” on the network.
READ MORE: Elon Musk Fights Back Against $258 Billion Dogecoin Lawsuit
He viewed this development as a positive shift away from the stagnant politics in the Bitcoin ecosystem.
According to Buterin, the advent of ordinals has rekindled a sense of action and productivity among Bitcoin enthusiasts.
The Ethereum co-founder suggested that Bitcoin could expand its functionality without compromising scalability.
He specifically praised the Ordinals and the BRC-20 token standard for their potential impact. Buterin believes that these advancements serve as a pushback against the “laser-eye” Bitcoin Maxi movement, which he considers to be a positive development.
The conversation mainly focused on scalability concerns.
Eric Wall voiced his concerns about the inadequacy of the Bitcoin Lightning Network in terms of future scalability, particularly when processing medium-sized payments.
In response, Buterin recommended that developers concentrate on implementing various layer-2 solutions and seek ways to enhance the efficiency of the Bitcoin base layer.
He specifically highlighted the value of rollups and ZK-snark-based scaling solutions.
Udi Wertheimer agreed with Buterin’s suggestions and emphasized the potential benefits of introducing zero-knowledge rollups to the Bitcoin network.
He argued that adopting rollups would not only improve scalability but also enable the execution of smart contracts.
Notably, Eric Wall and Udi Wertheimer are leading figures behind the Ordinals project called Taproot Wizards.
Their advocacy for increased functionality in the Bitcoin network has garnered criticism from Bitcoin fundamentalists who argue that smart contracts and NFTs dilute Bitcoin’s primary peer-to-peer cash functionality.
Among the critics is Samson Mow, CEO of Jan3, who considers Ordinals to be a waste of block space that could otherwise be used for Bitcoin payments.
Responding to the criticism, Wall explained that Bitcoin could serve as a proof system for zero-knowledge proofs, alleviating concerns about network congestion.
He expressed the perspective that Bitcoiners have always desired to explore DeFi adjacent ventures while relying on the Bitcoin base layer as a judge or arbiter of computation, rather than performing the computation on-chain.
Wall further highlighted that second layers could serve purposes beyond payments.
Unsurprisingly, this discussion has stirred controversy within the Bitcoin community. Udi Wertheimer criticized Samson Mow and Adam Back, CEO of Blockstream, for opposing the conversation with Buterin.
In a tweet, Wertheimer referred to them as “laser-eyed clowns” who have allegedly failed to produce a successful product despite leading Blockstream for a decade.
He questioned their reluctance to learn from Ethereum’s experiences.
New York, United State, July 10th, 2023, Chainwire
WOW EARN, a new mining DeFi platform, has released a multi-chain crypto wallet on smartphones.
Launched on May 29th, WOW EARN Wallet is now available for download on Google Play Store and App Store. The platform facilitates the purchase, exchange, and trading of cryptocurrencies.
Since its release, the platform has been downloaded more than 300,000 times with a rating of 4.6 on Google Play Store.
What is WOW EARN Wallet?
Established in 2022, WOW EARN is focused on developing crypto wallets and crypto asset mining services that can provide users with a smooth Web3 transaction experience. The goal is to build a secure, diversified and easy-to-use Web3 platform, so that users can freely buy, trade and exchange crypto assets without any limitations.
One notable program currently offered is the WOW EARN Wallet, a crypto wallet that serves as a tool for users to manage funds and transactions within the WOW EARN ecosystem. This wallet has various features to manage crypto assets by prioritizing user protection. Users can easily store and manage their digital assests just by using the WOW EARN Wallet.
โWith its cutting-edge features and focus on user safety and security, the WOW EARN Wallet will redefine how crypto assets are managed. It will enable individuals to take complete control of their digital assets and herald a new era for crypto asset security,โ according to Yara G, WOW EARNโs spokesperson.
WOW Earn Wallet supports more than 100 payment methods available in over 150 countries and regions worldwide. It currently supports 13 public chains, including Bitcoin, Tron, Ethereum, and Polygon, as well as over 80 digital assets. This means users no longer need separate wallets for each chain.
What Benefits Does the WOW EARN Wallet Offer?
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Friendly user interface: WOW EARN Wallet comes with a user-friendly UI with the latest updates to its platform. According to the company, the redesigned UI is designed to make it easy for anyone to manage their digital assets with full control.
Swift transactions: With WOW EARN Wallet, users can enjoy lightning-fast transactions ensuring quick cryptocurrency transfers. The simplified interface and optimized transaction procedures enable easy navigation and instant transfers, avoiding long waiting times.
Enhanced security services: WOW EARN Wallet offers multi-factor authentication in an effort to protect users’ privacy and security. Through facial recognition and biometric fingerprint identification technology, only authorized users are allowed to access their wallets and assets.
Furthermore, the wallet provides users with full control over their assets. Private keys are stored in encrypted form on the user’s local device, and password settings and passphrase features are provided to offer additional security to users.
Wallet customization: WOW EARN Wallet also gives users the option to change the view mode to light or dark, as well as the color of the wallet display according to their taste.
Blockchain explorer and cross-chain bridge swap features: This wallet has its own blockchain explorer, allowing users to check transaction records, address balances, and other related information on the blockchain. Additionally, the wallet supports cross-chain bridge swap feature, which helps users easily exchange assets between different blockchains. Whether on different main networks or other blockchain networks, users can quickly and efficiently convert assets, enhancing liquidity and management convenience.
Investment opportunities and rewards: To attract more users, WOW EARN Wallet offers an airdrop facility for users to earn WOW coins as rewards by using this wallet. Furthermore, users have the opportunity to explore investment opportunities and receive rewards on the WOW EARN platform. Users can increase their income and expand their network in the crypto community through the incentive-based referral program offered by WOW EARN Wallet.
Providing dApps for Web3 exploration: WOW EARN Wallet offers over 20,000 built-in decentralized apps (dApps) from various main networks, giving users the chance to explore and participate in a diverse array of Web3 applications directly from their wallets. With WalletConnect support, users can easily connect to other dApps for various transactions and operations, opening up opportunities to engage with various DeFi projects, explore NFT marketplaces, and join decentralized social networks.
NFT Integration: Currently, WOW EARN Wallet is in the process of developing a feature to support non-fungible tokens (NFTs). Once the integration is complete, users will have the ability to purchase, trade, and manage NFTs, including virtual items, artwork, in-game assets, and virtual land, directly from their wallets.
Thus, WOW EARN Wallet is claimed as an application that provides a one-stop-shop service for crypto asset management. Through this platform, users can enjoy various essential features integrated into one place. As a result, users can easily manage their digital assets efficiently and effectively.
A Guide to Creating a WOW EARN Wallet Account
- The user should click on the option “Create Identity Wallet.”
- The user will be prompted to generate a mnemonic, which is a code resembling a keyword. It is important to note that mnemonics are highly confidential. In this step, users have the option to choose a 12-bit to 24-bit mnemonic and can modify the code group.
- Following that, the user needs to verify the mnemonic code based on the previously provided numbers.
- A transaction password, consisting of a 6-digit number, must be created by the user.
- The process of setting up a WOW EARN Wallet account is now complete.
A Guide to Starting Mining WOW Token
- The user should access the “Dapp” tab located on the main page of the app. They can find WOW EARN listed under the DeFi category.
- Users will be redirected to the wowearn.com website, which facilitates the mining of WOW tokens. Within this interface, users can create mining teams consisting of one to seven members. Each user has the option to invite friends by sharing a link or QR code.
- To initiate the mining process, users can simply click the designated button displayed on the screen.
- To access the “Menu” tab, users can tap on the WOW logo situated at the top left corner.
- Presently, wowearn.com supports multiple languages, including Bahasa Indonesia, thereby catering to users primarily located in Indonesia.
About WOW EARN
WOW EARN connects users to the blockchain, providing decentralized mining, earning, and trading mechanisms. The startup’s unique mining model allows anyone to participate in the mining process, making it a key player in driving the DeFi ecosystem’s growth.
In early June, WOW EARN announced that the company successfully raised USD 30 million in Series A funding, equivalent to IDR 451.6 billion. This funding round was led by prominent venture capital firms, including Pinnacle Innovations Capital, Blue Horizon Ventures, Ascendant Growth Partners, Nexus Pioneers Capital, and Quantum Leap Ventures.
The recent financial support has strengthened WOW EARN’s vision of bringing democratization to cryptocurrency mining by providing easy, profitable, and secure access. The platform offers an Annual Percentage Yield (APY) of up to 13.39% and has partnered with Hacken, a leading blockchain security auditor in the industry.
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Galaxy Digital CEO, Mike Novogratz, is considering relocating businesses outside the United States as the country continues its regulatory crackdown on the cryptocurrency industry.
Novogratz, an American billionaire, cautioned that many other crypto firms are also adopting similar strategies and moving away from the US.
Speaking at the Piler Sandler Global Exchange & FinTech Conference last month, he revealed their intention to relocate both personnel and companies from the US.
READ MORE: Elon Musk Fights Back Against $258 Billion Dogecoin Lawsuit
Several US-based crypto companies have already taken steps to establish their businesses in other countries.
While Novogratz believes that the US will remain an important player in the long run, he emphasized the need for the country to engage with the crypto industry and not disregard it.
He stated that for cryptocurrencies to fulfill their true potential, the US must be involved.
Given their significant role in the global economy, it is crucial to find common ground through engagement with politicians and regulators.
Presently, the regulatory landscape for crypto businesses in the United States appears bleak.
The US Securities and Exchange Commission (SEC) has intensified its scrutiny of crypto companies, filing successive lawsuits against major exchanges such as Binance and Coinbase.
The regulator alleges that these exchanges have violated numerous investor protection laws.
Specifically, the SEC claims that over 30 cryptocurrencies listed on these platforms are unregistered securities, including popular tokens like Solana, Cardano, Polygon, Cosmos, The Sandbox, Decentraland, and Axie Infinity.
Considering the uncertain regulatory environment in the US, several crypto companies have already announced their intentions to relocate overseas.
One such example is Coinbase, the largest US-based crypto exchange, which recently established a business presence in Bermuda.
Additionally, Coinbase expanded its services for customers in Singapore. Earlier this year, Coinbase CEO Brian Armstrong emphasized the need for clear regulations governing crypto, warning that without them, companies would seek refuge in offshore jurisdictions.
Gemini, another prominent US-based exchange, is seeking a license in the United Arab Emirates and has revealed plans to expand its workforce in Singapore to over 100 employees within the next year, targeting the Asian market.
Ripple, currently entangled in a legal dispute with the SEC since 2020, has also expressed its intention to relocate its business outside the US.
In light of the increasing exodus of crypto businesses from the US and the growing regulatory uncertainty, it is crucial for US regulators to establish clear and comprehensive guidelines for the industry.
Failure to do so may lead to the further proliferation of offshore havens for crypto companies, which could ultimately hinder the country’s ability to fully participate in and benefit from the cryptocurrency revolution.
Digital Currency Group (DCG) has dismissed the lawsuit filed by Gemini as a “publicity stunt” orchestrated by Cameron Winklevoss.
Gemini recently announced that it has taken legal action against DCG and its CEO, Barry Silbert, accusing them of defrauding creditors.
According to Gemini, Silbert pressured the continuation of the Earn program despite knowing about Genesis’ insolvency.
READ MORE: Investors Chase Second Coming of Popular Coins, Such As Pepe 2.0 and Floki 2.0
Cameron Winklevoss alleges that Silbert and DCG executives repeatedly lied to conceal the truth from Gemini and other creditors.
Genesis, a subsidiary of DCG, reportedly owes nearly $1 billion to Gemini’s Earn program users and other creditors.
DCG responded to the lawsuit by issuing a statement last night, dismissing it as baseless and defamatory.
The company labeled the legal action as another attempt by Cameron Winklevoss to deflect blame from himself and Gemini.
DCG emphasized that any suggestions of wrongdoing by the company or its employees are completely false.
The statement revealed that DCG has been actively engaged in negotiations with the representatives of the Official Unsecured Creditors Committee and Ad Hoc committee to reach a resolution.
DCG criticized Gemini’s leadership, accusing them of being “missing in action” and making press statements while DCG has been working tirelessly to find a solution.
DCG’s statement clarified that neither of the Winklevoss twins was involved in any of the in-person meetings related to the mediation process.
The statement concluded optimistically, expressing an expectation to bring the Genesis Chapter 11 case to a close soon.
In response to DCG’s statement, Tyler Winklevoss, co-founder of Gemini, tweeted that DCG and Barry Silbert failed to address or deny any of the allegations made in the 33-page complaint.
Tyler questioned which parts of the complaint DCG considers “baseless, defamatory, and completely false.”
Gemini asserts that DCG and Silbert were directly involved in misleading creditors about Genesis’ financial condition.
The lawsuit claims that when Three Arrows Capital (3AC) collapsed in June 2022, it created a $1.2 billion deficit in Genesis’ balance sheet.
Gemini alleges that DCG intentionally lied to reassure them that they would absorb the losses.
The Winklevoss twins have repeatedly warned DCG of potential legal action if the issue remained unresolved.
The lawsuit between Gemini and DCG continues to unfold as both parties present their arguments and evidence in court.
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Independent blockchain investigator ZachXBT’s investigative efforts have played a crucial role in a class-action lawsuit filed in Canada against Boneheads, an alleged NFT rug pull amounting to $3.1 million.
On July 7, ZachXBT tweeted about the lawsuit, reiterating accusations that the Boneheads team vanished quickly and misused the minted funds on Bored Ape Yacht Club NFTs, luxury items, and other undisclosed purchases, failing to fulfill their promised roadmap.
ZachXBT expressed satisfaction that his research had once again been cited in a legal case.
The class-action lawsuit was initially lodged in mid-June in the Ontario Superior Court of Justice. The statement of claim, filed on June 19, accuses the Boneheads team of breaching their contract with investors by not delivering on the project’s roadmap, misappropriating funds, engaging in fraudulent and negligent misrepresentation, and other offenses.
READ MORE: Former BitMEX CEO Says Bitcoin Will Reach $760,000 as Currency of Artificial Intelligence
The filing emphasizes that none of the promised deliverables, including NFT airdrops, tokens, physical collectibles, marketplace access, forging, avatar applications, voting rights, giveaways, or other commitments, were fulfilled by the Boneheads NFT team.
ZachXBT’s contributions are referenced in the lawsuit, highlighting his investigation into the Boneheads project, which he shared on Twitter on July 14, 2022, along with subsequent posts in the following month.
In his initial Twitter thread, ZachXBT outlined how the project allegedly misused funds intended for supporting the Boneheads roadmap.
He also identified the key individuals involved in the project and documented their questionable actions.
Despite months of social media inactivity, the Boneheads team promptly responded to ZachXBT’s posts on Twitter, denying any scam allegations and attributing the project’s slow progress to a deliberate and creative process.
They also announced the release of a new collection called “21” on the project’s anniversary in August 2022, but no such collection ever materialized.
ZachXBT’s investigative work has now been instrumental in multiple cases targeting bad actors in the NFT space.
In February, the FBI seized 86.5 Ether and $100,000 worth of NFTs from a phishing scammer following an extensive investigation conducted by ZachXBT.
Additionally, in October 2022, France’s national cyber unit credited ZachXBT’s work in aiding their efforts to apprehend and charge a group of suspected phishing scammers who had allegedly stolen $2.5 million worth of NFTs.
ZachXBT’s ongoing commitment to investigating fraudulent activities within the blockchain and NFT sectors has proven invaluable in uncovering wrongdoing and holding accountable those responsible for defrauding investors and participants in these markets.
The aftermath of the “Coin Gate” scandal has prompted the top financial regulator in South Korea to implement measures requiring its employees to disclose their cryptocurrency holdings.
Lawmakers in the country have faced allegations of insider trading, with one member of parliament accused of selling tokens before the introduction of new crypto regulations.
It was later revealed that the MP was serving on a crypto-related parliamentary subcommittee at the time.
As a result of the scandal, calls for transparency have emerged among MPs, regulators, and public officials, leading to the recent development of the Financial Services Commission (FSC) expanding the requirement to its own staff.
READ MORE: Former BitMEX CEO Says Bitcoin Will Reach $760,000 as Currency of Artificial Intelligence
The FSC, responsible for regulating South Korea’s crypto industry and conducting checks on domestic crypto exchanges, updated its Code of Conduct for employees.
The revised code prohibits staff involved with “virtual assets” from trading cryptocurrencies using undisclosed information obtained while performing their duties.
Additionally, employees who own tokens are now obligated to report this information to the FSC.
The restriction on crypto trading applies to public officials currently engaged in virtual asset-related duties, as well as those who performed such duties within the previous six months.
To comply with the new regulations, employees will be required to submit a form called the “Report on the Possession of Virtual Assets.”
The form mandates that staff disclose the type of virtual assets held, the date of acquisition, and the quantity of tokens owned.
While the FSC still requires legislative changes to enforce the new code, it aims to expedite the process and complete it in the second half of this year.
South Korea and Japan are often seen as frontrunners in crypto regulation, suggesting that other countries may follow their lead.
Some nations in different regions have already enacted legislation mandating crypto declarations for certain public officials.
Ukraine, for example, implemented laws that require sitting MPs to disclose all assets, including cryptocurrency holdings.
The disclosure of such holdings in the past has led to public outcry due to the large amounts of tokens possessed by Ukrainian lawmakers, raising questions about the origin of these significant crypto reserves.
In conclusion, the “Coin Gate” scandal has prompted the South Korean financial regulator to extend the requirement of declaring crypto holdings to its employees.
The updated code of conduct prohibits staff from trading cryptocurrencies using undisclosed information obtained during their duties, and employees with crypto holdings must report them to the FSC.
The FSC plans to seek legislative changes to enforce the new code and hopes to complete the process later this year.
Other countries may consider implementing similar measures, following the lead of South Korea and Japan.