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Korea requires lawmakers and senior officials to declare crypto holdingsSouth Korea’s Ministry of Government Legislation announced on Thursday (local time) that 84 new legislative statutes are set to be implemented in December. Among these statutes, an amendment to the Public Service Ethics Act stands out, which will require lawmakers and senior government officials to report their virtual asset holdings.Photo by Huy Phan on UnsplashStarting Dec 14The Public Service Ethics Act requires public officials in political service, government officials of rank four or higher and executives of public service-related organizations to declare their own wealth as well as that of their spouses and lineal relatives. In Korea, public servants are ranked from one to nine, with one being the highest and nine being the lowest. As it stands, disclosing cryptocurrency holdings isn’t mandated, but this will change from Dec. 14 due to recent amendments. Records of cryptocurrency transactions will also be subject to disclosure.Possible restrictions on departments or employeesFurthermore, the leader of a national or local government organization has the authority to enforce restrictions on the acquisition of virtual assets for specific departments or employees under their jurisdiction. This action is applicable if their roles are associated with accessing cryptocurrency information or having an impact on the crypto market. In such scenarios, the chief officer is obligated to report their methods of imposing these restrictions to the pertinent government ethics committee. The committee then holds the right to recommend adjustments to these strategies.

Korean Travel Rule Solution Provider CODE to Start Charging Monthly Fees Next MonthSouth Korean Travel Rule solution provider CODE, established in collaboration between local cryptocurrency exchanges Bithumb, Coinone, and Korbit, has announced the implementation of service fees starting next month. Up until this point, CODE has been offering its services free of charge. The notification regarding this change was issued to CODE’s clientele, which includes various crypto exchanges, as reported by local tech news outlet Digital Daily.Photo by Kenny Eliason on UnsplashTravel RuleThe Travel Rule regulations, set by the Financial Action Task Force (FATF) and Korean legislation, require Korean trading platforms to maintain records of both the sender and recipient’s information for virtual asset transactions exceeding 1 million KRW ($780). The FATF, founded in 1989 and headquartered in Paris, is an international financial watchdog dedicated to combating global money laundering and terrorist financing.More competitive priceCODE is anticipated to offer its services at a more competitive price of 1 million KRW ($780), in contrast to its rival VerifyVASP (VV), which introduced a monthly fee of $1,800 earlier this year. VV is a product developed by Lambda 256, a subsidiary of Dunamu, the parent company of Upbit, the largest cryptocurrency exchange in Korea.CODE launched its services in March last year. Among its crypto exchange members are Gopax, Cashierest, and Coredax. In December, the Travel Rule solution provider appointed Lee Sung-mi, the former compliance officer of Bithumb, as its new CEO, and since then, it has accelerated its monetization plan. Prior to Lee’s appointment, Coinone CEO Cha Myung-hun had been at the helm of CODE.

Sygnum Bank Achieves In-Principle MPI Licence Approval in SingaporeIn a significant milestone for its expansion efforts in Singapore and Southeast Asia, Sygnum Singapore has announced that it has received in-principle approval for its Major Payment Institution Licence (MPIL) application from the Monetary Authority of Singapore (MAS).Photo by Dids on PexelsOngoing global expansionThe Swiss-Singapore firm, headquartered in Zurich with an operational base in Singapore, disclosed this news via a press release published on Monday, marking a major stride forward for the company in its regulated crypto brokerage services.The world’s first digital asset bank also has offices in Abu Dhabi, the United Arab Emirates (UAE) capital, and Luxembourg. The digital assets innovation is progressing on a truly global basis. It’s also developing according to differing timelines on a regional basis relative to the regulatory approach being taken within individual jurisdictions. On that basis, we are seeing a move from many leading digital assets firms to expand internationally to benefit from jurisdictional regulatory arbitrage and in an effort to grow such businesses quickly, with a global reach.MPIL licensing significanceThe MPIL license will empower Sygnum Singapore to introduce a regulated crypto brokerage service that offers a fiat-digital asset gateway and facilitates trade execution for various cryptocurrencies. The platform aims to differentiate itself by providing competitive spreads, high liquidity, and swift trade settlements, in an effort to offer investors a seamless and efficient trading experience.This approval follows the extension of the Capital Markets Licence (CMSL) granted to Sygnum Singapore in 2022. With the CMSL extension, the company was able to launch an array of services encompassing corporate finance advisory, capital market products, and asset and security token custodial services.Wave of regulatory approvalThe approval of Sygnum Singapore’s MPIL application comes at a time when Singapore is witnessing a wave of regulatory acceptance for digital asset companies. Crypto.com and Circle are among the firms that have recently been granted full licenses, signifying a positive trend in the recognition and regulation of the digital asset industry in Singapore.Gerald Goh, Co-Founder and CEO of Sygnum Singapore, expressed his enthusiasm about the in-principle approval, highlighting its importance in the company’s growth plans: “This in-principle approval of our Major Payment Institution Licence by the MAS is a milestone in our strategic growth plans for Sygnum Singapore and South-East Asia.”He emphasized that Singapore’s regulatory framework provides the necessary clarity and confidence for investors to participate in the digital asset market: “Like Switzerland, Singapore has a progressive, robust regulatory framework that provides investors the clarity and confidence to invest in digital assets — and Future Finance — with complete trust.”The approval of the MPIL application is expected to bolster Sygnum Singapore’s position as a leading regulated digital asset service provider in the region. By obtaining this license, Sygnum strengthens its global position within the digital assets space while complementing Singapore’s efforts to develop as a regional crypto hub.