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Korea’s FSC Opposes Other Agencies’ Involvement in Virtual Asset BillAhead of the National Assembly’s passage of the virtual asset bill, the Korean Financial Services Commission (FSC) has repeatedly opposed the involvement of the Bank of Korea (BOK) and the Financial Supervisory Service (FSS) in regulating cryptocurrencies, according to the Korean newspaper Kukmin Ilbo.©Pexels/LukasFSC’s oppositionIn a document submitted to the National Assembly’s National Policy Committee, the FSC opposed stipulating the BOK’s right to request documents in the virtual asset bill. The agency argued that the bill is indirectly related to the BOK’s monetary and credit policy and that explicitly mentioning monetary and credit policy in the bill could lead to the misinterpretation of virtual assets as possessing the characteristics of currencies.The FSC also objected to stipulating the FSS’s right to inspect crypto enterprises. According to law, the purpose of the FSC is to inspect and supervise financial institutions. Explicitly stating the FSS’s right to inspect crypto enterprises could cause confusion to the public that they are financial entities.However, there are growing concerns about the FSC’s perceived intention to dominate virtual asset jurisdiction.At a small meeting held under the National Policy Committee last month, Lawmaker Yoon Han-hong of the ruling People Power Party expressed the view that the FSC should consider incorporating the BOK and the FSS in the virtual asset bill for crypto regulations. During the meeting, the FSC objected to the inclusion of a stipulation that excludes central bank digital currencies (CBDCs) from the definition of virtual assets. Meanwhile, the BOK agreed to include such a stipulation.Allowing class action suitsAccording to an internal document obtained by Kukmin Ilbo, the FSC also intends to allow class action suits for crypto investors. It seeks to add cryptocurrencies to a bill proposed for class action suits, which also deal with securities. Class action suits provide a means for victims to receive redress in cases where a representative is successful in winning the lawsuit against the offender.The FSC stated that it will follow the majority on the issue of whether the purpose of the virtual asset bill should include the phrase “to contribute to the development of the nation’s economy,” although it left a cautionary note that some might raise objections to this, considering the speculative nature of virtual assets.

Putin approves inclusion of digital ruble within Russian tax codeRussian President Vladimir Putin has given his approval to a new law that incorporates the digital ruble into Russia’s tax code, marking a significant step in the country’s push towards digital currency adoption.Photo by Egor Filin on UnsplashAuthority to recover fundsThe development was reported by Russian news outlet Telesputnik on Tuesday. The legislation introduces terms such as “digital ruble” and “digital ruble wallet” into the tax code. It outlines the legal framework for these digital assets. Notably, the law grants bailiffs and court-appointed individuals the authority to recover central bank digital currency (CBDC) funds from wallets in cases where taxpayers lack sufficient fiat in their bank accounts.Moreover, the law empowers tax authorities to suspend transactions on digital ruble wallets and request documentation from platform operators to confirm fund withdrawals from a taxpayer’s account. In a move aimed at streamlining the process, confiscated digital coins can be transferred directly to the Russian Treasury.This legislation, the second major CBDC-related law passed in 2023, signals Russia’s interest in fast-tracking the implementation of its digital ruble. Despite conflicting statements, the Ministry of Finance anticipates that all Russians will have the opportunity to use digital ruble wallets for payments by 2024. However, the Central Bank has indicated a potentially delayed national roll-out, stating it may not occur before 2025.Key provisions outlined in the new law include defining the Central Bank’s role as the “operator of the digital ruble platform” and establishing liability procedures if the bank fails to fulfill these obligations. Additionally, the law addresses the taxation of transactions involving digital rubles, with exemptions for Value Added Tax (VAT) on account opening and holding.Working around sanctionsAs Russia edges closer to the digital ruble roll-out, the nation faces economic challenges due to ongoing U.S. and EU sanctions. Moscow views the CBDC as a strategic tool in international trade, aiming to leverage it to navigate economic restrictions. Government officials believe the digital ruble will play a crucial role in reducing costs and risks for domestic firms engaged in foreign trade.The Eurasian Economic Union (EAEU), a five-member economic bloc including Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan, is exploring the potential for cross-border CBDC functions. Belarus and Kazakhstan are also expediting their CBDC projects, with a focus on cross-border trading capabilities.Earlier this month, a Russian politician could begin to use their respective CBDCs for bilateral trade deals as early as next year. Even before sanctions hit, both Russia and China had been working towards de-dollarization for some time.Ongoing pilot programThe Central Bank is actively piloting the digital ruble in 11 Russian cities alongside 13 partner commercial banks. Earlier this month, the bank stated that “the pilot will continue at least until the end of 2024 and, if necessary, will be extended.” The Central Bank added that “only after the completion of the pilot will the digital ruble be introduced into mass circulation.”A group of 16 banks is set to join the trial in the coming year. The finance ministry aims to utilize the digital ruble for government subsidies and welfare payments, with plans for implementation in 2024.

AhnLab Blockchain Company to integrate digital wallet into Sogang University’s education metaverseSouth Korean cybersecurity firm AhnLab’s blockchain arm, AhnLab Blockchain Company (ABC), is poised to collaborate with Sogang University’s Graduate School of Metaverse, according to Korean news outlet Money Today on Wednesday (KST). The entities will work on the development of Metawon Campus, a metaverse education platform currently in the works at Sogang University.Photo by Unseen Studio on Unsplash“This cooperation lays the foundation for Metawon Campus to establish itself as a practical university education platform. Through the integration of ABC Wallet, we will strive to build it into a global education metaverse based on the fundamental standards of stability, convenience and scalability,” said Hyun Dae-won, Dean of Sogang University’s Graduate School of Metaverse.Advancing security and accessibilityThis project mainly entails the integration of AhnLab Blockchain Company’s digital ABC Wallet within the platform. As a non-custodial wallet, this service uses multi-party computation to support multiple blockchain networks including Ethereum, Polygon and Klaytn. This integration has the potential to enhance the security and usability of Metawon Campus, encouraging international students to participate. To further boost security, the platform will also utilize non-transferrable SoulBound tokens (SBTs) issued by ABC Wallet. By providing services in multiple languages, the platform will be available to a wider user base as well.Comprehensive cooperationIn addition to technological collaborations, the two parties agreed to work on R&D and marketing as well as content creation aimed at enhancing participant engagement and accessibility to education.Kang Suk-kyun, CEO of AhnLab Blockchain Company, emphasized the role that ABC Wallet would play in helping international students experience a more secure and liberal virtual environment on Metawon Campus. He went on to reaffirm the company’s efforts to contribute to the popularization of the metaverse and the advancement of blockchain technology.