NEOPIN teams up with Ticker Capital to expand Web3 ecosystem

Crypto Exchange Korbit Raises Daily KRW Deposit Limits From 300K to 5MKorbit, one of the leading cryptocurrency exchanges in South Korea, raised the daily deposit limit for its customers as of 16:00 KST on September 25. This move aligns with the early implementation of the operation guidelines of real-name bank accounts for cryptocurrencies, which is scheduled to be introduced in January next year. Korbit collaborates with Shinhan Bank, utilizing its real-name accounts to facilitate Korean won transactions.Photo by manseok Kim on PixabayUser protection and AMLThe operation guidelines have been established to fortify the protection of virtual asset users and to bolster efforts against money laundering. Financial authorities, the Korea Federation of Banks, and cryptocurrency exchanges have collaborated to initiate these measures at every local exchange starting next January. Meanwhile, exchanges are obliged to maintain reserves in their banks beginning this month, ensuring they are poised to provide compensation for involuntary losses in the event of hacking incidents or system failures.Investor inconvenience and market confusionSince the introduction of the real-name bank account system in 2018, banks and crypto exchanges have had different terms of use and user protection measures, leading to varied deposit and withdrawal limits as well as reserve levels across different exchanges. These inconsistencies have resulted in inconvenience to customers and have sown confusion in the market. In response, the entities in question have agreed to implement a shared set of guidelines for real-name bank accounts from January next year.Daily limit of KRW 300K to KRW 5MWith the implementation of these guidelines, Korbit has elevated the current daily deposit limits from KRW 300,000 (approximately $222) and KRW 1.5 million to KRW 5 million. Moreover, once the bank authenticates the user’s transaction purpose — for instance, purchases of KRW 5 million or more in virtual assets in a month following the initial KRW deposit — and verifies the source of the funds, the constrained account can transition to a standard account. This adjustment allows the daily deposit and withdrawal limit of up to KRW 500 million.The limitations associated with constrained and standard accounts apply solely to fund transfers between the crypto exchange and the bank. When holders of Shinhan accounts initiate fund transfers to accounts in other banks, the limitations imposed by Shinhan continue to apply.Oh Sejin, CEO of Korbit, expressed enthusiasm that the higher deposit limit enabled by the new guidelines would improve investor convenience and draw in new customers. He added that the crypto exchange is committed to collaboration with Shinhan Bank, aiming to enhance user protection and anti-money laundering (AML) measures.

Taiwan’s Financial Supervisory Commission (FSC), the independent government agency that regulates activity within Taiwan’s securities, virtual assets, banking and insurance sectors, is planning to invite applications from financial institutions to participate in a crypto custody services pilot program, scheduled to commence in Q1 2025. The Central News Agency (CNA), the national news agency of the Republic of China, published a report on Oct. 8, outlining the FSC’s intentions with regard to this crypto custody pilot program. The media outlet confirmed that three Taiwanese banks had expressed an interest in participating in the program.  The Director of the FSC’s Comprehensive Planning Division, Hu Zehua, outlined at a press conference that the regulator is planning to provide further information relative to the pilot program 15 days in advance of inviting applications from prospective participants. Photo by 張 峻嘉 on UnsplashPublic consultationAdditionally, the FSC executive outlined that the regulator intends to collect feedback from the public relative to the proposed pilot program, and fine-tune the process based upon that feedback. Hu stated that he recognizes that based on crypto custody activity carried out overseas, operational security is of paramount importance. Therefore, the FSC is interested in placing emphasis on this aspect of the activity as part of the pilot program.  Illicit funds and money laundering is another area of concern. With that the FSC executive outlined that financial institutions must proactively block virtual assets that are found to originate from illicit sources. In August a Taiwanese couple was indicted for laundering around $50 million in illegal funds through cryptocurrencies. Earlier this month, the FSC revised Taiwan’s regulatory framework relative to anti-money laundering (AML). The update now requires digital assets firms to register with the Taiwanese government by no later than September 2025. Failure to do so may result in these crypto companies being fined up to $156,000 or company executives facing up to two years in prison. Bitcoin, Ethereum and Dogecoin mentionedPilot program applicants will be expected to specify the type of digital assets they intend to custody. Explanatory information released by the FSC gave Bitcoin, Ethereum and Dogecoin as examples. Additionally, applicants are required to outline the type of client they will cater towards in providing a crypto custody service. Among the examples mentioned were virtual asset platforms, professional investors and general investors. The FSC announced at the end of last month that professional investors are now permitted to access foreign virtual asset exchange-traded funds (ETFs) and invest in them through a re-entrustment method. Taiwan has been making progress recently in bringing about regulatory clarity and establishing conditions within which Web3 companies can develop. The FSC had been working towards the production of draft crypto regulations over recent months. This followed a move by Taiwanese legislators in October 2024 to introduce the Virtual Asset Management Bill to parliament, with the objective of strengthening customer protections and establishing industry supervision. In September, the regulator released guidelines, including a measure which bans overseas crypto platforms from operating within the country. 

Philippines Regulator Collaborates with US Counterpart to Tackle Crypto FraudThe Philippines Securities and Exchange Commission (SEC) has taken a step towards addressing the escalating issue of crypto scams, seeking assistance from its namesake and international counterpart, the US SEC.The international partnership was announced via a Philippines SEC press release, published last Friday. The collaboration highlights the severity of a growing problem in terms of crypto-related fraud, underscoring the importance of inter-agency cooperation in tackling the issue.Photo by Krisia on PexelsJoint training effortsBoth SECs will engage in joint training sessions. The collaboration also involves cooperation with the Asian Development Bank (ADB), and it has been established under the umbrella of the International Organization of Securities Commissions (IOSCO). Notably, the Philippines SEC has also signed IOSCO’s Multilateral Memorandum of Understanding (MoU) aimed at addressing crypto scams.The motivation behind these collaborative efforts is readily apparent given the scale of the cryptocurrency fraud that has occurred recently in the Philippines. Recent instances have captured the attention of the authorities, emphasizing the urgent need for regulatory action.Drawing on overseas enforcement experienceMost in the crypto sector are not enamored with US SEC Chair Gary Gensler’s stance relative to digital assets. Notwithstanding that, it may be that his assertive approach to enforcement may have a place in the Philippine context, given the extent of the issue of crypto fraud in the Southeast Asian country. For example, Gensler’s call for “more cops on the beat” to police the crypto industry, expressed in a Bloomberg Daybreak Podcast interview in July, resonates with the Philippines’ current predicament.Though Gensler’s remarks have been met with resistance from some quarters within the crypto industry, they may serve as sage advice in a climate where crypto-related crimes proliferate.Philippines SEC Chair Emilio Aquino outlined that the collaborative workshop involving the two securities commissions was aimed towards strengthening the capability of the Philippines’ SEC enforcement personnel in conducting investigations on securities-related crimes like insider trading, market manipulation, off-market fraud, and crypto scams.Aquino stated: “Scammers are becoming more advanced and sophisticated in their techniques as new technologies arise. As such, the SEC must constantly improve its investigation and enforcement capabilities to ensure that we are always one step ahead in preventing scams.”The Philippines, in particular, could benefit from a more robust regulatory presence to combat human trafficking networks and quash scams that tarnish the reputation of the crypto sector. These criminal activities have unfortunately led many to associate cryptocurrencies with fraud.The Philippines SEC Chair added that collaboration with US regulators and other enforcement agencies would likely guide the country in its pursuit of initiatives that lead towards the protection of the investing public.While expert training is essential, bolstering regulatory oversight, as suggested by Gensler, may be the key to mitigating the pervasive problem of crypto-related crime and protecting the integrity of the cryptocurrency sector.