OKX Follows Path Towards Dubai Licensing

DAXA Implements Virtual Asset Alert System to Enhance Investor ProtectionThe Digital Asset eXchange Alliance (DAXA), a consortium consisting of the top five cryptocurrency exchanges in South Korea, has made an announcement today regarding the introduction of a standardized virtual asset alert system.That’s according to a report by local news outlet Edaily. This system aims to tackle the problem of information asymmetry and safeguard the interests of investors.Badging of assetsUnder this new initiative, member exchanges will continuously monitor the market in real time to operate their respective alert systems. Whenever a virtual asset meets certain predetermined criteria, the trading window for that asset will be labeled with a badge. While DAXA members have collectively agreed to run the alert signal for a maximum of 24 hours, each exchange will have the autonomy to determine specific durations based on their individual requirements.Photo by Sigmund on UnsplashFive categoriesThe alert system will cover five distinct categories, notifying users of market movements related to price fluctuations, trading surges, deposit surges, price gaps, and whale trades. Price fluctuations refer to instances where the prices of virtual assets experience a rise or drop of over 50 percent within a 24-hour period. Trading surges indicate an increase in trading volume by more than 100 percent over the past ten days. Deposit surges signify an increase in deposit volume by over 100 percent during the same ten-day period. Price gaps occur when virtual asset prices on DAXA exchanges differ by more than 5 percent from their corresponding prices on crypto information website CoinMarketCap. Lastly, whale trades refer to situations where specific individuals or entities account for more than 40 percent of the total transaction volume within the past 24 hours.It is worth noting that the guidelines pertaining to the alert system will be customized by each member exchange according to their specific trading volumes and requirements. While adhering to the aforementioned framework, the member exchanges will establish their own rules and regulations.The formulation of this initiative involved the collaboration of all five members, who collected valuable input from DAXA advisors since the alliance’s inception in June of last year. The alert system also underwent a trial test phase to ensure its stability before being implemented.DAXA Vice Chairman Kim Jae-jin said the DAXA alert system would address information asymmetry issues by promptly providing data that ordinary investors previously couldn’t find on charts or order books. Kim added that the alliance is committed to further improving the alert system.

South Korean Prosecutors Fail to Recover Do Kwon’s AssetsSouth Korean prosecutors have disclosed that they have been unable to find the millions of dollars that Do Kwon, CEO and Founder of Terraform Labs, made from the crypto business.©Pexels/GratisographyOverseas assetsThe latest development in the case suggests that Kwon may have tried to hide his assets overseas, making it more challenging for authorities to recover those funds.Prosecutors claim that Do Kwon transferred funds from his personal accounts to overseas bank accounts under his mother’s name. Additionally, he allegedly used cryptocurrency to purchase real estate and other assets in the United States, which he then registered under his mother’s name. This tactic is commonly used by those seeking to evade detection and protect their assets from seizure.Binance halt requestSouth Korean authorities are understood to have reached out to global cryptocurrency exchange, Binance, requesting it to halt any withdrawal request associated with Kwon. Binance confirmed to CoinTelegraph that it is cooperating with the request, stating: “We provided Korean law enforcement authorities with the requested assistance. Since we cannot comment on ongoing law enforcement investigations, for any further comment please reach out to the prosecutors.”Blockchain forensicsThe situation surrounding Do Kwon’s case is not uncommon in crypto. Although there are blockchain forensic analysis specialists who collaborate with government authorities in tracing digital assets, the task is not without its difficulties. By analyzing the blockchain, investigators can trace the flow of funds and identify the individuals involved in illicit activities. This technology has already been used in a number of high-profile cases, including the 2014 Mt. Gox hack and the 2020 Twitter hack.Nevertheless, the anonymous nature of blockchain transactions makes it much easier for individuals who engage in fraudulent or illegal activities. However, as cryptocurrency becomes more mainstream, governments around the world are cracking down on those who attempt to take advantage of the system.Tightening regulationIn South Korea, authorities have been working to regulate the cryptocurrency industry and protect consumers from fraud. The government has implemented a number of measures, including requiring cryptocurrency exchanges to register with the Financial Services Commission and banning anonymous transactions. Despite these efforts, however, incidents of fraud and embezzlement continue to occur.The fight against cryptocurrency-related crime is far from over. As the industry continues to grow and evolve, criminals will continue to find new ways to exploit the system. It is up to regulators and law enforcement officials to remain vigilant and adapt to these changes in order to protect consumers and ensure the integrity of the financial system.In the case of Do Kwon, the investigation is ongoing, and it remains to be seen what the final outcome will be. Prosecutors estimate total proceeds of Do Kwon’s alleged crimes to amount to 91.4 billion won ($71 million) while 414.5 billion won ($316 million) has been identified relative to Terraform Labs more broadly.

The Securities and Exchange Board of India (SEBI) is set to introduce a same-day settlement cycle starting March 28, making India only the second country, following China, to adopt such a system. This move comes amidst growing competition from the cryptocurrency sector, with SEBI Chairperson Madhabi Puri Buch emphasizing the need for instant settlement and tokenization to remain competitive.Photo by Big G Media on UnsplashEvolving market dynamicsBuch has unveiled plans aimed at enhancing the efficiency of India's capital markets through faster settlement processes. During a recent press conference, she highlighted the significance of adapting to evolving market dynamics. Buch stated:“If our well-regulated market cannot compete with the crypto world and cannot say we also offer you tokenization and instantaneous settlement over the medium term, I won’t even say long term, you should expect investors to move." The SEBI chairperson articulated that we live in a time where the current generation demands instant delivery of services. It’s with that in mind Buch believes that crypto is a threat to traditional financial markets. She stated:"Everybody wants instant everything. Right? So why should anyone believe that tomorrow if an alternative is available with instant settlement tokenization and they say the regulated market doesn’t offer it, you should expect people to move.” With a focus on meeting investor expectations for instant transactions, SEBI aims to bridge the gap between traditional capital markets and the rapidly evolving crypto landscape. Faster settlement cyclesIndia has been at the forefront of adopting faster settlement cycles, having transitioned to a one-day settlement (T+1) model between 2021 and January 2023. The optional same-day settlement, scheduled to commence later this month, represents another step towards enhancing market efficiency. However, Buch cautioned that further delays in embracing instant settlement could lead to a significant portion of the market shifting towards cryptocurrencies. The move towards faster settlement has been met with enthusiasm from some market participants. Indian business news publication Mint reported the comments of Shauryam Gupta, CEO of web trading platform Rupeezy, on the subject. Gupta stated: “The shift to instantaneous settlement is a substantial milestone, streamlining operations and cutting down on risk. The potential advantages of reducing counterparty risk and boosting liquidity signal positive growth for the sector.” However, others, particularly brokers, have expressed reservations. Brokers, who hold client funds and earn interest on balances, stand to see their interest earnings decrease with shorter settlement times. Nonetheless, SEBI remains steadfast in its commitment to modernizing India's capital markets to remain globally competitive. The regulatory landscape surrounding cryptocurrencies in India has been predominantly shaped by the nation's finance ministry and the Reserve Bank of India (RBI). While the RBI has been vocal in its opposition to cryptocurrencies, advocating for central bank digital currencies instead, SEBI's recent initiatives underscore its willingness to adapt to changing market dynamics. SEBI's efforts reflect a broader trend of regulatory bodies worldwide seeking to strike a balance between innovation and investor protection in an increasingly digital financial landscape.