October 29, 2024
Here’s what happened in crypto today

This is what is happening in the cryptocurrency space today.

South Korea Passes Crypto Bill to Address Unfair Trading

The South Korean government is taking steps to protect cryptocurrency investors from implosion like Do Kwon’s Terra ecosystem by passing a new crypto bill.

President Kim Do-eup On the morning of the 29th, at the plenary meeting of the Judicial and Legislative Committee held by the National Assembly.Source: Yonhap News Agency

According to reports, the legislation to integrate 19 cryptocurrency-related bills that provide a unified bill to define digital assets and impose penalties for illegal trading activities in cryptocurrencies such as the use of undisclosed information, market manipulation, and other unfair trading practices.

Cryptocurrency Association of Australia Urges Joint Efforts to Fight Scams

The new chief executive of Blockchain Australia, the country’s top cryptocurrency body, has called for closer cooperation between banks and the government to tackle scams involving cryptocurrencies.

Cryptocurrency exchanges and their Australian customers have experienced difficulties in the months after two major banks imposed blocks, restrictions and delays on payments to cryptocurrency exchanges in the name of protecting consumers from scams.

Simon Callaghan, the current leader of Australia’s blockchain lobby group with 111 members, said the association’s focus will now turn to ways the cryptocurrency industry can help in the fight.

UK Cryptocurrency Bill Enters Final Stage, Expects Passage

Currently, the ball is in King Charles’ court, with the UK’s Financial Services and Markets Bill awaiting royal assent before its expected passage.

The UK House of Lords approved the legislation on June 19. Once passed, it would give the Treasury, the Financial Conduct Authority (FCA), the Bank of England and the payments systems regulator the power to regulate the cryptocurrency industry.

It marks one of the most comprehensive cryptocurrency regulatory efforts globally, with the European Union still considering regulation and the U.S. lagging behind.