BitGo Korea secures VASP registration for institutional crypto custody
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South Korea's Supreme Court plans to introduce procedures for the seizure and disposal of crypto assets, which are expected to be formally implemented in October.
According to Mars Finance, on July 6th, the South Korean Supreme Court proposed a draft amendment to its civil enforcement rules, aiming to establish procedures for the seizure, attachment, and liquidation of crypto assets, providing a clear legal basis for courts to enforce civil judgments involving cryptocurrencies. According to the draft, after a court issues a seizure order, the debtor will be immediately prohibited from disposing of the relevant crypto assets and must transfer the assets to a court enforcement officer. The seizure will officially take effect upon the officer's receipt. Regarding asset disposal, the court can directly transfer the crypto assets to the creditor according to the value determined by the court, or instruct the enforcement officer to sell the assets. The enforcement officer can transfer the assets to a dedicated account of a Virtual Asset Service Provider (VASP) for sale, or entrust a relevant platform to sell them on their behalf; if necessary, the assets can also be converted into more liquid cryptocurrencies such as Bitcoin before liquidation. Furthermore, the draft amendment clarifies preservation measures for crypto assets during litigation, including preliminary attachment and injunctions, to prevent debtors from transferring or concealing crypto assets. The South Korean Supreme Court stated that with the increasing number of civil cases involving crypto assets, it is necessary to improve the relevant enforcement rules. The draft will be open for public comment until August 11, and the revisions are expected to take effect in October this year.
The net increase in new listings on South Korea's five major crypto exchage in the first half of the year decreased by approximately 74% year-on-year.
According to Odaily Odaily, the number of new crypto exchage slowed significantly in the first half of this year, while the number of delisted cryptocurrencies with low liquidity and problems increased. According to data from five major exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—the net increase in new trading support in the first half of this year, excluding the termination of trading support, was 49, a decrease of approximately 74% compared to 191 in the same period last year. During the same period, the number of new trading supports decreased by 44% year-on-year, while the number of terminated trading supports increased by 258% year-on-year. The report states that with declining trading volumes and pressure on fee revenue, the competitive focus of South Korean exchanges is shifting from expanding their listing base to liquidity management, coin vetting, and institutionalized regulatory responses. (EToday)
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Russia's largest bank, Sberbank, plans to launch compliant crypto wallets and custody services this year.
PANews reported on July 6th that, according to CoinDesk, Russia's largest bank, Sberbank, plans to launch a cryptocurrency wallet and digital custody vault by December, provided the "Digital Currency and Digital Rights Law" officially takes effect in September. The service will be integrated into the "Sberbank Online" and "SberInvestments" apps, providing customers with access to authorized crypto assets within the banking system. The new law will establish a licensing framework for crypto trading, custody, fiat currency exchange, and cross-border settlement, with a trading limit of approximately 300,000 rubles (about $3,800) per year for non-accredited investors. Other large banks, including VTB and T-Bank, are also preparing related digital custody services.
Starting October 1st, South Korea will introduce civil seizure rules for crypto assets, allowing courts to directly freeze, transfer, and dispose of digital assets through local crypto exchage.
PANews reported on July 6 that, according to Solid Intel, South Korea will introduce civil seizure rules for crypto assets starting October 1, allowing courts to directly freeze, transfer, and dispose of digital assets through local crypto exchage.