Abstract：South Korea's Financial Supervisory Service (FSS) is intending to build crypto surveillance tools to periodically assess the risks connected with crypto assets.
According to reports, South Korea's Financial Supervisory Service (FSS) is intending to build crypto surveillance tools to periodically assess the risks connected with crypto assets.
FSS Governor Lee Bok-hyun said that the FSS is working on several efforts to address this year's virtual asset market dangers. He said that the crypto sector is projected to grow more closely tied to regular financial markets, but authorities now lack data to detect possible hazards in the crypto industry.
“Securing data is more vital than anything else in order to react to dangers in the virtual asset market,” Lee said. Furthermore, the regulator intends to impose a new disclosure requirement in crypto-related businesses.
The director also said that no financial institution in Korea directly offers crypto-related services and that despite the rise of the virtual asset market, the direct influence on the financial system's stability remains modest. However, if the local cryptocurrency market in Korea develops in size, so will its influence on financial stability.
Following the collapse of Terra-Luna, several nations are implementing thorough regulatory steps to stabilize their markets. Traditional financial markets are getting increasingly linked to the bitcoin sector as well.
Keep an eye out for more Crypto news.
Install the WikiFX App on your smartphone to keep up to speed on current events.
Download link: https://www.wikifx.com/en/download.html
The Federal Financial Supervisory Authority (BaFin) has given Silicon Valley Bridge Bank N.A. permission to operate loans and private business through its German subsidiary, SVB Germany. This information was released following SVB Germany's acquisition of Silicon Valley Bank Germany Branch's entire corporate activities.
The SPAC deal, which collapsed in July, would have valued eToro at $10.4 billion. eToro’s total commissions dropped by almost half to $631 million in 2022.
The launch offers new trading opportunities to OANDA's clients in emerging markets. Some of included stocks include BP, Vodafone, Tesla and Amazon, among others.
Italy's Consob has been effectively blocking illegal trading websites since 2019. To date, the supervisor has been able to halt 855 of them.