From India to South Korea, crypto exchanges under regulatory lens

Seoul, (IANS): The financial regulator here said on Tuesday it will soon launch an inspection of virtual asset exchanges to check for any illegal or unfair transactions, as India cracks down on crypto platforms.

The planned inspection will be the first of its kind since the country introduced tougher rules against illegal trading of virtual assets in July under the new Virtual Asset Users Protection Act, which enabled maximum punishment of life imprisonment for those who gain more than 5 billion won ($3.7 million) through illegal transactions.

The Financial Supervisory Service (FSS) said it will inspect two South Korean won-based cryptocurrency exchanges, considering what it called "unusual cases" detected in earlier reviews, reports Yonhap news agency.

There are said to be a total of four Korean won-based exchanges in the country.

In addition, three more cryptocurrency exchanges and one cryptocurrency wallet provider will come under the planned inspection, as well as any other exchanges when and if any problems or complaints are filed against them, the FSS added.

The inspection will check for any illegal or suspicious transactions, but will also seek to make sure the exchanges and related businesses are complying with regulations that include protection of virtual assets and keeping records of virtual asset transactions, according to the financial regulator.

"The FSS will establish market order through stern punishment against illegal activities that may be identified in the process of its inspection, and will push for the revision of regulations if necessary by identifying the areas in the system where improvements are needed," it said.

In India, the government country has put robust anti-money laundering rules and a tax structure for cryptocurrencies in place, and the Enforcement Directorate (ED) has been busting fake cryptocurrency rackets across the country.In 2022, the Indian government introduced a 30 per cent tax on virtual currencies and a 1 per cent deduction for every crypto transaction. From India to South Korea, crypto exchanges under regulatory lens | MorungExpress | morungexpress.com

Read More........ → September 19, 2024

Telegram CEO Durov released on bail, but formally put under investigation

Paris, (IANS): Pavel Durov, the founder and CEO of the encrypted messaging service Telegram, was released after paying a five-million-euro (about $5.6 million) bail, but he is required to report to the police twice a week, Paris Public Prosecutor Laure Beccuau said.

Durov is officially placed under investigation on six charges and he was prohibited from leaving France during the investigation, Beccuau added on Wednesday night as reported by Xinhua news agency.

Durov was arrested by French Police at an airport outside Paris on Saturday night.

Beccuau said on Monday that the Telegram founder is accused of 12 criminal offences, including failing to act against Telegram users involved in cyberbullying, sharing pedophilic content and glorifying terrorism.

He added the arrest "comes in the context of a judicial investigation opened on July 8, 2024".

It also concerns "refusal to communicate, at the request of competent authorities, information or documents necessary for carrying out and operating interceptions allowed by law," the Paris prosecutor said.

In response to the arrest, the Telegram group said on its X account that the company "abides by European Union (EU) laws, including the Digital Services Act".

"It is absurd to claim that a platform or its owner is responsible for abuse of that platform," it added.

French President Emmanuel Macron said on Monday that the arrest of Durov is "in no way a political decision".

Durov's arrest in France "took place as part of an ongoing judicial investigation," Macron said on social media platform X.

After the arrest, Russia's embassy in Paris has referred a note to the French Foreign Ministry demanding consular access to Durov, the TASS news agency quoted Russian Foreign Ministry Spokeswoman Maria Zakharova as saying.

Meanwhile, Elon Musk, owner of the US social media platform X, and Edward Snowden, former US National Security Agency contractor, condemned Durov's arrest on Sunday. Source: https://www.morungexpress.com/telegram-ceo-durov-released-on-bail-but-formally-put-under-investigation

Read More........ → August 30, 2024

N Korea stole $300m in crypto to fund nukes: UN report

A confidential UN report claimed that North Korea has stolen more than $300 million worth of cryptocurrencies through cyberattacks in recent months to support its banned nuclear and ballistic missile programmes. -Reports AFP

Compiled by a panel of experts monitoring sanctions on Pyongyang, the report said the country’s “total theft of virtual assets from 2019 to November 2020 is valued at approximately $316.4 million”, citing a UN member state. 

Financial institutions and exchanges were hacked to generate revenue for Pyongyang’s nuclear and missile development, said the report, which was seen by AFP. 

The vast majority of the proceeds came from two thefts late last year. 

The North is known to operate an army of thousands of well-trained hackers who have attacked firms, institutions and researchers in South Korea and elsewhere. 

It has also been accused of exploiting its cyber capabilities for financial gain. 

The North is under multiple sets of international sanctions over its banned nuclear weapons and ballistic missile programmes, which have made rapid progress under leader Kim Jong Un. 

A summit between Kim and then-US President Donald Trump in Hanoi in February 2019 broke down over sanctions relief and what Pyongyang would be willing to give up in return. 

Nuclear talks have been stalled ever since, while the North showed off several new missiles at military parades in October and last month when Kim pledged to strengthen his nuclear arsenal.

The UN panel said it was investigating a September 2020 hack against a cryptocurrency exchange that resulted in $281 million worth of cryptocurrencies being stolen. 

A second cyberattack siphoned off $23 million a month later.

“Preliminary analysis, based on the attack vectors and subsequent efforts to launder the illicit proceeds strongly suggests links to the DPRK,” the report said, using the initials for the North’s official name.

Pyongyang’s cyberwarfare abilities first came to global prominence in 2014 when it was accused of hacking into Sony Pictures Entertainment as revenge for “The Interview”, a satirical film that mocked leader Kim.

The attack resulted in the posting of several unreleased movies as well as a vast trove of confidential documents online.

The North is also blamed for a huge, $81 million cyber-heist from the Bangladesh Central Bank, as well as the theft of $60 million from Taiwan’s Far Eastern International Bank.

The North’s hackers have allegedly stepped up campaigns to raise funds by attacking cryptocurrency exchanges as the value of bitcoin and other cybercurrencies soared.

They were blamed for the 2017 WannaCry global ransomware cyberattack, which infected some 300,000 computers in 150 nations encrypting user files and demanding hundreds of dollars from their owners for the keys to get them back.Pyongyang has denied the accusations, saying it has “nothing to do with cyber-attacks”. - AFP Source:https://www.daily-bangladesh.com

Read More........ → February 10, 2021