The South Korean Financial Services Commission (SFC) announced that this year it will allow institutions to sell cryptocurrency donations and will instruct banks to offer more services to companies linked to the sector.

“South Korea’s top financial regulator will allow charities and universities to sell their crypto donations starting in the second half of 2025. Previously, the SFC had restricted institutions from opening accounts on crypto exchanges.”

The pilot plan includes regulations that will allow 3,500 corporations and professional investors to open real-name accounts in the first half of the year before they are allowed to sell their assets.

The regulator notes that the project represents a positive step towards the adoption of cryptocurrencies that has been restricted by the government since 2017.

The FSC also plans to authorize crypto exchanges to sell their asset holdings, including fees generated by users. The agency will maintain control of “general corporations that are not professional investors and will complete a review after the second phase of the pilot program.”

The purpose of the transactions and the origin of the funds will be verified to avoid common crimes in this sector, such as money laundering.

For this project, the FSC said it will create a working group with the Financial Supervisory Service and the Korean Federation of Banks and the Digital Asset Exchange Alliance, which together will implement the roadmap to achieve the objectives.

M.Pino

Source: cointelegraph

(Reference image source: Daniel Bernard on Unsplash)

Visit our news channel on Google News and follow us to get accurate, interesting information and stay up to date with everything. You can also see our daily content on X/Twitter and Instagram

La entrada South Korea to allow institutions to sell cryptocurrency donations apareció primero en Bitfinance.

The interest of Colombians in cryptocurrencies has increased significantly in 2022. This is demonstrated by the most recent study carried out by the marketing agency Sherolck Communications, which shows that 22.3 % of citizens expect to buy bitcoin this year. which represents a growth of 208% compared to 5.2 % that this interest had at the beginning of the year.

The interest has increased due to the relaxation of the regulatory environment for bitcoin and cryptocurrencies that the Financial Superintendence of Colombia (SFC) has been carrying out with a series of authorizations for the start of operations of various exchanges such as Bitso, Buda.com, Binance, Gemini and Panda, which are associated with specific banking entities to offer cryptocurrency trading services.

The Colombian crypto market has been experiencing some changes and transactions are increasing despite the regulations that some government entities are applying.

Mauricio Tovar, director of operations (COO) of Tropikus, hopes that the increase in “P2P transactions will continue, despite the recent regulatory attempts by the Financial Information and Analysis Unit (UIAF) that force exchanges to report operations by above a certain amount. Likewise, the National Tax and Customs Office of Colombia (DIAN) wants Colombians to report their operations in LocalBitcoins.”

Inflation will impact the Colombian crypto market

One of the factors that is impacting the growth of the cryptocurrency market in the country is the increase in inflation that has been registered in the Latin American region and particularly in Colombia during the first months of the year.

According to Tovar, the growth of inflation “will highlight the value that cryptocurrencies can provide. Inflation will be a problem that will lead people to learn to look for ways out, including cryptocurrencies.”

People are analyzing the alternatives to protect themselves from inflation and bitcoin and in general all decentralized finance is a very valid option to protect the income of citizens.

According to the director of operations Tropikus, inflation has its beginning in the printing of money by some countries to face the pandemic and the supply chain crisis. But with the war between Russia and Ukraine, the problem has worsened because the prices of fuel, raw materials and food have increased.

The increase in consumer prices (CPI) in Colombia reached 8.53 % in March 2022, the highest since the National Administrative Department of Statistics (DANE) began its records in 1975.

M. Rodríguez

Source: criptonoticias.com

La entrada Colombians show more interest towards cryptocurrencies apareció primero en Bitfinance.

The cryptocurrency exchange Gemini established a strategic alliance with Bancolombia with the aim of expanding in Latin America. Following the agreements made with the Financial Superintendence of Colombia (SFC), it will allow, as of December 14, the purchase and sale operations of various cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

The association will be carried out as part of a one-year pilot program led by Colombia’s financial regulator, where users will be able to negotiate cryptocurrencies directly with Gemini. Bancolombia will facilitate the use of their savings or checking accounts to finalize the process of purchase through their digital channels or transfer the money they have in Gemini to their associated account at the financial institution.

Cristina Arrastía, Vice President of Business at Bancolombia pointed out: “Bancolombia does not intervene in the crypto-assets negotiation process, but will serve as a channel to facilitate it.”

Not all bank clients will be able to participate in the pilot test, as indicated by the financial institution, only current clients selected by criteria such as the level of knowledge regarding cryptocurrencies will participate.

The pilot program will be deployed in four phases, each of which involves the invitation of new clients that will be added to the previous phases, as a strategy to control the number of participants. It is estimated that during the four phases the 5,000 clients stipulated by the SFC will be met.

M. Rodríguez

Source: larepublica.co

La entrada Gemini will allow cryptocurrency trading in Colombia apareció primero en Bitfinance.

The Innovation Committee of the Financial Superintendence of Colombia (SFC) notified the approval of the first bond issue in the second market using blockchain technology and smart contracts, in order to monitor them in all phases of the process.

Colombia becomes the first Latin American country to start the pilot test of issuance of stock bonds with the use of blockchain technology, throughout the process of issuance, registration and negotiation, which implies an important leap by the SFC before its Latin American peers .

The information was provided by the institution through a statement, where it also explained: “that the issuance of this real bond does not involve all the traditional infrastructure that uses a centralized deposit of securities, but it will have all the phases of an issuance of securities. traditional bonds. That is to say: the inscription of the instrument in the National Registry of Securities and Issuers (RNVE), issuance, placement, registration of payments, negotiation and fulfillment of the operation.”

This test is intended to demonstrate the efficiency of blockchain technology at times where interoperability, immutability and effectiveness are essential in institutions. Therefore, it is expected to verify and verify if the planned times are the most optimal for each and every one of the phases of the process.

Financial entities will participate in the pilot test are: Davivienda banks, the IDB Group and Banco de la República. Davivienda will be responsible for issuing the trial bond, the IDB will be in charge of acting as an investor, while the Banco de la República will be the “observer who will oversee that the process is completed according to the former

The most important challenge of this pilot test is related to the updating of the stock exchange regulations and policies that govern the entire process, because they are directed, for the most part, to an administrative process, preferably written, for which the legal instruments must be developed and adapt to new technology.

M. Rodríguez

Source: es.cointelegraph.com

La entrada Colombia issues bonds with blockchain technology apareció primero en Bitfinance.