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Thailand requires in-person KYC for new digital currency exchange signups Business New digital currency traders in Thailand will be required to physically present themselves when they open new accounts on exchanges. This is after the country’s regulators revealed a new stringent KYC process that is seeking to stamp out money laundering, scams and other illegal activities from the industry. The new regulations kick in starting September. Currently, Thai exchanges conduct the onboarding process entirely online from the application, to the ID submission, verification and account opening. However, according to a report by the Bangkok Post this all changes in three months’ time. The Thai Anti-Money Laundering Office (AMLO) has mandated all exchanges to use the dip-chip machine for identity verification. This machine scans a chip embedded on the Thai national identity card, requiring the customer to be physically present. ....
CG Central Bank of Norway weighs up Bitcoin SV among ‘open blockchain’ for CBDC Business The Central Bank of Norway is considering whether Bitcoin SV (BSV) could be a viable solution for its central bank digital currency, with BSV mentioned in a report into the technical options available to the bank. In one of the most significant indicators of global central bank interest in BSV to date, the Norwegian central bank said that some had considered BSV the preferred solution for a DLT-powered technology. On page 42 of the research paper, the bank said Bitcoin SV was one of the blockchains under consideration, with the platform regularly suggested as a viable option by industry experts. ....
South Korea Daybit exchange to shut down as regulations take toll Business South Korean digital currency exchanges are struggling under the weight of new regulations. The latest victim is Daybit, which announced that it’s shutting down in a month. Daybit cited the toughened regulations that seem to only favor the big exchanges, while pushing the smaller rivals out of business, as the reason for its closure. South Korea has been in the past few years striving to regulate the digital currency industry. One of the measures it has put in place relates to anti-money laundering and identity verification requirements. This regulation came into effect a month ago. While it will protect the Korean investors, some of the requirements have proven to be too much for the smaller exchanges. ....
Australian regulator seeks ‘regulatory perimeter’ targeting blockchain space Business Australia’s chief financial regulator intends to support the digital currency sector, despite highlighting the large number of scams affecting investors in the space. The Australian Securities and Investments Commission (ASIC) said that while it was challenging to regulate new and emerging technologies such as digital currency, it would continue to work to “maintain, facilitate and improve the performance of [Australia’s] financial system and the firms that operate within it,” as a central part of its function. ASIC commissioner Cathie Armour said in a panel during the Australian Blockchain Week the regulator remained interested in how digital currency could improve the operation of the wider financial system. ....
Seoul seizes $22M from digital asset exchange accounts over back taxes Business Korean digital asset investors are among the world’s first to feel the sting of tax crackdowns on their gains. The Seoul metropolitan government said this week it had found and even seized such assets from over 600 “tax delinquents” individuals and heads of companies living in the city. The announcement will come as a shock to some digital asset investors, who for years may have assumed governments didn’t understand the technology enough to enforce tax laws. The Seoul government said it had seized assets from accounts at three exchanges worth KRW25 billion (US$22 million) from 676 people, and located assets belonging to a total of 1,566 people with authorities promising to follow up with further seizures soon. ....