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Crypto

Australia steps up crypto regulation, sanctions from October for unlicensed firms

Australia\'s financial regulator has issued a final warning to cryptocurrency firms operating under a temporary regulatory reprieve to move quickly to apply for financial services licences. Firms that need an Australian Financial Services licence must apply for a new licence or seek changes to an existing one by Sept. 30, or face possible sanctions including fines of up to 10 percent of annual revenue. Separate licence categories have additional notification and consultation requirements.

Crypto

Bithumb Q2 operating profit falls 44 percent on drop in trading value

Bithumb said on Thursday its second-quarter sales and operating profit fell from a year earlier as digital asset trading value declined. It posted 86.3 billion won in revenue and 12.1 billion won in operating profit. Net results swung to a 21.8 billion won loss, reflecting factors including valuation losses on digital assets. The company said a prolonged hawkish U.S. rate stance and shifting investor interest weighed on trading.

Crypto

South Korea government, ruling party step up push for digital asset framework law this year

South Korea aims to complete digital asset legislation this year, and the ruling Democratic Party is pushing to submit a government-party package in September. A senior Financial Services Commission official said stablecoin legislation will be wrapped up quickly and will cover definitions, market rules and user protection. Key sticking points include who can issue won-based stablecoins, licensing and reserve management, AML rules, and limits on major shareholders of exchanges. The party plans to rebuild its task force after August leadership appointments.