#IntlRoundup: South Korea Could Legitimize Digital Currencies
The global nature of digital currencies makes following international news beneficial for investors and interested market participants. However, due to how fast news travels through the landscape, it can be easy to miss the occasional story now and again.
As part of a regular weekly roundup, Coinsquare News compiled the week’s significant international news headlines. This week, we look at South Korea potentially legitimizing digital currencies, a U.S. executive order mentioning digital currencies, and more.
Australian government signs billion dollar deal with IBM
This week, IBM announced a $1 billion AUD (over $970M CAD) deal with the Australian government. The five-year agreement is designed to accelerate how blockchain technology, quantum computing, artificial intelligence (AI), and adjacent emerging technologies are adopted in the public sector.
Under the agreement, all of Australia’s government agencies will be able to access IBM’s expansive technology platform.
“The Whole of Government agreement reflects the growing importance of technology to the government’s transformation agenda,” said David La Rose, IBM Australia & New Zealand managing director. “For agencies it will be more simple and cost efficient to engage with IBM, while our technologies make it possible for government to deliver smarter, integrated, always-on digital services for citizens.”
The move arrives as part of the Australian government’s mission to become one of the world’s leading ‘digital governments’ by the year 2025, and will purportedly see further leverage of emerging technologies in the public sector.
Swiss stock exchange operator to facilitate crypto trading
SIX, the owner and operator of the Swiss stock exchange, announced that it will launch an end-to-end cryptocurrency exchange. Announced on Friday, this exchange is slated to operate in full compliance with regulation in Switzerland.
Further, the new SIX Digital Exchange will receive oversight from both the country’s central bank and the country’s financial regulation body, the Swiss Financial Market Supervisory Authority (FINMA).
“This is the beginning of a new era for capital markets infrastructures,” said Jos Dijsselhof, SIX CEO, in a press release. “For us, it is abundantly clear that much of what is going on in the digital space is here to stay and will define the future of our industry.”
Proposals could legitimize South Korea’s cryptocurrency and blockchain industry
In a packed week of reports regarding digital currency regulation in South Korea, it appears that the country’s authorities are moving towards legitimizing the nation’s blockchain and cryptocurrency industry.
As Hacked reported, officials from South Korea’s Financial Services Commission (FSC) are moving to increase Know Your Customer (KYC) and Anti Money Laundering (AML) obligations for digital currency exchanges operating in the country.
Further, proposed guidelines could change how the country classifies cryptocurrency exchanges. In the future, exchanges could receive classification as legitimate financial institutions as part of a new regulatory framework. Proponents believe these changes will help legitimize the industry and crack down on the country’s recent wave of breaches.
On Wednesday the 11th, the Korea Times reported that “South Korean lawmakers are racing to make rules on cryptocurrency, initial coin offerings (ICO) and blockchain [technology].”
Reportedly, drafts of bills bringing changes to the nation’s cryptocurrency regulation will be submitted between July 13th and July 26th of this year.
Digital currencies name-checked in Trump executive order
As part of an executive order that U.S. President Donald Trump signed this week, the Attorney General will establish a task force focused on “market integrity and consumer fraud.”
The new task force is responsible for “providing guidance for the investigation and prosecution of cases involving fraud on the government, the financial markets, and consumers, including cyber-fraud and other fraud targeting the elderly, service members and veterans, and other members of the public…”
Further, it will pay “particular attention” to fraud that affects the general public, such as digital currency fraud, money laundering, and other financial crimes.
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