On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
South Korean financial regulators are developing a penalty regime for Anti-Money Laundering and Know Your Customer violations by cryptocurrency exchanges.
South Korean crypto exchanges that don't take extensive data collection and identity verification measures could soon be subject to heavy fines.
According to an official announcement Wednesday, South Korea’s Financial Services Commission has come up with a revised proposal for the regulation of virtual assets service providers, or VASPs.
The proposal introduces new VASP penalty standards as well as simplifying and integrating existing penalty rules for the industry. As part of the revised proposal, the FSC will be able to fine VASPs for failure to report and record suspicious transactions.
Fines will vary depending on the severity and character of violations, from 30% to 60% of the legally approved maximum amount. Penalty relief of 50% or more is available for some small-scale businesses.
As part of the proposal, the FSC also wants to require crypto service providers to have a dedicated reporter for large transactions as well as provide written work guidelines and employee training.
According to the announcement, the proposal will be open to public feedback from March 11 until April 20, taking effect “immediately after pronouncement.” The proposal comes in conjunction with the Act on Reporting and Using Specified Financial Transaction Information, which will be imposed on March 25. As part of the act, VASPs like crypto exchanges must impose extensive Know Your Customer and Anti-Money Laundering checks, including reporting the real names of their customers.
https://ift.tt/38qDoCU
Comments
Post a Comment