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Regulatory motion: US requires members of Congress to report crypto transactions – South Korea investigates payment gateways

A new bill that is being passed by the US House of Representatives would require members of the US Congress to report the value of any purchase, sale or exchange of cryptocurrencies over $1,000.

The bill introduced on May 20 in the US House of Representatives requires lawmakers to disclose their crypto holdings along with other financial interests.

The “Crypto Accountability Act,” introduced by Rep. Elissa Slotkin (D-MI) and Rep. Dusty Johnson (R-SD), is an amendment to the Ethics in Government Act. The government in 1978 required public officials to disclose their financial and employment history.

By law, members of Congress are required to report the date and value of any purchase, sale, or exchange of cryptocurrency in excess of $1,000, as well as disclose the size and nature of long holdings. term. The measure also applies to spouses and their dependent children.

Late reporting of crypto holdings will result in a fine of $500 or 5% of the asset’s value (whichever is highest). In the event that a Representative intentionally falsifies a report, fines can be up to $66,000 or 5% of the value of the property (whichever is highest).

Representative Slotkin said in a Twitter post that:

The American people deserve to know whether the leaders they trust really care about the best interests of the public and abuse their positions for personal gain. The Cryptocurrency Accountability Act will improve transparency and help prevent corruption from eroding trust in government.

The bill comes just three days before the House Ethics Committee investigates Representative Madison Cawthorn (R-NC) on suspicion of promoting cryptocurrencies for financial gain. The token, named “Let’s Go Brandon” after the song mocking US President Joe Biden, plunged to zero in January and has not recovered since.

South Korea investigates crypto-related payment gateways

On June 3, South Korea’s Financial Supervisory Service (FSS) began investigating payment gateway services that work with digital assets. The FSS is South Korea’s financial regulator operating under the Financial Services Commission (FSC), both of which are government entities.

As reported by local news outlet Money Today Co., the FSS recently asked 157 payment gateways to report on any crypto-related services, their plans for the future, and disclose the amount of assets. digital. But a report by the FSS said that only 6 gateways hold crypto.

While the FSS is currently the main financial regulator, on May 31, 2022, South Korea announced the upcoming launch of the Digital Assets Commission. According to the announcement, this is a temporary solution to structure the virtual asset industry following the Luna-Terra incident.

The guidelines include screening criteria for newly listed assets, market surveillance, transaction monitoring, disclosure levels, and other investor protections. The five major domestic exchanges appear to agree on standards and set up their own committees to help prevent another incident similar to LUNA.

Shortly after the FSS began its investigation, it announced a teleconference with other financial supervisors from five countries in the Asia-Pacific region. The event is hosted by the Indonesian Financial Supervisory Service and includes Australia, China, and Japan.

The meeting will cover global market conditions as well as key technologies and cryptocurrencies. The Korean representative mentioned the need for cryptocurrency regulation, disciplinary action against virtual assets, and expansion of financial regulatory frameworks.

In summary, the upcoming Cryptocurrency Commission in South Korea will direct policy proposals and implement investor protection measures before enacting the Digital Asset Basics Act (DABA).

On May 24, 2022, Korean officials investigated Do Kwon, the main character in the drama Luna. Yoon Chang-hyeon, chairman of the National Assembly’s Special Committee on Virtual Assets, will lead the aforementioned Digital Assets Committee. He has also had meetings with top exchanges.