The South Korean government is continuing to develop tighter regulations targeting the cryptocurrency industry with the introduction of new asset disclosure rules.
On July 11, South Korea’s Financial Services Commission (FSC) announced a new bill that will require all firms that issue or hold cryptocurrencies like Bitcoin (BTC) to disclose their holdings.
According to the announcement, the FSC reviewed related proposals and gave the green light to the exposure draft bill that introduces mandatory disclosure requirements for crypto.
The new measures aim to enhance transparency in accounting and disclosure of crypto assets in line with supervision guidelines that require accounting for each transaction involving crypto. The initiative also targets revision of accounting standards that obligates disclosure of virtual asset transactions.
In the current draft version of South Korea’s crypto accounting supervision guidelines, the FSC mentioned that the scope of crypto assets to be reported includes fungible assets based on distributed ledger technology or a “similar technology,” or those issued using cryptography. Security tokens, or digitized securities under the terms of the Capital Markets Act, are also included in the scope of application of the guidelines, the regulator noted.
Timing of South Korea’s new crypto supervision guidelines. Source: FSC
While the new accounting supervision guidelines come into effect immediately, the revised disclosure standard will be implemented starting from Jan. 1, 2024. “Early application is possible and is strongly recommended,” the FSC noted.
The news comes soon after local industry media reported that the FSC required internal employees to report their crypto holdings as defined under the Specific Financial Information Act. The affected employees reportedly include those who currently perform crypto-related duties and those who have performed such duties over the past six months.
While the latest crypto disclosure rules are somewhat new, South Korea has already required government officials to declare their crypto holdings.
South Korea’s National Assembly unanimously passed a bill that obliges lawmakers and high-ranking public officials to report on their crypto assets. The initiative, widely referred to as the “Kim Nam-guk Prevention Law,” came in response to a scandal involving some public officials allegedly manipulating the market and moving large amounts of crypto.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
England have booked their place in the semi-finals of the Women’s Euros after knocking out Sweden.
The Lionesses won 3-2 on penalties at Stadion Letzigrund in Zurich, Switzerland, after clawing their way back to take the game into extra-time.
The defending champions had been 2-0 down at half-time after goals from Sweden’s Kosovare Asllani and Stina Blackstenius in the quarter-final clash.
England then levelled matters towards the end of normal time. Lucy Bronze delivered the first England goal on 79 minutes, assisted by substitute Chloe Kelly. Two minutes later, Michelle Agyemang followed suit, taking the score to 2-2.
Image: England goalkeeper Hannah Hampton (R) celebrates with teammates after the side beat Sweden. Pic: AP
After a goalless extra-time, it was time for penalties.
Alessia Russo kicked things off, finding the back of the net for England, before Lauren James, Alex Greenwood, Beth Mead and Grace Clinton had their attempts saved by Sweden’s Jennifer Falk.
The game was sent into sudden death after Falk went face-to-face with England’s Hannah Hampton but sent the ball flying over the crossbar.
Image: Pic: Reuters
Image: A devastated Sweden. Pic: Reuters
It all came down to Sweden’s seventh penalty after Bronze sensationally scored, with 18-year-old Smilla Holmberg missing the chance to send her team through.
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England will next face Italy in the semi-finals in Geneva on Tuesday.
‘That was crazy’
England boss Sarina Wiegman described the action as “one of the hardest games I’ve ever watched”.
Image: Sarina Wiegman after the match. Pic: Reuters
“We could have been out of the game three or four times, when you’re 2-0 at half-time it’s not good,” she said after the match.
“Although we started really bad, at the end it got better, but we didn’t create anything so we had to change shape, and we score two goals – that was crazy.
“We miss a lot [of penalties], and they miss even more. I need to decompress, I think.”
Image: Hannah Hampton still delivered with one nostril down. Pic: Reuters
Goalkeeper Hampton added that it was “stressful watching” and “stressful playing”.
The 24-year-old, who was left with a bloodied nose in extra-time, said: “Every time I saved one, I was just thinking ‘please put it in, so we have a bit of a cushion!’
“To be honest, I think I was better in the game when I had one nostril than when I was completely fine!”
She said it was the support of the England fans that helped the team push on. She said: “They were definitely behind me and I appreciate all the support.”
Image: Michelle Agyemang reacts after levelling the game for the Lionesses. Pic: Reuters
Their journey in the group stages started with a 2-1 defeat to France, but hopes were lifted after England sailed past the Netherlands and Wales to reach the knockout stages, finishing second in Group D.
Sweden on the other hand went into Thursday’s game unbeaten in the tournament so far, having already defeated Germany, Poland and Denmark in the group stages.
By the time Hannah Hampton appeared in the news conference, the England goalkeeper was relieved, ecstatic and wanting to share this night far and wide.
So when her phone started ringing with a FaceTime call, she broke off speaking to the media about reaching the Euros semi-finals to answer it.
And then share the call with the room in Zurich.
After such a nerve-shredding night, this was the moment to relax and just savour it all.
Savour how close they came to throwing it all away against Sweden before staging a stirring comeback inspired by Lucy Bronze.
The 33-year-old scored the goal that began the fightback with 11 minutes to go and converted England’s final penalty in the shootout.
Image: Lucy Bronze converted England’s final penalty. Pic: Reuters
“Lucy Bronze is one of a kind,” England manager Sarina Wiegman said. “It’s that resilience, that fight. I think the only way to get her off the pitch is in a wheelchair.”
The Lionesses looked down and out, 2-0 down after 25 minutes.
Completely outplayed. A defence run ragged. Just too sloppy.
“We said at half-time we don’t want to go home,” Hampton said. “So it’s up to us to turn the game around.”
Image: Things were not looking good for England by half-time. Pic: Reuters
Image: But the team managed to turn things around. Pic: Reuters
That only came after Wiegman deployed the substitutes the manager calls “finishers”.
They fulfilled their mission.
“Sweden in that moment had to adapt to some different things in the game,” Wiegman said, “before they could, it was 2-2.”
Within seconds of coming on, match-winner Chloe Kelly showed the missing spirit. The spirit that saw her score the Euro 2022 winner.
Image: Pic: Reuters
A creator of two goals in 103 seconds.
A cross headed in with 11 minutes to go by Bronze – the only player still playing from the Euro 2013 group-stage elimination.
It was a lifeline seized on so quickly.
Another cross from Kelly was this time brought down by Beth Mead before Michelle Agyemang.
The timeliest of goals from the teen – a first tournament goal on her third appearance as a sub.
Image: Teenager Michelle Agyemang reacts after scoring England’s second goal in normal time. Pic: Reuters
But there would be the anxiousness of extra time to follow, unable to find a breakthrough.
So to the shootout that lasted 14 penalties between them.
Hampton said: “It was stressful watching and playing, I thought every single time when I saved one, ‘Please score and give us a cushion’. I feel so happy and relieved.”
Around Alessia Russo and Kelly scoring there were four England misses before Bronze converted England’s seventh and Sweden missed a fifth.
Felix Baumgartner, the extreme athlete who once jumped from the edge of space, has died in a paragliding crash in Italy.
The 56-year-old Austrian lost control of his motorised paraglider while flying over Porto Sant’Elpidio in the central Marche region.
He then fell to the ground near the swimming pool of a hotel. The reasons for the accident were unclear.
According to reports, he fell ill and lost control.
Image: Pic: AP
During the fall, he is thought to have hit a hotel employee, who was taken to hospital with neck injuries, according to Sky Sports Austria.
She was reportedly injured by a piece of debris that had been dislodged during the vehicle’s impact.
The mayor of Porto Sant’Elpidio, Massimiliano Ciarpella, offered the town’s condolences for the death of “a symbol of courage and passion for extreme flights”.