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Singapore's Payment Service Act has been amended to include crypto custody services and transfers, marking another major step in the country-state's move toward a well-regulated crypto industry.
OJK requires all FIs introducing new products and services, including those related to crypto assets, to participate in a regulatory sandbox.
Last week's ruling on Coinbase's motion to dismiss against the SEC could have broader implications for the crypto industry.
![[INTERVIEW] 'Korea lags behind in legalization of cryptocurrency industry' - Vimarsana News](https://img.koreatimes.co.kr/upload/thumbnailV2/c896359ba1df4e67a663da88bc8935c9.png)
While Korea's first law on cryptocurrency, Act on the Protection of Virtual Asset Users, is scheduled for implementation this July, the nation still trails behind global powers in providing legal frameworks for the advancement of the virtual asset industry, intellectual property (IP) lawyers from a major law firm say.
The U.S. and UK are looking into over $20 billion of USDT that was facilitated through Garantex, a sanctioned Russia-based crypto exchange, a new report revealed.