Here’s what happened in crypto today

Here’s what happened in crypto today. 

South Korea passes crypto bill to tackle unfair trading

The South Korean government is taking steps to protect cryptocurrency investors from implosions like Do Kwon’s Terra ecosystem by passing a new crypto bill.

The legislation reportedly integrates 19 crypto-related bills, providing a unified bill defining digital assets and imposing penalties for illicit trading activities like using undisclosed information, market manipulation and other unfair trading practices in crypto.

Australian crypto association urges unified effort to fight scams

The new CEO of Blockchain Australia, the country’s peak crypto body, has called for closer collaboration between banks and the government to tackle scams that involve crypto.

Cryptocurrency exchanges and their Australian customers have had a difficult few months after two major banks imposed blocks, restrictions, and delays to payments going to crypto exchanges, citing the need for consumer protection from scams. 

Simon Callaghan, who now leads Australia’s 111-member blockchain lobby group, says the association’s focus will now be turned toward ways for the crypto industry to assist the fight.

UK crypto bill reaches final stage, on track for passage

The ball is now in King Charles’ court as United Kingdom’s Financial Services and Markets bill awaits royal assent ahead of its expected passage. 

#HouseOfLords conducts ‘tidy up’ of the #FinancialServicesBill from 3.15pm before it is returned to @HouseOfCommons to consider Lords changes.

Find out more https://t.co/kZYuE22bId

 Watch online https://t.co/MXe7B0XhMX pic.twitter.com/hPec0CXTm1

— House of Lords (@UKHouseofLords) June 19, 2023

The U.K.’s upper chamber approved the legislation on 19 June. Once passed, it’ll give the Treasury, Financial Conduct Authority (FCA), Bank of England and Payments Systems Regulator the authority to regulate the cryptocurrency industry. 

This marks one of the most comprehensive cryptocurrency regulatory efforts globally, with the EU still considering regulation and the U.S. lagging behind. 

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