Fintech Daily Briefing

Fintech Daily Information Briefing on [June 01, 2021]

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The following is the Fintech Daily Information Briefing on [June 01, 2021] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.

[1]. The South Korean authorities decided that the South Korean financial regulatory authority would be responsible for the supervision of the cryptocurrency market

After a long discussion, South Korean authorities decided on Friday to order the South Korean financial regulatory authority (FSS) to lead the government’s efforts to monitor the country’s expanding cryptocurrency market. It is reported that the agency will closely monitor the implementation of the previous regulatory measures. The South Korean government has also delegated power to the Ministry of science and information and communication technology to guide the development of the country’s blockchain industry. In addition, South Korean authorities will insist on an income tax on the proceeds of cryptocurrency transactions. Cryptocurrency investors earning 25 million won (US $22400) or more next year will be required to pay 20% income tax.

[2]. Israel Securities Bureau becomes the supervision department of financial technology payment enterprises in Israel

Recently, Israel’s finance minister announced to adopt the proposal put forward by the internal team of the Ministry in 2020. In the future, Israel’s securities agency will be responsible for supervising Payment institutions in the field of financial technology. Traditionally, it is the responsibility of Israel’s capital market, insurance and saving authority to supervise non bank financial institutions. However, in view of the fact that many financial technology institutions have applied for licenses, and that these enterprises are mainly involved in innovation fields such as API, the supervision task of Israel Securities Bureau can effectively improve the efficiency of license examination and issuance, and promote the rapid development of the market. However, if fintech start-ups are to carry out large-scale business operations in Israel, the regulatory responsibility will be transferred to the Bank of Israel, because the stability of such institutions will have a significant impact on the market. In addition, the supervision responsibility of digital wallet business of companies like Google and Apple will still belong to the Bank of Israel, because its operation mode is similar to that of credit card companies.

[3]. Ensuring cloud security, parametrix insurance, an insurance technology platform, received US $17.5 million in financing

Recently, parametrix insurance, an Israeli insurance technology platform, announced that it had received US $17.5 million in financing, with the participation of firstmark capital and F2 ventures. Parametrix insurance, established in 2019, mainly provides insurance services for third-party IT incidents such as cloud service interruption, payment failure, e-commerce platform downtime and the impact of SaaS, PAAS and IAAs platforms. In the future, parametrix insurance will use this financing to continue to strengthen its global market expansion.

[4]. News said that Japan is considering allowing special purpose acquisition companies listed

It is reported that Japan is considering changing the rules to allow special purpose acquisition companies (spacs) to conduct initial public offerings (IPOs) in China, which may have more censorship and investor protection in terms of rules than the United States. Japan’s finance agency, the Ministry of economy, industry and the Tokyo Stock Exchange will discuss this in the summer. Japan’s cabinet plans to include this issue in its growth strategic plan in June. Given the time required for the Tokyo Stock Exchange to revise IPO procedures and formulate new rules, so-called special purpose takeovers could be allowed to list as early as next year.

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