The cryptocurrency market stabilized after South Korean President Yoon Suk Yeol revoked his martial law declaration less than six hours after announcing it.
The martial law was lifted at around 4:30 am local time during a Cabinet meeting, according to local reports. Approximately 190 lawmakers in the 300-member parliament voted against the martial law order.
''I will accept the National Assembly's request and lift it,'' Yoon stated, as reported by The Washington Post.
Under South Korean law, the government is required to lift martial law if the majority of parliament votes for it. Yoon's sudden announcement on live television on Tuesday caused a global reaction, with the White House expressing serious concern about the situation in South Korea.
Crypto compliance ‘no longer optional’ under Australia’s new draft guidelines
Crypto exchanges and companies handling digital assets in Australia will soon be unable to bypass expensive licensing requirements under new proposed guidelines from the country's corporate regulator.
On December 4, the Australian Securities and Investment Commission (ASIC) issued a consultation paper on proposed guidelines for crypto, categorizing many digital assets as financial products and clearly stating that most firms dealing in crypto must be licensed.
''It's a bit of a wake-up call,'' said Kate Cooper, CEO of Australia and head of APAC at the Standard Chartered-backed crypto custodian Zodia Custody, to Cointelegraph.
''Compliance is no longer optional for the industry, and many players, both local and international, will need to thoroughly review and audit their custody and compliance management practices.''
Yuga Labs acquires Tokenproof tech team for NFT R&D
Yuga Labs, the blockchain firm responsible for the Bored Ape Yacht Club (BAYC) and ApeCoin NFT collections, has acquired the tech team from Tokenproof, a Web3 tokenization service.
On December 3, Tokenproof founder and CEO Fonz O announced that Yuga Labs had taken over Tokenproof’s technology and integrated some of its team members. Fonz O mentioned that Tokenproof had developed a system to verify NFT ownership in the physical world and had worked with Yuga Labs multiple times since 2022.
Yuga Labs co-founder Greg Solano highlighted the longstanding collaboration with Tokenproof, stating:
''Together with Tokenproof, we addressed several complex issues, enabling your ape jpeg to securely and efficiently grant you access to a festival anywhere in the world.''
