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Business Recorder
a day ago
- Business
- Business Recorder
Virtual Asset Ordinance 2025: Explanation and comments—II
Redemption of Asset Reference Token An Issuer of an Asset-Referenced token shall maintain arrangements for the custody, valuation, and safekeeping of reference assets, and ensure redemption, reserve, and disclosure mechanisms in such manner as may be prescribed in Regulations. Illustrative Example in Pakistan's Regulated Exchange Regime Virtual Asset Ordinance 2025: Explanation and comments—I In our view, which may be substantiated when the rules will be prescribed will be that the minimum capital requirement for the issuer is Rs 1 billion. Therefore, if a foreign issuer intends to issue an asset referenced token in Pakistan to Pakistanis then there will be an inward flow of $ 357,000 [Rs 1,000,000@ 280 per 1 $] which will remain invested in Pakistan in various Pakistani assets. The issuer can have assets outside Pakistan also. However, that is not necessary. The Pakistan buyers will pay in rupees; however, they may be issued asset-referenced tokens to the extent of $ actually brought in Pakistan. The Virtual assets in this case may include foreign held assets also. A Pakistani buyer cannot be issued a token with respect to that value. Such offerings will be made to foreigners. In principle, the Pakistani owner of such a token will be allowed to trade in such a token, make payments and investment outside Pakistan on the basis of the value of such token without any approval from the State Bank of Pakistan. This means that a Pakistani has purchased a foreign currency outside Pakistan. There is no risk for the foreign exchange of Pakistan as the equivalent value of initial offering has already been received in $. There will be no repatriation of the initial offering in US $ brought in Pakistan until all the tokens are redeemed and there is an approval for repatriation of funds outside Pakistan. This system effectively means that Pakistanis will be able to make payments outside Pakistan if they acquire tokens of Virtual Assets provided such virtual assets are issued on the basis of funds actually received by State Bank of Pakistan and held and invested in Pakistan. In case of fiat-based token then the redemption shall be at par. This practically means that entities can effectively leverage their assets by issuing tokens which are redeemable as to be prescribed, except in case of fiat based tokens which are redeemable at par. Fiat based tokens are effectively currencies. Bitcoin can be used as organised 'Hawala' Virtual Assets including Bitcoins are owned by many Pakistani out of foreign exchange held outside Pakistan. This may be official money. For example Mr A has Bitcoins, declared in the Wealth Statement reflected in rupees. Say Rs 2800 for $ 10 worth of coin. Mr A can acquire assets in Pakistan worth Rs 2800 from Mr B, a Pakistani and can give him (transfer Bitcoin to Mr B) who wants $ 10 in the USA not involving the State Bank of Pakistan. Mr B can redeem or sell the Bitcoin realising $ 10 in the USA. This means that Mr B has sold an asset in rupees however the amount has been received in $ outside Pakistan. This is an organised 'Hawala'. There can be many variations of this generic transaction. Indian Law In India, there is no law relating to Virtual Assets and the Supreme Court of India has asked the legislature to introduce the one. However, India has introduced the concept of Virtual Digital Assets in the Income tax laws. Under Section 2(47A) of the Indian Income Tax Act, 1961 virtual digital asset means: '(a) Any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded electronically; (b) Non-fungible Token (NFT) or any other token of similar nature, by whatever name called; (c) Any other digital asset, as the Central Government may, by notification in the Official Gazette specify. In simple words, the virtual digital asset shall mean a cryptocurrency, NFT or another virtual digital asset as notified by the Central Govt. It will not cover subscriptions to any OTT platform, mobile applications, e-commerce platforms, etc. Furthermore the Indian Finance Act, 2022 inserted a new section 194S in the Act with effect from 01/07/2022. The new section mandates a person, who is responsible for paying to any resident any sum by way of consideration for transfer of a virtual digital asset (VDA), to deduct an amount equal to 1% of such sum as income tax thereon. The tax deduction is required to be made at the time of credit of such sum to the account of the resident or at the time of payment, whichever is earlier. Obligation of Issuers of Initial Virtual Asset Offering Prior to offering a Virtual Asset to the public, an Issuer shall publish a 'white paper' in such form and manner as may be prescribed by Regulations. The 'white paper' shall contain true, clear, and not misleading information regarding, inter alia- (a) the nature, characteristics, and purpose of the Virtual Asset; (b) the rights and obligations of holders or purchasers of the Virtual Asset; (c) the economic model technology, and governance mechanisms of the asset or platform; (d) the identity and qualifications of the Issuer, Controllers, and relevant key individuals; (e) associated risks, including market, legal, technological and cyber security risks; and (f) any other information as may be Prescribed. (2) Issuers shall make ongoing disclosures of material information, including any change that may reasonably affect the value, utility, or regulatory status of the Virtual Asset, in such manner and frequency as may be prescribed by the Authority. Tax Every Virtual Asset Service Provider licensed under this Ordinance shall comply with the obligations for tax withholding and the filing of information returns as prescribed under the Income Tax Ordinance, 2001 and any Rules or Regulations issued by the Federal Board of Revenue in relation to transactions involving Virtual Assets and the income of the Virtual Asset Service Provider. Pakistan Virtual Assets Regulatory Authority A body has been formed under the Act to govern the Virtual Assets Ordinance. The Board shall consist of: (a) a Chairperson who shall possess demonstrable expertise in finance, law, technology, or regulatory affairs and be appointed by the Federal Government in the manner Prescribed; (b) the Governor, State Bank of Pakistan; (c) the Secretary, Ministry of Finance; (d) the Secretary, Ministry of Law and Justice; (e) the Secretary, Ministry of Information Technology and Telecommunications; (f) the Chairperson, Securities and Exchange Commission of Pakistan; (g) the Chairperson Digital Pakistan Authority; (h) the Chairperson FBR; (i) the Director General FIA; and (j) two independent directors with proven expertise and a strong track record possessing expertise relevant to Virtual Asset markets, technology, finance, law or consumer protection, appointed by the Federal Government in the manner prescribed. Service Provider No Person shall, by way of business, engage in, or represent themselves as engaging in, any Virtual Asset Services in or from Pakistan, unless that Person:- (a) is a company incorporated under the Companies Act, 2017 or any other law for the time being in force in Pakistan governing the incorporation of companies; and (b) holds a valid license granted by the Authority under this Ordinance. Advisory Services mean the provision of personalized recommendations to a customer, either upon request or at the initiative of Virtual Asset Service Providers, relating to one or more actions or transactions involving Virtual assets. Broker-Dealer Services means: (a) arranging or facilitating orders for the purchase and sale of Virtual Assets between two parties; (b) soliciting or accepting orders and receiving consideration in fiat currency or Virtual Assets; (c) trading Virtual Assets on the Virtual Asset Service Provider's own account; Exemption: A Person that deals solely on its own account, does not execute orders on behalf of customers, and does not hold or control Customer Assets is not regarded as carrying on 'broker-dealer services' for the purposes of this Ordinance (d) market-making using Customer Assets; or (e) providing placement or distribution services for Issuers. Custody Services mean the safekeeping or controlling, on behalf of customers, of Virtual Assets or of the means of access to such Virtual Assets. Exchange Services mean any of the following: (a) exchanging Virtual Assets for fiat currency; (b) exchanging one or more types of Virtual Assets; (c) matching orders between buyers and sellers and executing conversions as described in (a) and (b ); or (d) maintaining an order book for the above purposes. Lending and Borrowing Services mean the facilitation of lending or borrowing arrangements involving Virtual Assets, where one or more lenders transfer or lend Virtual Assets to one or more borrowers, subject to a contractual obligation for the borrower to return equivalent Virtual Assets at a specified time or upon demand. Virtual Asset Derivatives means the offering or facilitation of transactions in derivatives that have a Virtual Asset as their underlying reference asset. Virtual Asset Management and Investment means acting in a fiduciary or agency capacity Services capacity for the purpose of managing or administering another Person's Virtual Assets, including: Virtual Asset Transfer and Settlement Services includes transfer, transmission, or settlement of Virtual Assets between parties, or from one wallet, address, or location to another, on behalf of customers. Fiat-referenced Token Issuance Services The issuance, offering, redemption, or ongoing management of any fiat or Asset-Referenced token, including: • Establishing or administering reserve assets backing the value of the fiat-referenced Token; • Providing redemption rights or liquidity mechanisms to users or holders; • Operating any infrastructure enabling the issuance, transfer, or conversion of such Fiat-Referenced Token; • Acting as the primary Issuer, reserve custodian, or central administrator of the Fiat-Referenced Token system. (Concluded) Copyright Business Recorder, 2025
Otago Daily Times
2 days ago
- Health
- Otago Daily Times
Care facility didn't report resident's sexualised behaviour
Warning: This story discusses sexual violence and suicidal ideation. The Health and Disability Commissioner has identified shortcomings at a disability care home, where sexual abuse, violence and self-harm occurred. Deputy Commissioner Rose Wall has found Spectrum Care, a major disability care provider, breached the rights of three residents at one of its homes. The complaints were lodged in 2021 by family members or guardians of the residents. One resident, referred to as Mr D, who was in his 20s at the time, had an intellectual disability and foetal alcohol spectrum disorder (FASD). The report said he had a history of repeated acts of violence, intimidatory and sexualised behaviour aimed at other residents, and a history of self-harm and suicide attempts. Mr D's father, referred to as Mr C in the report, said he was concerned someone was going to get badly hurt if Spectrum did not step in to safeguard all involved. He said despite complaints to Spectrum the situation was not addressed adequately, and Spectrum had not communicated adequately about incidents involving his son. For example, Mr C said that he was not told when Mr D attempted to commit suicide three times. Mr C does not hold a welfare guardian order for Mr D. The report said Mr D was quite independent and able to communicate his needs clearly, unless highly anxious, and had said he wanted to advocate for himself. A complaint was also made by the family of a man known in the report at Mr A. Mr A was in his 60s at the time, and non-verbal. He had contracted measles as a child and had been diagnosed with developmental delay and an intellectual disability. Mr A's family said the mix of different disabilities and ages in the facility was inappropriate and unsafe. They said Mr D had been physically and sexually violent toward Mr A and others in the facility. Mr A's family said they asked Spectrum to control the situation and safeguard Mr A from Mr D's behaviour, but Spectrum failed to do this. They said staff at the facility had not reported all the incidents, had failed to tell them about incidents, and had not considered any of the incidents urgent, including sexual assault. A third resident, Mr F was in his 20s at the time, and had an intellectual disability, foetal alcohol spectrum disorder and oppositional defiant disorder. Mr F's welfare guardian said that he was not getting the 24/7 care he was entitled to, and the guardian had not been told of serious incidents in a timely manner. This included when Mr F was moved to another Spectrum facility. Wall said in her report that Spectrum was in breach of the Code of Health and Disability Services Consumers' Rights. She said Spectrum did not have an "optimal mix of residents" at the facility, and following a serious incident in April 2021 should have considered relocation of residents a priority. She recommended Spectrum apologise to the complainants, develop a formal whānau communication strategy and a procedure for consumers who were independent, not under any formal orders and didn't want information shared with their family. Spectrum accepted the Deputy Commissioner's recommendations, and had made a number of changes. It said it would now classify each incident of sexualised behaviour as a serious incident, and would complete a serious incident investigation for each. It had also introduced a new feedback system, brought in a new incident management system, and increased training for staff. Where to get help: Need to Talk? Free call or text 1737 any time to speak to a trained counsellor, for any reason. Lifeline: 0800 543 354 or text HELP to 4357. Suicide Crisis Helpline: 0508 828 865 / 0508 TAUTOKO. This is a service for people who may be thinking about suicide, or those who are concerned about family or friends. Depression Helpline: 0800 111 757 or text 4202. Samaritans: 0800 726 666. Youthline: 0800 376 633 or text 234 or email talk@ What's Up: 0800 WHATSUP / 0800 9428 787. This is free counselling for 5 to 19-year-olds. Asian Family Services: 0800 862 342 or text 832. Languages spoken: Mandarin, Cantonese, Korean, Vietnamese, Thai, Japanese, Hindi, Gujarati, Marathi, and English. Rural Support Trust Helpline: 0800 787 254. Healthline: 0800 611 116. Rainbow Youth: (09) 376 4155. OUTLine: 0800 688 5463.
Japan Today
18-06-2025
- Business
- Japan Today
Will the new law force 'street scouts' for sex businesses off the sidewalks for good?
For the past several decades, it was common to see "scouts" -- nattily dressed and well groomed young hunks -- accosting young women on sidewalks near major rail stations in Tokyo. Their standard pickup line was typically something like, "Hi! Say, would you be interested in making lots of money?" If the young woman showed interest, she might be introduced to a cabaret club, erotic bathhouse or some other type of "pink" business. The remuneration for this work could be quite lucrative: scouts earned a finder's fee plus a fixed percentage (known in the trade as "scout back"), said to range from 10% to 15%, but in special cases as high as 20% of the woman's earnings for as long as she remained on the job. Viewed as a public nuisance, the authorities eventually began cracking down. In January 2024, a scout group that went by the name "Access," was charged with violation of the Employment Security Law. The group, which oversaw the activities of some 1,500 scouts, was said to have raked in some 7 billion yen in revenues over the previous five years. Another outfit named "Natural," believed to be the nation's largest group, allegedly achieved annual sales of 5 billion yen. Its employees were also arrested in a police dragnet. According to the "special report" in Spa (June 17), street scouts were earning 500,000 yen per month on average, with the "aces" at the top of their profession taking home anywhere between 1 to 2 million yen per month. The bosses who oversaw the scouts' operations also raked in generous rewards. On May 20 of this year, however, revisions to the Act Regulating Adult Entertainment Business came into effect that effectively banned the "scout back" system. Those found in violation were subject to fines of up to 1 million yen and/or imprisonment of up to six months. At the same time, the fines for operating unlicensed sex shops were also substantially increased, up to a maximum of 10 million yen for individuals and 100 million yen for corporations. "This came as a huge blow," the pseudonymous "Mr A," a self-described freelance scout, told the magazine. "About half of the soaplands and delivery health operators I've been scouting for have dropped me. Needless to say, my income has also fallen by around half, and I've had to be extra cautious or risk running afoul of the new law. "About half the scouts I know have given up their jobs," he added. Fearing they would also be targeted, many of the soaplands in Tokyo's Yoshiwara red-light district dismissed female workers having ties to the scouts, and as a result the bathhouses are presently confronting a worker shortage that's hurting their bottom lines. "Last March, the job recruiting web site called 'Girls' Heaven' halted its recruitment for soaplands and also ceased postings on another site, called 'Vanilla,'" said Mr "B," who works as manager in a scout office in Shinjuku's Kabukicho. "Most of the scouts who left the business were facing a severe earnings shortfall, leaving them with only 200,000 yen per month," B continues. "That left them with little choice but to quit and look for other work. The remainder are still working as scouts; after all, there's no chance of sex businesses disappearing. So with fewer competitors out on the streets, I think their work will pick up again." One scout, infuriated at being dropped by a sex shop, was said to have sought revenge by purposely introducing a woman known to be carrying a sexually transmitted disease to a shop. B also mentioned two examples of high-profit, low-risk businesses that might circumvent the new law because they've been disregarded by the authorities up to now: so-called men's aesthetic salons and kon-kafe ("concept cafes," such as maid cafés, butler cafes, and prince cafes, designed around a specific theme or worldview). "No matter how strictly the laws are enforced, there are always loopholes," the aforementioned "A" tells the magazine. "That is to say, it makes sense for the sex shop to appear to have severed ties with scouts. Or, girls might change from a massage parlor to a cabaret club, but continue to be working for the same scout. "Actually there's a certain soapland in Yoshiwara that hired a former scout to drive the shuttle bus that takes the girls to and from their work. Instead of "scout back" payments, he receives remuneration in the form of a regular salary," A added. "Before the new revisions to the law went into effect, scouts had been cited by invoking other laws, such as causing damages according to the Employment Security Law," attorney Mikako Watanabe explains. "However these all had to be processed on a case-by-case basis. "Will the new law actually make enforcement any easier?" Watanabe asks rhetorically. "Unfortunately, all laws seem to have limitations on what they can accomplish." © Japan Today
ABC News
17-06-2025
- Business
- ABC News
Ombudsman criticises ACT Integrity Commission for awarding $150,000 consulting contract to then-CEO
The ACT Ombudsman has criticised the territory's corruption watchdog for awarding a $150,000 consulting contact to its then-CEO, while he was still in the top job. An investigation into the ACT Integrity Commission was sparked when the Ombudsman noticed the contract had been awarded, via the ACT government's Tenders ACT website in 2022, without any declared conflicts of interest. It is the first time Ombudsman Iain Anderson, in his capacity as Inspector of the ACT Integrity Commission, has used his powers to investigate the conduct of the commission or its personnel. The investigation found that while he was still in the role the then-CEO, known as Mr A, had planned to resign before his contract ended, but would stay on at the commission as a consultant, working with the new CEO and Integrity Commissioner. Mr Anderson's report, provided to the ACT Legislative Assembly on Tuesday, found that Mr A had prepared his own documents for the procurement of his consultant contract without declaring a conflict of interest. The report also found Mr A suggested the contract be made exempt from any public competitive process that usually assesses whether a proposal is value for money. The commissioner then copied those pre-prepared documents and failed to declare any apprehension of bias in his decision to engage the then-CEO, or seek independent advice, the report said. "These shortcomings occurred despite the commission being on the record as stating that 'managing conflicts of interest effectively and appropriately is an inherent part of working in the ACT public sector'," the Ombudsman said in his report. "As an integrity agency, in my view it is desirable the commission demonstrates integrity and probity in its procurement practices, otherwise it risks undermining public confidence in the broader systems it is meant to safeguard." The Ombudsman said Mr A was in a position of authority and breached his statutory obligations to avoid, declare, and manage a conflict of interest. "He had a clear personal financial interest with respect to the proposal that he be engaged, which was considered by the commission while he was still the CEO," he said. Mr A did not accept that a conflict of interest declaration was required, but said that if it was, it would rest with the final decision maker, namely the commissioner. The commissioner disputed findings that Mr A had breached his obligations as "completely unjustified", given a conflict of interest disclosure had been declared in writing but was not in the correct form. The commissioner argued that Mr A, who had been responsible for building the commission from its inception in 2019, had arranged to stay on at the watchdog to manage the significant outstanding structural work that would likely remain after his resignation. He said that Mr A's retention was a practical solution to a "difficult and stressful task" because there was no advantage in recruiting an outsider to complete that work until the new CEO could assume complete control. "The criticisms levelled by the inspector about the manner in which the essentially simple management of Mr A['s] departure proceeded represent the triumph of form over substance and a complete disregard for common sense," the commissioner said. At the time, the ACT Integrity Commission did not have a procurement policy in place. Mr Anderson said the investigation had exposed a possible gap in legislation which requires the commissioner to report conflicts of interest to the Speaker of the Legislative Assembly and the inspector, when they apply in a strict legal sense. "It may be appropriate for the commissioner to disclose to the speaker and the inspector the management of apprehensions of bias in the same way the commissioner discloses management of conflicts of interests," the report said. The Ombudsman made three recommendations, including engaging independent procurement advice as an integral part of any proposed single select tender process, and developing a procurement policy consistent with ACT government frameworks. Both of those were rejected by the ACT Integrity Commission, which only accepted a recommendation to develop and maintain a register of mandatory staff training to include training on conflicts of interest, bias, and procurement training. The Ombudsman was not required to publish the report into the integrity commission until its annual operational review in October 2025, but said he considered it appropriate to prepare a special report given the public interest issues identified and the rejection of two recommendations made.
New Straits Times
13-06-2025
- Entertainment
- New Straits Times
#SHOWBIZ: Woman wins RM6.3mil jackpot after dreaming of Byeon Woo-seok
SEOUL: A South Korean couple scooped a ₩2 billion (RM6.3 million) jackpot, crediting their win to a dream featuring actor Byeon Woo-seok. The star himself had the perfect response to their extraordinary story. It all began with a scratch card and a particularly star-studded dream. South Korean news outlet Osen reported that Mr A, a regular lottery player, received the surprise of his life when his wife casually presented him with a Spitto 2000 ticket worth ₩2 billion. The best part? She had dreamt of the Lovely Runner actor the night before. In her dream, Byeon reportedly made a radiant entrance, called her name, and handed her a prize with a warm hug at a glittering event. "She couldn't believe it," Mr A stated. Mr A also gave Byeon a grateful shout-out, thanking him for the "twist of fate". "Thank you, Byeon Woo-seok, for bringing luck to our family," he said. Upon seeing the viral post, Byeon cheekily replied, "I will run after waiting."
