VALU ended the service of its social network, "VALU", on March 31. The withdrawal procedure of Bitcoin [BTC] due to the end of the service was due on March 31 at 12:00, but it will be extended to two days before the enforcement date of the revised Funds Settlement Act.
VALU has been working on “ Regulations on Custody Business for Cryptographic Assets '' included in the Revised Funds Settlement Act on Cryptographic Assets passed on May 31, 2019, but will abandon it in January 2020 announced. Since the FATF [International Conference on Manelon Measures] recommends regulations, the amendment bill to be enforced in the spring of 2020 will have the same regulations as the virtual currency exchange. The date of enforcement of the law shall be a date specified by a Cabinet Order within one year from the date of promulgation [June 7, 2019].
VALU has finished selling and selling VA tokens handled by VALU as of 13:00 on March 2. The service of VALU will be terminated on the 31st, after which only Bitcoin withdrawal procedures will be supported. The withdrawal method is announced on the official website.