Investors are agitated by the recent South Korean cryptocurrency ban. Although the country has a large cryptocurrency market, trade in cryptocurrency is not yet regulated. Kim Dong Yu, the vice chairman, stated that the government doesn't recognize digital currencies as financial products or currencies and reiterated its inability to guarantee the cryptocurrency's value. Financial authorities in the country have been debating comprehensive regulations to curb illegal activities, including a ban on all initial coin offerings (ICOs).
The new law will prohibit all foreigners from trading cryptocurrencies in Korea. This applies to both citizens and non-residents as well as ethnic Koreans with foreign citizenship, or "kyopo". Nonresidents and minors are also prohibited from trading in crypto. Three government-owned banking institutions are conducting risk assessments on the 'big four' largest crypto trading platforms. The ban will be enforced on smaller exchanges.
While South Korea has announced it is not banning cryptocurrency, the ban isn't likely to happen right away. The move must be approved by the majority of 297 members of National Assembly before it is effective, according to the presidential office. It could take several months or even years to approve the move. It is nevertheless a positive sign for South Korea's future crypto industry. At this stage, it's unclear what the government plans to do for the crypto industry.
Despite the South Korean cryptocurrency ban recently, the industry has been booming. The regulator in South Korea has said that the bubble would burst soon. Meanwhile, the CEO of BitSpread, a bitcoin trading company, Cedric Jeanson, says the new regulation is a positive step. To protect investors, he argued that South Korea's financial regulators should monitor and control ICOs. While the South Korean government's decision won't hurt the economy, it does intend to protect its customers.
Despite the South Korea cryptocurrency ban, it is important to understand why the country is restricting these activities. The country's regulators have voiced concerns about the risks associated with crypto and have warned that they aren't safe to invest in. The government also wants to limit the risk of fraud and scams. In response, regulators banned the nation's initial coin offerings and cryptocurrency trades.
The ban is not necessarily a positive thing for the industry. The closure of over half of South Korea's crypto exchanges could create an easy path for monopolies, which could harm ordinary investors. It is important that investors remember that the ban was temporary. The ban is temporary and has no legal foundation. The South Korean government has not yet released guidelines on how to enforce this ban.
FAQ
Which cryptos will boom 2022?
Bitcoin Cash, BCH It's the second largest cryptocurrency by market cap. BCH is expected overtake ETH, XRP and XRP in terms market cap by 2022.
Which crypto currency should you purchase today?
Today I recommend Bitcoin Cash (BCH) as a purchase. BCH's value has increased steadily from December 2017, when it was only $400 per coin. The price of BCH has increased from $200 up to $1,000 in less that two months. This shows how much confidence people have in the future of cryptocurrencies. This also shows how many investors believe this technology can be used for real purposes and not just speculation.
Is there a limit on how much money I can make with cryptocurrency?
There are no limits to how much you can make using cryptocurrency. Be aware of trading fees. Fees may vary depending on the exchange but most exchanges charge an entry fee.
Statistics
- While the original crypto is down by 35% year to date, Bitcoin has seen an appreciation of more than 1,000% over the past five years. (forbes.com)
- Ethereum estimates its energy usage will decrease by 99.95% once it closes “the final chapter of proof of work on Ethereum.” (forbes.com)
- Something that drops by 50% is not suitable for anything but speculation.” (forbes.com)
- This is on top of any fees that your crypto exchange or brokerage may charge; these can run up to 5% themselves, meaning you might lose 10% of your crypto purchase to fees. (forbes.com)
- A return on Investment of 100 million% over the last decade suggests that investing in Bitcoin is almost always a good idea. (primexbt.com)
External Links
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