Investors in South Korea are more optimistic than ever, despite a bear market
In the past two months, investors of the cryptocurrency market in South Korea constantly expressed their optimism about the dramatic changes in the regulation of cryptocurrencies, despite the bear market.
Since the beginning of February crypto market has experienced the third worst correction in its history, experiencing a 78% price reduction. Despite the bear market, the cryptocurrency industry of South Korea has made significant progress in the field of regulation and acceptance.
Cryptocurrencies will soon become a legitimate industry in South Korea
Due to the extreme volatility of the cryptocurrency market, the vast majority of investors have recently focused on short-term price trends and the movement of the major cryptocurrency courses.
However, although the price of cryptocurrencies is an important metric, demonstrating the level of adoption of digital assets, it is equally important to recognize positive changes in the sector.
From June to the cryptocurrency market, South Korea there has been real progress in the regulation of digital assets, primarily in connection with the growing efforts of the government in the implementation of a practical regulatory framework for cryptocurrency and blockchain firms.
Local financial authorities and the financial services Commission (FSC), the chief financial observer of South Korea, focused on the legitimization of the industry, recognizing cryptocurrencies as regulated financial institutions, putting them under the jurisdiction of the FSC.
The FSC members stressed that the bill, if enacted, would effectively end the “Premium Kimchi,” which has fallen significantly since last December and reduced the cases of security breaches and hacker attacks.
Some government officials approached the FSC with a request to require the exchanges to get health insurance for your cryptocurrency holdings to the trading platform could reimburse their clients if their funds are stolen due to potential hacker attacks.
Blockchain training and support of the regional government
Last week, CCN reported that the South Korean government is promoting the blockchain trenham in the framework of its efforts to strengthen the fourth industrial revolution.
This week South Korea has set its budget for the development of the industry in the year 2019, in trillion won, more than ever spent on the development and implementation of innovative technologies. The government is not willing to spend such a significant amount of capital to other technologies like artificial intelligence and virtual reality.
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