Friday, June 2, 2023
Crypto News
Advertisement
  • Home
  • Cryptocurrency
  • Bitcoin
  • Altcoin
  • Cardano
  • Ethereum
  • Blockchain
  • Ripple
  • Videos
No Result
View All Result
  • Home
  • Cryptocurrency
  • Bitcoin
  • Altcoin
  • Cardano
  • Ethereum
  • Blockchain
  • Ripple
  • Videos
No Result
View All Result
Crypto News
No Result
View All Result
Home Blockchain

South Korea Weighs New Measures for Blockchain Platforms

by Crypto News
June 14, 2022
in Blockchain
0
South Korea Weighs New Measures for Blockchain Platforms
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


  • New laws for “blockchain-based platforms” is presently into consideration, although little element has been offered
  • A self-regulatory physique that may oversee market circumstances and monitor for compliance can also be being thought of

South Korea’s ruling get together is reportedly weighing up new measures within the spirit of shopper safety following latest market turbulence that has shaken confidence and raised fears of an impending large-scale crypto contagion.

Folks Energy Celebration (PPP) chief policymaker Rep. Sung Il-jong stated Monday his get together is contemplating introducing laws for “blockchain-based platforms,” with out divulging precisely what’s deliberate, with a purpose to higher shield buyers.

The minister voiced the federal government’s intentions throughout a party-government consultative assembly on digital belongings on Monday.

Sung alluded to parts already included within the special financial transaction law, which seeks to control cash laundering and financing of terrorism, however stated the legislation was not organized to cope with crypto particularly, Yonhap News reported.

The PPP and its built-in Monetary Supervisory Service (FSS), which supervises monetary establishments beneath direct oversight from the Monetary Providers Fee, will even set about establishing a self-regulatory regime.

5 of the nation’s high exchanges together with Upbit, Korbit, Bithumb, Coinone, and Gopax raised their fingers throughout the assembly to launch a joint consultative physique that seeks to observe compliance with new and present guidelines.

The opportunity of new measures comes on the heels of TerraUSD’s collapse which triggered shockwaves throughout total digital asset sectors in Could as concern gripped the crypto market and prompted regulators to behave.

The ruling get together’s consideration additionally comes as crypto lender Celsius introduced it might droop withdrawals and transfers from its platform citing “extreme market conditions.”

“Considerations in regards to the solvency of Celsius have peaked and the platform has responded by suspending withdrawals,” lead tech author at Bybit Nathan Thompson advised Blockworks Monday “This can be a defensive transfer by the corporate. Nevertheless, customers who can’t entry their funds are understandably upset.”

In each situations, fears of a spillover to sure sectors of crypto – together with DeFi and stablecoins – are inflicting additional sell-side strain in an already beleaguered surroundings.

Bitcoin’s worth, which usually acts as a barometer for market well being, continues to tumble, having shed 47% since Could 5 from round $40,000 when murmurs over Terra’s demise started to coalesce.

Crypto costs at the moment are at their lowest since December 2020 with buyers having to eat losses and settle in for a doubtlessly lengthy bear market. Bitcoin was final seen altering fingers for $21,500 and is down about 35% over a seven-day interval, change information reveals.

With a freshly elected authorities, South Korea has got down to reform lots of its present fiscal and financial insurance policies, together with its method to digital belongings. It’s beneath these market circumstances, in addition to election guarantees, that each South Korea’s PPP and FSS have justified an extra tightening of rules.

If the crypto market is to expertise any “accountable development” then the institution of a regulatory system overseeing them is a vital issue, FFS chief Lee Bok-hyun reportedly stated Monday.

Nevertheless, given the advanced and unpredictable nature of crypto, establishing a self-regulatory regime via the participation of “personal consultants” additionally must be thought of, the FFS chief added.


Get the day’s high crypto information and insights delivered to your inbox each night. Subscribe to Blockworks’ free newsletter now.


  • Sebastian Sinclair

    Blockworks

    Senior Reporter, Asia Information Desk

    Sebastian Sinclair is a senior information reporter for Blockworks working in South East Asia. He has expertise overlaying the crypto market in addition to sure developments affecting the trade together with regulation, enterprise and M&As. He presently holds no cryptocurrencies.

    Contact Sebastian by way of e mail at [email protected]

Related articles

Shift To DeFi "Wishful Thinking:" True Value Of Blockchain Is Elsewhere | Crowdfund Insider – Crowdfund Insider

November 28, 2022
5 Examples Of How Blockchain Could Transform The Casino Industry In The Future – CoinChapter

5 Examples Of How Blockchain Could Transform The Casino Industry In The Future – CoinChapter

November 28, 2022



Source link

Share76Tweet47

Related Posts

Shift To DeFi "Wishful Thinking:" True Value Of Blockchain Is Elsewhere | Crowdfund Insider – Crowdfund Insider

by Crypto News
November 28, 2022
0

Shift To DeFi "Wishful Thinking:" True Value Of Blockchain Is Elsewhere | Crowdfund Insider  Crowdfund Insider Source link

5 Examples Of How Blockchain Could Transform The Casino Industry In The Future – CoinChapter

5 Examples Of How Blockchain Could Transform The Casino Industry In The Future – CoinChapter

by Crypto News
November 28, 2022
0

5 Examples Of How Blockchain Could Transform The Casino Industry In The Future  CoinChapter Source link

Line shuts down crypto exchange to focus on blockchain and LN token

Line shuts down crypto exchange to focus on blockchain and LN token

by Crypto News
November 28, 2022
0

The Japanese messaging big Line has determined to close down its cryptocurrency alternate enterprise amid the continuing crypto winter.Line-owned...

Blockchain In Edutech Market Top Key Players, Latest Trends, Regional Insights 2026

by Crypto News
November 28, 2022
0

Blockchain technology market is a distributed system that data and shops transactional data. Extra particularly, blockchain know-how is a...

Cosmos-Based L1 Blockchain Onomy Raised $10M

Cosmos-Based L1 Blockchain Onomy Raised $10M

by Crypto News
November 28, 2022
0

Regardless of the extended bearish cryptocurrency market, Onomy has accomplished a $10 million funding spherical because it nears launch....

Load More
  • Trending
  • Comments
  • Latest
6 Altcoins to Buy As Crypto Bull Market Gets Crazier: Banking Veteran

6 Altcoins to Buy As Crypto Bull Market Gets Crazier: Banking Veteran

November 7, 2021
Tesla To Accept Shiba Inu Coin and will hit $0.1 in 2021!!

Tesla To Accept Shiba Inu Coin and will hit $0.1 in 2021!!

November 1, 2021
Bitcoin Mining Noise Drives Neighbors Nuts—a Giant Dentist Drill That Won’t Stop

Bitcoin Mining Noise Drives Neighbors Nuts—a Giant Dentist Drill That Won’t Stop

November 12, 2021
Pro-Crypto Candidates Seek an Easier Way to Accept Bitcoin, Altcoins

Pro-Crypto Candidates Seek an Easier Way to Accept Bitcoin, Altcoins

October 22, 2021
5 Hotels Accepting Cryptocurrency as a Payment Method

5 Hotels Accepting Cryptocurrency as a Payment Method

0
Top cryptocurrency prices today: Bitcoin, Dogecoin, Ethereum gain up to 5%

Top cryptocurrency prices today: Bitcoin, Dogecoin, Ethereum gain up to 5%

0
Four Emerging Altcoins Soar 101% or More Within Seven Days As Crypto Markets Ignite

Four Emerging Altcoins Soar 101% or More Within Seven Days As Crypto Markets Ignite

0
ADA Price Prediction: Cardano Sits and Waits

ADA Price Prediction: Cardano Sits and Waits

0
BITCOIN TRADING LIVE – TECHNICAL ANALYSIS OF ALTCOIN CHARTS – WHAT IS COMING NEXT FOR BITCOINS PRICE

BITCOIN TRADING LIVE – TECHNICAL ANALYSIS OF ALTCOIN CHARTS – WHAT IS COMING NEXT FOR BITCOINS PRICE

February 16, 2023
Large Bitcoin BREAKOUT Coming SOON? TOTAL Market Cap Rallies Past New HIGH!

Large Bitcoin BREAKOUT Coming SOON? TOTAL Market Cap Rallies Past New HIGH!

February 16, 2023
Cryptocurrency Public & Private Keys

Cryptocurrency Public & Private Keys

February 16, 2023
CARDANO FOUNDER REVERSES ON COIN BURN

CARDANO FOUNDER REVERSES ON COIN BURN

February 16, 2023

Recent News

BITCOIN TRADING LIVE – TECHNICAL ANALYSIS OF ALTCOIN CHARTS – WHAT IS COMING NEXT FOR BITCOINS PRICE

BITCOIN TRADING LIVE – TECHNICAL ANALYSIS OF ALTCOIN CHARTS – WHAT IS COMING NEXT FOR BITCOINS PRICE

February 16, 2023
Large Bitcoin BREAKOUT Coming SOON? TOTAL Market Cap Rallies Past New HIGH!

Large Bitcoin BREAKOUT Coming SOON? TOTAL Market Cap Rallies Past New HIGH!

February 16, 2023

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cardano
  • Cryptocurrency
  • Ethereum
  • Ripple
  • Videos

Bitcoin Currency Converter

Cryptocurrency Prices by Coinlib
  • Privacy & Policy
  • About Us
  • Contact Us

© 2021 Copyright Crypto News

No Result
View All Result
  • Home
  • Cryptocurrency
  • Bitcoin
  • Altcoin
  • Cardano
  • Ethereum
  • Blockchain
  • Ripple
  • Videos

© 2021 Copyright Crypto News