Blockchain CEOs are tired of the South Korean regulations since the blockchain projects are now leaving the market because of the headaches from the regulators according to the coming altcoin news reports we have today here on DC Forecasts.
According to some industry experts, the local news outlet Business Korea noted that there is an increasing tendency for Blockchain projects born in South Korea to find easier funding across the world. Major international exchange is now the focus of the Blockchain CEOs looking to raise cash and mainly those with high volume residing in a pro-crypto jurisdiction. The reason lies in south Korea’s problems with the implementation of the controversial cryptocurrency regulations and it says:
‘’Experts point out that domestic blockchain projects are flocking to foreign exchanges largely due to tougher domestic cryptocurrency exchange market conditions. Investors cannot make or withdraw deposits in the Korean currency at Korean exchanges’’
If we don’t include the nation’s four largest exchanges, some of the 200 smaller exchanges cannot even open real-name virtual accounts and this is one of the reasons why crypto investors cannot benefit from the protection systems. The international players such as China’s BW.com, Bitholic and Binance Labs sense the demand from South Korea hence they are either opening Korean won markets or in this case, Binance Labs is only sponsoring the blockchain efforts. Only this week, Japan as one of the governments that openly claim to foster crypto exchange innovation while still has a strict licensing scheme added another platform to its domestic economy in the form of Rakuten Wallet.
These moves are also impacting other exchanges and market players’ share of the market. As a result the South Korean exchanges are less appealing in 2019 because of the low volume and out of the top one hundred in the world, there are only a few exchanges that are located under the jurisdiction in Seoul. Other issues faced by the local include added responsibility for loss or theft of the customers’ funds. Earlier this month, the commentators warned that the existing restrictions on cryptocurrency by the regulators will throttle attempts to foster blockchain innovation as read in the latest cryptocurrency news:
“It is no exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions’’
The German Government Establishes A Sound Blockchain Strategy
“The young and innovative blockchain ecosystem in Germany should be preserved and continue to grow. Germany should be an attractive location for the development of blockchain applications and investments in their scaling. At the same time, large companies, small and medium-sized enterprises and startups, as well as the public sector, countries, civil society organizations, and citizens should be enabled to make informed decisions about the use of technology.”In order to achieve its newly outlined blockchain goals, the German government said that one effort that it wants to undertake is devising an “investment and growth-oriented regulatory framework” geared to the domestic crypto economy. This way, the markets could “work without state intervention and the principle of sustainability is guaranteed.” Furthermore, the ministries noted that they were going to take a multi-pronged approach towards becoming a blockchain hub. As many best cryptocurrency news sites noted, Germany is looking to promote entrepreneurs, encourage investments, guarantee stability, enable fair competition, support stakeholders and foster international cooperation in the attempt to bring blockchain to the masses. All of these goals were created through consultations with officials of the German government - and more than 150 crypto economy stakeholders over the past few months. The task at hand is now putting everything into action.
“At the European and international level, the Federal Government will work to ensure that stablecoins do not become an alternative to state currencies,” the strategy document read.The grand question for now is whether other smaller European countries will follow Germany's (and France's) lead in taking a strict stance towards blockchain innovation.
CJ Korea Develops A Blockchain-Based Music Copyright System
“It is very important to have a system that guarantees fairness and transparency among copyright stakeholders,” said Kim Eung-do, the director of the DT Convergence Research Institute at CJ OliveNetworks in a report which was published in the business outlet Hankyung.As he also noted, “the blockchain-based copyright management system will greatly contribute to improving the copyright management process.” Meanwhile, CJ Korea is South Korea's 14 largest conglomerate and has 31 trillion won ($25.9 billion) in assets as the latest Fair Trade Commission data report shows. The business lines include everything from food and beverage to logistics, beauty stores, IT, entertainment and a cinema chain. On the other hand, the latest cryptocurrency news show that CJ OliveNetworks operates OliveYoung, who is one of the country's K-beauty leaders. He has an IT division doing everything from Internet of Things (IoT) to cloud computing to Big Data. However, a decision was announced in April to split the two and transfer the IT division to CJ Korea Corp. Meanwhile, Amazon Web Services (AWS) became available in Korea in 2016. 2019 was the year when it started offering the Managed Blockchain to the public, following the introduction of the service back in 2018. So far, AT&T, Nestle and Accenture are among the respected clients of the service.
Huge Mining Confidence Indicates A Strong Boost For Bitcoin
New Trojan Virus Launched That Steals Passwords From Crypto Wallets
Join us on Facebook
- The German Government Establishes A Sound Blockchain Strategy
- BitMEX CEO Arthur Hayes: ‘Traditional Traders Are Under Pressure’
- McAfee Believes Bakkt Launch Could Jumpstart Widespread Adoption
- Upbit Exchange Delists Privacy Coins Including Monero, Dash and Others
- CME Group Will Launch Bitcoin Options Early In 2020
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Tether’s Burning Of 400M USDT Could Crash The Bitcoin Price
Bitcoin News5 days ago
Bitcoin Price Analysts: A Strong Bull Run Is Imminent
Altcoin News3 days ago
Wells Fargo Tokenizes Cash But Avoids Calling It A Cryptocurrency
Altcoin News3 days ago
Ripple And Coinbase Relations Rumor Will Fuel XRP By 20%
Bitcoin News5 days ago
Low Bitcoin Volatility Could Power A Strong Price Movement
Bitcoin News4 days ago
Current Bitcoin Is Stronger Than Ever, But No One Cares: Google Trends
Bitcoin News4 days ago
Deloitte Starts Testing Bitcoin Payments For Its Staff
Bitcoin News2 days ago
CME BTC Futures Volumes Hits 4-Month Low: Analysis