The local crypto market in South Korea has been developing over the past months and the year altogether. The investors in it have always been optimistic about a drastic change that will bring a new positive outlook on the entire crypto landscape.
Even though the crypto market has endured the third-worst correction in its history since February 2018, the fact that the prices are now 78% down does not affect the cryptocurrency industry in South Korea.
Since June, there has been progressing in the digital-asset regulation, mainly due to the increasing efforts of the South Korean government to implement practical regulatory frameworks for cryptocurrency and blockchain companies.
The Financial Services Commission (FSC) which is the main financial watchdog of South Korea, has been focusing on legitimizing the industry by recognizing cryptocurrencies as verified financial institutions under its (FSC) authority.
Right now, the blockchain bill is expected to be passed by the Congress, where every cryptocurrency exchange will be required to comply with the same security, anti-money laundering policies and internal management as banks within the country.
If passed, the bill will also put an end to the numerous cases of security breaches and hacking attacks within the country. This week, South Korea has established a budget for blockchain development in 2019 which is estimated at 1 trillion won – and is the biggest investment in the field of innovative technologies in the country.
There are also plans for creating the new “Crypto Valley” in South Korea (Jeju Island) – all in order to attract cryptocurrency exchanges, developers, talents, as well as businesses.
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Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
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