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Korean Bar Association Urges Gov’t to Adopt Crypto Regulation to Let Field Develop

  • Yuri Molchan
    📰 News

    South Korean authorities are under pressure from the local lawyers to start regulating crypto assets


Korean Bar Association Urges Gov’t to Adopt Crypto Regulation to Let Field Develop
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Contents

On Thursday morning, Reuters UK reported the Lawyers’ Association of South Korea began to lobby the local lawmakers to introduce the legal basis for crypto regulation.

Korean lawyers eager to get crypto going in the country

The Korean Bar Association, of which every local lawyer has to be a member, has officially requested high authorities to accelerate the creation of the legal basis for regulating virtual currencies. In their opinion, regulation will provide an impulse for Blockchain and crypto to start developing properly. Besides, they believe regulation will prevent the negative sides of crypto from emerging.


The current state of the Korean market

The crypto industry in South Korea has been one of the most active and dynamic ones since this is one of the biggest crypto markets. That is even despite the severe stance the government took in 2017 over crypto regulation: it nearly imposed a ban on crypto trading but finally reversed it.

Nevertheless, this autumn, there have been reports emerging that Korea’s “Kimchi Premium,” the one that requires prices on crypto coins in the country be higher than on average around the world. That is the sign that the local community remains as keen on crypto as before.

To ICO or not to ICO?

The appeal of the Korean Bar Association to the government is happening at the period when the latter is about to announce the verdict as to whether or not Korea will copycat the Chinese anti-ICO attitude introduced by the Celestial in the fall of last year.

👉MUST READ South Korea: Government To Decide On Allowing ICO’s In November
South Korea: Government To Decide On Allowing ICO’s In November

However, Korean authorities do not seem to hurry to come to any particular decision regarding their position on the DLT and crypto field. Reuters reports that the Korean government plans to conduct a wide research of both areas before making a final decision.

Korean regulator goes to the ‘dark side’

However, despite the possible shift of the government towards a positive view of crypto and DLT, the local regulator, the Financial Services Commission (FSC) has just recently made a warning that crypto assets to fund emerging startups may go against the South Korea’s Capital Markets Act. Thus, the chairperson of FSC Choi Jong-Ku has again confirmed his negative view against ICO.

The good part in this, however, is that Choi Jong-Ku’s recent statement says that crypto trading companies will not have any problems with banking services provided they follow all anti-money laundering rules and implement strict KYC procedures.

Cover image via u.today
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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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