The new Financial Supervisory Authority (FSS) Chairman Yoon Suk-heun, appointed by South Korea’s President Moon Jae-in, said that the government will facilitate the regulation of the cryptocurrency market.
Yoon said in a statement today. Noting that there are some positive aspects regarding the issue, he stated that his institution will focus on making better, more practical regulations to stabilize the market.. The Chairman of the FSS also noted that he will begin collaborating with the Financial Services Commission (FSB) to review current regulations in the cryptocurrency market.
The market is affected by overly strict regulations
South Korea’s largest crypto Bithumb, one of the currency exchanges, reported that the daily trading volume of 4 trillion dollars decreased to 400 billion dollars after the FSS implemented the real identity (without anonymity) registration system to the exchanges.. This pressure from the regulators on cryptocurrency exchanges and investors led to the instability of the market and a decrease in the demand for cryptocurrencies. also thinks that the practices are out of order and do more harm than good to the market.
What awaits the market?
With these statements of the new FSS President, a positive atmosphere prevails in South Korea.. Reported increase in demand for cryptocurrencies like Bitcoin and Ethereum. The volume of South Korea’s largest cryptocurrency exchanges began to rise. Bithumb closes to $900 billion in last 24-hour volume. Scissors started to open in South Korea as an indicator of increasing demand for Bitcoin.. Price differences of more than $300 have emerged between Bitfinex and South Korean exchanges.
If FSS and its manager Yoon follow their current plans and ease cryptocurrency regulations in the short term, demand for cryptocurrencies in South Korea is expected to increase further and volumes are expected to recover. .
Korea in the top 3 in crypto
The importance of these developments is better given that South Korea’s official currency, Won, is one of the 3 most used currencies in cryptocurrency trading understandable. Yen and USD share the top two places in this regard.. Won is 3 with a 7 percent share.. taking the turn. In addition, the world’s 4 largest. and 6. cryptocurrency exchanges, South Korea-based exchanges Upbit and Bithumb.
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