South Korea is regulating their cryptocurrency market not banning it.
South Korea is not banning cryptocurrency trading, not a surprise for those of us who have been following the situation closely. There was a big dust up two weeks ago when South Koreas' finance minister talked publicly of drawing up a bill to outlaw crypto trading all together. His statements drew hard criticism amongst South Koreans, threats of legal action and even a 200,000 signature petition opposing a ban. It was after this lashback I knew South Korea wouldn't ban crypto but instead regulate it further and they've done just that by eliminating all anonymous trading accounts by Jan 30th. I think this is great news and believe regulation is good for the market not bad. By eliminating anonymous accounts, a safer trading environment is created and bit by bit we get closer to changing the general view of how risky crypto assets are and gets closer to being recognized as its own asset class. If crypto is going soar to its true potential much more regulation will be needed to dissipate the fear that surrounds it, which will allow institutional investing and average investors to get involved.
G'day
Yeah I agree that regulation needs to be brought into crypto markets but there is a fine balance as too much regulation can end up stifling innovation. I think regulation should focus on transparency and disclosure so that the people managing these coins are accountable to the coin holders. Also those investors who hold significant amounts of listed coins (whales) should be identified and their trades made visible for the public to see as this will show their trading strategies and those that are manipulating the market will be better able to be discovered. These are just some reasonable regulations that exist in stock and bond markets today that have benefited those markets considerably.
Well said Sly, I agree. I would like see crypto be a "big league" market, so investors will need to be protected better than they are now.
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