Hundreds of thousands of South Korean investors began to invest in Bitcoin and the cryptocurrency market, suddenly fueling demand.
The Demand for Bitcoin and Other Cryptocurrencies Increases in South Korea
The Exponential Cryptocurrency Market in South Korea Has Reached to the Point that South Korean Prime Minister Lee Nak- Yeon and Deputy Prime Minister Kim Dong -yeon, who also serves as the Minister of Strategy and Finance, issued public statements regarding potential short-term policies to regulate the South Korean market. cryptomonnaie.
In an interview with Nathaniel Poppers of the New York Times, founder and CEO of Korbit, Tony Lyu, said that in the South Korean financial market, if the popularity of an asset increases and that a few people are invested in the latter, the vast majority of the market and investors are rushing to invest in this particular asset, in a desperate attempt to follow the trend.
Lyu said:
"The word is spreading very quickly in Korea, once people are invested, they want everyone to join the party.
Such a state of mind for the majority of investors in South Korea's financial and cryptocurrency markets has led to an increase in cryptocurrency activity. Daily trading of the biggest purse of cryptocurrency of South Korea, Bithumb, exceeded that of KOSDAQ, the main stock market of the country.
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South Korean Deputy Prime Minister Kim also stressed that the protection of the inv Developers and consumers will need to be in place by the end of 2018, as investors of all ages have begun investing in cryptocurrency.
Previously, the South Korean government and its financial regulators were reluctant to regulate the local cryptocurrency market, as this would legitimize the market. sold to regulate the market, given the exponential increase in demand for the cryptocurrency market.
Chosun, a South Korean media, reported that the South Korean Ministry of Strategy and Finance, Ministry of Justice, The Fair Trade Commission and the Financial Supervisory Commission have created a group of Crypto-currency research to investigate various aspects of the cryptocurrency market that the government can regulate in the short term.
One of the working group spokespersons told Chosun that the South Korean government intended to follow regulatory frameworks and roadmaps integrated by major economies and markets. Bitcoin such as Japan and the United States.
The South Korean government has no choice but to follow regulatory frameworks and trends established by other major governments. While there is certainly a negative reputation attached to crypto-currencies, the government's position is to allow what needs to be allowed, for the benefit of the South Korean market.
Thomas Glucksmann, Hong Kong-based chief marketing officer at the Gatecoin Cryptocurrency Exchange.Also noted that given the daily volume and size of the foreign exchange market of Gatecoin. South Korean Bitcoin, the regulatory frameworks of the South Korean government are needed for the market and the industry to develop Glucksmann added:
"Given the size of the market there is a greater need for them to find something soon. "