New South Korean Financial Supervisory Service (FSS) Governor, Yoon Suk-heun, has confirmed that the country will be easing the tight hold on crypto trading currently in the country. Mr. Yoon has just been nominated by the South Korean President, Moon Jae-in, to head the FSS government agency.
Upon appointment, Mr. Yoon was quick to inform reporters the following:
“Regarding cryptocurrencies, there are some positive aspects…The FSS will collaborate with the FSC when an inspection of policies and financial institutions has different configurations associated with different scopes. FSC inspects policies, while the FSS examines and supervises financial institutions but with the oversight of the FSC.”
However, Mr. Yoon did not dwell much as to how the FSS will apply certain methodologies to domestic cryptocurrency exchanges such as Upbit, Youbit, Coinlink, Coinnest, Coinplug, Coinone, Korbit and Bithumb.
The South Korean Government has been known for its sudden crackdown of crypto-currency trading and ICOs earlier on in the year that was seen by many crypto-traders, as being the catalyst to the decline in the crypto-markets this year. The total market capitalization of the crypto markets had peaked at around $828 Billion in early January and had shown signs of reaching the much anticipated $1 Trillion mark.
However, later in January, the South Korean regulatory officials started banning some aspects of crypto trading that made the industry so attractive to some traders. The regulators started by clamping down on anonymous trading in the numerous exchanges in a bid to reduce cryptocurrencies from being used to launder money and other crimes. During that early period this year, South Koreans had been the backbone of crypto trading. The South Koreans would then reduce their trading and withdraw all, or part of their funds when regulations started being announced.
Since the crackdowns begun, the markets have declined to current total market cap levels of $333 Billion. This is a decline of 60% in 5 months.
Hopefully, and with the new FSS boss, crypto trading will resume to the levels witnessed in January. Back then, Bitcoin (BTC) was trading at around $18,000 and the crypto-verse was in turn very excited. New traders and investors were signing in by the hundreds per day, leading many exchanges to halt new registrations. Ethereum (ETH) had just peaked at over $1,300 with Ripple (XRP) also reaching new heights of above $3. Bitcoin Cash (BCH) had also stunned the crypto-verse when it was valued at $4,000 immediately after being listed on Coinbase back in January.
Only time will tell if this new development will indeed affect the crypto-markets in a positive manner.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…
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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…