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.
Image courtesy of Giuseppe Milo via Flickr
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
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