Regulatory Climate in South Korea for Cryptocurrency is Already Tight – Binance will not Work with Unregulated Countries – The Cryptocurrency Analytics

Guidelines were released by the
SEC this week concerning the guidelines for companies who are looking to sell
the digital tokens.  Several investors
praised the SEC about the new regulatory clarity; however, they were also angry
about SEC going too far.

Everyone is scared of the
bureaucrats.  Many feel the SEC
guidelines are terrible; however, they say that they will have to say nice things,
failing which they may get prosecuted. Most of them feel like it sounds like a
war on the cryptocurrencies.

Rep. Warren Davidson (R-Oh),
stated, “The market needs clarity. While the idea of guidance from the SEC is
good, this guidance creates new questions. Effective guidance can only come
from Congress.”

The regulatory climate in South
Korea for cryptocurrency is already tight. 
Despite this, the cryptocurrency market continues to flourish.   The leaders in the South Korean government
feel that the time has come to loosen the strict regulations that are being
imposed on them.  They feel that such a
move will improve the expansion of the already well-flourishing industry.

Min Byung-Doo, chairman of
Korea’s National Policy Committee stated that the need for strict regulation
has already come to an end.  There is a
substantial amount of maturity seen in the South Korean cryptocurrency
market.  The market has survived the
worse storm and the government is not looking to place some strange controls on
the market.  They are looking at a foster
environment where cryptocurrencies will be allowed to flourish.  With the market heading north, many feel this
is ideally the right time to relax regulations to allow the market to flourish.

If South Korea provides for the
incubation required to help the cryptocurrencies flourish, the rest of the
countries might follow in suit. It is however felt that the conditions for
growth have already been met and it seems to be that there is a returning bull

Meanwhile Binance has stated that
they might not have anything to do with companies who have not done anything
about regulating their digital asset market. 

Changpeng Zhao, the CEO of
Binance have announced this during a conference in Korea.  Zhao further stated that he was ready to
co-operate with jurisdictions who have established strict regulatory
requirements for the cryptographic market with countries who are interested in
distributing the blockchain technology.

Binance further expressed their
preference to work with countries whose regulations are well defined.  Binance does not want to get into a situation
where the activities of regulators are reduced to just talking.


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