Regulations in the Cryptocurrency Market in 2018
Hello CyCleaners! Last week, we finished our Korea meetup tour with our final event in Seoul, and I can tell you that Korea is going crazy about CyClean. The Sheraton Hotel ballroom was so packed that we had to bring in extra chairs. That’s how popular CyClean is in Korea. But today, we are here to talk about the cryptocurrency market in general.
I think it’s that time again, to take a deep breath and to remind ourselves about the current state of the market. About a month ago, I wrote about the downward trend of the market that began in early January. Today, I will not address prices or attempt to predict how prices will move. I will however discuss something that is more important: regulations.
Source: https://www.verdict.co.uk/south-korea-cryptocurrency-exchange-shut-down/
South Korean Regulatory Measures
In 2018, South Korea has caused a lot of uncertainty in the global cryptocurrency market. Their crackdown on coin offerings and upgraded KYC policies have somewhat deterred new participants from entering the cryptosphere. Due to these measures, trade volume has decreased all across the board. However, where there is bad news, there is good news also. More and more exchanges have been opening even in the midst of a stagnant market. New coins are being added to major exchanges, and Korean Won pairings are making it easier for beginners to purchase cryptocurrencies.
The Korean government also reaffirmed its stance on cryptocurrencies. South Korea does not want to ban cryptocurrencies, but instead desires to regulate exchanges and keep them in compliance with financial regulations.
A Common Code for All?
Recently, discussions among major cryptocurrency countries have been underway. Just last week, the Financial Action Task Force (FATF), mentioned cryptocurrency regulations. Because the FATF oversees the financial activity of powerful economies, their set of regulations may become binding for many countries. We will have to keep our eyes open for any movement by the FATF.
Recently, discussions among major cryptocurrency countries have been underway. Just last week, the Financial Action Task Force (FATF), mentioned cryptocurrency regulations. Because the FATF oversees the financial activity of powerful economies, their set of regulations may become binding for many countries. We will have to keep our eyes open for any movement by the FATF.
No Longer a Wild West
While the cryptocurrency market was left unchecked in 2017, the 2018 situation is completely different. Much needed regulations are coming into place, and this is good for everyone. We can legally invest in coins and participate in ICO projects without the uncertainty of not knowing whether what we do are doing is illegal or not. Then how does this shifting landscape affect CyClean?
Well, CyClean is already compliant with financial regulations, so you do not have to be worried. At all. CyClean will continue to follow the latest regulatory updates to ensure that it is legally compliant.
** For more information about CyClean, please visit our website at cyclean.io.
