During the last months, South Korea has appeared in the news because of different cryptocurrency regulations. The government has been warning the society about the different risks that cryptocurrencies pose to investors. But South Koreans do not want to allow the government to create more regulations over these currencies. That’s why, a petition has been circulating in the Asian country. More than 200K citizens have signed it. The online petition calls the government to reconsider its stance on the different regulations.
South Koreans Want a Legal Market
The petition was started on the website of the South Korean presidential office. As the website reads, if the petition is signed more than 200,000, then government officials must respond in the next 30 days.
But less regulations do not mean a market without them. It is important for the legitimacy of the market to allow certain regulations to have effect. For example, the petition supports one of the latest measures banning anonymous trading accounts. Furthermore, the South Korean cryptocurrency exchange Bithumb, is in favour of a regulated market.
“A right set of regulations will rather nurture the virtual currency market, and we would welcome that,” Reuters reported.
South Korea is one of the most important cryptocurrency trading countries. It is the third country by cryptocurrency trading volume after Japan and the United States. The Euro as a currency, sometimes struggles to move more money than the Korean Won.
The proposed regulations by the government include banning anonymous virtual trading account or ban the possibility to trade cryptocurrencies.
South Korea not the Only Country Regulating the Cryptocurrency Market
Other countries and international agencies are searching different ways to regulate the cryptocurrency market. At CoinStaker we wrote how Germany’s Central Bank is pushing for worldwide cryptocurrency regulations.
During this year, the G-20 summit will be held in Buenos Aires, Argentina. Various of the most important leaders in the world will be present there. At the moment, several government officials from different countries have called to regulate the cryptocurrency market. In addition to it, they have asked to other countries to make of it one of the core topics during the summit.
The cryptocurrency market has been attracting thousands of individuals. The last year, most of the cryptocurrencies grew more than 2000%. These increases have been of important interest to the mainstream media. Exchanges were not able to control the influx of investors rushing into their platforms.
How will the world deal with cryptocurrencies? Will it find a global solution or it will not be enough to stop the cryptocurrency market from growing?
Image Courtesy of Pixabay
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Tags:AsiabitcoinBTCCryptocurrenciesCryptocurrency BanCryptocurrency MarketCryptocurrency RegulationsCryptocurrency TradingCryptocurrency Trading BanKorean WonPetitionPetition Against RegulationsSouth KoreaSouth Koreans