Cryptocurrency is likely to get legal status in South Korea as South Korean regulators have allowed their community for trading and holding cryptocurrency in the country. However, official confirmation is yet to be announced.
This news was revealed by The News Asia in its report in which it stated that South Korean financial regulators have been authorized to regularize Cryptocurrency trading and holding in their country.
After this report, the cryptocurrency community opened a fire of cheers on twitter. The news came a day after the Supreme Court of India legally approved cryptocurrency in India.
Cryptocurrency Gets Formal Authorization in An Amendment
Cryptocurrencies got the official authorization in South Korea after a full session of the National Assembly of Korea passed an amendment earlier today in which it sought to allow cryptocurrencies in the country. Now, citizens would formally hold and trade cryptocurrencies as per reported by The News Asia.
After this historic development, the South Korean blockchain industry is going to restructure itself to expand its business. Cryptocurrency trading platforms have also accelerated their compliments with the reporting requirements. Following this, large exchanges are setting their targets and smaller-sized platforms are struggling anxiously to get permission to continue their trading.
Crypto Community Cheers on Twitter
This news triggered a fresh wave of joy on crypto Twitter. Bitcoin and crypto got countless mentions in retweets by Top crypto influencers, such as popular YouTuber IvanOnTech and columnist Joseph Young. They expressed their joy and wishes for the cryptocurrency community on their pages.
BREAKING: SOUTH KOREA LEGITIMIZES CRYPTO THIS IS HUGE… Halving is gonna be epic #Bitcoin
BREAKING: SOUTH KOREA LEGITIMIZES CRYPTO
THIS IS HUGE…
— Ivan on Tech (@IvanOnTech) March 5, 2020
However, Joseph Young has also applauded this move in a tweet:
This crypto legislation was supposed to be approved last month, but was stalled due to the coronavirus outbreak.
It's now fully passed with the National Assembly. It was expected to be approved for many months.
— Joseph Young (@iamjosephyoung) March 5, 2020
The crypto legislation passed today in South Korea legitimizes the local crypto industry. It strengthens AML policies and requires exchanges to register with local financial authorities to continue operating. It’s an important one, but not as extremely big as made out to be
Bitcoin (BTC) is Expecting a Significant Price Surge
This crucial event took place a day after the Supreme Court of India authorized The Reserve Bank of India (RBI) to allow cryptocurrency trading in India. Earlier, the bank had imposed a ban on the crypto trade in 2018. This provoked a bullish reaction from the community.
Many believe that this South Korean move and lifting of the Indian crypto ban, along with the Bitcoin halving in 2020 may provide the impetus for a significant Bitcoin (BTC) price surge.