Kim Byoung-hwan, appointed to head South Korea’s Financial Services Commission (FSC), has expressed caution regarding corporate transactions involving cryptocurrencies, particularly regarding the establishment of bank accounts for such purposes. He stressed the importance of prioritizing investor protection in this context, Yonhap News Agency reported.
During a parliamentary session, Kim, who was nominated as FSC chief in early July and previously served as vice finance minister, responded to a lawmaker’s question about the need to allow cryptocurrency accounts for corporations in South Korea. He stressed the need to learn from past disruptions in the virtual asset market, suggesting that current policies should focus on protecting investors from potential risks associated with corporate cryptocurrency transactions.
Kim was also questioned about the possibility of introducing bitcoin exchange-traded funds (ETFs) in South Korea. He also maintained a cautious stance on this issue, stressing the need for financial authorities to thoroughly assess the potential impact of such ETFs on financial market stability.
South Korea's regulatory approach to cryptocurrencies
In recent years, South Korea's cryptocurrency market has come under significant regulatory scrutinyThe government has implemented strict regulations aimed at combating money laundering and protecting investors. These measures have led to the closure of several cryptocurrency exchanges in the country, including Huobi Korea, Cashierest, and Coinbit.
Despite growing global interest in cryptocurrency ETFs, South Korea has yet to legalize them. Concerns persist that the introduction of these financial products could negatively impact the local economy. The main issues center on market stability and investor protection.
At the end of june, The Korea Institute of Finance highlighted the risks that spot bitcoin ETFs pose to the national economyThe institute noted that these products would require issuers to hold and actively trade virtual assets, which are significantly more volatile than traditional financial instruments. This volatility could lead to significant financial instability, so it is essential that authorities proceed with caution.
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South Korea's FSC chair candidate Kim Byoung-hwan expressed caution over corporate cryptocurrency transactions, signaling opposition to spot bitcoin ETFshttps://t.co/G5jBnypOTW
— crypto.news (@itscrypto_news) twitter.com/itscrypto_news/status/1815397395150295156?ref_src=twsrc%5Etfw”>July 22, 2024
The Meme Games: A Gamified Cryptocurrency Pre-Sale With an Olympic Twist
Featuring an Olympic-themed gaming environment and a gamified pre-sale, The Meme Games ($MGMES) aims to capture the attention of the crypto community this year. Celebrated by the degen community as the “official” Olympic meme coin, it offers a unique ecosystem designed to appeal to a broad audience.
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Overall, by tapping into the global interest in the Olympics and incorporating popular meme characters, The Meme Games is poised to attract considerable attention. Its fair and random competitions, coupled with attractive staking options, provide investors with multiple ways to increase their earnings, making it a notable contender in this year’s cryptocurrency pre-sale market.
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