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The News Asia has published a report causing crypto Twitter to dance with joy. According to the article, South Korean financial regulators have approved cryptocurrency trading.
This happens the day after the Supreme Court of India rejected the RBI crypto ban.
Korea legalizes crypto trading in full
The amendment that allows cryptocurrencies to be traded legally was passed earlier today during a full session of the National Assembly. From here on out, The News Asia states, citizens of the country are allowed to legally trade and hold digital currencies.
The local blockchain industry is likely to be restructured after this crucial event. Cryptocurrency trading platforms will have to comply with reporting requirements. Large exchanges are following this path already, but smaller-sized platforms may find it difficult to receive a license permitting them to continue trading.
Crypto community rejoces
The news caused crypto Twitter to go wild with joy. Top crypto influencers, such as popular YouTuber IvanOnTech and columnist Joseph Young have retweeted the news on their pages, expressing their bullish attitude towards Bitcoin and crypto.
IvanOnTech tweets:
“BREAKING: SOUTH KOREA LEGITIMIZES CRYPTO
THIS IS HUGE… Halving is gonna be epic #Bitcoin”
However, Joseph Young calls this move a big one, but not vital.
“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.”
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
This event takes place a day after the Indian crypto ban, imposed by the RBI in 2018, was lifted. This also provoked a bullish reaction from the community. Many believe the lifting of the Indian crypto ban, along with the halving that is going to take place in just over two months, may trigger a significant BTC price surge in the long term.
After India -> South Korea legalizing cryptocurrency.
The start. $BTC #BITCOIN pic.twitter.com/MgkJvfZG1r
— Crypto Michaël (@CryptoMichNL) March 5, 2020
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