The South Korean cryptocurrency market has pushed the Ripple price up 71 percent over the past 24 hours, triggered by the Ripple blockchain-based payment trial conducted by Japanese and South Korean banks.
According to a report by Chosun, a leading mainstream news publication in South Korea, the South Korean government is planning to allow initial coin offerings (ICOs) in the near future, with strict regulations and policies in place.
South Korean authorities are reportedly close to putting the final touches on regulations for bitcoin and cryptocurrency exchanges.
The Financial Services Commission (FSC), South Korea’s financial regulator and authority, is outlining regulations that will mandate cryptocurrency exchanges to play by its rules.
The regulator publicly revealed its intention to introduce regulations for bitcoin exchanges last year with a focus on regulatory and licensing parameters.
Bitcoin price has surpassed $12,000 in both South Korea and Japan, two major bitcoin markets that are accountable for approximately 74 percent of global bitcoin trades.
South Korea: $12,653
In South Korea, bitcoin is being traded with a premium of over $1,270, a 12 percent premium rate.
South Korea’s prime minister is worried that the rising interest in cryptocurrencies like bitcoin could lead the country’s youth getting involved in drug dealing and pyramid schemes.
South Korean prime minister Lee Nak-yon reportedly discussed the growing embrace of cryptocurrencies by younger generations at a cabinet meeting on Tuesday.
The bitcoin price has achieved a new all-time high for the second time this week at $8,668, with strong momentum led by Japan and South Korea.
Over the past few days, the two largest bitcoin markets demonstrated trades with significantly high premiums.
Shinhan, the second largest commercial bank in South Korea by market valuation and consumer base, has initiated the testing phase of its bitcoin vault and wallet services.
Why a Major South Korean Bank Decided to Launch a Bitcoin Vault and Wallet Platform
A representative of Shinhan Bank told Naver News, a media outlet operated by South Korea’s most widely used search engine, that the bank has come to a corporate decision to launch a bitcoin vault and wallet platform as a response to the recent hacking attacks of leading South Korean cryptocurrency exchanges including Bithumb.
The global average bitcoin price has surpassed $8,300 earlier today, on November 24, as the South Korean market demonstrated trades with a premium rate of around 5 percent.
Since then, the price of bitcoin has fallen to $8,150, experiencing a slight correction.
South Korea’s financial regulator and watchdog has no intention of regulating bitcoin trading or supervising bitcoin exchanges, a local report has confirmed.
Speaking to reporters on Thursday, South Korea’s Financial Supervisory Service (FSS) chief Chloe Heung-sik revealed bitcoin isn’t deemed a “legitimate currency” in the country and, as a result, will not be supervised not regulated by the authority.
According to a Korea Times report, Choe said the government does not classify digital currencies or tokens as payment instruments and see them as ‘subjects of speculation’ instead.
Seven individuals in the South Korean province of Jeonbuk have been arrested for running a large-scale $38 million scam, alluring middle-aged investors into a ponzi scheme.
The group targeted new investors in the cryptocurrency market that had no underlying knowledge or understanding of bitcoin or other cryptocurrencies. It promised investors to pay out 180 percent in profit on a regular basis, if they invest using bitcoin.
Korean exchange Bithumb, the world’s largest cryptocurrency exchange by trading volume, has pointed to an unexpected surge in transaction- and user-volumes leading to a server outage over the weekend.
Seoul-based Bithumb has explained the cause of a server failure during the weekend, wherein users were unable to make withdrawals nor deposits for a little under two hours on Sunday evening. Data from Coinhills reveals Bithumb as the world’s largest cryptocurrency exchange by trading volume, totaling nearly 18% of the overall global trading.
South Korea’s internet security authority has pointed to an ‘alarming’ rise of malware attacks from North Korean hackers seeking bitcoin to fund Kim Jong Un’s regime.
A new report by the Korea Internet & Security Agency (KISA), the authority responsible for maintaining and safeguarding the country’s internet space, has highlighted an increasing number of malware attacks led by hackers suspected to be from North Korea.
As reported by Korean news agency Yonhap, the reported instances of malicious code between July-September of this year went up to 452 cases against 436 in the second quarter.
Once again, the bitcoin price has achieved a new all-time high at $7,598 on November 5, as the market continues to be optimistic about the mid-term performance of bitcoin.
Rapid Adoption in Major Regions
In Japan and South Korea, two regions in Asia that are known to have extremely conservative investors and traders, have seen an exponential increase in the demand for bitcoin from local traders.
The Korea Financial Investment Association has laid claim to the world’s first commercial blockchain used by financial firms for customer security.
Industry body Korea Financial Investment Association (Kofia) has announced the implementation of Chain ID, a blockchain identification platform that will see a number of securities firms and merchant banks securely share customer information for online identification.
In a conference on Tuesday, Kofia chairman Hwang Young-key revealed that the decentralized identification service was developed using smart contracts and the private blockchain platform used by a consortium of investment companies and blockchain startups led by Kofia.
Coinone, South Korea’s second largest cryptocurrency exchange behind Bithumb, the world’s second-largest trading platform by trading volume, has integrated Litecoin.
Within 24 hours since its integration of Litecoin, Coinone has processed $3.2 million worth of Litecoin-to-Korean won trades, becoming the eleventh largest Litecoin exchange in the market.
South Korea, an Important Market For Litecoin
South Korea is a vital market for Litecoin, primarily because 25 percent of global Litecoin trades are being processed by Bithumb.
Earlier today, on October 29, the price of Bitcoin Cash surged by over 20 percent within a 24-hour span. Several major cryptocurrencies such as Ethereum’s native currency Ether also demonstrated an increase in their values, as the price of Ether rose by another six percent.
Bitcoin Cash Records a Significant Daily Increase in Price
For many months since its launch in August, Bitcoin Cash has substantially declined in value, dipping below $320 at one point.