South Korea Keeps Investors Guessing On Crypto Regulation – Bitcoin Trading Positive
South Korea has yet to decide how to regulate cryptocurrency trading, a senior government official said, highlighting Seoul’s struggles to supervise a market that critics say remains opaque and vulnerable to risks such as money laundering.
“The government hasn’t made any conclusion yet. Sufficient consultations should come first,” Hong Nam-ki, minister of office for government policy coordination, told parliament on Tuesday.
Hong said the government’s primary desire is to foster transparency in cryptocurrency trading, with regulators monitoring any illegal activity.
In January, the country’s customs announced it had uncovered illegal cryptocurrency foreign exchange trading worth nearly $600 million, highlighting the risks involved in the market.
Bitcoin stood at $10,315.69 as of 0659 GMT on the Luxembourg-based Bitstamp exchange. The heightened regulatory scrutiny around the world has seen bitcoin plunge more than 65 percent this year.
On the technical charts, BTC/USD is trading in the positive zone below the resistance of the 200 day EMA. The RSI is at 54.34 and the MACD is above the signal line.
Buy stop at 10540, Take profit at 10900, Stop loss at 10490