Korean bitcoin fanatical: Everybody is racing to invest in cryptocurrencies

nRunaway Comment: Tony Lyu, founder and chief executive officer of Korbit, said there is a trend to follow suit in the field of investment in South Korea, so encrypted currency investments such as bitcoin inevitably swept South Korea. Even South Korea’s Prime Minister and Deputy Prime Minister caused the concern. And said that by the end of next year must be completed before the appropriate regulatory measures, many government departments have formed a task force to discuss relevant issues.n
nTranslation: Annie_Xun
Large numbers of South Korean investors began investing in bitcoin and cryptocurrency markets, causing a sudden surge in demand.n
The exponential growth in South Korea’s cryptocurrency exchange has made a public statement to ROK Prime Minister Lee Nak-yeon and Deputy Prime Minister and Minister of Strategy and Finance Kim Dong-yeon in the short term possible to implement the cryptocurrency market in South Korea Regulatory policy.n
In an interview with The New York Times Nathaniel Poppers, Korbit founder and CEO Tony Lyu said that once some kind of asset fever in the financial markets in South Korea rose and some started investing, most markets and investors would urgently follow the trend of investing in such assets.n
n”The news is spreading very fast in South Korea, and everyone is invited to participate as there is a huge community of activities that covers almost the entire community.”n
nThis thinking of most investors in South Korea’s financial and cryptocurrency markets has led to soaring cryptocurrency trading activity. In August, Bithumb, the largest cryptocurrency exchange in South Korea, traded more daily than the country’s mainstream KOSDAQ.n
South Korea’s Deputy Prime Minister Kim Dong-yan also stressed that investors and consumer protection must be completed by the end of 2018 once all investors start investing in cryptocurrencies.n

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The South Korean government plans to implement cryptocurrency regulation by the end of 2018n
Before the South Korean government and financial regulators hesitated to regulate the local cryptocurrency market, because doing so will make the market legalized. However, South Korea’s government decided to oversee the market earlier this month, given the rapid rise in demand in the cryptocurrency market.n
Chosun, South Korea’s mainstream media, reports that the Ministry of Strategy and Finance, the Ministry of Justice, the Financial Services Commission, the Fair Trade Commission and the Korea Financial Supervisory Commission ( Financial Supervisory Commission) has set up a cryptocurrency task force to investigate what aspects of the cryptocurrency market can be regulated by the government in the short term.n
A spokesman for the task force told Chosun that the South Korean government plans to emulate the regulatory framework and roadmap for leading economies such as Japan and the United States and the Bitcoin market.n
n”The South Korean government has no choice but to follow the regulatory framework and trends of other leading governments, and although the cryptocurrency certainly has some negative factors, the government’s position is to allow what must be allowed in the interest of the Korean market.”n
nThomas Glucksmann, director of marketing at Gatecoin Encrypted Currency Exchange Hong Kong, further noted that the regulatory framework of the Korean government is necessary for market and industry growth given the daily volume and size of the Bitcoin market in Korea.n
n”Given the size of the market, it is important for them to do something as soon as possible.”n

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