Wed, April 17, 2024 at 02:18

• 

  Joy

  • Hey Annie, guess what?

  • The South Korean Won has become the leading currency for cryptocurrency trades globally in the first quarter of 2024!🎉

  • 
• Annie

  • Really?

  • That's surprising!😮 How much was traded in Korean Won?

  
• 

  Joy

  • A whopping $456 billion was traded in Korean Won, beating the $445 billion traded in US dollars.

  • It's all due to the growing speculative demand for risky crypto assets within South Korea.

• Annie

  • Wow, that's a lot!💰 But why has there been such a rise in Korean won-denominated trading?

  
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• 

  Joy

  • Well, it's partly because of the fierce competition among local digital currency exchanges in South Korea.

  • Smaller exchanges like Bithumb and Korbit have been offering zero-fee trading promotions to attract traders, challenging Upbit's dominance.

• Annie

  • I see, so it's a kind of fee war.

  • And how has this affected the market?

  
• 

  Joy

  • This fee war has made traders shift their activities to platforms offering more favorable trading conditions, which has boosted the volume of trades denominated in Korean won.

• Annie

  • That makes sense.

  • But what about the regulatory environment for crypto in South Korea?

  
• 

  Joy

  • It's a bit of a maze.

  • While South Korea is interested in the crypto sector, it also has strict regulations to combat unlawful activities.

  • For instance, there are ongoing legal proceedings against Do Kwon, the founder of TerraForm Labs.

  • 
• Annie

  • Oh, I see.😕 And what about the future of crypto regulations in South Korea?

  
• 

  Joy

  • Well, there's a meeting scheduled in May between South Korea's Financial Supervisory Service (FSS) Chairman, Lee Bok-hyun, and the United States Securities and Exchange Commission (SEC) Chairman, Gary Gensler.

  • 

  • They'll be discussing things like the classification of non-fungible tokens (NFTs) and the approval of spot Bitcoin exchange-traded funds (ETFs).

• Annie

  • That sounds like a significant meeting.🤔 So, would you say this news is good or bad for the market?

  
• 

  Joy

  • I'd say it's good news!

  • 

  • The rise in Korean won-denominated trading shows that there's a lot of interest in crypto in South Korea.

  • And while the regulatory environment is complex, it seems like they're taking steps to make things clearer.

  • So overall, I think this could have a positive impact on the market!

  • To sum up, this article is considered a 😍Bullish for investors!!