Wed, April 17, 2024 at 02:18

  • ์ธ๋„ค์ผ

    Joy

    • Hey Annie, guess what?

    • The South Korean Won has become the leading currency for cryptocurrency trades globally in the first quarter of 2024!๐ŸŽ‰

    • ์ธ๋„ค์ผ
  • Annie

    • Really?

    • That's surprising!๐Ÿ˜ฎ How much was traded in Korean Won?

    ์ธ๋„ค์ผ
  • ์ธ๋„ค์ผ

    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!๐Ÿ’ฐ But why has there been such a rise in Korean won-denominated trading?

    ์ธ๋„ค์ผ
  • ADward

    • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... ๐Ÿ˜…

    ์ธ๋„ค์ผ
  • ์ธ๋„ค์ผ

    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?

    ์ธ๋„ค์ผ
  • ์ธ๋„ค์ผ

    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?

    ์ธ๋„ค์ผ
  • ์ธ๋„ค์ผ

    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.

    • ์ธ๋„ค์ผ
  • Annie

    • Oh, I see.๐Ÿ˜• And what about the future of crypto regulations in South Korea?

    ์ธ๋„ค์ผ
  • ์ธ๋„ค์ผ

    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.

    • ์ธ๋„ค์ผ
    • 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.๐Ÿค” So, would you say this news is good or bad for the market?

    ์ธ๋„ค์ผ
  • ์ธ๋„ค์ผ

    Joy

    • I'd say it's good news!

    • ์ธ๋„ค์ผ
    • 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 ๐Ÿ˜Bullish for investors!!