South Korea and Japan Regulators Weigh on Cryptocurrency Market, Bitcoin Remains Stable
New South Korean Leader of the Financial Supervisory Services
The incoming leader for the Financial Supervisory Services in Korea who begins his tenure tomorrow has let it be known the agency will likely soften the hard stance the government has taken on domestic trading of cryptocurrency.
South Korea’s citizens continue to express a strong desire to trade digital assets. The new head of the FSS has publically said there are positive features digital assets provide. However, he has also stressed that potential changes to the way South Korea supervises the market – including ICO’s – will be gradual.
Bitcoin Step Backwards from Recent Short Term Highs
After stepping towards 10,000 U.S Dollars per coin late last week, Bitcoin has lost value the past day and is near 9300.00 this morning. The cryptocurrency has performed well the past month, however, it has been thrust backward a couple of times after pressing up against 9800.00 Dollars.
Bitcoin’s trading channel remains speculative but rather stable since February. However, the digital asset has not been able to break crucial resistance and some traders may remain wary until values around the 10,300 juncture are attained.
Japan Warns Cryptocurrency Exchanges to Segregate Money
Japan has announced new regulations to monitor the activity of cryptocurrency exchanges in a stricter fashion. The Financial Services Agency of Japan has now mandated that client accounts money and the exchange’s money will need to be segregated.
South Korean Press Conference Tomorrow Could Impact Cryptos
The South Korean Financial Supervisory Services agency will conduct a press conference tomorrow which cryptocurrency traders will want to monitor.
- May 8th, South Korea, Financial Supervisory Services Press Conference
Yaron Mazor is a senior analyst at SuperTraderTV.
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