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South Korean government officials consider making cryptocurrency, blockchain regulations laxer

Namrata Shukla

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South Korean govt. officials consider making crypto and blockchain regulations laxer
Source: Pixabay

The cryptocurrency world has been pushing its limit to educate people about blockchain and cryptocurrency globally. South Korea was one of the countries to adopt the new tech, but framed strong regulations to keep the field from the illicit players.

At the recent Deconomy conference in Seoul, South Korea, government officials said that it was time to re-evaluate the cryptocurrency policies of the country.

Song Hee-kyong, the co-president of the 4th Industry Forum of the National Assembly, said:

“The government has misunderstood the virtual currency and tried to meet the real currency standards, so there are various problems.The industry does not stand still while waiting for the regulatory sandbox authorization, so it is just like keeping it in the box.”

Min Byung-doo, the chairman of Korea’s National Policy Committee, told the audience that the government’s idea was to protect the economy of the nation by ‘vaccinating’ it against the first major run-up of cryptocurrencies, reported Beincrypto. The chairman, however, acknowledged that the market has matured and the need for such stringent regulations are less.

The chairman further added that it will be illogical for the government to pass a sandbox policy to facilitate the growth of fintech and restrict the blockchain technology and cryptocurrency sector.

However, the chairman of the Special Committee on the 4th Industrial Revolution of the National Assembly, Choung Byoung-gug, informed that the government officials were cautious in imposing new policies around cryptocurrencies as they feared that the policies would have a negative impact on the crypto-market.



However, the chairman expects to see some changes occur in the near-term, reported Messari.

This announcement, which loosens the grip around the crypto market, was in contradiction with United States’ Securities and Exchange Commission [SEC], which is aiming to enforce the Howie Test for ICOs. The environment looks appropriate for South Korea to completely adopt cryptocurrencies as the market showcases bullish trends.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

Altcoins

Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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