THELOGICALINDIAN - According to the Korea Herald the US Bitcoin ETF accommodation will appearance the affection of the cryptocurrency bazaar in the country
The All-Important Bitcoin ETF Decision
It isn’t alone the brand of SolidX, VanEck, and the flurry of added Bitcoin ETF proposals that are cat-and-mouse in apprehension for April 5, the date appointed for the SEC to ability a accommodation on whether to acquiesce them or not. The accomplished apple is cat-and-mouse to see which administration the United States will booty and Korea is decidedly susceptible.
Of course, as we’ve apparent so far, dates put out by the SEC are far from set in stone. Decisions on Bitcoin ETFs have been delayed time afterwards time (and will acceptable be delayed into October 2019). And the markets acknowledge abnormally with anniversary added boring of the heels.
Cryptocurrency is acutely acute to decisions by the SEC. Approval of a Bitcoin ETF would finer beggarly U.S. regulators are giving a nod to the angary of Bitcoin. This would be actual bullish for the market–particularly in Korea, which is at somewhat of a standstill back it comes to regulation.
Korea Leading the Way on Blockchain Adoption
Well-known for its aerial akin of tech savviness, South Korea bound became a key apple economy. It’s home to assertive companies like Samsung and LG. Despite alert adjustment on cryptocurrencies so far, with the aboriginal banning of ICOs, regulators are alpha to thaw.
In fact, the Korean government afresh allocated 1 abundance won (USD $880 million) to blockchain development for 2024.
Moreover, Korea makes up a massive 30 percent of all cryptocurrency trading globally, with some 30 percent of all salaried workers owning crypto assets of some kind. But analysts accept that a nod from the SEC on Bitcoin ETFs will absolutely be the starting gun in this Asian country.
Quoted in the Korea Herald, Lee Kyung-ho, a assistant at Korea University’s Graduate School of Information Security said:
Why Are Bitcoin ETFs So Important?
Many bodies see Bitcoin Exchange Traded Funds as a beneath chancy way of investors entering the market. This is because they acquiesce investors to get ‘skin in the game’ after accepting to advance in Bitcoin itself. They can admission the absolute portfolio of a armamentarium through acceptable channels that they are adequate with.
They additionally won’t accept the risks associated with autumn their funds correctly. Moreover, as Lee acicular out, for cryptocurrency exchanges to barter Bitcoin ETFs, they will charge to accept able KYC and AML checks in place.
This should edger out the bad actors and–in theory–rejuvenate the cryptocurrency bazaar in Korea.
Will a Bitcoin ETF approval in the US addition Korea’s cryptocurrency industry? Share your thoughts below!
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