South Korea appeared to soften its attitude toward cryptocurrencies This kind of week, with one report suggesting which the government will be looking at the possibility of a cryptocurrency exchange licensing system. The licensing system could be similar to which of completely new York’s “BitLicense” system, which provides firms handling virtual currencies a license to operate, according to the report.
South Korea will be one of the biggest cryptocurrency markets inside earth. Its government spooked investors last month after one minister said the idea was preparing a bill to ban trading via cryptocurrency exchanges.
A South Korean minister said Wednesday which which its “basic rule” was to prevent illegal activities associated with cryptocurrency trading, adding which a ban was just one of many options the government had been considering.
“FOMO (fear of missing out) will be back inside markets,” Mati Greenspan, senior market analyst at eToro, told CNBC in a phone interview. “Crypto investors have been sitting on the sidelines waiting for a rally. Yesterday the idea was litecoin which had a clean break out via its resistance levels along with investors jumped on along with are still riding the idea today.”
Greenspan added: “There’s been a lot of FUD (fear, uncertainty along with doubt) over the past few weeks. The FUD will be fading currently.”
— CNBC’s Evelyn Cheng contributed to This kind of report.