South Korea’s FSC Chair Nominee Urges Caution on Corporate Crypto Transactions and Bitcoin ETFs

Kim Byoung-hwan, nominated to steer South Korea’s Monetary Providers Fee (FSC), has expressed warning concerning company crypto transactions, notably in regards to the institution of financial institution accounts for such functions. He emphasised the significance of prioritizing investor safety on this context, as reported by Yonhap Information Company.

Throughout a parliamentary session, Kim, who was nominated because the FSC chief earlier in July and previously served as vice finance minister, responded to a lawmaker’s inquiry concerning the necessity of permitting crypto accounts for companies in South Korea. He underscored the necessity to be taught from previous disruptions within the digital asset market, suggesting that present insurance policies ought to deal with safeguarding buyers from potential dangers related to company crypto transactions.

Moreover, Kim was questioned about the opportunity of introducing spot Bitcoin exchange-traded funds (ETFs) in South Korea. He maintained a cautious stance on this concern as nicely, highlighting the necessity for monetary authorities to completely assess the potential affect of such ETFs on the soundness of the monetary market.

South Korea’s Regulatory Method to Crypto

Over latest years, South Korea’s crypto market has been beneath vital regulatory scrutiny. The federal government has carried out stringent rules geared toward combating cash laundering and defending buyers. These measures have led to the closure of a number of crypto exchanges within the nation, together with Huobi Korea, Cashierest, and Coinbit.

Regardless of the rising international curiosity in crypto ETFs, South Korea has but to legalize them. Issues persist that the introduction of those monetary merchandise might negatively have an effect on the native economic system. The first points middle on market stability and investor safety.

In late June, the Korea Institute of Finance highlighted the dangers posed by spot Bitcoin ETFs to the nationwide economic system. The institute identified that these merchandise would necessitate issuers to carry and actively commerce digital belongings, that are notably extra unstable than conventional monetary devices. This volatility might result in vital monetary instability, making it important for authorities to proceed with warning.

South Korea’s nominee for FSC chair, Kim Byoung-hwan, expressed warning about company crypto transactions, signaling opposition to identify Bitcoin ETFshttps://t.co/G5jBnypOTW

— crypto.information (@itscrypto_news) July 22, 2024

The Meme Video games: A Gamified Crypto Presale with an Olympic Twist

The Meme Video games ($MGMES), that includes an Olympic-themed gaming setting and gamified presale, goals to seize the eye of the crypto neighborhood this yr. Celebrated by the degen neighborhood because the “official” Olympic meme coin, it presents a novel ecosystem designed to interact a large viewers.

Throughout the presale, buyers can select to help a meme athlete, who then competes in a 169-meter sprint. The profitable meme offers its supporters with a 25% bonus. For many who don’t win, the chance to buy $MGMES and place one other wager stays, permitting a number of probabilities to take part and win.

This undertaking stands out by integrating gamification into its presale technique, including a component of pleasure to the funding course of. The timelines for the undertaking are aligned with the Olympics, guaranteeing that the presale concludes on September 8, 2024, coinciding with the tip of the Olympic video games. The Meme Video games will debut on a decentralized trade (DEX) on September 10, 2024, shortly after the Olympic closing ceremony.

Moreover, The Meme Video games presents staking alternatives, enabling buyers to earn passive earnings by staking their $MGMES tokens. This characteristic enhances the attractiveness of the funding and promotes long-term engagement inside the platform.

Total, by leveraging the worldwide curiosity within the Olympics and incorporating standard meme characters, The Meme Video games is ready to attract appreciable consideration. Its honest and randomized competitions, together with engaging staking choices, present buyers with a number of methods to extend their earnings, making it a noteworthy contender on this yr’s crypto presale market.

Go to The Meme Video games Presale

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