Despite the current bullish trend continuing for last couple of months, crypto traders in South Korea are very much optimistic that the bull market will be back soon.
Local media reported that crypto is going to be a legitimate industry in South Korea soon as the country is set to enact laws to regulate the crypto market.
Since June, country’s cryptocurrency market is experiencing progress in digital asset-related regulation, thanks to government’s various efforts to bring cryptocurrency and blockchain companies under regulatory frameworks.
Government’s main financial watchdog, Financial Services Commission (FSC), said it is focusing on issues relating to legitimizing the industry by recognizing cryptocurrencies.
After the Congress passes the cryptocurrency and blockchain bill, cryptocurrency exchanges have to comply with the laws.
Featured image from Shutterstock.
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