Blockchain technology has cryptocurrencies, NFTs, asset-sponsored tokens, and badged real estate. Acquiring, exchanging, and bandy-legged virtual assets. NASDAQ quotes the terms cryptocurrencies and NFTs as they have shown progressive growth in the past few years. Spreading awareness about these virtual assets will increase the demand by the investors as they will be investing more and more after knowing its benefits.
South Korea shows no upfront disallowing of cryptocurrencies. Within the boundaries of South Korea, trading in the crypto market is done directly and indirectly. The South Korean people can have pretty open exchanges and trade on licensed exchanges.
South Korea’s digital market – happening or yet to happen?
Digital currencies like BTC, XRP, ETH, ADA, and DOGE are the five most lodged digital assets in South Korea. South Korean investors feel that the market of digital assets and currencies is not their wrong-riding horse, though they are not legal tender in the South Korean premise.
Having heard of the dispute with Wemix and Wemade. Wemix (digital coin) is an accepted blockchain subsidiary of Wemade (a South Korean game developer company). The issue that Wemix faced was its exclusion by Coinone on Dec 08, initiated by Digital Asset Exchange Alliance (DAXA). DAXA being an association of five fully-licensed local cryptocurrency exchanges encompassing Upbit, Bithumb, Korbit, Coinone, and GOPAX, allowed so.
This disagreement was a flagging signal for South Korean investors already surviving and regulating the market. This is said to be the scoping unregulated market in the world. Mir4, an online game, used these Wemix tokens, which became relevant in the market too soon.
The company started increasing the limits of disposing of tokens in the market, violating the pre-decided limit extent agreed on its issuance. In the words of Kim Ik-Hyun, Yulchon Partner, Head of the South Korean Law Firm Digital Asset Team on it said, “breach of its market revelation was a major business as it could undercut the coin’s worth and derange the market mechanism.” DAXA was launched by local crypto firms last June to safeguard investing identities. It was consequently done because of the striking $40 billion blackout a month before this. It included Do Kwon’s TerraUSD and Luna.
Wemix shelled itself towards the delisting by DAXA, saying it was their competitive move which themselves are made and managed by five. The case that happened was the largest known amongst the mob. Taking reformative measures and eliminating some coins paved its way back to the market. These activities can well understand South Korean interests.
Korea Financial Intelligence Unit (KoFIU) discovered that there had been a growth reaching $45.9 billion by 2021 end. The onboard users who are intrinsically involved in the market have shown an upgrade of 23%. The figure from $5.58 million rose to $6.9 million within a half year.
Kang Jong-Hyun, the Physical owner of Bithumb, had been charged with theft, breach of trust, and stock manipulation, including joining forces with the exchange. Kang’s Lawyer has denied the c urges on his behalf and pleaded not guilty. Yulchon with DAXA is on the project of issuing elaborative instructions for the process of listing and delisting assets here. The government’s brains are turned toward the upholding grip of South Korea over its exhilarating market of crypto.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/05/south-korean-da-trading-consolidation-wemix-wemade-affect/