- South Korea's FSC has determined to strengthen management over the crypto market.
- The transfer is to counter rising market volatility following the US election.
- The Federal Reserve's latest rate of interest cuts additionally affected market volatility.
On November 8, 2024, South Korea's Monetary Supervisory Service (FSS) Governor Lee Bok-hyun introduced plans to tighten oversight of the crypto market following the US election outcomes. The regulator additionally focuses on inventory market actions related to the re-election of US President Donald Trump. Elevated volatility within the crypto-sector has necessitated tighter laws to handle investor issues.
South Korea is actively working to increase its crypto market whereas prioritizing investor safety. The nation's efforts embrace an investor safety legislation, investigations into market manipulation, and initiatives to assist strategic crypto initiatives. Because the crypto market has seen elevated volatility, significantly because of the US election and the Federal Reserve's financial coverage changes, South Korea is strengthening its regulatory framework.
Memecoins related to Trump have taken a success
Crypto tokens related to Trump, together with TRUMP, MAGA and TREMP, noticed important beneficial properties through the election interval earlier than experiencing sharp declines. Within the final 24 hours, TRUMP is down 5%, MAGA is down 23.6% and TREMP is down 23.8%. In the meantime, World Liberty Monetary, a DeFi undertaking linked to the Trump household, reportedly generated $1 million in unrealized beneficial properties after a modest token sale final month.
Additionally Learn: Crypto Surge in South Korea: Alternative and Threat
Whereas Trump-related memecoins confronted dips, Bitcoin and altcoins confirmed upward momentum. Optimism surrounding Trump's return to the White Home boosted the US crypto market, bringing important funding and resulting in bullish tendencies in high cryptocurrencies. Market expectations that the US will emerge as a “crypto capital” are additional supporting this rally.
This sudden volatility is what drew the eye of South Korea's monetary authorities, prompting stricter regulatory motion. It stays unclear what particular steps the FSS will take to handle these fluctuations, however South Korea's constant concentrate on defending buyers and stabilizing the market suggests a proactive strategy.
Disclaimer: The data supplied on this article is for informational and academic functions solely. This text doesn’t represent monetary recommendation or recommendation of any sort. Coin Version shall not be responsible for any losses incurred because of using stated content material, services or products. Readers are suggested to train warning earlier than taking any motion associated to the Firm.
