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Asian governments’ growing skepticism of cryptocurrencies

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Cryptocurrencies are a high risk and high reward investment. The increased risk component is a major reason why people sometimes shy away from diving into the world of cryptocurrencies but at the same time, it is also the appeal factor for many investors. As the market capitalization of the cryptocurrencies passed $2 trillion, governments and regulators throughout the world has realized the potential of risk that lies in the market and what it could mean for economies if the market goes down – which is a plausible scenario given a market boom is followed by strong corrections.

Thailand’s Securities and Exchange Commission has announced the introduction of new qualifications for retail cryptocurrency investors in order to protect them. The qualifications would include a minimum age, trading experience and wealth limits in order to ensure inexperienced traders do not get into the market. The SEC is reviewing other regulation regarding the cryptocurrency market too.

On the other hand, the Korean government has been alarmed about the increasing illegal activities in the cryptocurrency market like tax evasion, money laundering etc. In a meeting of high-rank officials from the Ministry of Economy and Finance, the Ministry of Justice, the Financial Services Commission and the National Police Agency vowed to increase monitoring of the digital coin market. Investors were also warned of a possible shutdown of the digital asset businesses as the deadline to register under the act on Reporting & Using Transaction Information is quickly approaching.

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