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Kim So-young, vice-chairman of South Korea’s Financial Services Commission, said that given the urgency of protecting users, basic regulatory standards should be set first and supplemented, rather than waiting for international standards. The FTX crisis has shown the need for regulatory mechanisms to prevent unfair trading and ensure that virtual asset service providers meet their obligations to protect user assets, while service providers should be prohibited from issuing tokens. South Korean government officials are currently drafting a comprehensive regulatory framework, known as the Digital Asset Basic Act, which is expected to be finalised next year. The bill will be made up of 13 proposed crypto legislation currently before Congress.
Bitcoin is currently trading near $16,900. However, the overall trend of the cryptocurrency market is still downward. BTC yesterday after falling back to $15,800 this support level encountered a strong rebound, pulled up to $16,800 for a short period of sideways volatility, which shows that the current bulls expectations are still high. Bitcoin recently experienced its highest daily and weekly trading volume ever. Entering the current volatility is a risky strategy. Instead, it is still safest to wait for bullish price and volume confirmation before entering low-risk crypto trading.
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