The last days have been stormy for the cryptocurrency market. After the news from the Far East about the possibility of introducing severe restrictions in both Korea and China, the market shrank from approximately USD 700 billion to USD 432 billion.
To explain the situation in Korea, the president himself, Moon Jae-in, was involved. He made a statement through his spokesperson, in which he calmed down public opinion and assured that he would not ban the cryptocurrencies.
Despite the uncertain situation in legal matters, a new stock markets appear in Korea. High demand for such services and huge profit-generating margins, lead enterprises to explore the cryptocurrency market. It is expected that several platforms will be opened in the first months of 2018, including two projects carried out by companies listed on the Kosdaq stock exchange.
The Task Force will review the proposal of the Ministry of Justice regarding the closure of cryptocurrency trading markets and make amendments. The task force will be composed of members of the Ministry of Strategy and Finance, the Central Bank and the Fair Trade Committee. At the same time, the president stressed that the authorities would continue to punish illegal activities related to the trading of cryptocurrencies. What's more, the government has confirmed that it fully supports the development of blockchain technology and will finance these activities.
In South Korea there are several large stock exchanges and many small and medium sized ones. The most important of them are Bithumb and Upbit. A total of about 30 exchanges operate in the whole country, and in the first half of 2018, the next 10 will be opened.
Despite the regulatory uncertainty and the sharp fall in prices of all currencies, new stock exchanges are still willing to enter the market. This is a sign of trust and a signal that 2018 may be another great year for the cryptocurrency market.