Ethereum Soars To Record High After South Korea Regulator Confirms "No Plan" To Regulate Cryptos

Tyler Durden's picture

In September, South Korea surpassed China in total crypto trading volumes, and as the world’s second largest Ethereum exchange market, South Korea is evolving into an Ethereum powerhouse with a rapidly growing number of active developments, domestic projects and communities.

image courtesy of CoinTelegraph

As CoinTelegraph reported previously, the majority of traders in the South Korean Ethereum market are speculative investors and tend to be largely influenced by any movement in the industry that could lead to a decline in Ethereum price. However, a fairly large portion of investors are avid supporters of Ethereum as a technology and an infrastructure for decentralized applications.

At the moment, ICOs seem like the largest market for Ethereum. In the upcoming years, it is likely that the performance of decentralized applications will evolve as a major factor for the market cap of Ethereum. In an interview with JoongAng, a leading finance news publication in South Korea, Buterin emphasized that it could take two to five years for Ethereum to scale to a point in which decentralized applications with millions of users can be launched and sustained.

There are many multi-billion dollar conglomerates and financial institutions in the Ethereum industry developing decentralized applications and platforms on top of the Ethereum protocol. The emergence of efficient and innovative scaling solutions will create a better environment for decentralized applications and will allow highly anticipated projects such as decentralized cryptocurrency exchanges and marketplaces to evolve.

If support and enthusiasm toward Ethereum in South Korea are sustained in the mid-term, it is highly likely that the South Korean Ethereum exchange market could evolve into an Ethereum powerhouse. As Buterin noted in the interview with JoongAng in the upcoming years, applications of Ethereum in a variety of industries will be tested and implemented.

Buterin explains:

“I would say that Ethereum’s main benefits are in its generality and in its utility to many kinds of industries. There are applications in finance, identity, supply chain tracking, health care, energy and many other areas. This is a result of Ethereum deliberately being designed as a general-purpose programming platform.”

And now, given the overnight news from South Korean regulators, it appears Ethereum has that chance...

As CoinDesk reports, the governor of a South Korean financial regulator has said it has "no plans" to supervise cryptocurrency trading, according to a report.

In remarks made to reporters today, Choe Heung-sik, chief of the Financial Supervisory Service (FSS), said that, since his agency does not view cryptocurrencies as "legitimate currency," the FSS does not intend to supervise trading of the digital assets.

According to a Korea Times report, Choe added the South Korean government believes that cryptocurrencies are used in speculation, not as payment tools. As a result, the watchdog considers that cryptocurrencies are not financial products, nor is trading them a financial service.

He said:

"Though we are monitoring the practice of cryptocurrency trading, we don't have plans right now to directly supervise exchanges. Supervision will come only after the legal recognition of digital tokens as a legitimate currency."

The watchdog head's comments come amid growing popularity of cryptocurrency trading in South Korea, and may have been prompted by the recent outage of major domestic exchange Bithumb, which recently experienced a technical outage that reportedly lost traders billions of won.

But his comments appear to have quelled any anxiety among speculators, as is clear by the reaction in Ethereum - the South Koreans' confidence is back...

 

Which leaves Ethereum solidly in 2nd place among crypto market caps...

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FreeShitter's picture

Rickards?   Dont fall for it.

shitshitshit's picture

people are just racing to catch a raising knife.

So far, so good.

Wait until the trajectory reverses...

Gap Admirer's picture

OK, time to reverse the flood of "Bitcoin is the awesomest and will only continue to go to the moon because of rare maff and science" proclamations for "Bitcoin sucks. Buy Etheremum because it is the awesomest and will only continue to go to the moon because of rare maff and science."

buy, Buy, BUY!!!

AlphaSeraph's picture

Have you spent even 10 minutes reading about Ethereum? It's utility lies in smart contract applications.

Luddites will be luddites.

Gap Admirer's picture

Exactly! Stooopid people are just too stooopid to understand! Buy crypto!

Crypto haters gonna hate. Flat-earthers.

AlphaSeraph's picture

Of course you didn't try to argue against smart contract applications...

Gap Admirer's picture

Many applications exist for algorithms that generate unique, encrypted, sets of 1s and 0s. That's true. With most crypto code being open source, the algorithms are freely available to anyone with a computer. No reason for the big contract players to pay a kid in his mom's basement for his copy of the algorithm or the 1s and 0s that his copy generated.

Of course that doesn't mean that cryptos aren't awesome money making speculation vehicles. They are! It's great that so many ZHers are riding the rocket up.

Pandelis's picture

To the Moon Alice to the Moon!

 

Yes, it is right, reading this blog gives you the up to the minute and latest news on crypts and updates from Zimbabwe to South Korea ... great arbitrage opportunities!

marysimmons's picture

More FUD from a deep state insider.  Honey Badger don't care.  Total cryptocurrency market cap blows past $1/4Tril - new ATH

https://coinmarketcap.com/charts/

macholatte's picture

 

Yes, Yes, YES!
I see now.
The South Koreans are fools. Just a bunch of stoopid, backward jungle bunnies.
Clearly there is no utility for Etherium or that fruit named Apple.
It’s all just electrons and a bunch of 1's and 0's.
They almost tricked me.

Dsyno's picture

Oh no. Is AlphaSeraph the new TMosely?

tmosley's picture

Gotta love it when your name is associated with making valid arguments and the calling out of invalid arguments/non-arguments.

Sort of like Einstein being called "the new Newton" or some such.

shitshitshit's picture

einstein was a plagiarist...

try again with a real scientist my friend.

Michigander's picture

Oh no. Is AlphaSeraph the new TMosely?

Said the new MillionDollarBonus...

Mustafa Kemal's picture

Dude, stooooopid people dont read before they speak

JimmyJones's picture

I wouldn't call them stupid it's a mix between ignorance and a different perspective.  I heard Bitcoins ceiling was reached at 100, 500, 1000, 2000, .... Bitcoin is different then Ethereum,  different applications. 

FreeShitter's picture

Been complaining about BTC since 2k......if these no coiners would shut the fuck up, I would get a better price.

Number 9's picture

Finally went past my 370 bought price of 2 months ago was waiting for this day Hallelujah it is Thanksgiving my full portfolio is up 40% thank the new crypto-currency God maybe a guy can still trade in an unmanipulated Market make a buck in this world.

MANvsMACHINE's picture

Don't fool yourself. There is certainly manipulation going on. The players may be different but just know that a lot of what we are seeing in this space isn't natural trading.

ETH was stuck at $300+/- for months while many other cryptos were moving up and, in some rarer instances, down. All of a sudden, ETH begins an upward move which I believe won't stop until it's over $600 but know that there are people/groups behind these moves.

While I like ETH in the short term, look out for NEO and EOS to challenge them over a longer time horizon.

Regardless, there are oodles of coin to be banked across the cryptocurrency world over the next few years but always keep some powder dry for the eventual crashes that will occcur along the way.

Patience is truly a virtue when trading the alt coins since many make huge sudden moves with no forewarning.

Good luck to you.

Pandelis's picture

the key is to know when to hold them and know when to fold ... as simple as that.

CJgipper's picture

ETH was being driven by the ICO market.  When that got regulated a bit and cooled, ETH stalled.  Now getting soem traction.

Spaced Out's picture

The guy is a joke. In August Rickards predicted a "trigger" on September 30th and a "financial collapse" on October 15th. People seem to forget his previous bs. I don't :D

FreeShitter's picture

Yeah he's been calling for 10k shiny for fucking ever...where is it asshole rickardo?

QueeroHedge's picture

I remember Rickards mocking crypto investment on boombust and kieser report when btc was $60. but but gold shortages everywhere

Michigander's picture

And dont forget his 2,000 fee to get the name of the option  contract to buy for when the Saudi Riyal depegged from the dollar. They were going to make a killing...wait, what...it expired??

HRClinton's picture

This MIGHT only screw or inconvenience the holders on the US Plantation. 

As I said before, if or when I plan to convert a large chunk of my cc into the Plantation fiat currency...

   1  My cc and I will be in a non-US, "tax friendly" jurisdiction. 

   2. Whatever conversion there is into cash, will not involve the USD. De-Dollarization!

You add 1 and 2, and you have (a) no jurisdiction, (b) no legal case, and (c) flight of Capital. 

And they say that Rickard is supposed to be a smart guy. Lulz.

Got clarity?

Got The Wrong No's picture

 

"Though we are monitoring the practice of cryptocurrency trading, we don't have plans right now to directly supervise exchanges. Supervision will come only after the legal recognition of digital tokens as a legitimate currency" 

Ooops, there it is.

Ajax-1's picture

Bingo, +100. They are waiting to see which platform comes out on top before implementing regulation. There are lots of kinks to still work out.

Fahq Yuhaad's picture

I'm not a crypto fan, but Ricktards has become a pathetic joke with his rubber face, greasy pigtail and authoritative-sounding pronouncements that turn out to have less predictive value than pigeon shit on a leather seat.

mcbond's picture
Be aware A new kind of robbery: Austrian police say cyber-thieves transferred bitcoin worth more than €100,000 (£89,000, $117,000) from a man's account while he was logged in on a restaurant's public WiFi network. Fake WiFi network used by hackers to steal more than 100,000 worth of bitcoin
Number 9's picture

Anybody that fucking stupid needs to be ripped off you only trade with double VPN backing with your own VPN covered hotspot or you're a fucking idiot

Ajax-1's picture

The IRS has been covertly involved from the begining working in concert with the western central banks to develop a global digital crypto currency. Bitcoin vs Etherium vs various others. They are all test pilot programs conceived, developed and financed by various central banks utilizing blockchain technology. Those of you whom are Gung Ho thinking you are "sticking it to the man" (Central Banks), by utilizing it are delusional.

Number 9's picture

Okay Jonestien tell us all about it where is your fucking llinks and you know all this shit how?

Ajax-1's picture

If I told you, I would have to kill you. However, I would be willing to give you a hint and just kick the shit out of you.

Rhetorical's picture

Good luck with ones outside the U.S.

If they  somehow manage to freeze those exchanges then we will just move to decentralized ones like Kyber Network which is designed by ethereums founder. Etherdelta is another decentralized exchange that is also already up and running. Though its a PITA to use.

 

Slipstream's picture

"The IRS will get a court order, shut down the exchange and freeze all the Bitcoins."

Yes, and that's one good reason the prudent investor does not leave assets on an exchange.

NemesisteM's picture

There will be a new crypto coming soon called Delirium 

HRClinton's picture

(((Banksters))) and their IRS lackeys already heavily invested in said Delirium coin.

Fun fact: the #1 currency for illegal activities is the USD. #2 is the €. Crypto is at the tail end of the elephant. 

Got clarity? 

marysimmons's picture

Yeah, and guess who launders all those USD's and EURO's??  Can anyone say TBTF?

red1chief's picture

Nothing there, it's even right in the name: "Ether". Of course the cryptos will only crash after the naysayers have been discredited and the manipulative bankers cash out. Until then, party on!

Calculus99's picture

Lots of conflicting info about ETC. 

Some say it's great and going to play a major major role. 

Others say it's bad programming and won't last. 

Comments anyone?

tmosley's picture

Bad programming can be fixed if they have a good community that is open to change.

I like ETH, but not with conviction. Don't own any ATM.

Nature_Boy_Wooooo's picture

A bunch of 23 year olds coding it.........I'll pass.

Calculus99's picture

IRS is all over CCs. 

They won't let anyone get away with no pay taxes.

The only way to dodge taxes is WAY before you buy any CC.

Basically you have to think long and hard about how to buy them with no financial trail AND keep them hidden. Very possible but only if you did the initial work. If not, odds-on they'll get you...

Gap Admirer's picture

How does one cash in on their YUGE gains without paying taxes when all transactions over  $10k get reported to the IRS? Only buy shit outside of the U.S?

HRClinton's picture

Thinking long & hard might be something that low IQ peeps have to do.

I simply bought CC several (>4) years ago. In cash, from a Chinese miner. It's resting in a cw (cold wallet). Trace that, bitch!

I'm amazed at how peeps go off half-cocked, or just regurgitate some slogans, w/o doing some value-added critical thinking. Stop spreading BS and FUD on behalf of the (((Masters)))!

Got IQ? Got clarity? Keep de-Dollarizing into the PARALLEL Economy, until the US Plantation (((Masters))) choke on their Debt-Currency!

Number 9's picture

Never Say Never There are definitely ways to hide it moving out of country opening corporate bank account and friendly Nations after the denounced citizenship and you're clear