- South Korea's Monetary Surveillance Fee has determined to strengthen its oversight of the digital foreign money market.
- The transfer is geared toward countering elevated market volatility following the U.S. presidential election.
- The Fed's latest rate of interest cuts are additionally contributing to market volatility.
On November 8, 2024, South Korea's Monetary Supervisory Service (FSS) Governor Lee Bok-hyun introduced plans to strengthen supervision of the digital foreign money market in response to the US election outcomes. Regulators are additionally keeping track of inventory market actions associated to U.S. President Donald Trump's re-election. Elevated volatility within the crypto sector has led to elevated regulation to deal with investor considerations.
South Korea is actively working to develop the digital foreign money market whereas prioritizing investor safety. The nation's efforts embrace investor safety legal guidelines, market manipulation investigations, and efforts to assist strategic crypto initiatives. South Korea is tightening its regulatory framework amidst elevated volatility within the crypto market, particularly in lieu of the US elections and the Federal Reserve's financial coverage changes.
Trump-related meme cash take successful
Crypto tokens related to Trump, akin to TRUMP, MAGA, and TREMP, skilled vital positive aspects in the course of the election interval, however have since fallen sharply. Prior to now 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 venture with ties to the Trump household, reportedly made $1 million in unrealized positive aspects after a modest token sale final month.
Additionally learn: South Korea’s Cryptocurrency Surge: Alternatives and Dangers
Whereas meme cash related to President Trump confronted a downturn, Bitcoin and altcoins confirmed upward momentum. Optimism surrounding Trump's return to the White Home has boosted the US crypto market, prompting heavy funding and resulting in a bullish pattern in prime cryptocurrencies. Market expectations that the US will emerge as a “crypto capital” are additional accelerating this rise.
This sudden change has attracted the eye of South Korean monetary authorities, prompting them to tighten rules. Though it stays unclear what particular measures the Monetary Providers Company will take to deal with these fluctuations, South Korea's constant deal with investor safety and market stabilization suggests a proactive strategy. It reveals.
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