- Bitcoin testing resistance level
- South Korea to adopt a new model for regulating cryptocurrencies
- The model is a development of the New York State Department
Bitcoin price is in an uptrend on Wednesday trading at $8,800. Bitcoin is testing the resistance level at $8,891, and the daily chart shows that $9,000 is within reach. New developments from South Korea points out that the government is considering a possibility of issuing Bitcoin Licenses for exchanges in the nation.
The model of this type of system has been developed by the New York State Department of Financial Services. The business Korea quoted a ministry official in Korea, who stated that the authority is seriously weighing the introduction of an exchange vetting and approval system that will enable regulation of digital currencies in the country. South Korea abandoned the idea of banning the entire cryptocurrency market like China and decided to implement smart regulation of the cryptocurrencies instead.
In the new model, all cryptocurrency exchanges will be required to obtain a license dubbed “BitLicense,” from the Department of Financial Services. The exchanges will be required to meet all the conditions for approval set for capital and reporting (per quarter).
The Ministry of Strategy and Finance is in support of the new model. For information read here.
BTC/USD price daily chart
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