On October 10th, the Financial Services Commission (FSC) of South Korea announced the formation of a Virtual Assets Committee to consider the approval of exchange-traded funds (ETFs) for crypto assets. This committee will serve as an advisory body providing guidance for the country’s crypto sector. Chaired by FSC Vice Chairman Soyong Kim, the committee will consist of representatives from relevant government agencies and nine members from the private sector.
The main focus of the committee is to address key issues in South Korea’s digital assets sector, including the settlement of corporate accounts. Currently, South Korea’s Capital Markets Law prohibits Bitcoin (BTC) and other crypto ETFs, and corporate digital asset accounts are also banned due to anti-money laundering concerns. However, there seem to be signs that South Korea may soon shift its stance in a more positive direction.
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SEC Chair Gary Gensler questioned the sustainability of crypto as the currency of the future during an event at New York University, citing the need for transparency and real-world value through usage. During a Q&A session at NYU’s School of Law on Wednesday, SEC Chair Gary Gensler criticized the crypto sector, stating that digital assets are unlikely to function as currency in the future.
“It seems that assets like these will not become currency,” Gensler said at the event. “They need to show their value through disclosure, through usage.” Although Gensler did not comment on how the 2024 U.S. presidential election might affect the SEC or his role, he appeared to take a jab at prominent figures in the crypto industry who have faced criminal charges in recent months.
“With all due respect, the leading figures in this space… are either in jail or awaiting extradition,” Gensler explained.
People tend to forget basic knowledge in the market.
When euphoria strikes, that’s exactly when you need to be cautious.
No one says these things when it’s happening. As for me, someone who makes money in the market, I’m currently in ‘relaxed mode’ during these times—no aggressive plays, just taking it level by level.
Whether it’s a bull season, bear season, meme season, alt season, Uptober, or Octobear, I can still make money at any time. I’m a trader, my friend, not a content creator.
$CELO #CELO In my view, the pin bar candle signals a reversal formation. Although it’s only the first validation, we can base it on the risk-to-reward ratio.
$SUI Update #SUI The worst is yet to come. Already hit the stop loss. I want to re-entry, but the risk now exceeds my criteria, so I’ll just watch from the sidelines.
$APT UPDATE #APT Caught the top again. I’ve already reached my first target. It just didn’t make a new low. If APT rises and follows my red line, I’ll reenter, but for now, I’m chilling inside. GG who follow my entry yesterday.. 🔥🔥 Feel free to follow for more updates. 😃