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South Korea to Follow G20 Unified Cryptocurrency Regulations

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The South Korean government reportedly plans to soften its crypto regulations in line with the policies set by the G20 nations in an effort to create “unified regulations.” The Korean regulators have also agreed to apply the standards set by the Financial Action Task Force to its crypto policies.

G20’s Unified Crypto Regulations

South Korea is reportedly planning to follow the policies set by the G-20 nations and soften its crypto regulations, the Korea Times reported.

The G20 is an international forum for the governments and central bank governors. Its members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and the European Union.

South Korea to Follow G20 Unified Cryptocurrency Regulations

The top financial policymakers of these countries have agreed to acknowledge and regulate cryptocurrencies as financial assets, the news outlet noted, elaborating:

Financial policymakers of G-20 nations have set a July deadline for the first step toward ‘unified regulations’ of cryptocurrencies. One reason for the move by the G-20 is that they see cryptocurrencies as ‘too small to jeopardize’ financial markets. The combined market value of cryptocurrencies is less than 1 percent of the global GDP.

Financial Action Task Force Standards

While the G-20 classifies cryptocurrencies as financial assets, the Korean government has earlier classified them as non-financial products due to their speculative nature. Acknowledging the differences, the country’s Financial Supervisory Service (FSS) was quoted expressing:

It’s almost certain that cryptocurrencies will be classified as assets and the main issue will be centered on how to regulate them properly under the unified frame that will be agreed upon between G-20 nations. Given the current stance, this isn’t good, but we will step up efforts to improve things.

South Korea has also agreed to apply to cryptocurrencies the standards of the Financial Action Task Force (FATF), an inter-governmental body formed to fight money laundering and terrorism financing, the publication conveyed.

Softening Crypto Policies

Recently, the new FSS chief indicated that he will ease the country’s cryptocurrency regulations. Governor Yoon Suk-heun said there are many positive aspects of cryptocurrencies, promising to release updates on this issue in the near future.

South Korea to Follow G20 Unified Cryptocurrency RegulationsMeanwhile, the country’s National Tax Agency has been collaborating with the finance ministry to collect tax data in order to establish crypto tax policies. While cryptocurrency transactions are currently tax-free in Korea, crypto operators are required to pay income taxes, the news outlet detailed.

Despite the new FSS chief suggesting an easing of crypto regulations, his department has launched an investigation into crypto exchanges, in collaboration with other related authorities. In March, the prosecution arrested four employees of crypto exchanges including the CEO of Coinnest. Last week, they started investigating the country’s largest crypto exchange, Upbit. This week, three people were arrested from HTS Coin exchange for alleged fraud and embezzlement charges.

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Bitcoin (BTC/USD) forecast and analysis on September 25, 2018

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Cryptocurrency Bitcoin (BTC/USD) is trading at 6706.08. Quotes of the cryptocurrency are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for Bitcoin. At the moment, the quotes of the cryptocurrency are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 6590.00 is expected, from which one should expect an attempt to continue growth and further development of the upward trend with the target near the level of 7190.00.

Bitcoin (BTC/USD) forecast and analysis on September 25, 2018

Bitcoin (BTC/USD) forecast and analysis on September 25, 2018

The conservative buying area is near the lower border of the Bollinger Bands indicator strip at 6580.00. The abolition of the option of continuing Bitcoin growth will be the breakdown of the lower border area of ​​the Bollinger Bands indicator strips, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of ​​6200.00, indicating a change in the bearish trend for BTC/USD. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.

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Ripple (XRP/USD) forecast and analysis on September 25, 2018

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Cryptocurrency Ripple (XRP/USD) is trading at 0.5761. Quotes of the cryptocurrency are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for Ripple. At the moment, the quotes of the cryptocurrency are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 0.5300 is expected, from which one should expect an attempt to continue growth and further development of the upward trend with a target near the level of 0.7210.

Ripple (XRP/USD) forecast and analysis on September 25, 2018

Ripple (XRP/USD) forecast and analysis on September 25, 2018

The conservative area for buying is located near the middle border of the Bollinger Bands indicator strip at 0.4680. Canceling the option of continuing Ripple growth will be the breakdown of the mid-range area of ​​the Bollinger Bands indicator bars, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of ​​0.4500, indicating a change in the bearish trend for XRP/USD. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.

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Why Ripple (XRP) can jump 100x in value and become the world currency

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Ethereum (ETH/USD) forecast and analysis on September 25, 2018

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Cryptocurrency Ethereum (ETH/USD) is trading at 245.16. Quotes of the cryptocurrency are traded above the moving average with a period of 55, which indicates the existence of a bullish trend for Ethereum. At the moment, the quotes of the cryptocurrency are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 238.00 is expected, from which one should expect an attempt to continue growth and further development of an upward trend with a target near the level of 280.50.

Ethereum (ETH/USD) forecast and analysis on September 25, 2018

Ethereum (ETH/USD) forecast and analysis on September 25, 2018

The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at 220.50. The abolition of the continuation of Ethereum growth will be the breakdown of the lower border of the Bollinger Bands indicator bands, as well as the moving average with a period of 55 and the closing of the pair quotes below the area of ​​200.00, which indicates a change in the trend in favor of the bearish for ETH/USD. In the event of breakdown of the upper boundary of the bands of the indicator Bollinger Bands, one should expect an acceleration of growth.

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