Ripple Calls on South Korea’s Regulator for Clearer Crypto Regulation Framework

Updated:

Ripple Labs has reached out to South Korea’s financial regulatory agency to create clearer regulations to appropriately distinguish cryptocurrency between utility tokens, payment tokens, and security tokens. The fintech company wrote a policy paper to the Korean authorities in partnership with Oxford Metrica and GBC Korea.

In the document, the company noted that the Asian nation’s existing virtual regulation is broad, encompassing digital currency with digitally-traded economic value.

Ripple also talked about its openness to using its technology, RippleNET, to cultivate digital asset innovations in a regulated setting. Ripple’s Policy Director, Rahul Advani, noted in the document:

“We believe the policy recommendations outlined in this paper strike the right balance between providing regulatory clarity while having a regulatory framework that’s forward-looking and flexible.”

Ripple is trying to avoid a replay of the regulatory issues it currently battles over with the United States Securities and Exchange Commission (SEC), which sued the company in December 2020 for allegedly breaching its securities law.

The case has recorded several twists and turns since it began and currently proceeds in Ripple’s favor as it is expected to end before November this year.

Interestingly, South Korea is one of the few countries to have developed a regulatory framework for digital currencies within its jurisdiction.

Key Ripple Levels to Watch — March 16

Following a relatively bullish week that culminated in a spike to the $0.8500 top last Sunday, XRP has fallen into a sideways pattern under the $0.8000 mark. However, the sixth-largest cryptocurrency has held its end from dropping below my three-week-long ascending trendline and wedge bottom.

XRPUSD 2022 03 16 10 59 21.png
XRPUSD – Daily Chart on Bitfinex. Source: TradingView

With the prevailing sentiment in the broader market, we should expect to see a mild bullish momentum today, with a possible retest of the $0.8000 barrier. A sustained move above this level would mean a breakout above the long-prevailing bearish trendline and wedge top, which should help XRP bolster its upward momentum.

Meanwhile, my resistance levels are $0.8000, $0.8250, and $0.8500, and my support levels are $0.7300, $0.7000, and $0.6800.

Total Market Capitalization: $1.79 trillion

Ripple Market Capitalization: $37 billion

Ripple Dominance: 2%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.