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

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


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

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

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.

Leave a Reply

Your email address will not be published. Required fields are marked *