Well, If you’re having a close look at cryptocurrency pricing lately and keeping yourself updated about the recent crypto news, then must have been aware about the fact that China has banned the ICO’s as well as major cryptocurrency exchanges would closed down all the cryptocurrencies trading operation w.e.f 1 October 2017.
This news impacted the market a lot and just after receiving this news, crypto market had seen blood bath in it’s street. All the Alt coins turned red along with Bitcoin.
Bitcoin fell $600-$800 within 24 hours. All this crypto depression just because of a single country banning crypto operations. Yeah, of course China acquires major share of crypto trading but still Cryptocurrencies are much larger than a single country banning decision.
Slowly, market recovered and everything turning green until last night as South Korea had also announced that it is banning the ICO’s operating within the borders of South Korea. Although, South Korean government has also mentioned that only ICO’s is going to Ban, not individual cryptocurrency trading operations.
This step was taken after analyzing the illegal money laundering activities were being conducting under the RADAR of ICO’s.
Well, after this decision market is slighty affected, not some major effect like it was when China banned ICO’s.
Now, after all these negative decisions, a news came which will put a smile on crypto evangelist’s faces.
Japan is going to give full support to cryptocurrencies projects and legalize all the crypto tradings.
Japan’s Financial Services Agency announced that it has approved 11 proposals of companies who would start cryptocurrency exchanges.
Well, this is really a bold move after considering the crypto banning by neighboring countries. Although, Japanese Exchanges will verify all customers KYC details as well as segregrate their accounts with exchanges in order to mitigate any attempt of money laundering.
Japan has recognized Bitcoin as a legal tender back in April 2017 and now planning a roadmap where Cryptocurrencies can really help in advancing technology and providing real solutions.
Earlier Japan has also announced that it has no plan to ban ICO’s projects and even some ICO’s are still conducing currently in Japan.
Well, this seems like a great move by Japanese Government. Undoubtedly, cryptocurrencies holds a huge potential and it’s not gonna stop just because of some banning decisions.
Let’s hope for a great future, full of cryptocurrencies project helping the people to solve real-world solutions.
I would still advise you all to take care of your capital and use your intelligence and research before investing in a cryptocurrency project or ICO’s.