By Jenny Lynton
While the crypto-bears seem to have momentarily hijacked the market, we shifted our attention to the Far East to delve into three inspiring crypto-developments in the pipeline. While the market was recently rocked by the sweeping crypto-crackdowns in South Korea and step up in government trading regulations, analysts have noted that developments in South Korea and the Far East seem to be catalytic for the industry. With this in mind, we used the TipRanks Coin Watch Platform to dive deeper and pinpoint three bullish news items in the Far East, to see if these can provide enough impetus to reverse the bearish trend and inspire another the crypto-sprint.
Over the past week crypto-champ Bitcoin (BTC) has been off to another shaky start, gradually sliding from $8419.65 on May 21 to its current Bitcoin price of $7,244.49 on May 28. Similarly, its alt-coin counterparts Ethereum (ETH) followed the same rocky path, dipping from $693.93 on May 21 to $534.17 on May 28. Another crypto-leader Ripple also lost some ground this week, bearing from $0.6756 on May 21 to $0.583.
There are various forces at play right now, but despite this bearish figures, many crypto-enthusiasts are not concerned. Blockchain Capital Partner Spencer Bogart recently championed how ’Bitcoin faces headwinds but is soon to materialize’. We therefore ventured to the Far East for some further crypto-inspiration.
Japan Welcomes Six Brand New Crypto-Exchanges
In a landmark move that signals Japan is edging more and more into the world of crypto, six new licensed public crypto-currency platforms have been added to the prestigious Tokyo Stock Exchange. As Japan only legalized cryptocurrency exchanges and defined its new regulations one month ago, this seems like a significant industry benchmark.
Hot on the heels of Japanese companies like Yahoo! Japan and Line Corp launching crypto-platforms, there are rumored to be around 100 public Japanese companies applying to join the growing crypto-exchange trading list, after they are reviewed by the Financial Service Agency (FSA).
The six new crypto-exchanges will include budget-managing app Money Forward, Marketing company Drecom, personal-care company Yamane Medical Corporation, global-gaming app Adways, entertainment app Avex and security firm Daiwa Securities Group. These new public exchanges will be trading in Bitcoin, Ethereum, Litecoin and Ripple, and the fact that they have passed the regulations and welcomed by the Tokyo Stock exchange should help inspire some investor confidence. We’ll wait to see if this can inspire some market momentum.
China to Launch New Upgraded BTCC Exchange Platform
Hong Kong-based crypto exchange BTCC has unveiled plans to launch its brand new and improved BTCC Exchange platform in June. Seemingly the platform, formerly known as BTC China, was one of the oldest crypto-exchanges but was closed amidst government crackdowns in September 2017. Nevertheless, the company was acquired by a Hong Kong investment company and relaunched as BTCC and continued to operate as a crypto-exchange.
The new revamped platform, together with the new branding does provide the perfect opportunity to put a media band aid on the tarnished old exchange and gain some more investor confidence. After all the government crackdowns and investigations into crypto-scams recently which sent the markets spiraling, this is a good case study for the wider industry. Let’s hope this can inspire other crypto-exchanges to follow suit.
The launch will also provide BTTC with the chance to introduce some newer and faster features. In the BTTC press release, emphasized now the new launch will provide ‘enhanced liquidity, faster deposits and withdrawals, and small bid-offer spreads’. The company also highlighted its focus on security and ‘how it takes security very seriously’ and is ‘proud of the fact that we have never been compromised’. As a further incentive, the company announced that ‘the new BTCC exchange will also offer zero trading fees for the first three months’.
The new platform will trade in most major coins, including Bitcoin, Ethereum, Bitcoin cash (BCH) and Litecoin (LTC), so again will have to see if this can inspire some much-needed crypto-confidence.
South Korea Eases its Crypto-Crackdown
Over the last few months, a government crackdown in South Korea on crypto exchanges evidently sent tremors through the markets, with some speculating that this was a crucial reason for the market tumble. However ahead of the approaching G20 nations summit deadline on regulations for cryptocurrencies in July, South Korea seems to have had a change of tune.
The Financial Supervisory Service (FSS) indicated that it plans to ease its restrictions on crypto-regulations as it will have to follow the framework of the newly-agreed industry policies at the summit. The FSS stated in the Korea Times that ‘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 [in Korea], this isn’t good, but we will step up efforts to improve things.’
FSS governor Yoon Suk-heun, also claimed that the investigations into cryptocurrencies enabled the authorities to identify ‘some positive aspects that could lead to relaxed regulations in the near future’. As South Korea is often seen as a marker for the industry, we’ll have to see if this reverse in policy and plan to ease regulations can help spark more investor trading and the next crypto-sprint.