South Korea Proposes New Crypto Law Boosting Trading Volume by 300%

BlockBeats reported that on June 15, local time, the evening of June 14 (midnight Beijing time on June 15), Iranian state television announced that Iran had launched a new wave of missile attacks against Israel. Missiles have reportedly been fired from Tehran targeting locations within Israel. Iran launched drones and ballistic missiles in retaliation to previous Israeli strikes, with missiles aimed at areas such as Tel Aviv and Haifa. On the night of the 14th, air raid sirens were heard in Jordan, with reports suggesting unidentified flying objects crossing Jordanian airspace. Meanwhile, the Israeli military issued a statement confirming that Israel's defense systems have been activated, air raid sirens have sounded in multiple locations within the country, and citizens have been instructed to move to safety shelters until further notice.

BlockBeats, a prominent news outlet in the cryptocurrency space, recently reported on several significant developments. The outlet highlighted that an Ethereum ICO address, which had been dormant for nearly a decade, was recently activated. This address contained 2,000 ETH, which, at the time of activation, held substantial value. This event underscores the potential for long-term holding and the resurgence of interest in early cryptocurrency investments.

In another notable development, BlockBeats covered the potential impact of South Korea's new administration on the cryptocurrency market. The ruling party has proposed the "Basic Law on Digital Assets," which includes provisions for stablecoins backed by the Korean won and the legalization of leveraged trading. These proposals, if implemented, could significantly boost the trading volume in the Korean market. Currently, South Korea is known for its high demand for leveraged trading. The proposed spot leverage system, based on a lending model, could further amplify this trend, potentially tripling the trading volume on platforms like Upbit and Bithumb.

The proposed legislation aims to create a regulatory framework that supports the taxation of digital assets. This move is seen as a strategic step towards establishing a robust regulatory environment for cryptocurrencies in South Korea. The new administration's support for stablecoin legislation and the relaxation of crypto industry regulations is expected to lay the groundwork for future taxation policies. However, the implementation of these proposals is not without challenges. The regulatory environment for Play-to-Earn (P2E) and broader Web3 gaming-related projects remains strict, with both progressive and conservative governments cracking down on speculation in the gaming industry. This has led to a decline in the Korean gaming industry and a shift towards overseas markets by major game manufacturers.

Despite these challenges, the cryptocurrency market in South Korea is poised for growth. The proposed legislation and the new administration's pro-crypto stance could usher in a new era of innovation and investment in the region. The potential for leveraged trading and the integration of stablecoins could attract more overseas projects to platforms like Upbit and Bithumb, further intensifying competition in the market. As the regulatory landscape evolves, the cryptocurrency community will be closely watching the developments in South Korea, which could set a precedent for other regions.