[2018-04-03] Korea's Crypto Exchanges Pledge Market Cleanup

[maarx]

"It was a fantastic year in 2017."

As stated by Junhaeng Lee, co-founder and CEO of Seoul-based crypto platform Gopax, that's one simple but accurate summary of the last year for cryptocurrency exchanges in South Korea. Indeed, since earlier last year, crypto trading volume in the country has surged to a point where exchanges from South Korea have topped their global peers in terms of 24-hour trading volume.

Speaking at the Deconomy conference in Seoul on Tuesday, Lee credited the speculative mindset of Korean investors as the key driver. As he put it, when price surged, investors simply flocked in, enticed by big gains.cl

"South Korea market is very, very speculative," he told CoinDesk.

https://www.coindesk.com/regulation-not-koreas-crypto-exchanges-pledge-market-cleanup/

Your thoughts on it?

[jjacob]

The Korean exchanges are basically stating that they will vet ICOs and tokens before listing them. This is definitely required, especially when many of the tokens are issued by fly-by-night operators. But I doubt whether this will reduce the overall speculation in the cryptocurrency market in Korea. As long as people feel the urge to gamble, they will always find a way to do it.

[churrosndips]

This is welcome news. It should help increase the quality of the ICO's that people bring to the market and would potentially improve investor confidence. Hope that this is not all hype and the pledge would turn out into hard action. We've heard plenty of similar buzz from everywhere it seems nowadays and yet it seems that things remain the same.