southkoreacrypto

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The South Korean Financial Supervisory Service (FSS) has officially announced that it will integrate Artificial Intelligence (AI) into its "VISTA" (Virtual Asset Intelligence System for Trade Analysis). VISTA is an internal platform specifically designed to monitor and analyze unfair trading practices within the virtual asset market. This platform was originally developed by FSS's internal staff using the Python programming language.

The FSS noted that bad actors are becoming increasingly sophisticated, frequently utilizing Application Programming Interfaces (APIs) to conduct high-frequency trading (HFT) that can manipulate prices within milliseconds. Consequently, transitioning from manual investigation processes to a fully automated, AI-based detection model is considered the most effective way to stay one step ahead of these perpetrators.
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🔔 MARKET MOVING NEWS! (25/12/24)

1️⃣ Russia Imposes 6-Year Ban on Crypto Mining in 10 Regions, Citing Energy Use ⛏
#RussiaCrypto
According to local media reports, the Russian government has imposed a six-year ban on crypto mining in 10 regions due to the industry's high power consumption. The ban takes effect on Jan. 1 2025 and ends on March 15, 2031. It includes seasonal restrictions in key cryptocurrency mining regions to prevent energy blackouts. The restrictions align with Russia’s cryptocurrency mining laws signed by the president in August and October 2024.

2️⃣ Hacker Breaches 15 X Accounts, Nets $500K Boosting Bogus Memecoins: ZachXBT ❓
#HackerAlert
According to the onchain sleuth ZachXBT, over $500,000 in funds stolen via memecoin phishing scams were connected to one threat actor. He reported that the perpetrator tricked X users into handing them control over their accounts by impersonating the X team and issuing fake copyright infringement notices. ZachXBT claims that over 15 X accounts were compromised this way, including those belonging to Kick, Cursor, The Arena, Brett and Alex Blania. Many of these X accounts have large audiences, with well over 200,000 followers who are mainly memecoin enthusiasts looking to catch the next hot tip.

3️⃣ Montenegro Court Rejects Do Kwon’s Extradition Appeal ▶️
#Montenegro
Montenegro’s Constitutional Court has reportedly dismissed Terraform Labs co-founder Do Kwon’s extradition appeal. The court cited legal inconsistencies in Kwon’s appeal, effectively upholding an earlier ruling favouring his extradition. This decision is significant as the international extradition case will potentially set a precedent for cross-border accountability in crypto.

4️⃣ Over 30% Of South Koreans Invest In Crypto Assets 🔍
#SouthKoreaCrypto
According to the South Korean media outlet Yonhap News, the number of crypto users in the country increased by 610,000 in November after Donald Trump won the United States presidential election. Representative Lim Kwang-Hyun of the Democratic Party of Korea shared data showing that digital asset investors in the country at the end of November totalled 15.6 million. Notably, with a population of 51.7 million, this means that over 30% of its citizens are crypto holders. Yonhap said the data was collected and released following the country’s new regulations on crypto exchanges. This is also the first time statistical data related to crypto has been released in the country.

5️⃣ Little-Known Canadian Crypto Firm Matador Adds Bitcoin To Its Books 💸
#MatadorTechnologies
Canadian real-world asset tokenisation firm Matador Technologies has reportedly become the latest company to incorporate BTC in its treasury. The firm's board of directors unanimously approved adding Bitcoin and “USD-denominated assets” to its balance sheet as part of its “long-term capital preservation strategy.” The firm is also planning to convert the majority of its cash balance sheet from Canadian dollars to US dollars.

Sunny Ray, president of Matador, stated,

Matador’s Board and management believe in using Bitcoin to future-proof our treasury. This step also supports our mission to explore using Bitcoin as a platform for our gold-based products.

Eight of South Korea’s largest banks have joined forces in a historic initiative to launch a stablecoin backed by the national currency – the Korean won. In cooperation with the Open Blockchain and DID Association and the Financial Settlement Institute, the country is taking a bold step toward digital monetary transformation, though its central bank is urging a more cautious approach.

🔹 Objective: A Digital Currency Pegged to the Won

According to local reports, the new won-backed stablecoin will be available in two models – one based on a trust system and another backed directly by bank deposits. This project marks the first significant joint effort by South Korean banks to enter the digital asset space via a consortium.
“A won-pegged stablecoin can fill a market gap as an alternative to traditional payment methods like wire transfers or currency exchange,” said Sam Seo, chairman of the Kaia DLT Foundation.
This initiative follows the election of President Lee Jae-myung and his reform agenda on crypto regulation. The proposed Digital Asset Basic Act aims to legalize stablecoins and modernize the digital finance landscape in South Korea.

🔹 Fears Over Dollar Dominance

The banks involved share concerns that foreign dollar-backed stablecoins could eventually dominate the Korean market. The won-backed stablecoin aims to maintain financial sovereignty and competitiveness.
“If we don’t act now, foreign stablecoins could overwhelm the domestic market. We need to ensure the independence and strength of our financial system through a locally issued digital currency,” said a spokesperson from the banking consortium.

🔹 Central Bank Urges a Gradual Approach

Despite the enthusiasm from commercial banks, the Bank of Korea remains cautious. Senior Deputy Governor Ryoo Sang-dai recommends that the rollout start exclusively with heavily regulated commercial banks.
“It’s advisable to first allow only well-regulated banks to issue won-backed stablecoins and then gradually expand to the non-banking sector based on the lessons learned,” he stated.
The central bank emphasizes that stablecoins must not disrupt monetary policy or financial stability. It plans thorough risk assessments and aims to establish a strong regulatory framework to avoid future crises. This cautious stance aligns with the global trend of central banks carefully evaluating the implications of stablecoins.

#SouthKoreaCrypto , #Stablecoins , #DigitalAssets , #CryptoNewss , #DigitalCurrency

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The crypto market in South Korea is heating up, and XRP has taken the spotlight, leaving Bitcoin and Dogecoin in the dust. In a stunning display of market dominance, XRP trading volumes on major Korean exchanges have smashed records, surpassing $800 million in just 24 hours.

XRP’s Unstoppable Momentum in South Korea
UpBit: Over $600 million in XRP trades 🤑
Bithumb: $200 million+ in volume 💰
For comparison, BTC and DOGE trading volumes pale in comparison, clocking in at less than half of XRP’s activity. The surge in XRP trading is not just a numbers game; it’s a clear indicator of intense market momentum ⚡.

Why South Korea Loves XRP
South Korea’s traders, renowned for their bold moves, have embraced XRP as the #1 token for high-stakes trading. Here’s why:
1. Favorable Market Conditions:
Local enthusiasm for XRP is tied to both market dynamics and political developments, creating an ideal environment for high-volume trading.
2. Volatility Potential:
XRP’s explosive activity hints at major price action ahead—whether it’s a bullish breakout 📈 or a sharp correction 📉, South Korean traders are ready to capitalize.
3. Cultural Influence:
The South Korean crypto community is known for riding trends early, making XRP their token of choice for aggressive trading.

What’s Next for XRP?
With trading volumes skyrocketing, XRP could be poised for a major rally. Here’s what to watch:
Key Resistance: A break above current resistance levels could propel XRP into a massive upward trend.
Support Testing: A dip in trading momentum might test key support levels, but high interest could stabilize prices quickly.

Market Takeaway
XRP isn’t just riding the wave in South Korea—it’s leading the charge. With $800 million+ in daily trading volume, XRP is redefining its market presence and capturing the attention of traders worldwide.
📊 Traders, stay vigilant! The charts are alive, and volatility could present huge opportunities.
#CryptoTrading #XRP #BinanceUpdates #SouthKoreaCrypto #XRPMomentum
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