Regulation
Bitcoin lawyer warns: election outcome could determine fate of crypto in US
(Kitco News) – After more than a decade of being ignored by regulators, the cryptocurrency ecosystem has seen a barrage of enforcement actions over the past couple of years, resulting in fines and jail time for some of the most popular projects and influencers.
While scrutiny from law enforcement is never a welcomed occurrence, the uptick in oversight suggests that the asset class has reached a tipping point in terms of adoption and the threat it poses to the established financial order.
For a boots-on-the-ground perspective from a legal expert who has been fighting for crypto folk amid the crackdown, Kitco Crypto spoke with James Koutoulas, an investor attorney advocate and CEO of Typhon Capital Management.
Koutoulas started the conversation by providing a little background on his advocacy for inventors, noting that he is “best known for covering all $6.7 billion in customer assets, pro bono in the MF Global bankruptcy.”
He said that case was against President Obama’s biggest donor, John Corzine, who mentored current SEC Chair Gary Gensler, who happened to be serving as head of the CFTC when the lawsuit took place.
“Gensler and I have hated each other 13 years now,” Koutoulas said.
He is also the trustee of the Let’s Go Brandon (LGB) coin foundation and is the lead on a lawsuit filed against NASCAR for “maliciously revoking the sponsorship and then defaming” the project.
“The thing that no one talks about is if you declare everything and unregistered security, there’s no framework for brokers to become regulated,” he said, referring to the Security and Exchange Commission’s (SEC) lack of clear guidance on cryptocurrencies. “Even if you were able to somehow register a coin as a security, you couldn’t trade it anywhere. It would essentially be dead and banned from trading.”
“So, we don’t have a crypto statute,” he said. “The SEC hasn’t been authorized by Congress to promulgate regulations, but they are basically trying to put a death sentence on any project that they want to deem an unregistered security. That’s the opposite of investor protection.”
Discussing several recent rulings that went against the SEC – including the regulator being called ‘arbitrary and capricious’ by an Appellate Court when they denied Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) into an ETF, and being charged with gross abuse of power for false statements made in its case against Debt Box – Koutoulas said the regulator also “lied in a sworn affidavit in reply to my motion to quash their unconstitutional subpoena.”
“My case has been fully briefed since July and I just keep adding supplemental authority of misconduct by the SEC and other cases, like Grayscale’s ‘arbitrary and capricious’ ruling, and the pervasive misconduct on the Debt Box case,” he said.
He noted the ongoing Supreme Court case involving the Chevron doctrine, which was the last case that “gave deference to administrative agencies in being able to trust their judgment.” He said the judgment on that case could alter the regulatory landscape and diminish the leeway that agencies like the SEC have in oversight.
“Most legal experts think that the Chevron doctrine is going away,” he said. “The SEC didn’t even cite it in my case, but if the Supreme Court strikes down Chevron, my case looks pretty good because they didn’t even allege Let’s Go Brandon coin is a security.”
He said the regulator attempted to obtain information regarding his bank accounts and the bank accounts of influencers like Candace Owens and Madison Cawthorn. “If you don’t even claim it’s a security, how does the SEC think it has jurisdiction” to access that information, he questioned.
Ether ETF
When asked if the ruling against the SEC on Grayscale could have implications in the Ethereum ETF debate since the crux of that argument centered on Bitcoin getting an ETF since Bitcoin futures had already been approved, Koutoulas said: “People are making that argument already.”
He noted recent reports that there are documents that show Gensler “said internally he thought ETH was a security six months before they approved the ETH futures ETF.”
“How do you go in and approve a publicly registered ETF knowing that you want to take an enforcement action and basically say the product is illegal?” he questioned. “It’s just absurd.
You can’t go and approve this product that’s not a security future, it is a future, so it’s got to be considered a commodity. So, one part of the SEC has approved ETH as a commodity. The CFTC has argued it’s a commodity.”
“How do you come now, a decade after Ether was released when it has hundreds of billions in market cap, and say ‘it’s illegal and you can’t trade it anywhere other than Prometheum, who are our buddies and who never traded a contract,’” he questioned.
Adding to his point, Koutoulas noted that Coinbase, who is the surveillance sharing agreement partner on the Bitcoin ETFs, and who sells confiscated Bitcoin for the government, “can’t get clarity on rules.”
As for whether an Ether ETF will eventually be approved, Koutoulas said, “Hopefully, we get an administration change in January, and hopefully Gensler is gone before then.”
The need for regulatory clarity
“I’m hoping I actually get sanctions against the SEC in the Let’s Go Brandon case because that would be the ultimate humiliation for that corrupt agency,” he said. “They blatantly lied in a sworn affidavit.”
Koutoulas explained that at one point, the SEC told one of his lawyers on the Let’s Go Brandon coin that they “could make a limited voluntary production explaining why it’s not a security,” but then ignored their submission for four months. After that, they switched and said the token was a security, and when Koutoulas sued them with a motion to quash, the SEC said in a reply letter that they never said they could make a limited voluntary production explaining why it’s not a security.
He called Hester Pierce the “adult in the room” at the SEC for advocating for things like giving projects a safe harbor and a couple of years to get to the point where they’re decentralized before implementing reporting requirements.
“When you have the absence of any kind of regulation, if you try to build proper internal controls and functionality into projects, but they say you are a security, there’s no way to register the security,” he said. “And if you were registered as a security, there’s no one who is registered to trade the security.”
“Unless you are going to say the entire industry is illegal, then you need to give people rules and a safe harbor,” Koutoulas said. He called statements made by various SEC representatives that they are open and welcome registration by digital asset projects “A complete sham.”
“Where are the procedures? How does Coinbase become a special-purpose broker-dealer?” he questioned. “If we wanted to make the Let’s Go Brandon coin a security by giving people a share in the profits from the coin – which it doesn’t have currently, it’s a straight meme coin with no functionality – how would we register it? What’s the procedure?”
“I’m a securities lawyer; I comply with securities laws in the U.S. I’m registered in the CFTC. I comply with all the CFTC rules in the U.S. I’m registered with the Cayman Islands Monetary Authority. I’m registered with the U.K. Financial Conduct Authority. Guess what? Those all have rules you can comply with,” he said. “JPMorgan is custodying its assets on an illegal, unregistered futures exchange using Coinbase. It’s nonsensical.”
He suggested many in the government, such as Elizabeth Warren, don’t want crypto to succeed and only want a central bank digital currency (CBDC) that they control and can “shut off and debunk you” if you say or do something they disapprove of.
“It’s a politically driven attack that I estimate has cost Americans about $500 billion in losses in the name of investor protection,” he said.
Another motivation for the lack of clear regulations is so that “banks can catch up,” Koutoulas said. “This is the first real, innovative financial-esque type industry that wasn’t started by the big banks on Wall Street. So they hate that nerds and technologists have this multi-trillion-dollar industry without them.”
He warned that the approval of the spot Bitcoin ETFs could open the door to large amounts of BTC being confiscated by the government – as they did with gold in the 1930s – if an unfriendly administration decides to declare Bitcoin and other cryptocurrencies as illegal and say the only form of currency people can use is a CBDC.
“These ETFs are re-centralizing Bitcoin in an avenue where it’s a lot easier for the government to go in and do something nefarious like that,” he said, “That’s why I’m a huge supporter of John Deaton in his race in Massachusetts against Elizabeth Warren. He’s someone who genuinely cares about the industry, and the upgrade for our industry to have John in and Elizabeth Warren out is incalculable.”
Diminished impact of halvings
Bitcoin recently underwent its fourth halving, which decreased the block reward to 3.125 BTC. When asked if the halvings will start to take a back seat to macroeconomic concerns when it comes to influencing Bitcoin’s price, Koutoulas said, “Absolutely.”
“There’s such a high level of geopolitical risk right now – Middle East tensions, Taiwan tensions, it’s a big election year – so anything is on the table,” he said. “They are teasing there could be an EMP event that knocks out all the computers worldwide for three days. That could be a huge risk for cryptos. There are even murmurs about a fake alien invasion. We could have martial law. This next six months… anything is on the table.”
He said multiple examples show the government has weaponized regulation, from how they have attacked crypto, to the “multiple ridiculous lawsuits against Trump,” and the subpoena against the Let’s Go Brandon coin.
Koutoulas warned that these types of things make the U.S. look more like a Banana Republic.
“I’m a good corporate citizen. I’ve recovered $7 billion pro bono for 48,000 fraud victims. I was on the Executive Committee of the Commodities Regulator. I’m a whistleblower against their management. Honest dude, right,” he said. “I’ve had six bank accounts and credit cards closed in the last two years. So, the debanking issue is real. The House Judiciary Committee has shown evidence that FinCEN has labeled conservatives ‘domestic terrorists’ and had banks close their accounts.”
“We’ve got Operation Chokepoint 2. 0, where it looks like the Feds are telling banks to not allow people to on-ramp fiat into crypto,” he added. “So there’s a lot of problems with the government right now, and all of that plays into crypto prices.”
“We’ve had a huge rally off the bottom also, so pausing here at these prices is reasonable,” he said. “I think this year is going to be an especially volatile period for geopolitics, which will affect the market.”
He added that a Republican win in November is “massively bullish,” citing Trump’s engagement with the crypto ecosystem, including the launch of Trump NFTs. “He gets CBDCs too, and that they are literally evil incarnate and the tool to destroy Western Civilization.”
Koutoulas also highlighted the pro-crypto stance of independent Presidential candidate Robert F. Kennedy Jr., saying, “He’s gone so far as to say Bitcoin should back the U.S. dollar.”
When asked about RKF’s proposal for the U.S. budget to be on the blockchain, Koutoulas said he “loves that” idea.
“The more transparency, the better,” he said. “The Pentagon has trillions of dollars that are unaccounted for, that aren’t audited. But the complexity of that project would be massive. A lot of infrastructure would need to be built for the government to get there. There are so many disparate payment systems, accounting systems, ledgers… It’s a mess. Partly by design because the messier it is, the harder it is to get the transparency that putting it on a blockchain would provide.”
“They want no transparency or accountability for the government, but if you send someone $600 on Venmo, they need to know about that,” he mused.
He also highlighted President Biden’s Budget proposal for a 46% capital gains tax for high-income earners and taxes on unrealized gains, saying, “Quite frankly, it’s insane.”
“Policy like that, that’s pandering to the people who want communism in the country, who want socialism, which I think is still a pretty small minority,” he said. “I think the majority of the country is sane and wants limited government, accountability, and honesty from the government.”
“I’ve never met a Cuban or a Venezuelan who escaped communism and came here say ‘I’m voting Democrat,’” he said. “Those people – who have had personal experiences with communism, rationing and breadlines, and rampant censorship, lest you be a political prisoner – are some of the hardest-core conservatives in America.”
A way out
When asked if he sees a viable way for the U.S. to recover from the decades of debt printing that has raised the national debt above $34 trillion and sees $1 trillion printed every 100 days, Koutoulas suggested that what is happening is by design as part of Agenda 2030 and the “great reset.”
“The globalists of the World Economic Forum have publicly called for a great reset of the entire global financial system by 2030; that’s their agenda. Agenda 2030 is that we’re going to have a great reset. We’re going to own nothing and be happy. We’re going to eat bugs in the name of climate change,” he said. “That’s what at least half of global governments want.”
“How do you have a great reset?” he posed. “Well, print money until the cows come home. That is also a great reason to own Bitcoin. Over time, the increases in Bitcoin have correlated strongly with the M2 money supply. For much of Bitcoin’s existence, we had low or zero percent interest rates, which was a huge boon for crypto. Now is really the first time we’ve seen crypto rally in a non-zero interest rate environment, so that’s interesting.”
He said the term “conservative” hasn’t even remotely applied to spending by the government, regardless of the party in charge. “We have something like 50% of all dollars ever printed being printed in the last five years, which combined with various things like COVID stimulus checks, build back better bills, and the Inflation Reduction Act, have just pushed inflation higher and higher.”
“I saw one measure earlier this week that said the U.S. dollar, by official statistics, has lost 25% of its purchasing power since Biden was elected. That’s official stats. It could even be 35 to 40%,” he added. “That’s completely unsustainable. And in the background, you have crypto, gold, and other metals hitting new all-time highs, which suggests people are turning to those assets to try and protect themselves from the unsustainability of the fiat printing monster.”
When asked if Bitcoin and crypto could actually be a tool being used by globalists to move people away from loyalty to country and currencies, Koutoulas replied in the affirmative, saying, “We don’t know who Satoshi is, right?”
“A lot of people think Satoshi could be the government. It could be the NSA. It could be DARPA with an advanced weapons process,” he said. “You get people addicted to years and years of profitability, Lambos, etc., all the while slowly gaining more control over the asset via things like ETFs that are controlled by quasi-governmental organizations like BlackRock.”
Koutoulas warned that could set the stage for Bitcoin to be confiscated, with the government distributing a CBDC in exchange for the value taken.
“That’s why I think this election is the most important of our lifetimes,” he said. “If the left wins, I think the U.S. is over as a capitalist country. I think people should be prepared for anything and everything to be on the table this year.”
Crypto outlook moving forward
As the conversation came to a close, Koutoulas provided his outlook on the future of crypto, reiterating that it hinges largely on how the election turns out.
“If we have a Republican win, you could not be more bullish because we’ve had four years of malicious regulation by enforcement trying to destroy the space,” he said. “If Gensler gets booted, we could see fewer lawsuits and more regulations get passed, which would be good for everybody. There are a lot of good actors in the space who are happy to comply with rules if they exist.
“If the Dems remain in charge, then it’s time to start worrying,” Koutoulas warned. “That’s when you want to have your coins in self-custody because the threat of them being seized by the government will be significantly higher.”
“It’s a dystopian future for crypto if the Dems hold on to power, so I guess we better hope for a red win,” Koutoulas concluded.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Regulation
Crypto community gets involved in anti-government protests in Nigeria
Amid the #EndBadGovernanceInNigeria protests in Nigeria, a notable shift is occurring within the country’s cryptocurrency sector. As the general public demands sweeping governance reforms, crypto community leaders are seizing the opportunity to advocate for specific regulatory changes.
Rume Ophi, former secretary of the Blockchain Stakeholders Association of Nigeria (SiBAN), stressed the critical need to integrate crypto-focused demands into the broader agenda of the protests.
Ophi explained the dual benefit of such requirements, noting that proper regulation can spur substantial economic growth by attracting investors and creating job opportunities. Ophi noted, “Including calls for favorable crypto regulations is not just about the crypto community; it’s about leveraging these technologies to foster broader economic prosperity.”
Existing government efforts
In opposition to Ophi’s call for action, Chimezie Chuta, chair of the National Blockchain Policy Steering Committee, presents a different view. He pointed out The Nigerian government continued efforts to nurture the blockchain and cryptocurrency industries.
According to Chuta, the creation of a steering committee was essential to effectively address the needs of the crypto community.
Chuta also highlighted the creation of a subcommittee to harmonize regulations for virtual asset service providers (VASPs). With the aim of streamlining operations and providing clear regulatory direction, the initiative involves cooperation with major organizations including the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN). “Our efforts should mitigate the need for protest as substantial progress is being made to address the needs of the crypto industry,” Chuta said.
A united call for support
The ongoing dialogue between the crypto community and government agencies reflects a complex landscape of negotiations and demands for progress.
While actors like Ophi are calling for more direct action and the inclusion of crypto demands in protest agendas, government figures like Chuta are advocating for recognition of the steps already taken.
As protests continue, the crypto community’s push for regulatory reform highlights a crucial aspect of Nigeria’s broader fight to improve governance and economic policies. Both sides agree that favorable regulations are critical to the successful adoption and implementation of blockchain technologies, signaling a potentially transformative era for Nigeria’s economic framework.
Read also : OKX Exchange Exits Nigerian Market Amid Regulatory Crackdown
Regulation
Cryptocurrency Regulations in Slovenia 2024
Slovenia, a small but highly developed European country with a population of 2.1 million, boasts a rich industrial history that has contributed greatly to its strong economy. As the most economically developed Slavic nation, Slovenia has grown steadily since adopting the euro in 2007. Its openness to innovation has been a key factor in its success in the industrial sector, making it a prime destination for cryptocurrency enthusiasts. Many believe that Slovenia is poised to become a powerful fintech hub in Europe. But does its current regulatory framework for cryptocurrencies support such aspirations?
Let’s explore Slovenia’s cryptocurrency regulations and see if they can propel the country to the forefront of the cryptocurrency landscape. My expectations are positive. What are yours? Before we answer, let’s dig a little deeper.
1. Cryptocurrency regulation in Slovenia: an overview
Slovenia is renowned for its innovation-friendly stance, providing a supportive environment for emerging technologies such as blockchain and cryptocurrencies. Under the Payment Services and Systems Act, cryptocurrencies are classified as virtual assets rather than financial or monetary instruments.
The regulation of the cryptocurrency sector in Slovenia is decentralized. Different authorities manage different aspects of the ecosystem. For example, the Bank of Slovenia and the Securities Market Agency oversee cryptocurrency transactions to ensure compliance with financial laws, including anti-money laundering (AML) and terrorist financing regulations. The Slovenian Act on the Prevention of Money Laundering and Terrorist Financing (ZPPDFT-2) incorporates the EU’s 5th Anti-Money Laundering Directive (5MLD) and aligns with the latest FATF recommendations. All virtual currency service providers must register with the Office of the Republic of Slovenia.
2. Cryptocurrency regulation in Slovenia: what’s new?
Several notable developments have taken place this year in the cryptocurrency sector in Slovenia:
July 25, 2024:Slovenia has issued a €30 million on-chain digital sovereign bond, the first of its kind in the EU, with a yield of 3.65%, maturing on 25 November 2024.
May 14, 2024:NiceHash has announced the first Slovenian Bitcoin-focused conference, NiceHashX, scheduled for November 8-9 in Maribor.
3. Explanation of the tax framework for cryptocurrencies in Slovenia
The Slovenian cryptocurrency tax framework provides clear guidelines for individuals and businesses. According to the Slovenian Financial Administration, the tax treatment depends on the status of the trader and the nature of the transaction.
- People:Income earned from cryptocurrencies through employment or ongoing business activities is subject to personal income tax. However, capital gains from transactions or market fluctuations are exempt from tax.
- Companies:Capital gains from cryptocurrency-related activities are subject to a 19% corporate tax. Value-added tax (VAT) generally applies at a rate of 22%, although cryptocurrency transactions that are considered as means of payment are exempt from VAT. Companies are not allowed to limit payment methods to cryptocurrencies alone. Tokens issued during ICOs must follow standard accounting rules and corporate tax law.
4. Cryptocurrency Mining in Slovenia: What You Need to Know
Cryptocurrency mining is not restricted in Slovenia, but income from mining is considered business income and is therefore taxable. This includes rewards from validating transactions and any additional income from mining operations. Both individuals and legal entities must comply with Slovenian tax regulations.
5. Timeline of the development of cryptocurrency regulation in Slovenia
Here is a timeline highlighting the evolution of cryptocurrency regulations in Slovenia:
- 2013:The Slovenian Financial Administration has issued guidelines stating that income from cryptocurrency transactions should be taxed.
- 2017:The Slovenian Financial Administration has provided more detailed guidelines on cryptocurrency taxation, depending on factors such as the status of the trader and the type of transaction.
- 2023:The EU adopted the Markets in Crypto-Assets (MiCA) Regulation, establishing a uniform regulatory framework for crypto-assets, their issuers and service providers across the EU.
Endnote
Slovenia’s approach to the cryptocurrency sector is commendable, reflecting its optimistic view of the future of cryptocurrencies. The country’s balanced regulatory framework supports cryptocurrency innovation while protecting users’ rights and preventing illegal activities. Recent developments demonstrate Slovenia’s commitment to continually improving its regulatory environment. Slovenia’s cryptocurrency regulatory framework sets a positive example for other nations navigating the evolving cryptocurrency landscape.
Read also : Hong Kong Cryptocurrency Regulations 2024
Regulation
A Blank Sheet for Cryptocurrencies: Kamala Harris’ Regulatory Opportunity
photo by Shubham Dhage on Unsplash
As the cryptocurrency landscape continues to evolve, the need for clear regulation has never been more pressing.
With Vice President Kamala Harris now leading the charge on digital asset regulation in the United States, this represents a unique opportunity to start fresh. This fresh start can foster innovation and protect consumers. It can also pave the way for widespread adoption across industries, including real estate agencies, healthcare providers, and online gaming platforms like these. online casinos ukAccording to experts at SafestCasinoSites, these platforms come with benefits such as bonus offers, a wide selection of games, and various payment methods. Ultimately, all this increase in adoption could propel the cryptocurrency market forward.
With this in mind, let’s look at the current state of cryptocurrency regulation in the United States, a complex and confusing landscape. Multiple agencies, including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Financial Crimes Enforcement Network (FinCEN), have overlapping jurisdictions, creating a fragmented regulatory environment. This lack of clarity has stifled innovation as companies are reluctant to invest in the United States, fearing regulatory repercussions. A coherent and clear regulatory framework is urgently needed to realize the full potential of cryptocurrencies in the United States.
While the US struggles to find its footing, other countries, such as Singapore and the UK, are actively looking into the cryptocurrency sector by adopting clear and supportive regulatory frameworks. This has led to a brain drain, with companies choosing to locate in more conducive environments.
Vice President Kamala Harris has a unique opportunity to change that narrative and start over. Regulation of cryptocurrencies. By taking a comprehensive and inclusive approach, it can help create a framework that balances consumer protection with innovation and growth. The time has come for clear and effective regulation of cryptocurrencies in the United States.
Effective regulation of digital assets is essential to foster a safe and innovative environment. The key principles guiding this regulation are clarity, innovation, global cooperation, consumer protection, and flexibility. Clear definitions and guidelines eliminate ambiguity while encouraging experimentation and development to ensure progress. Collaboration with international partners establishes consistent standards, preventing regulatory arbitrage. Strong safeguards protect consumers from fraud and market abuse, and adaptability allows for evolution in response to emerging trends and technologies, striking a balance between innovation and protection.
The benefits of effective cryptocurrency regulation are multiple and far-reaching. By establishing clear guidelines, governments can attract investors and mainstream users, driving growth and adoption. This can, in turn, position countries like the United States as global leaders in fintech and innovation. Strong safeguards will also increase consumer confidence in digital assets and related products, increasing economic activity.
A thriving crypto industry can contribute significantly to GDP and job creation, which has a positive impact on the overall economy. Furthermore, effective regulation has paved the way for the growth of many businesses such as tech startups, online casinos, and pharmaceutical companies, demonstrating that clear guidelines can open up new opportunities without stifling innovation. This is a great example of how regulation can allay fears of regressive policies, even if Kamala Harris does not repeal the current progressive approach. By adopting effective regulation, governments can create fertile ground for the crypto industry to thrive, thereby promoting progress and prosperity.
Regulation
South Korea Imposes New ‘Monitoring’ Fees on Cryptocurrency Exchanges
Big news! The latest regulatory changes in South Korea are expected to impact major cryptocurrency exchanges like Upbit and Bithumb. Under the updated regulations, these platforms will now have to pay monitoring fees, which could cause problems for some exchanges.
Overview of new fees
In the latest move to regulate cryptocurrencies, the Financial Services Commission announced on July 1 the revised “Enforcement Order of the Act on the Establishment of the Financial Services Commission, etc.” update “Regulations on the collection of contributions from financial institutions, etc.” According to local legislation newsThe regulations require virtual asset operators to pay supervisory fees for inspections conducted by the Financial Supervisory Service starting next year. The total fees for the four major exchanges are estimated at around 300 million won, or about $220,000.
Apportionment of costs
Upbit, which holds a dominant market share, is expected to bear more than 90% of the total fee, or about 272 million won ($199,592) based on its operating revenue. Bithumb will pay about 21.14 million won ($155,157), while Coinone and GOPAX will contribute about 6.03 million won ($4,422) and 830,000 won ($608), respectively. Korbit is excluded from this fee due to its lower operating revenue.
Impact on the industry
The supervision fee will function similarly to a quasi-tax for financial institutions subject to inspections by the Financial Supervisory Service. The new law requires any company with a turnover of 3 billion won or more to pay the fee.
In the past, fees for electronic financial companies and P2P investment firms were phased in over three years. However, the taxation of virtual asset operators has been accelerated, reflecting the rapid growth of the cryptocurrency market and increasing regulatory scrutiny.
Industry reactions
The rapid introduction of the fee was unexpected by some industry players, who had expected a delay. Financial Supervisory Service officials justified the decision by citing the creation of the body concerned and the costs already incurred.
While larger exchanges like Upbit and Bithumb can afford the cost, smaller exchanges like Coinone and GOPAX, which are currently operating at a loss, could face an additional financial burden. This is part of a broader trend of declining trading volumes for South Korean exchanges, which have seen a 30% drop since the new law went into effect.
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