South Korea's cryptocurrency regulations have been put on hold due to political turmoil, including martial law and ongoing impeachment proceedings against the president.
The National Assembly has suspended discussions on crypto regulations, including measures such as a ban on initial coin offerings, the establishment of real-name accounts for crypto trading, and the potential approval of Bitcoin spot ETFs.
The focus on impeachment has overshadowed the need for regulatory clarity in the crypto sector. The Financial Services Commission (FSC) is also prioritizing traditional financial markets over the crypto sector.
This delay in regulations has drawn criticism from the local crypto industry, which has been advocating for clearer guidelines and protections. The lack of regulatory clarity could drive domestic firms and investors to seek opportunities abroad, potentially causing South Korea to fall behind in the global crypto race.
In a separate development, the $TRUMP token has gained traction following speculation of a potential listing on the Kraken exchange.
This has led to increased trading activity and a rise in new addresses associated with the token. The marketing team behind the TRUMP token is capitalizing on the increased interest to maintain a vibrant community of existing holders.