“Outrageous Demand” for Bitcoin & Crypto from Retirement IRAs

  • Grayscale continues to add Bitcoin to its stash, currently holding 570,860 BTC.
  • In the past six months, GBTC’s holdings have grown by 56% to represent more than 3% of Bitcoin’s circulating supply.

As we reported, Michael Sonnenshein, Managing Director of the Grayscale Investments, said the most extensive digital assets manager had seen inflows that “are now probably up 6x what they were last year.” Sonnenshein said in an interview on Thursday,

“It’s some of the world’s largest investors and the allocations that they’re making are bigger than we’ve ever seen before and their time horizon for this is generally something over the medium to longer-term.”

This growing demand can be further seen in the premium that people pay to get exposure to digital assets through Grayscale.

GBTC shares are currently trading at a premium of more than 30%. This premium has been slowly grinding up since early October, when it was just around 6%. However, we are nowhere near the 132% premium people paid in March 2017. On-chain analyst Willy Woo said,

“Wow 33% GBTC premium, that’s outrageous demand for Bitcoin via retirement IRAs.”

“If I was a Euro Pacific shareholder I’d be wondering why the company is not getting in on that obvious growth business. Like Kodak revolutionized photos until one day it didn’t run towards digital.”

However, it’s not just Bitcoin that Grayscale users are after. The premium on other products is even higher than GBTC except for its BCH product, which is actually on a discount (-13%).

ETHE is trading at 170% premium, ETCG 43%, and LTCN at the most significant 2,259% premium. Trader and economist Alex Kruger said,

“When crypto heats up, premiums to Net Asset Value (NAV) for Grayscale products skyrocket.”

“Driven by dumb money buying Grayscale products from a brokerage.”

Grayscale is currently holding 2.94 million ETH, 948.34k LTC, 12.29 million ETC, 225k BCH, 35.65 million XRP, 18.94 million XLM, 192.7k ZEC, and 450.11k ZEN.

In an attempt to protect the average folk by restricting access to asset purchases, SEC has ended up creating “a racket where the many subsidize the few,” said Alex Kruger. Because primary issuance is for accredited investors, an average person has to buy in the secondary market to pay a premium.

The institutions that are buying GBTC do so directly from Grayscale at a 2% fee with a 6-month lock-up but gain a premium twice a year.

The crypto market has repeatedly pointed out that more competition and ETF getting approval from the US Securities and Exchange Commission will push these premiums down.

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Author: AnTy

This Election Week is Won by Markets; US Dollar Under Pressure with Risk On

On Thursday, the price of Bitcoin went nearly to $16,000 and is currently holding around $15,500. Having rallied 20% this week, the digital currency seems to be now in consolidation mode providing the altcoins the chance to surge.

These gains came during the US election week, which helped the leading digital currency beat major asset classes this year.

With 115% gains in 2020, Bitcoin exceeds gold’s 28% returns and S&P 500’s 8.60%.

Everything is aiming for their all-time highs following the Nov. 3 election as Joe Biden’s lead strengthened with the possibility of a Republican Senate. Such an outcome of a split government, according to some, could lead to an increase in fiscal stimulus.

“We still anticipate that there will be a fiscal package in excess of $1 trillion next year,” said James Knightley, chief international economist at ING Group in New York.

Besides the escalating pandemic and looser monetary policy, the sliding greenback helps push the digital asset higher as investors seek stores of value.

The dollar has its worst week since March, and according to Kit Juckes, a strategist at Societe Generale, “If you had to write a playbook that would get people to say ‘I need an alternative to the dollar,’ this whole process fits that story.”

During the period BTC rallied, the risk-on backdrop triggered a sell-off in the dollar, which fell to a 2018 low.

“Gold, silver, and Bitcoin have worked like a dream in the weak U.S. dollar environment and has attracted huge client interest,” wrote Chris Weston, head of research with Pepperstone Group Ltd., adding, further weakness in the dollar would encourage “an even more constructive view” on both gold and Bitcoin.

Crypto markets also have a history of wild swings, and it is currently on its third such cycle, riding a tide of liquidity.

Mania isn’t Here Yet

In the stock market, tech stocks are rallying on expectations that key progressive goals like antitrust reforms won’t be implemented by Biden.

According to Goldman Sachs analysts, financial services companies will also benefit from better capital markets and a lower likelihood of tighter regulation.

Already, more than $4 trillion has been added to global equity markets this week, putting it on track for the third-biggest week of 2020.

And with this, investors are back into pouring cash into global markets with a force that hasn’t been seen in months. The same is happening in the crypto markets, which added about $50 billion during the same period.

This can be seen in the open interest in Bitcoin options, which is reaching $4 billion. As per CME’s latest COT report, short interest from hedge funds has made a new all-time high, the same as short interest from dealers and intermediaries.

According to on-chain analyst Willy Woo, Bitcoin is not topping; rather, it will see more bullish action after consolidation.

As for the price action that we have recently, it was the “most organic pump” instead of a squeeze from derivatives traders as a “ridiculous amount of coins were scooped up and moved off to individual wallets,” — the largest one day scoop up in 5 years.

Before the pump started, the influx of new HODLers has been “through the roof,” the kind of momentum last seen in Oct. 2017, just one month before the mania started.

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Is Bitcoin’s Store of Value Narrative Really in Danger with its Correlation with Stocks on Rise?

While Bitcoin is holding $10,000 firmly, it did slide to nearly $10,400 on Friday following the news of President Donald Trump testing positive for coronavirus.

And so did the stocks by 1%. This has been because of Bitcoin’s correlation with the S&P 500, which is just above +47%.

This, according to some means, BTC is “a mature, highly-correlated asset that does poorly during episodes of political uncertainty.”

While gold did exactly the opposite of Bitcoin’s, uptrending to $1,917 and its one-month correlation with BTC declining to -20% down from the peak of +76.3% on Sept. 19, as per Skew, today, the precious metal moved back under $1,900.

Bitcoin, meanwhile moved above $10,550 today, trading in the green.

Also, as trader Qiao Wang said, “Bitcoin is up 44% in the single most politically uncertain year of my life outperforming virtually every single macro asset class.”

image1

The markets, in general, are uncertain and directionless ahead of elections in the first week of November, which means October is expected to be choppy.

“We need more clarity on the election cycle and additional stimulus to help get things moving again in equities — and also in Bitcoin,” said Meltem Demirors, chief strategy officer of CoinShares. “Bitcoin has stayed range-bound despite a slew of positive news, largely because there is not enough inflation due to weak aggregate demand. We need Bitcoin’s behavior to match its narrative before we see a breakout.”

For the leading cryptocurrency, in the last few days, several incidents curbed its upside but didn’t drag it on the downside either. The third biggest $281 million KuCoin exchange hack and CFTC bringing criminal charges on popular crypto derivatives platform BitMEX only added pressure to the market sentiments, which have turned to “fear” this month.

In the near term, bitcoin is expected to stay range-bound. But an environment of limited upside for equities and bonds could benefit the digital asset, as per Bloomberg Intelligence analyst, Mike McGlone.

“Bitcoin is unique due to its limited supply, which unlike most assets isn’t influenced by prices, tilting the bias toward appreciation,” said McGlone. Moreover, it “appears as the leader in the early days of a paradigm shift toward digital money and stores of value. It may fail, but we see that as unlikely.”

He further said the coin is “growing up fast,” with many of its adoption indicators positive.

Over the past three months, the long-term supply bands in HODL waves that show BTC supply shift over time have been growing, signaling Bitcoin’s use as a store of value – a positive sign for the long-term health of the network.

The percent of BTC supply held for at least one year also continues to grow, going to its highest level since 2012 at over 63% on Sept. 30th. Additionally, the number of addresses holding at least 0.1 BTC had a noticeable uptick since March, suggesting more users might be joining the largest network.

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Bitcoin’s Realized Cap Adds $43 Billion Since the 2017 Peak to Hit A New ATH; A 60% Increase

While the price of bitcoin is struggling around $10,000, although still holding strong to the key psychological level, Bitcoin realized its cap has hit an all-time high.

Compared to the $197 billion market cap of the leading digital asset, which takes into account the current price and circulating supply, the realized cap has reached $115 billion.

Realized cap values each coin at the time they were last moved, as such, serving as an estimate for investors’ aggregate cost basis. This metric eliminates some of the lost, unclaimed, unused coins from the total value or “an indicator of the sum of levels where groups of long-term, legit, buyer-hodlers entered into their Bitcoin positions, with local and immediate emotions and manias stripped out.”

Since BTC price hit the peak at $20,000 in 2017, the realized cap has grown by a whopping $43 billion, an increase of 60%.

glassnode btc realized cap at ATH
Source: Glassnode

Meanwhile, on the price front, after falling to $10,150 level yesterday, today we are back around $10,400, the pre-drop level. Traders are expecting this correction to extend further to fill the CME gap at around $9,700.

“Bulls want to reclaim $11.2k. Bears want to see price below $10.2k,” noted one trader.

Interestingly, despite the selling pressure, there has been a lack of aggressive liquidations, and the bitcoin futures curve has been flat for much of this month.

Meanwhile, unlike spot and futures trading volume that remains subdued with the total open interest on bitcoin futures also falling to $3.8 billion, OI on bitcoin options reclaimed its ATH before the expiry of 88,000 contracts this week.

What needs to be noted is these pullbacks are nothing new for the bitcoin market. As we have reported, during the last bull cycle, Bitcoin had several pullbacks of 30 to 40%.

Moreover, historically, September hasn’t really been a bullish one for the digital asset. Not to mention, the macro environment is also at play here, with the Supreme Court Justice seat vacant now after the death of Ruth Bader Ginsburg, delayed stimulus, and Presidential election just a month away.

While a stimulus before the elections is unlikely to come, Federal Reserve chairman Jerome Powell argued for Congress to do more to support the economic recovery the same as Charles Evans, Chicago Fed president.

Quarter four of 2020 can bring a new wave of gains as it has been historically a green month, and after a pullback, the digital asset is expected to recover the losses and surge higher.

“BTC ranges between 10k and 11k for the rest of the year. This would be amazingly bullish,” said analyst Wolf.

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Altcoins Get A Beatdown While Bitcoin Remains Stable Just Under $11,000

The crypto king, bitcoin, is holding strong around $10,900 after it started uptrending over the weekend.

From $10,200 on Sunday, the digital asset has been making its move up, climbing to $10,950 today. At the current price of just above $10,900, 83.68% of the addresses holding BTC, which are 26.38 million, are in profits.

Trader SalsaTekila noted that “yesterday night gold pumped from this exact hour, BTC then followed.”

The precious metal jumped to $1,970 level, keeping to its range, which is getting smaller, formed after hitting the new all-time high at $2,070 in early August. Meanwhile, the USD index is struggling around the 93 level.

“At a certain point when Bitcoin gets big enough (I’d say above $1T), it will shed its risk-on factor, then its fundamental gold-like properties moves front and center,” noted on-chain analyst Willy Woo on bitcoin’s short-term correlation with the equity market.

And then, “even our 4-year cycles will get locked into the gravitational pull of the ~10 year cycles that macro markets exhibit,” he said.

For now, besides the altcoins and DeFi’s losses supporting flow into bitcoin, MicroStrategy’s acquisition of 16,796 additional bitcoins helped the digital asset maintain its resilience.

Altcoins’ Experience a Hangover after the Bull Party

Trading in the green with $1.8 billion in ‘real’ volume, the dominance of BTC has also taken to trend up. BTC dominance has been on a constant decline since early May when it was at 69% to the 15-month low of 59% on Sept. 13. But the weakness in alts has bitcoin’s dominance riding up over 61%.

While Bitcoin is looking stronger, the altcoin party has died down.

Among the top cryptos, Ether is down 4% at $363 with other notable mentions, including LINK and BNB; both are down 9% while TRX dropped 8%.

In the DeFi world, the top loser is CREAM, which fell by 40%. Interestingly, today Binance announced trading for the DeFi token against BNB and BUSD.

Other notable mentions include bZx Network (28%), SUSHI (-21%), CRV (-20%), SWRV (-15%), SNX (-14%), LEND (-12%), YFI (-11%), and UMA (-10%).

Unlike the price of these DeFi tokens, the total value locked in the sector increased to $8.9 billion, as per DeFi Pulse.

Users continue to deposit in these new projects, especially in Swerve, whose TVL has jumped to $953.8 million, and KIMCHI, whose deposits are currently at $1.8 million. Other projects that see an increase in their TVL today are Mooniswap, YFII, ForTube, DODO, CREAM, Yearn, and Maker.

Some of the cryptocurrencies are still moving north in the current red environment, including Pickle (50%) and LUNA (7%).

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Ethereum Becoming Unusable Due to Being Super Slow or Insanely Expensive

  • Ethereum price is holding just fine as ETH slowly makes its way towards $400. Currently trading around $388, the digital asset has seen an increase of 62% in the past month.
  • Investors continue to be bullish on this uptrend as more and more traders go long on the crypto asset.

The ever increasing ETHUSD longs have reached $700 million in notional volume, spiking 10.5% in the past ten days, and 127% in the past three months.

However, Ethereum’s daily active addresses have hit a 67-day low, closing out at 351.3k addresses transactions on the network. The last time Ether’s DAA was this low was on June 7th.

This is possible because of the ever-increasing network fees.

The network fees are going insanely high as such more than 42% of the miner revenue is currently deriving from the network fees. And it makes sense that the hashrate of the Ethereum Network has also grown to November 2018 high.

On-chain transaction fees on Ethereum that first outpaced Bitcoin in June have extended this gap to $1 million a day now.

The second-largest network is working at full capacity with the gas used nearing all-time highs, which have been making new records every other day. But all this usage is making the network too slow to use or too costly.

The average fee per transaction on Ethereum had reached $7.43, the highest since 2015, when the network was launched. Median transaction fees, which stayed below historic highs of $3, have also gone up to $3.89, as per Blockchair.

It was in mid-July when transaction fees started to soar on the network coinciding with the surging activity in the DeFi world.

The median gas price that has spiked to 41.39 Gwei, with average gas price at 223.68 Gwei, has been because of decentralized exchange Uniswap V2, most popular stablecoin Tether (USDT), and DEX aggregator 1inch which have been the top gas guzzlers, as per Etherscan.

Other prominent gas users include Chainlink that continues to hit new ATH, Curve DEX that is seeing explosive growth, and just launched, collapsed, and is on to launch another version, Yam.

All the activity has pushed the pending transactions on the network to reach 176,431; this congestion further drives the fees higher.

While Ethereum developers are working on reducing fees and scaling the network, the solution remains months away.

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Cardano Founder Fires Shot at Ethereum; “I’m Ready to Fight & We’re Gonna Win This”

A version of Daedalus for the Shelley testnet is released while 56% of the addresses holding ADA are in profit.

It was in last month that Cardano prices started showing signs of life after a long time. The price of the cryptocurrency jumped more than 50% to climb to nearly $0.90 in early June.

Since then, the market has slowed down and ADA is currently trading at $0.080 but still up 139% YTD and at the tenth spot by market cap.

However, the cryptocurrency is still down a whopping 94% from its all-time high of $1.33.

These gains in the past month have been on the back of the announcement of much-anticipated Shelley’s launch date.

As the Shelley hard ford approaches, Cardano continues to show signs of strength. At its current prices, 56% of the addresses holding ADA are “In The Money” which means if those addresses were to sell their position today, they would make a profit.

Also, 53% of ADA holders have been holding for more than a year, as per IntoTheBlock.

First version of Daedalus for Shelley testnet

This week, IOHK released a version of Daedalus for the Shelley testnet which is designed exclusively for stake pool operator testing. It will eventually be the wallet that ADA holders will use on the mainnet and it’s just one of the many releases that are to come.

The latest news came just two weeks after the Shelley testament was opened to all stake pool operators.

The Haskell-optimized wallet comes only with basic functionality that allows stake operators to create, delete, and restore Shelley wallets. One can also transact on the network.

For now, Daedalus is only available on IOHK’s GitHub repository as the company is looking for feedback for the following version of Daedalus that will be released during the Shelley rollout with new features like delegating stake and checking rewards.

All that we’ve been working on are coming together

A day after the Daedalus wallet release, Charles Hoskinson, founder of Cardano and CEO of IOHK talked about the upcoming Cardano conference in July where they will be sharing the roadmap and what’s to come.

“I think people are gonna be very pleasantly surprised about our progress… we have a few surprise announcements that we’re kind of holding in our back pocket that we’re super excited about,” Hoskinson said in the interview with Messari.

They also have papers coming out soon where they have solved the proof of stake problem to get parity with proof of work. Also, they can make the protocol faster and layer the protocol with different capabilities like sharding if wanna go down that road “but it’s not even necessary.”

Hoskinson who is also the co-founder of Ethereum, which he doesn’t like to be referred to just acknowledged, fired shots at the second-largest network saying the “biggest lie ever told” in crypto space is that “Ethereum has achieved the network effect consensus.”

“They say we’re the dominant platform which is like saying you’re the biggest fish in a very tiny pond next to the ocean,” Hoskinson said.

According to him, everyone is still fighting and no one has won. To win, one has to solve real problems and think in terms of utility and experiences and what is actually going to help your user, he said. Adding,

“I’m ready to fight and I think we’re gonna win this one, all the things we’ve been working on for five years are just coming together all at once.”

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Author: AnTy

Bitcoin’s an Attractive Asset as a ‘Hedge Against Traditional Financial Markets’

  • Bitcoin holding $7,500 level would be a really bullish sign
  • Bitcoin seeing growth in active addresses indicating new investors in the market
  • With global markets seeing massive uncertainty and traditional safe-haven assets like oil plunging, “BTC is becoming a more attractive asset”

Yesterday, we saw the stock market rising despite another 4.4 million unemployment claims, though lowest in a month, the numbers were still higher than the highest level ever recorded before the coronavirus hit. Analyst Mati Greenspan in his daily newsletter Quantum Economics wrote,

“But that’s being discounted because it wasn’t as bad as analysts were predicting. I know we’d all like to see the glass as half full but at this point, it’s completely empty.”

The real reason behind stock rallying, however, is “an overwhelming helping hand from the Fed who continues to support the market with free money.”

Unlike the stock market that wiped its gains instantly after the news that Gilead’s failed antiviral drug, Bitcoin kept its gains and is currently trading around $7,500.

After trading in a tight range over the past few weeks, the digital asset has finally broken to the upside. With this pop, the $7,450 level that has been pretty significant over the last month and had been acting as a resistance level on the way up is now being tested as a level of support, now that we’re above it.

Even if BTC drops back down after the breakout, “it is still quite significant from a psychological standpoint, because it imprints a higher high. If support does hold though, it would be a really bullish sign,” said Greenspan.

Bitcoin Fundamentals Growing

Just like the price, on-chain fundamentals are showing a significant increase in the activity on the Bitcoin network.

Bitcoin-on-chain-fundamentals
Source: Glassnode – Bitcoin on-chain fundamentals (7D MA), 15- 22 April

This recovery has us at pre-crash levels which are to be expected due to upcoming halving and revival in widespread retail interest in the leading cryptocurrency.

Another uptrend is seen in the number of active entities that has reached its highest point since the bull run of July 2019. These Bitcoin active addresses excluding in-house transactions may indicate “new investors entering the market.”

glassnode-active-addresses
Source: Glassnode

Overall addresses holding BTC actually grew 24% in the past year, with those holding equal to or more than 0.01 BTC surging 18.5% and those holding 0.1 BTC or more rising 14.6%. Those addresses with a balance of 1 BTC and more also jumped 11.4% in the last year.

As we saw this week, global markets continue to see massive uncertainty and instability with traditional safe-haven assets like oil plummeting below zero for the first time.

This could be one of the reasons, “BTC is becoming a more attractive asset, acting as a hedge against traditional financial markets,” noted Glassnode.

CME bitcoin futures volume and open interest is also back to a month high after seeing a significant decline after the crash, unlike unregulated exchanges that recorded huge growth.

“~1500 contracts were rolled from April to May, ~1200 contracts remain open for expiry later today,” noted crypto data tracker Skew.

CME bitcoin futures volume & open interest
Source: Skew

We are currently heading into some good months of Bitcoin as April to June has always been a “strong period” since 2014. Also, Apr/May/Jun the top 3 median months are coinciding with the halving, ensuring increased scarcity in a world where the money supply of fiat currencies is drastically increasing holds a promise for positive action ahead.

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BTC Investors Are Buying the Dip But Watchout, Options Expiry Are Coming

  • Bitcoin addresses holding 0.1+ coins breaks ATH set yesterday as price moves north of $5,800
  • Bitcoin futures and options set to be expired next week

For the past few days now, bitcoin is showing the signs of decoupling from the other risky assets like gold as the digital asset jumped to $5,920, up 8.13%, with more than $2 billion worth of bitcoin exchanging hands-on top ten exchanges with real volume.

Another positive movement is the number of addresses holding over 0.1 BTC just hitting an all-time high yet again. Just a day before, the addresses reached a peak of 2,919,003 only to surpass this with 680 new addresses.

Source: Glassnode

Looks like people are buying the dip and stacking some sats. Bitcoin HODLer Net Position Change is also showing that investors are accumulating. The metric has been positive during the recent BTC price dump, which means long term investors “accumulating discounted BTC and increasing their positions.”

Also, according to MVRV, this is the “best time to accumulate BTC at a relatively discounted price” as it drops below one for the fourth time in Bitcoin’s history.

Market Dynamics to Change

However, as bitcoin surges and altcoins jumping even higher, with Dash (19.49%), IOTA (15.50%), Chainlink (13.47%, BAT (11.14%), and Cardano (11.02%) leading the market gains, bitcoin futures and options are soon to be expired.

While next week, on the last Friday of the month, CME Bitcoin futures will expire, nearly two-third of outstanding options will expire over the next two Fridays.

Bitcoin options volume, however, has been going down since March 12 sell-off, the same as bitcoin futures contracts.

BTC Options Volume SKEW
Source: Skewdotcom

Strength of the infrastructure under question

Late last week, bitcoin plunged to its worst day in seven years as worries over the economic hit from the coronavirus (Covid-19) spread from stocks, oil, bonds, gold, to cryptocurrencies.

This resulted in a dramatic spike in volatility and volumes and the infrastructure created under this strain.

As we reported, Ethereum network congested by getting overwhelmed causing a sharp increase in gas prices and forced liquidations on DeFi projects like MakerDAO.

In the Bitcoin market, futures exchanges saw a rush of triggered liquidations of leveraged positions that fueled the pressure on price. Spread between spot and futures exchanges also jumped. This resulted in at least two major exchanges going down.

While New York-based Gemini went offline for less than 90 minutes and Seychelles-based BitMEX went down twice for a total of 45 minutes. A spokeswoman for Gemini said,

“In an abundance of caution, and to protect the integrity of our marketplace, we paused the market to resolve the issue and ensure all market services were back online in a healthy state prior to reopening.”

As for BitMEX, the exchange suffered two DDoS attacks that day, attackers waited for the right moment and overwhelmed the platform “during a moment of peak volatility.”

This has the market concerned about the strength of the infrastructure.“Volatility is not an issue — it’s whether the technology can deal with the volatility.” said Denis Vinokourov at crypto exchange BeQuant.

“The tech is important. You’re inviting traditional, big firms to trade on platforms that may not be able to withstand the amount of trading.”

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South Korean National Assembly Passing Of Two Amendments, Making Crypto Legal

  • Crypto trading and holding gets an official entry in the legal system of the South Korea
  • President Jae-in Moon to sign it into law that will take about 18 months
  • The law requires exchanges to be in full compliance, verify their customers with an approved Korean bank & obtain ISMS certification

First, it was India, now South Korea has taken a positive step towards cryptocurrencies. The recent amendment of the Act on Reporting and Use of Specific Financial Information passed today during a session of the National Assembly, which officially allows crypto trading and holding.

After 2-years of deliberations, trial and error, South Korean lawmakers officially passed this amendment, which provides crypto traders official entry into the legal system of the country, according to The News Asia. However, this new amendment requires crypto exchanges to comply with the legal requirements.

For the amendment to be enacted, it still needs an official sign-off by President Jae-in Moon. Once he signs the amendment, the enactment process will begin one year from then, including a 6 months grace period. It also means the crypto exchanges have to be in full compliance by Sept. 2021.

New AML Laws to Combat Financing of Terrorism

Up until now, crypto exchanges in South Korea have been self-governing. But now, exchanges, wallets, trusts, along with ICOs will be required by law to verify their customers with a Korean bank that has been endorsed to prevent money laundering. The verification system of real names went into effect in early 2018, by South Korea’s top financial regulator Financial Services Commission (FSC).

Information security management system (ISMS) certification will need to be acquired from the Korea Internet Security Agency (KISA) by all Crypto-related companies. Once crypto companies obtain these credentials, they will be legally allowed to operate within S.Korea. It’s a costly certification to obtain, however, with all exchanges now need to require one, or they will run the risk of shutting down.

While individuals like Hanbitco’s CEO, Sunga Kim, have applauded this new development, adding that,

“a foundation has been created to wash away the stigma of cryptocurrency exchanges, fraud, and debauchery and establish itself as a transparent and reliable industry. It will lead the development of the industry with the inflow of new capital.”

Others haven’t been so optimistic with the scrutiny and tighter regulations.

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