Alert! Korea Rules Cryptocurrencies Are Valuable Assets
South Korea’s Landmark Decision
South Korea has long been a hotbed of cryptocurrency activity. Not only are many of the exchanges and traders located in the country but much of the technology which drives blockchain is produced there. The country’s politicians have been locked in a battle over the past half year or more as they try to control overheated markets, protect the consumer and ultimately decide what cryptocurrencies really are. Now, according to the South Korean Supreme Court, cryptocurrencies are to be considered a valuable asset which means the South Korean market can expect to see wide spread governmental acceptance and regulation of the asset.
In the decision the court says that cryptocurrencies have economic value. This is important as it sets a precedent that will have long ranging affect on the cryptocurrency world; many regulators and critics claim cryptocurrencies are worthless and serve no purpose. With this in mind market watchers will turn their eyes to the SEC, CFTC, FCA and ESMA for cues on how the US, England and Europe will proceed.
The Mandala Platform, first announced in late 2017, is aiming to achieve full SEC compliance becoming the first regulated and US compliant cryptocurrency trading platform. Key features of the platform include trading interface, a wallet and tools for managing and securing digital assets. The platform will have a standard fee of 0.20% per trade but traders can reduce that using Mandala tokens earned by trading. The tokens are a proprietary cryptocurrency which makes the platform operate, they can be used to reduce commissions or sold to other traders for profit.
The most important feature though is its aim toward beginners. The platform’s white paper lays out in detail how it hopes to attract business by providing tools and resources for new and inexperienced cryptocurrency investors. Among the tools are those intended to recognize panic selling and risky trading behaviors. The wallet will provide methods for storing the cryptocurrencies offline and in cold storage, the safest method for holding them.
A major cryptocurrency hedge fund manager, Dan Morehead CEO of Panterra Capital, says now is the time to buy Bitcoin and other major digital assets. His reasoning is simple, prices are incredibly cheap right now and the next major catalysts is brewing. That catalyst is regulation, the market is already there cautiously investing but it is, according to Morehead, waiting for an SEC accredited custodian. When that happens Morehead thinks the market could hit $40 trillion, a 12000% gain from today’s total cryptocurrency market value.
