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South Korea is taking a firm stance on cryptocurrency regulations, proposing an amendment to the Credit Finance Act to prohibit the use of credit cards for purchasing cryptocurrencies. This move aims to prevent illegal fund outflows and speculation, and may be implemented in the first half of 2024.
Is South Korea tougher on crypto compared to the US? While America takes a cautious approach to balancing innovation and investor protection, South Korea’s stricter regulations may indicate a more hostile attitude towards cryptocurrencies.
The impact of South Korea’s decision could set a precedent for other nations grappling with the challenges posed by the growing crypto market. It highlights the delicate balance governments need to strike between consumer protection and stifling tech progress.
Meanwhile, Nigeria, Africa’s largest economy, has shifted its regulatory approach towards crypto by allowing virtual asset service providers to open bank accounts. This is a significant change from their previous ban on financial institutions engaging with crypto firms.
In other news, the Central Bank of Nigeria (CBN) has issued new guidelines to regulate the activities of virtual asset service providers, including cryptocurrencies and crypto assets. This decision marks a shift in their stance on crypto.
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As we move forward, it will be interesting to see how these regulations will impact the global cryptocurrency landscape and the countries where crypto trading is gaining momentum.
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