South Korea And India Take Strong Regulatory Stances On Crypto Trading

South Korea And India Take Strong Regulatory Stances On Crypto Trading

On Thursday January 11th, South Korea’s Financial Services Commission stated that they would stay fast on their existing regulations prohibiting its financial institutions from offering any ETFs for which cryptocurrencies are the underlying asset. This was the day that the eleven US-based bitcoin spot ETFs began trading. 

So the next day on Friday the 12th, various South Korean firms responded by stopping the trading of foreign spot bitcoin ETFs on their platform, as they did not want to engage in any acts that may be considered illegal by their government.

Meanwhile, that same day India blocked access to foreign crypto exchanges serving the Indian market. This included huge industry players such as Binance, KuCoin and OKX. 

As a result, the Indian exchanges, such as CoinDCX, BuyUCoin and WazirX used this catalyst to entice the users of those foreign exchanges to come over to their own domestic, and compliant exchanges. 

Friday January 11th when all this happened, Mars, who represents policing, trined Dev Guru Jupiter exactly. Dev Guru who represents policy was in Ashwini Nakshatra, which is related to trading markets. 

Meanwhile, Rahu who represents foreigners or foreign entities as well as suspicion or distrust, has been transiting in the 12th sign of Pisces, having recently entered that sign at the end of November of 2023. 

As the 12th Sign, Pisces itself also represents foreign lands. Pisces is ruled by Dev Guru Jupiter, who is exalted in the 4th sign of Cancer, relating to the homeland. 

This means that generally speaking, during Rahu’s transit through Pisces, which lasts until the end of May, 2025, as distrust for foreign entities activates Jupiter, many countries worldwide will be introducing their own local crypto products and the crypto market will become much more localized. 

That means that any exchanges, firms etcetera which serve various international markets at once will do well to work on a local level with regulators in each given country, establishing a local arm of their enterprise in each country or economic jurisdiction that they’re looking to serve.

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