CJ – Cryptocurrency Specialist
There is no codified regulation on listing, and neither the public crypto selling price nor the distribution of assets are governed in ICOs.
Extreme euphoria about Terra-Luna would not have spread in the trading cryptocurrency market if there had been a minimal disclosure of the standard investing dangers of stablecoins.
Illegal transactions, such as unfair trades of digital assets and insider trading, are currently unregulated.
The Global Investment Center in Yeouido, Seoul, hosted a talk by Kim Gap-rae, a research fellow at the Capital Market Research Institute, on "The Current State and Major Issues of the Digital Asset Market" on May 24. His main argument was that "after the 'Basic Act on Digital Assets' was established, the market for virtual assets has thrived on the basis of investor trust."
The raising of early development funding from investors and the payment of coins in exchange for creating new virtual assets is known as an initial coin offering (ICO). Before the ICO may release any coins in the early stages of the project, several conditions must be satisfied.
The public offering price or asset allocation are not controlled in ICOs, and there is no institutionalized regulation on the listing.
"Extreme euphoria about Terra-Luna would not have spread in the trading market if there had been a minimal disclosure of the standard investing dangers of stablecoins," Kim believes. He also feels that the required release of a white paper in Korean comprising all pertinent investing information should be issued.
Kim also brought up the issue that unlawful operations like unfair trade in digital assets and insider trading are now unregulated.
"The Terra-Luna episode does not represent the full evolution of the digital asset market," Park Seon-young, a professor of economics at Dongguk University, remarked.
"Investor protection must be realized simultaneously in both the private and governmental sectors, and an atmosphere that prioritizes responsibility rather than competition for market share is required," he said.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards