According to CoinMarketCap, Bitcoin, which managed to climb up to 9,700 USD, came from Asia.
The bitcoin price is still far from December 2017 but seems to have recovered after the last fall of February. Bitcoin is currently trading at $ 9760 based on CoinMarketCap, exceeding $ 9,000.
South Korea has had a significant impact on the crypto market in recent months. In January 2018, with a series of government decisions on crypto currencies, the market has been hopeful, and the potential changes in new regulations have brought promising news.
South Korea is considering accepting Bitcoin Licenses or BitLicenses. National exchanges can soon begin working in accordance with the New York State Financial Services Department model.
BitLicense was developed in July 2014, but entered into force one year later in August 2015. This is a business license that regulates encryption activities for both companies and individuals.
This system is characterized by strict control and high requirements. In fact, the terms of the New York State Financial Services Department are so stringent that only five companies have received approval for virtual currency licenses or renters.
“We are considering the adoption of a foreign exchange approval system as an additional regulation on crypto currencies. We are probably the benchmark of the New York State model that gives the right to elect.” said.
The BitLicense system can provide the South Korean government with the opportunity to regulate the crypto market regularly. While this decision may seem daunting for the future of crypto currencies, South Korea is still pursuing a policy of legalizing Bitcoin and its firsts.
While China is making a complete ban, this country is taking firm steps towards formal integration into the official and political life of cryptocurrencies.
The situation in Asia seriously affected the status of Bitcoin. However, some analysts believe that the favorable course of the Bitcoin price is a more cultural link to the region.
They think that the price increase can be explained by New Year holidays. And it can be difficult to contradict this statement.