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Iran will lift the mining ban for authorized crypto miners next Wednesday (September 22).
Next week, the South Korean crypto market will usher in “suppressive” supervision, and the deadline for South Korean cryptocurrency exchanges to meet the requirements for continued operations is approaching. According to South Korea’s “Specific Financial Information Act”, if crypto exchanges fail to complete a financial information analysis (FIU) report and meet prerequisites such as ISMS certification and real-name accounts before September 24, they will face closure. Up to now, the South Korean government has announced a list of 28 cryptocurrency exchanges certified by the South Korean Information Security Management System (ISMS), of which only Upbit, Bithumb, Coinone, and Korbit can provide users with Korean won trading services. South Korea K-Bank, NACF banks (NH Bank) and Shinhan Bank also next Friday (September 24) the decision whether or not to encrypt the four Korean Stock Exchange Upbit, Bithumb, Coinone and Korbit renewal.
The Financial Services Commission of Korea (FSC) also issued an announcement in July stating that it had notified 27 overseas virtual asset operators that provide services to South Korean users to report to the Financial Intelligence Unit (FIU) under the Financial Services Commission before September 24. On August 13, Binance issued an announcement stating that in order to comply with local laws and regulations in South Korea, it has adjusted the products offered in South Korea, removed the Korean won transaction pair and the Korean won payment channel, and ceased support in Korean. And this Thursday (September 17), the cryptocurrency derivatives exchange Bybit also issued an announcement announcing that it will close the official Korean community and suspend the official website’s support for Korean from next Monday (September 20). The Bybit platform will no longer be supported. Support any Korean won trading market, including trading matching, payment or transactions denominated in Korean won.
Under the heavy pressure of supervision, the South Korean cryptocurrency market may have more than half of the cryptocurrency exchanges facing the risk of being closed, and will face losses of more than 3 trillion won (US$2.6 billion). Zhao Yanxing, chairman of the Korea Financial Consumers Federation, said that trading suspensions and asset freezes on many small exchanges are expected to cause heavy losses to investors. Some industry insiders have warned that “the Korean cryptocurrency market may be similar to a bank run.”
In addition, next Wednesday (September 22), Iranian power generation, distribution and transmission company Tavanir will lift the cryptocurrency mining ban imposed by the Ministry of Industry, Mining and Trade. Tavanir said that he hopes that power consumption will decrease by the end of summer, creating conditions for the operation of authorized digital currency miners. Iran recognized cryptocurrency mining as a legal industrial activity in July 2019, and relevant entities engaged in mining activities need to hold a license from the Iranian Ministry of Industry, Mines and Trade. However, in order to alleviate Iran’s electrical power and prevent power outages, former Iranian President Rouhani ordered a total ban on all cryptocurrency mining in May this year until the end of summer.
The open source software funding platform Gitcoin will end its 11th round of donation activities on September 24. Gitcoin’s official Twitter stated that as of September 17, it had received more than 91,600 donations from more than 5,000 people, totaling $520,794. Please click here to find out about the communities and projects worth paying attention to in the eleventh round of Gitcoin.
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