- Tezos leads the way after enjoying a 7% price surge
- The price of Tezos has reached the $3.25 area on the day
- South Korea gives go-ahead to new crypto legislation
Tezos News Today – the digital asset market has begun to surge back again since this week began. Most of the top ten coins are becoming positive once more. A look at the price action during the last 24-hours shows that the price of Tezos has led the way in this regard. XTZ price has reportedly reached the $3.25 mark today.
The latest market rally for most digital assets including Tezos was caused by the positive cryptocurrency news from South Korea. The Asian state has decided to implement crypto activities with the new legislation.
Tezos Spiked by as Much as 12% Within the 24-Hours
The price of Tezos spiked by as high as 12% in the last 24-hours, beginning with a 7% increase to trade at $3.15. The price of Tezos recent jump comes after a good day for the number one digital asset Bitcoin.
The price of the market leader jumped over the $9,000 position on the day. This is believed to have been ignited by news about South Korea’s new crypto legislation which has added more clarity to crypto regulations in the Asian country. Previously, the price of Tezos had dropped to $1.20 in December of last year. But things didn’t pick up back until the early part of February. All in all, investors are still bullish on the token and have increased by a mile since 2018 end.
The overall digital currency market appears to move today on news of the “Special Financial Information Law.” This new legislation requires that all crypto exchanges work in compliance with the regulations of the FATF (Financial Action Task Force) to stop money laundering and terrorist funding.
South Korea Moves to Activate Crypto with New Legislation
The South Korean National Assembly in collaboration with the judiciary committee has reportedly passed a new legislation. The country’s lawmakers have activated the “Special Financial Information Law.” This law has been described as an important piece of cryptocurrency legislation in the country. The law which was approved on 5 March after some delays due to the coronavirus, significantly tightens the issue of quality control. Control within the cryptocurrency industry, particularly around local digital currency exchanges.
Additionally, digital currency trading platforms in the country must gain approval from the country’s FSC (Financial Services Commission) and Korea’s Internet and Security Agency, to get the permission to offer products and services to their clients. The new law is regarded as a huge step towards growing the industry in the region by crypto startups in South Korea. This is one major explanation for the positive action of the market today.