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- South Korea has been one of the countries which remain tough on crypto and regulate them with proper restrictions
- Lately, many exchanges have had to shut down their operations inside the country due to strict regulations
- LBL token of LABEL Foundations have recently been listed on Coinone
South Korea-based LABEL Foundation is an NFT infrastructure that runs on Ethereum Network and has an LBL token for utility and governance. Recently the foundation has been listed in one of the county’s digital asset exchanges named Coinone.
Although listing any cryptocurrency to an exchange platform is nothing extraordinary, this incident made headlines because of the region where it happened. South Korea is among those countries in the world having the strictest regulations for crypto listening.
Regulations have made the listing process tedious and strict in terms of in-depth reporting, high-level scrutiny by local financial authorities, and many more. But LABEL Foundation has made it through all the processes and, after fulfilling the eligibility criteria successfully listed on Coinone.
Coinone is among several South Korean cryptocurrency exchanges which are still running and operating in the market despite strict regulations imposed by financial authorities inside the country. The intensity of those regulations can be assumed by the fact that so many contemporary exchange firms had shut down their operations inside the country as they could not meet the strict eligibility criteria.
The reason for imposing strict regulations by South Korean financial authorities is because the country had still not considered cryptocurrencies as legal tender. But crypto exchanges were still legal with stringent guidelines, and no firm or crypto-related project got an exemption from those regulations.
ALSO READ: Increasingly South Korean Crypto To Crypto Exchanges Are Hoping To Make A Profit In Fiat Currency
About LABEL Foundation
LABEL Foundation is a platform that provides educational content incubation and also investing opportunities. The Ethereum blockchain-based platform also acts as an NFT and fee-sharing platform, which is revolutionizing the perception of how we see the music business today.
LABEL Foundation has its content platform named OPENTRACK, which allows students to develop and learn various musical skills according to their own pace. South Korea-based music ed-tech company Clesson is the parent company of the LABEL Foundation.
After listing LABEL Foundation on Coinone the trading price has seen a surge of more than 35% in just one day and currently, it has been trading at $0.18.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
