South Korea’s Financial Services Commission (SFC) is set to remove a ban that stopped institutions from trading crypto due to the rise in global interest in the market. Non-profit groups such as charities, schools, and law enforcement are expected to start selling their virtual assets in the first half of the year.
By the second half, listed firms and professional investors may be allowed to trade crypto as well. Since 2017, companies and banks have faced limits on trading virtual assets because of government rules.
These measures aimed to reduce ‘overheated speculation’ and tackle issues related to money laundering. Following the introduction of the Virtual Asset User Protection Act, a basis for user protection has been established, much to the delight of crypto users, including no KYC casino players.
‘Major countries overseas are broadly allowing corporations to participate in the market, and the market environment is changing as domestic companies are also seeing an increase in demand for new blockchain-related businesses,’ the statement said.
OpenSea Expands To Token Trading And Confirms SEA Token Airdrop
The well-known non-fungible token (NFT) marketplace OpenSea announced that it will broaden its platform to include crypto trading and mentioned plans to give out SEA tokens to users. The new trading platform, named OS2, has launched today.
It combines various marketplaces, enables cross-chain buying, and offers lower fees initially, as stated in the protocol’s press release. ‘This represents an expansion of OpenSea from an NFT marketplace to a much broader platform for trading all types of digital assets. We think tokens and NFTs belong together in a single, powerful, delightful experience’, Devin Finzer, Co-founder and CEO of OpenSea, said.
The OpenSea Foundation, a development group based in the Cayman Islands, is set to distribute SEA tokens that will serve a purpose on the OS2 platform. Though the specifics and timing of the airdrop have not yet been revealed, it has been noted that SEA will acknowledge both active users and those who have been with the platform since its start.
Users in the US will also be part of this airdrop. OpenSea has indicated that the focus of SEA’s utility will be on long-term use rather than quick speculation.
The platform’s monthly trading volume has dropped sharply from a high of $5 billion in early 2021, with only $190 million in NFT trades recorded last month. Based on data from Dune Analytics, the yearly revenue for the platform is around $33 million.
How Does Token Airdrop Work?
An airdrop is a way to distribute tokens to many users at once. Companies do this to promote their new coins or to reward loyal users. Airdrops can happen for different reasons, like launching a new product or updating a system.
Here is how it works:
- Airdrop announcement – The first step is to let people know about the airdrop. Companies usually post on their website or social media. They may share details about how many tokens will be given and who can get them.
- Set the rules – To take part, users often need to meet certain rules. This could mean holding a specific coin or signing up for a newsletter. Some airdrops ask people to share a post or tag friends.
- Collect wallet info – Users must give their wallet address. This is where the free tokens will go. It’s important to use a safe wallet to avoid scams.
- Distribute tokens – After the airdrop period ends, the company sends the tokens to the users’ wallets. This can happen instantly or take a few days.
With the growing advancements in the crypto market, users, including no KYC casino crypto players, are looking forward to a brighter future. Many believe that the industry will grow more and expand, leading to wider adoption.
