It was only a matter of time as Republic of Korea is usually on the pace when it comes to financial tech. South Koreans have been able to buy bitcoin at 7-11 for over a year now and one of its biggest banks offers remittance backed by BTC.
I'm waiting for a Southeast Asian nation (possibly Singapore first, I'd guess) to start moves on regulating crypto.
Off the point, why is Dubai in the headline when the summary is about (South) Korea?
Topic: [2016-11-18]Korea, Dubai Move to Regulate Bitcoin (Read 309 times)
Korea, Dubai Move to Regulate Bitcoin
In looking to follow the legal frameworks set by the United States and Japan, Korea is set to become one of the few countries to regulate Bitcoin and its use.
The country’s financial regulator, The Financial Services Commission, said on Thursday Nov. 17 that it would introduce regulatory guidelines for digital currency exchanges by the first quarter of 2017, in response to the growing popularity of Bitcoin and other digital currencies traded online in Korea.
The Commission notes that the average monthly transactions in 2016 increased by six percent compared to last year, and the top three Bitcoin exchanges in the country processed around 1.5 trillion won - $1.3 bln - between January 2015 and October 2016.
Since the Ministry of Science, ICT and Future Planning, who currently oversees the registration of Bitcoin operators within the country, does not offer financial regulatory guidelines, the Commission has launched a task force that will discuss the regulatory status of digital currencies and seek to create licensing rules for exchanges.
https://cointelegraph.com/news/korea-dubai-move-to-regulate-bitcoin
Jump to: