Confusion with Korea's Crypto Policy

Slark

legendary

Activity: 1862

Merit: 1004

Quote from: Cryptalking on February 02, 2018, 04:31:25 AM

This Korean FUD is causing us enough troubles. i hope thing wil get better soon...

It is more apparent that the FUD is caused by the people who couldn't interpret what is going on and instead panicked.
The same happened later with Indian declaration that Indian Government will take a closer look at the illegal usage of Bitcoin.
There is nothing to be confused about - South Korea decided to follow the path of regulation and embracing cryptocurrencies, instead of fighting with it.

adzino

copper member

Activity: 2968

Merit: 575

www.Crypto.Games: Multiple coins, multiple games

There is nothing to be confused about. The South Korean government does believe that bitcoin has its own economic value. They did not ban bitcoin or crypto currency nor are they against crypto currencies. All they did was ban anonymous trading at exchanges. That means you will have to verify yourself and give out your information before you can trade crypto currencies.

Washball

full member

Activity: 266

Merit: 151

First crypto index traded as a token!

Because of the lack of any regulation in the cryptocurrency space, governments try to control this new market with their own regulations. In order to protect individuals and to prevent criminal activities like money laundering, exchanges are regulated for those reasons. Korea's crypto policy might look confusing, but they know what they're doing.

royalfestus

hero member

Activity: 2464

Merit: 519

Quote from: Faiyz on February 08, 2018, 02:21:57 PM

Quote from: jseverson on February 01, 2018, 03:37:35 AM

What's there to be confused about? Their stance on Bitcoin is getting clearer and clearer the way I see it. They've already said that they don't plan on banning it, choosing to go the regulation route, and now they've ruled that it has value, and can therefore be confiscated.

Seems to me like they do accept its integration with society, for as long as it's not abused by shady individuals. South Korea is a major cryptocurrency market, and it's looking like it will continue to be. The crackdowns are just noise; most of these have already been done by countries like the US (regulation of exchanges, taxation, seizing Bitcoins, etc.).

Do not be confused since this is already expected. We in the crypto community has created something of value from nothing. As to what they did when they created fiat, money worth nothing but a piece of printed paper back then until people started using it and adapting to the new system. Change is inevitable.

Every coin has its beginning. Now the use of the coin has increase from the mere virtual exchange. Maybe he wants to use the word surprised instead of confused and it takes time to trust but now we believe in the currency for lasting exchange.

redhondaxrm125

full member

Activity: 266

Merit: 100

Quote from: giogio0504 on February 01, 2018, 03:32:19 AM

Today I read these news:

https://news.bitcoin.com/south-korean-court-rules-bitcoin-has-economic-value/

And now I am little bit confused, I think that South Korea is not quite sure, about its crypto policy.

Well, in my honest opinion, I really do think that they are making the right decisions as of now and I have reason to believe that they already are having huge plans behind the back of every countryman that they have. But even so, it is still a good decision. Since i honestly think that it will soon make thing even more better for us. The thing is, we cannot be sure with them. All we can do is to let them be. Whether fail or succeess, let's just hope we all would be able to benefit from these things.

Faiyz

sr. member

Activity: 392

Merit: 250

Dijual

Quote from: jseverson on February 01, 2018, 03:37:35 AM

What's there to be confused about? Their stance on Bitcoin is getting clearer and clearer the way I see it. They've already said that they don't plan on banning it, choosing to go the regulation route, and now they've ruled that it has value, and can therefore be confiscated.

Seems to me like they do accept its integration with society, for as long as it's not abused by shady individuals. South Korea is a major cryptocurrency market, and it's looking like it will continue to be. The crackdowns are just noise; most of these have already been done by countries like the US (regulation of exchanges, taxation, seizing Bitcoins, etc.).

Do not be confused since this is already expected. We in the crypto community has created something of value from nothing. As to what they did when they created fiat, money worth nothing but a piece of printed paper back then until people started using it and adapting to the new system. Change is inevitable.

seizetehday5

full member

Activity: 238

Merit: 100

Finally the governments are acknowledging what people in this space have known for well over 5 years now and that Bitcoin is NOT a scam, ponzi, fraud, and whatever crap was being peddled about it. Thank goodness!

secondgarlic

member

Activity: 112

Merit: 16

Quote from: eaLiTy on February 02, 2018, 02:30:30 PM

Quote from: giogio0504 on February 01, 2018, 03:32:19 AM

Today I read these news:
https://news.bitcoin.com/south-korean-court-rules-bitcoin-has-economic-value/

And now I am little bit confused, I think that South Korea is not quite sure, about its crypto policy.

As you are not aware of the new regulations imposed in the Korean market you came up with this thread ,the new regulation demands that you have to be a citizen in order to trade in the exchanges from Korea and they have found over six hundred million dollars worth of foreign investment in their exchanges and if you notice that the market went down drastically because of that move and i am not sure how they are going to take action for those investments.

Korea is really insisting on keeping these things on a national level, don't they? I remember reading that they had a similar system in place with online video games, where you can't play them unless you enter your social security number or something. Really interesting to me that they would leave foreign investment out for the sake of keeping exchanges domestic.

cryptobluemoon

newbie

Activity: 182

Merit: 0

korea is on guidelines with Japan good they are regulating with taxation

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Quote from: Sendibere on February 02, 2018, 10:42:42 AM

South Korea had a major difference of opinion of what policy to pursue over cryptocurrency. They're officials are said to be working on a bill to ban the trading of digital currencies on the country's local exchanges.

Are said? By whom? What source? It's time you learned to separate the wheat from the chaff.

Quote from: ?? on ??

I think they been preparing a comprehensive bill that will effectively prohibit underaged investors and foreigners from trading cryptocurrencies within the South Korean market, and will force all traders to trade under their real names to avoid money laundering.

Which is great IMO. They have the right to demand verification from users who want to buy fiat for virtual tokens simply because they own fiat. It's the government's property and you have to accept their rules if you want to buy their money. That's why I'm trying to limit my fiat holdings to a minimum.

JerryJam

member

Activity: 238

Merit: 11

Government officials have a disagreement on the issue of cryptocurrencies as a whole. But the majority opinion boils down to is to close all the exchangers, or those who violate the law. Thus, it should eliminate the confusion and lead to the regulation of cryptocurrency transactions. Such a policy caused a negative reaction from some politicians and local residents. Because of the unclear of his situation until it is impossible to implement.

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: giogio0504 on February 01, 2018, 03:32:19 AM

Today I read these news:
https://news.bitcoin.com/south-korean-court-rules-bitcoin-has-economic-value/

And now I am little bit confused, I think that South Korea is not quite sure, about its crypto policy.

As you are not aware of the new regulations imposed in the Korean market you came up with this thread ,the new regulation demands that you have to be a citizen in order to trade in the exchanges from Korea and they have found over six hundred million dollars worth of foreign investment in their exchanges and if you notice that the market went down drastically because of that move and i am not sure how they are going to take action for those investments.

Sendibere

full member

Activity: 196

Merit: 101

South Korea had a major difference of opinion of what policy to pursue over cryptocurrency. They're officials are said to be working on a bill to ban the trading of digital currencies on the country's local exchanges.

trickyriky

sr. member

Activity: 882

Merit: 251

Quote from: dreamer81 on February 02, 2018, 04:06:39 AM

The news is owned by the rich/governments/banks etc, and they are all afraid of bitcoin, so when the news is writing something you cannot trust it at all..

set yourself free, and stop listening to this crap they are all writing.

Yes, everybody knows that in 60-70% news lie or do not give all the information. Anyhow, all this Asian fuss managed to kick Bitcoin and alts and let them rolling down. The best way out now is just to stay patient waiting.

tabas

hero member

Activity: 3024

Merit: 745

Top Crypto Casino

Quote from: giogio0504 on February 01, 2018, 03:32:19 AM

And now I am little bit confused, I think that South Korea is not quite sure, about its crypto policy.

In what part you are confused with this rule on South Korea? Did you believed that they banned crypto before? Maybe that is the thing that's making you confused?

Quote from: Jet Cash on February 02, 2018, 04:05:42 AM

It sounds like a sensible decision. If you can exchange an item or service for fiat money, then it obviously has an economic value.

Just like what is quoted in the article.

Cryptalking

member

Activity: 120

Merit: 10

Riding Whales to the Moon!

This Korean FUD is causing us enough troubles. i hope thing wil get better soon...

dreamer81

sr. member

Activity: 616

Merit: 252

The news is owned by the rich/governments/banks etc, and they are all afraid of bitcoin, so when the news is writing something you cannot trust it at all..

set yourself free, and stop listening to this crap they are all writing.

Jet Cash

legendary

Activity: 2814

Merit: 2472

https://JetCash.com

It sounds like a sensible decision. If you can exchange an item or service for fiat money, then it obviously has an economic value.

giogio0504

jr. member

Activity: 322

Merit: 3

Quote from: jseverson on February 01, 2018, 03:37:35 AM

What's there to be confused about? Their stance on Bitcoin is getting clearer and clearer the way I see it. They've already said that they don't plan on banning it, choosing to go the regulation route, and now they've ruled that it has value, and can therefore be confiscated.

Seems to me like they do accept its integration with society, for as long as it's not abused by shady individuals. South Korea is a major cryptocurrency market, and it's looking like it will continue to be. The crackdowns are just noise; most of these have already been done by countries like the US (regulation of exchanges, taxation, seizing Bitcoins, etc.).

Yes, maybe you are right. They are just trying to regulate the crypto market to get as much profit as possible from it. Hope all this news will positively influence the market.

goocoin

full member

Activity: 175

Merit: 103

Quote from: jseverson on February 01, 2018, 03:37:35 AM

What's there to be confused about? Their stance on Bitcoin is getting clearer and clearer the way I see it. They've already said that they don't plan on banning it, choosing to go the regulation route, and now they've ruled that it has value, and can therefore be confiscated.

Seems to me like they do accept its integration with society, for as long as it's not abused by shady individuals. South Korea is a major cryptocurrency market, and it's looking like it will continue to be. The crackdowns are just noise; most of these have already been done by countries like the US (regulation of exchanges, taxation, seizing Bitcoins, etc.).

To summarize the regulatory measures introduced by the South Korean government as one sentence, it can be summed up as "the principle of prohibition, the actual operation of the main regulatory."

Topic: Confusion with Korea's Crypto Policy (Read 210 times)