Crypto exchanges and cryptocurrency in South Korea.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: Stepstowealth on November 12, 2024, 03:52:03 PM

I have a question to ask about something I learnt today,

Why will crypto exchanges be legal in South Korea where cryptocurrency is considered illegal?

South Korea updated their legislative frameworks regarding crypto currency in the recent past so they brought some changes from the 2020 policy which doesn't tag crypto as legal or illegal but the platforms such as exchange should operate only after compliance to certain criterion which includes obtaining licence to operate in their region and must provide the real identity along with bank details.

So any users deal with non compliant exchanges may face issues from their banking side.

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

Quote from: SmartGold01 on November 14, 2024, 05:01:35 AM

There are countries that is not cryptocurrency friendly but that doesn't mean exchange are not operating in that country. We can site an example of our country, due to some regulations issues cryptocurrency aren't openly operated but we have some exchange that are operating in our country and yet are offering service to people of our country.
So in all, people of that country can be operating in cryptocurrency but the government may not permits it. Yet they are having much trading volumes.

that's something I didn't know, wonder how the legal proceeding will take place if the exchange somehow collapses, also how is the tax imposed.
as far as I know, some country might only recognize crypto as a tradable asset or commodity much like oil so in a legal sense, they are permitting it, but didn't allow it to be recognized as other entity such as currency.
south korea, I think allows crypto as a tradable asset and in a sense, they allow it legally, without problem at all.

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: Stepstowealth on November 12, 2024, 03:52:03 PM

Why will crypto exchanges be legal in South Korea where cryptocurrency is considered illegal?

The question is not clear: why legalize something that already works legally in South Korea? And in relation to one of the largest exchanges in South Korea, an investigation is currently underway for 600k KYC violations. "Due to the alleged KYC violations, Upbit reportedly faces fines of $71,500 per case in addition to possible issues with its business license renewal" - https://cointelegraph.com/news/upbit-kyc-violations-license-renewal-south-korea

hd49728

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

Quote from: Dr.Bitcoin_Strange on November 14, 2024, 05:13:00 AM

If truly crypto is ban there, then exchanges too will be banned except that citizens would use VPN to access the exchange but if crypto exchanges is operating legally there and the government is fully aware of it, that simply means that crypto is not illegal there.

I am not a Korean but I know that some exchanges have 2 sites, for global users and for Korean users. It is logic to think that cryptocurrency is not banned in South Korea because centralized exchanges will not waste their resources for creating and managing their sub-brand for South Korean users.

For example:
Probit exchange has https://coinmarketcap.com/exchanges/probit-exchange/ for global and https://coinmarketcap.com/exchanges/probit-korea/ for Korea (South Korea).

Huobi exchange has https://coinmarketcap.com/exchanges/huobi-korea/ for Korea and others for some countries like Thailand, Indonesia, Argentina.

Dr.Bitcoin_Strange

hero member

Activity: 770

Merit: 538

Leading Crypto Sports Betting & Casino Platform

If truly crypto is ban there, then exchanges too will be banned except that citizens would use VPN to access the exchange but if crypto exchanges is operating legally there and the government is fully aware of it, that simply means that crypto is not illegal there.

SmartGold01

hero member

Activity: 882

Merit: 800

Quote from: shinratensei_ on November 13, 2024, 08:59:33 PM

I don't think cryptocurrencies is illegal in korea, south korean trader literally famous for their massive occasional pump, if cryptocurrency is illegal, there is no way the exchange can operate without breaking the law so there's that.

so I think you might mistake their law or you also might mistake south korea for another country that bans crypto.
but generally speaking, crypto is also big thing in there, every youngster knows crypto as well, no way it's that big of a thing if it's illegal in the first place.

There are countries that is not cryptocurrency friendly but that doesn't mean exchange are not operating in that country. We can site an example of our country, due to some regulations issues cryptocurrency aren't openly operated but we have some exchange that are operating in our country and yet are offering service to people of our country.
So in all, people of that country can be operating in cryptocurrency but the government may not permits it. Yet they are having much trading volumes.

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

I don't think cryptocurrencies is illegal in korea, south korean trader literally famous for their massive occasional pump, if cryptocurrency is illegal, there is no way the exchange can operate without breaking the law so there's that.

so I think you might mistake their law or you also might mistake south korea for another country that bans crypto.
but generally speaking, crypto is also big thing in there, every youngster knows crypto as well, no way it's that big of a thing if it's illegal in the first place.

BlackBoss_

sr. member

Activity: 602

Merit: 387

Rollbit is for you. Take $RLB token!

Quote from: Stepstowealth on November 12, 2024, 03:52:03 PM

Why will crypto exchanges be legal in South Korea where cryptocurrency is considered illegal?

https://newhedge.io/terminal/bitcoin/legality-map
https://coin.dance/poli/legality

Cryptocurrency, Bitcoin are Legal in South Korea, and it is shown as Legal in both above sites. I don't know where you got information that Bitcoin and cryptocurrency are Illegal in this country.

There are changes in regulations there, to be stricter recent years especially after many cryptocurrency scams in South Korea.

Faisal2202

hero member

Activity: 1386

Merit: 513

Payment Gateway Allows Recurring Payments

Quote from: Stepstowealth on November 12, 2024, 03:52:03 PM

I have a question to ask about something I learnt today,

Why will crypto exchanges be legal in South Korea where cryptocurrency is considered illegal?

AFAIK they did not ban or tag cryptocurrency as illegal instead, they just have strict rules for crypto community to avoid scams and fraud. I think they have their own centralized exchanges because they ask their users to prove their identity with banks as well. This means the double check each and everything so they have high AML standards and the amazing thing is sometimes the rates of tokens are different on their and international exchanges not big differences but smaller ones for short times.

Don't know why you didn't get the point by yourself while writing the last line, I mean if they have allowed crypto exchanges then they must have allowed crypto too (obvious). Although not a big deal sometimes such questions come to mind and asking them is good but we must control that urge to be a little cool what you say Cool

AprilioMP

sr. member

Activity: 560

Merit: 432

Forum Only For Fun

Will legalize is not necessarily implemented. Different from already legal. If it will be legalized, it is still 50:50.

In terms of the percentage of crypto users there, it makes policymakers there think it will be more objective to legalize it. Sources can be searched to find the accuracy of why South Korea will legalize crypto exchanges.

Just move this topic to the Exchange sub-board. I think that is the place to discuss further regarding exchanges.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

Bitcoin and other cryptocurrencies are not illegal in South Korea. I see an article that perfectly answers your question. You can see it in the link below

https://www.sanctionscanner.com/blog/new-crypto-regulations-in-south-korea-445#:~:text=

Stepstowealth

full member

Activity: 658

Merit: 172

I have a question to ask about something I learnt today,

Why will crypto exchanges be legal in South Korea where cryptocurrency is considered illegal?

Topic: Crypto exchanges and cryptocurrency in South Korea. (Read 98 times)