South Korean Financial Authorities Plan to Regulate Bitcoin Exchanges Soon

steadyrice

member

Activity: 140

Merit: 11

I swear I've been reading news about Korea regulating bitcoin for like the past 3 months now. Aren't there any tangible updates or progress so far? Bitcoin is getting pretty popular in Korea, and based on the Korean government's early interest in this issue I was assuming that they would have come up with at least a framework already.

Nilda

member

Activity: 336

Merit: 14

Having one of the fastest internet speed in the world should also translate to being one of the first countries to regulate cryptocurrency.

suzanne5223

hero member

Activity: 2660

Merit: 651

Want top-notch marketing for your project, Hire me

Quote from: johnjin on December 04, 2017, 06:58:21 AM

Unverified rumors on the South Korean government’s potential crackdown on cryptocurrency trading circulated around online Bitcoin communities over the past few days.

Currently, the South Korean government remains highly optimistic in regards to the growth of the local Bitcoin industry and has recently announced its plans to introduce a nationwide regulatory framework for Bitcoin exchanges and brokerages~~

This is confirm and legit news not a rumor because I heard it from a reliable source and I also confirm it as well through a Korean online news poster. I'm sure that the regulation will be finalize already as we speak because the Korean prime minister called for immediate action concern the regulation.

poliy1219

member

Activity: 146

Merit: 10

I think the message of the Korean government's policy is to match the bitcoin market now. Recently, the price explosion rate of bitcoin has increased. It should be time to collect some profits. We should try to control risks as long as possible, and don't buy too many bitcoins.

davis196

hero member

Activity: 3094

Merit: 929

Quote from: johnjin on December 04, 2017, 06:58:21 AM

Unverified rumors on the South Korean government’s potential crackdown on cryptocurrency trading circulated around online Bitcoin communities over the past few days.

Currently, the South Korean government remains highly optimistic in regards to the growth of the local Bitcoin industry and has recently announced its plans to introduce a nationwide regulatory framework for Bitcoin exchanges and brokerages~~

This is good news.It`s better to regulate cryptocurrency exchange platforms to prevent them from scamming
their members,instead of banning the entire crypto industry,like in China.
Can you provide some source of those rumors,OP?Atleast a link to some article.
I`m pretty sure that other countries in Asia, like Vietnam and Taiwan will follow South Korea and soon will regulate their crypto exchange platforms.

GwSoJ

newbie

Activity: 55

Merit: 0

Quote from: Crypto Bloke on December 04, 2017, 07:02:12 AM

Well today in theguardian.com (UK) there is a report of UK and EU planning to regulate & register users / movements of Bitcoin.

So just hodl until more services accept Bitcoin as payment. They can only regulate it when you turn it in to worthless fiat.

Xavofat

hero member

Activity: 938

Merit: 559

Did you see that ludicrous display last night?

When regulation on crypto was implemented in Japan, we generally treated it as bullish.

If the regulations are fairly reasonable, it might be okay. There will always be some kind of P2P market for BTC regardless of whether government try to crack down on it, while regulated exchanges will be fine for most people.

This should be treated fairly similar to regulations in Japan - I don't see why it should be worded as a "crackdown" unless they literally try and stop people from trading.

Crypto Bloke

newbie

Activity: 32

Merit: 0

Well today in theguardian.com (UK) there is a report of UK and EU planning to regulate & register users / movements of Bitcoin.

vv181

legendary

Activity: 1932

Merit: 1273

Well if pretty much many exchanges regulated by the government, I'm sure its the time for the decentralized exchange to shine.

johnjin

member

Activity: 70

Merit: 10

Unverified rumors on the South Korean government’s potential crackdown on cryptocurrency trading circulated around online Bitcoin communities over the past few days.

Currently, the South Korean government remains highly optimistic in regards to the growth of the local Bitcoin industry and has recently announced its plans to introduce a nationwide regulatory framework for Bitcoin exchanges and brokerages~~

Topic: South Korean Financial Authorities Plan to Regulate Bitcoin Exchanges Soon (Read 220 times)