Topic: South Korean Government Considers Relaxing Cryptocurrency Regulations (Read 278 times)
April 21, 2019, 05:09:03 PM
This is definitely great news for the cryptocurrency community. I have said this before, even though so many countries are somehow fighting bitcoin adoption and usage one way or the other, either by ban, restriction or strict regulations, time comes when they realize the benefit of using bitcoin for day to day transaction is the future. South Korean is just one of the numerous countries who have seen the benefit bitcoin usage offers over fiat currency and they have no choice but to accept it fully for usage. I am sure other countries having a ban or strict rules over bitcoin usage will soon enough have a review.
April 21, 2019, 12:35:42 PM
I have always loved the south Korea's stand upon cryptocurrencies. The country is one of first to accept bitcoin as a mode of payment. They did try to regulate the market heavily which created a lot fud before. But they are relaxing the norms which is another welcoming step from them. Moreover, South Korea has a huge amount of crypto users. This will benefit them a lot.
April 21, 2019, 10:27:25 AM
Cryptocurrency regulations are necessary for the layman to be able to use Bitcoin, because let's face it, Bitcoin is a highly technicall thing which many old people will not be able to understand at all, so it has to be accepted by governments at the end of the day, and they will be respinsible to put fair regulations so the average person will be able to easily use Bitcoin in their daily lives.
April 21, 2019, 09:40:22 AM
That won't change how the South Korean public sees cryptocurrencies. All they hear in the news is exchanges getting hacked, exit scams, and ponzi schemes. A few of the events that happened over the last year:
- Coinrail: hacked in 2018. $40 million stolen.
- Pure Bit: exi-scam, +20 million stolen.
- Bithumb: hacked in 2018 and $30 million stolen. Then hacked again on march this year and $12 million worth of EOS stolen.
- Scammers robbing people using a ponzi scheme.[1]
These are the major ones, I'm sure i'm leaving behind some of the smaller events that happen on a weekly/monthly basis. Even though we hear that South Korea is one of the most crypto friendly countries in the world, reality is that the bigger the crypto boom expands in that country, the greater the chances of seeing more illicit events so, I think the govt should be more strict with regulations.
1. http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3061537
- Coinrail: hacked in 2018. $40 million stolen.
- Pure Bit: exi-scam, +20 million stolen.
- Bithumb: hacked in 2018 and $30 million stolen. Then hacked again on march this year and $12 million worth of EOS stolen.
- Scammers robbing people using a ponzi scheme.[1]
These are the major ones, I'm sure i'm leaving behind some of the smaller events that happen on a weekly/monthly basis. Even though we hear that South Korea is one of the most crypto friendly countries in the world, reality is that the bigger the crypto boom expands in that country, the greater the chances of seeing more illicit events so, I think the govt should be more strict with regulations.
1. http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3061537
April 21, 2019, 08:27:14 AM
I think this is the best decision that the south Korean government would ever take 😂 if this goes well , also at the same time I hope the North Korean government also learn this soon enough .
All the governments should understand this sooner or later , because Bitcoin and other cryptocurrencies are the future of the world, they are too important to be banned from the society because there will always be a way and people will still choose underhanded methods to use it , so it's better to be used with regulations instead of things like this.
Complete banning is not a solution at all.
All the governments should understand this sooner or later , because Bitcoin and other cryptocurrencies are the future of the world, they are too important to be banned from the society because there will always be a way and people will still choose underhanded methods to use it , so it's better to be used with regulations instead of things like this.
Complete banning is not a solution at all.
April 21, 2019, 06:44:48 AM
we know that the demand of the South Korean people for the crypto world is very high, especially in the world of blockchain-based games. even the Upbit exchanges from South Korean always make expansion to develop utilities and prospects in the future, so they can compete with other large exchanges.
Last year, the South Korean government announced it would design a new industry classification standard for the domestic blockchain industry. the purpose is to make policies aimed at blockchain promotion and the regulatory framework.
Last year, the South Korean government announced it would design a new industry classification standard for the domestic blockchain industry. the purpose is to make policies aimed at blockchain promotion and the regulatory framework.
April 21, 2019, 06:14:13 AM
China acceptance of blockchain but with a regulatory framework is an indication that there is a brighter future for the entire blockchain in China and very soon it will be followed by cryptocurrency industry because blockchain in any aspects will not be complete without the incorporation of digital finance which is cryptocurrency.
China is making a draft of the ban on Cryptocurrency and the national government does not offer policies to accept it. But South Korean makes its own opinion when the government accepts Crypto and Blockchain. They introduced their own set of laws. The South Korean government accepted it because they thought they were being indented behind other countries when not approaching Crypto. April 21, 2019, 06:03:03 AM
Well, they will have to regulate it properly to prevent other problems too, which is the North Korean hackers targeting South Korean Bitcoin owners and companies to get more money for their political and military cause. 
We have seen recent reports that the North Koreans are using Crypto currencies to circumvent economical sanctions against them, so they will increase their efforts to get their hands on bitcoins in the future, if this is true.
We have seen recent reports that the North Koreans are using Crypto currencies to circumvent economical sanctions against them, so they will increase their efforts to get their hands on bitcoins in the future, if this is true.
April 21, 2019, 05:51:04 AM
I am happy to see officials of South Korea recognizing the use of the blockchain and cryptocurrency and the roles they can be playing to make a country's economy go forward in our modern world. I am sure that they are seeing the vision of the future and now they are changing some aspects of the strict regulations to accommodate more players and market integration. How I wish that more and more government officials can re-evaluate their stance on this technology and learn how they can bring their countries into the future. Hope this can be the start of more stories like this...
April 21, 2019, 05:28:29 AM
China acceptance of blockchain but with a regulatory framework is an indication that there is a brighter future for the entire blockchain in China and very soon it will be followed by cryptocurrency industry because blockchain in any aspects will not be complete without the incorporation of digital finance which is cryptocurrency.
April 21, 2019, 05:15:03 AM
The world of cryptocurrency has its fair share of individuals who engage in criminal activity (just like in the world of fiat currency). A growing number of countries are slowly but surely learning to accept the fact that blockchain technology is here to stay. Governments can either learn to accept the changing face of fintech – or get left behind.
The government of South Korea learned to accept the use of blockchain technology, but applied very strong regulations for its use to mitigate its abuse by criminal elements.
South Korean government officials, at the recent “Deconomy” conference in Seoul, stated that it was time to re-evaluate the country’s regulations for the use of cryptocurrency and blockchain technology...
https://www.bitcrypt.co/south-korea-relaxing-cryptocurrency-regulations/
We couldn't change the fact that we are becoming so advance in technology and blockchain is going to play a big part on it and they should accept it or be left behind,The government of South Korea learned to accept the use of blockchain technology, but applied very strong regulations for its use to mitigate its abuse by criminal elements.
South Korean government officials, at the recent “Deconomy” conference in Seoul, stated that it was time to re-evaluate the country’s regulations for the use of cryptocurrency and blockchain technology...
https://www.bitcrypt.co/south-korea-relaxing-cryptocurrency-regulations/
And it seem's like there are already so many country that choose to accept it instead of being left behind.
April 21, 2019, 03:28:30 AM
I always believe that the future of the cryptocurrency depends on Asian countries' (China, South Korea, etc.) policies. With the new approaches on blockchain technologies eventually gain those countries trust.
For instance, even though they are trying to regulate cryptomining industry, China is still bullish on cryptocurrencies.
https://usethebitcoin.com/signs-that-china-is-bullish-on-cryptocurrency-future/
Then Bitcoin will remain a marginal currency with a huge volatility. Crypto market should become resilient to any kinds of FUD from dome chinease politicians to get any kind of adoption in the other countries. Realizing that words of some chinease retard may dump my BTC savings in a single day doesn't make common users enthusiastic about cryptocurrencies. For instance, even though they are trying to regulate cryptomining industry, China is still bullish on cryptocurrencies.
https://usethebitcoin.com/signs-that-china-is-bullish-on-cryptocurrency-future/
April 21, 2019, 02:37:31 AM
The South Korean Government should really re-evaluate their rules and regulations regarding cryptocurrency but on blockchain, I don't think so. I remember back in 2017 the Government of South Korea did put a strict rule regarding their people to use cryptocurrency and preventing them to join ICOs. I think it's about time that those rules should be modified or to re-evaluate.
April 21, 2019, 02:33:55 AM
Seems South Korea thinks that it is the right time to change its view of cryptocurrency from being used by criminials to being used by legit merchants as form of mode of payment. There is no denying that Bitcoin had been there in the shady part of transactions because everyone used to think that Bitcoin gives anonymity and hides shady activitivies but infact it is so transpararent than any centralized institutition transactions and activities. Aside from that, I believe they acknowledge that Cryptocurrency can help elevate their economy by taking advantage of its technology. So by relaxing their regulation, they tend to attract more cryptocurrency enthusiast into their country and start setting their project base on the country.
April 21, 2019, 02:19:57 AM
South Korea is one of those nations that desperately needs the economic stimulus that crypto can provide. The countries that are the most lenient in regards to crypto will attract investment from those newly created millionaires.
April 21, 2019, 01:59:47 AM
I think they need to "tighten" the cryptocurrency related regulations instead of "relaxing" more because it currently looks so relaxed to me. they need to focus mainly on prevention of scams in exchanges and among all these ICOs. there already are dozens of countries that have started banning ICOs and preventing them from robbing people in broad daylight and South Korea being one of the countries with high volume in ICOs has to start banning them too.
April 21, 2019, 01:48:21 AM
Some recent events in South Korea have made this country known to many investors when domestic exchanges organize ICO project announcements and evaluate projects to select the best projects. Get support from them. I believe this is a good signal from the South Korea government when relaxing up for Crypto users.
April 21, 2019, 01:24:26 AM
It's great but it's a little bit late, the third biggest exchange of Korea is already closing...
“It is a natural result of a decrease in trading volume.
“It is a natural result of a decrease in trading volume.
it can't be the "biggest" exchange and also lose trading volume so much to be forced to close. not to mention that it is all about bad business decisions which led to failure of their platform to get customers and volume to generate them a decent revenue.
in fact that is not the only case and not the only country. in 2017 because of the shitcoin bubble a lot of newbies thought they could make millions just by entering the market, a lot of them went into businesses such as exchanges, fund manager,... or some old businesses run by newbies thought about expanding unreasonably. in the past year or so because of the drops and due to the fact that they were newbies with no knowledge of running a business, they failed.
April 21, 2019, 01:13:11 AM
What website is this, I understand that bitcoin is used in a lot of shady ways but what the hell blockchain technologies have to do here? Governments accept blockchain technologies because of security it offers in services like land title registry and similar ones, it's just useful, not like they are pushed to integrate it.
Well, maybe I am missing something or publisher doesn't know what he/she writes.
Well, maybe I am missing something or publisher doesn't know what he/she writes.
I think it is his own site, it seems that he is building a new bitcon/crypto news site as it is advertised on his profile and probably he is the one who write the article as I cant find any other references.
To be honest I do not really understand what is mean by relaxing in the title since South Korea is one of the most friendly country to bitcoin as mentioned by joniboni. Maybe relaxing here means renewing the regulations..
April 21, 2019, 12:31:03 AM
it is all about bitcoin not the blockchain technology in general and cryptocurrencies in general. and there is a big distinction that you need to always look out for. there are a lot of countries that have already accepted bitcoin under different approaches like as a currency or a commodity,... but at the same time they have rejected or banned altcoins, specifically the ICOs and anything involved with them.
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