South Korean Government Considers Relaxing Cryptocurrency Regulations - page 2.

Saint-loup

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Quote from: PTCSuccessBlog on April 20, 2019, 02:53:41 PM

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/

It's great but it's a little bit late, the third biggest exchange of Korea is already closing...

Cryptocurrency exchange Coinnest, once South Korea’s third largest, is closing down.
The exchange posted a notice on its website saying that as of Tuesday it is no longer operating, adding that users will need to withdraw any funds held on its platform by April 30. The fees for withdrawals and the minimum threshold have been lowered to assist the process, it said.

While the notice was vague as to the reasons for the closure, a Coinnest official told CoinDesk Korea:

“It is a natural result of a decrease in trading volume. Both regulatory issues and business decisions have served as a background for this decision.”

https://www.coindesk.com/south-korean-crypto-exchange-coinnest-announces-closure

They say it's a "natural" result of the decrease of volume. So if it's true, it means Korea is still not coming back in the game despite the increase of price.

Mandoy

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Aurox

The South Korean Government have followed the footsteps of the Philippine Government. The Philippine Government last 2017 have accepted cryptocurrency in their country but placed some AML and KYC regulations to make sure that cryptocurrency will not be abused by criminals. The Philippine government have felt an increase in online related employment as Filipinos who are homebased are now earning income thanks to cryptocurrency.

Possibly, South Korea is seeing the same picture as what the Philippine Government have seen. They may also think that cryptocurrency will be very crucial and will have a positive impact on its economy and will increase income opportunities to the residents of their political jurisdiction. This kind of acceptance will make cryptocurrency to bloom in South Korea in the years to come.

BitDane

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South Korean is one of the most advance country in terms of Information and Communications Technology, I think it's normal for them to use and take advantage of blockchain tech, as we know that it's very efficient for security. It's just a matter of time where the South Korean government will find its way to take use of cryptocurrency as part of the economy.

lyks15

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I think even South Korea government was re-evaluate the regularization it may have a possitive result. I hope all of country will also open their mind about crypto and crypto's regularization to make our bitcoin and other crypto safe and secure because they can file and regulate law and policies for our security and to avoid hassle like scams or bitcoin stealing.

btc78

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Quote from: Ailmand on April 20, 2019, 07:02:11 PM

I guess Korean government doesn't want to be left behind with regards to blockchain tech and crtprocurrency.

Exactly mate as we known korean is one of the most technological country and very competitive in each field that involves knowledge so i guess just tl be left behind is something they don’t wanna be so what they are doing now is to move along with the blockchain fever.and I believe that with this action more and more countries in asia will follow the steps and will try searching about what is the reason why bigger countries like japan and some european countries has already adopt bitcoin and some other altcoins ,and do believe in the beneficial side of cryptocurrency

joniboini

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Relaxing? What does this even mean? South Korea is probably one of the friendliest crypto country out there. There are a dozen exchanges and ICO/IEO coming out of nowhere and gone MIA after the ICO without any clear clarity on their progress. If the regulations are not 'relaxed', how is that even possible?

fuathan

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Aleph.im

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/

Ailmand

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I think what Korea is aiming just the same way as why other countries have adopted and regulated cryptocutrency. It's actually a good situation for Korea since they will be able to make their fintech industry bloom as well as protect their users from getting involved in fraud and money laundering. With this Korea would be an ideal place for companies to start up an ICO and trading.

I guess Korean government doesn't want to be left behind with regards to blockchain tech and crtprocurrency.

shield132

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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.

PTCSuccessBlog

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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/

Topic: South Korean Government Considers Relaxing Cryptocurrency Regulations - page 2. (Read 328 times)