South Korean government is readying a set of regulatory framework for all cryptocurrencies, especially Bitcoin and Ethereum. The purpose of the bill is to ensure safety of investors, tackle tax evasion from crypto currency transactions and provide a legal ground for cryptocurrencies, and trading platforms in the country.
Park Yong-Jin, representative of the ruling democratic party and popular South Korean lawmaker is working on 3 bills with focus on Bitcoin and Ethereum. The regulatory framework will also provide protection for South Korean crypto users, investors and traders of cryptocurrencies against irregularities and a potential crypto bubble burst.
This is another new and exciting development from the Asia-Pacific region after Japan & Australia ended certain taxes on Bitcoin on 1st July.
Bithumb, Korbit and Coinone are the top digital currency trading platforms in the country and have processed transactions in the millions. Park intends on revising the Electronic Financial Transactions Act, allowing local business and aforementioned trading exchanges that currently have no legal grounds to operate.
They will be required to work with more stricter KYC and AML systems in place, and retain capital of at least $436,000. They are also likely to be licensed and regulated by the South Korean Financial Supervisory Service to ensure they operate within guidelines mandated by the government. The top exchanges in South Korea are already operating with strict checks in place to avoid a tussle with the South Korean government policies and regulations, so adhering to even stricter government requirements won't be an issue.
In an interview to The Korea Herald, law firm Minwho head attorney Kim Kyung-hwan said:
“User protection, tax evasion and money laundering have long been issues in terms of digital currency transaction,” Kim told The Korea Herald. “Digital currency traders have often found themselves in trouble, because they are out of a legal boundary.”
Towards Mainstream Crypto Adoption
On Steemit we've seen a tremendous rise in South Korean user adoption of our platform. South Korea accounts for the highest traffic from Asia to Steemit. Over the past few months, Bitcoin has scaled to dizzying heights on South Korean crypto-exchanges.
The new regulatory bill in South Korea is clear gesture that cryptos are here to stay. It shows maturity of the South Korean government in adopting Bitcoins and making it mainstream, and giving it's citizen the freedom to decide what they want for themselves and make it safer to use volatile cryptocurrencies in everyday lives. I think it's incredible that the South Korean government joins Japan and other nations in leading by example.
If you are from South Korea, what is your opinion on your government's decision to legalize Bitcoin and Ethereum. How do you see the markets changing to enable larger adoption?
If you are not from South Korea, what do you think your local government can do to improve crypto adoptions?
You may also continue reading my recent posts which might interest you:
- Crypto Current Affairs—Japan & Australia End Specific Taxes On Bitcoin Today! Will India Learn From This?
- Crypto Current Affairs—Is Bitcoin Legal Tender in India?
Thanks for posting on this.
Exciting times; I'm starting to look at real estate..
Should be a nice bump in the price with this news :)
Very much!
I guess ETH price will fluctuate in range 200-250 before it rises up to 300
@surfyogi. Why real estate... can you elaborate on this?
Anticipating taking some profits next time the market is up, and spreading my investments into other things, including a new home! Diversification can start being almost a full time job..
Thank you sir. Was thinking just the same :)
That's funny. But very forward thinking. :)
That's awesome! Go for it!
great inform, thanks
Glad to help!
Nice post, Thanks for the great information.....
Thank you :D
This is excellent! I hope with time that this type of thinking will spread all over the world. I personally believe it's really just a matter of time before Bitcoin, Ethereum and the like become more and more widely accepted.
Still as of today, in Canada, my own bank makes it hard for me to invest in cryptocurrencies directly from my bank. They even cancelled a bank transfer that I wanted to do when they found out that the purpose of the bank transfer was to invest in Bitcoin! They said they had a policy that discouraged any type of investment in Bitcoin. I couldn't believe it and don't feel that a bank should tell you what you can and can't invest in. I of course just withdrew the cash, opened up another bank account, then transfered the cash from that new account to invest in Bitcoin no problem. I cannot wait until the day that cryptos are simply accepted and viewed as legitimate everywhere though.
It cannot come soon enough!
That's quite crazy! I hope they change the policy in your country and make it easier to invest in BTC.
Woff, woff!
Hello @firepower, Nice to meet you!
I'm a guide dog living in KR community. I can see that you want to contribute to KR community and communicate with other Korean Steemians. I really appreciate it and I'd be more than happy to help.
KR tag is used mainly by Koreans, but we give warm welcome to anyone who wish to use it. I'm here to give you some advice so that your post can be viewed by many more Koreans. I'm a guide dog after all and that's what I do!
Tips:
Unfortunately, Google Translate is terrible at translating English into Korean. You may think you wrote in perfect Korean, but what KR Steemians read is gibberish. Sorry, even Koreans can't understand your post written in Google-Translated Korean.
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Woff, woff! 🐶
Its' going to be interesting to see how these countries handle taxes on Crypto. One of the features of Crypto I love is not being controlled by a government, can't be frozen or seized but for this to become more main stream taxes will have to be addressed. I believe in paying taxes but I hate being taxed again and again on the same money.
As I'm getting a bit older now, I am putting money aside every week into crypto more as a retirement plan. The real question is how will this be taxed in 20 years when I will need to start pulling money out to live on?
Who knows, the government will do all it can within it's powers to tax every aspect of our lives. :(
Nice inform
Thanks!
Don't think I have ever heard any Norwegian politicians mention Blockchain ever lol. However, you may find it interesting that last week the first ever Bitcoin minibank opened in Norway. The article is in Norwegian but I am sure google translate will do it justice.
It's interesting that it is some guy from the Netherlands who is taking the initiative. Leaving "Finn.no" the largest online marketplace in Norway. The article says he intends to open 10 such minibanks before the end of the year. So perhaps this can initiate some more interest and debate on the topic.
Lets see!
Wow! This is amazing news! Thanks!
Too many people are adopting cryptocurrencies around the world for governments to ignore them and pretend it isn't happening - some like South Korea and Japan are embracing this global change whilst others unfortunately are resisting and making it harder for their citizens. It was ever thus!
Well, I really hope things change and more countries join Japan and South Koreans to get bitcoin up to the next level.
I heard today that the largest supermarket in Germany is now accepting Bitcoin?
I can't pretend I fully understand cryptocurrencies yet but I do find all of this absolutely fascinating.
Crypto Currencies is really an fascinating affair!
Nice... the Koreans are leading the way. 😂🇰🇷...
P.S. I was born in Seoul 😬💖
oh that's wonderful! I hope to visit Seoul in a year or so. :)
Nice! Ill probably go there next year with my bitcoins haha
Yeah!! Go for it!
Great!! Hope It legalises in India too..
but without GST
Unlikely it'll happen without GST driving up the costs.
You never know!!
Ruling Govt. can do anything, moreover, legalization of btc has been a hot topic in Finance Ministry meetings.
Let's just wait and watch for the better!
koreans are lucky
....and they get lots of kim chi
Yeah, they for sure are lucky
Good to hear that, the world is realizing the potential and the change cryptocurrencies can bring up to the world. I hope more countries would follow them soon and i wish it would be better if India was one among them. Hope for the best.
Thanks for sharing anyway.
Thanks! Yes, It is a perfect example and I really hope and wish Indian follows this in the right path!
Time tells let's wait and see
Yeah! let's wait and watch. Hope for the best!
This is all inevitable, its being accepted around the world, the price increases are likely to follow
Yes, it will for sure.
They've got no choice, crypto is bound to be legalized
Hope it would be all over the world Soon!
I am not from South Corea, but I am willing to try live there for a while :D
Go for it :D
Good direction
Very much!
if it's not mandated then it's prohibited?
no free choice at all?
They are an intelligent people.
Yeah, they seem to be ;)
Pretty kool :)
Yeah! It is :)
I wonder if the legislation will allow taxes to be paid with crypto. That would improve crypto adoption.
True, I really hope it does.
You know when this happens we could see yet another big cryptocurrency bull run... People like talking about bubbles, but I really suspect we are a long way away from that
Let's just wait and watch!
Nice work thanks for posting.. hopefully India will see the benefit and legalizes it.
Yeah, I really hope the same!
Very interesting indeed. South Korea's technological culture has made them tremendously successful. Combined that with crypto integration and they could very well become the leaders in the space.
Yeah, South Koreans have set another good example!
great...
yeah!!
Woohooo! Cake smash!!
This is so MEGA
Mega indeed :D
I don't thing this is for the safety of the investor It's probably because crypto is uncontrollable and this is what scare them so they will do that to have simply more control but i thing that they won't succeed in this
Well, let's just wait and watch!
It turns out that Southeast Asia and Australia have become the locomotive, that pulls forward the legalization of bitcoin trading. I wonder who will be next?
Let's the hope for the better and wait. More to come!
Let's the hope!
Hi, I am Korean.
Your posting is quite informative.
I wish I could see you often.
I followed you. Can you follow me?
Thank you glad you liked it!
I wonder what the U.S will do?
Let's wait and watch!
Some Great News !! more countries will implement it soon hope so
Great news indeed and I really hope other countries follow soon!
Nice
Yeah!
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STOPHey! thank you once again :D
What I like most about this is that there really seems to be momentum now and all sorts of countries now following suit. It's kind of fomo for countries haha. I read that in Japan already 260,000 stores will accept Bitcoin as of July 10th. Any idea on the adoption rate in South Korea?
Not sure of the adoption rate in Korea at the moment. I think the Korean community might have some answers to this.
hoping in the philippines too.thanks for sharing. upvoted and followed you :-)
Yeah! Let's hope for the best ;)
This is insanely crazy! More great growth to come!
Oh yes, for sure ;)
That great, lets finish popping that fiat-money bubble now ;).
South Korea and China is always quick to adapt new tech, i am sure many will follow in their footsteps if they start to make an incentive!
Also super great to see crypto investors getting some protection (to be honest i think it´s needed seeing all the ICO craze going on out there).
Thanks for the post @firepower, upvoted and followed, much love!
Here's a small tip for a great post. I will be following you. Please follow me @steemisupport
I guess you're leaving the same comment everywhere eh?
Not just in some people and that is to introduce myself
I'm a new user sir @firepower
Sorry if i misuse it
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