Title: Korea, Dubai Move to Regulate Bitcoin Post by: OmegaStarScream on November 19, 2016, 05:53:04 PM In looking to follow the legal frameworks set by the United States and Japan, Korea is set to become one of the few countries to regulate Bitcoin and its use.
The country’s financial regulator, The Financial Services Commission, said on Thursday Nov. 17 that it would introduce regulatory guidelines for digital currency exchanges by the first quarter of 2017, in response to the growing popularity of Bitcoin and other digital currencies traded online in Korea. As for Dubai , A regional publication, Trade Arabia, has also reported a similar regulatory move by the Supreme Legislation Committee (SLC) of Dubai. It says that the most populous city within the UAE is holding a workshop on Nov. 20 to discuss the present and future legislative policies and legal frameworks for Bitcoin. https://cointelegraph.com/news/canadian-government-moving-faster-towards-mainstream-bitcoin-adoption If 2017 is not going to be "the year of Bitcoin" then I don't know which year would be. Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: SyGambler on November 19, 2016, 07:03:56 PM I was expecting a such move from Dubai , cause at the end UAE is still a middle east country where governments are always cautious
my cousin is living in Abu Dhabi , and he told me that porn websites and big gambling sites are blocked by the government so do you think that a country that bans porn will allow people to use bitcoin without any troubles !! Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: Positid on November 20, 2016, 12:24:50 PM I was expecting a such move from Dubai , cause at the end UAE is still a middle east country where governments are always cautious It's easy to use bitcoin to bypass the law, with bitcoin there's not giving of information and you just have to protect your IP to be able not to be trace. The real essence is that they ban and gambling site and porn sites then probably it's illegal to access it using bitcoin but only when you get caught.my cousin is living in Abu Dhabi , and he told me that porn websites and big gambling sites are blocked by the government so do you think that a country that bans porn will allow people to use bitcoin without any troubles !! Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: Kprawn on November 20, 2016, 01:01:52 PM Limited regulation is not a bad thing, because some merchants will not accept Bitcoin as a payment option, if it does not function within the
legal framework. They should at least define it as a commodity or a currency for the courts to be able to handle crimes, where Crypto currencies were involved. The bad side will be, if they over regulate it... like what was done in New York. >:( Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: aso118 on November 20, 2016, 01:09:50 PM I was expecting a such move from Dubai , cause at the end UAE is still a middle east country where governments are always cautious my cousin is living in Abu Dhabi , and he told me that porn websites and big gambling sites are blocked by the government so do you think that a country that bans porn will allow people to use bitcoin without any troubles !! It is not just porn and gambling, even online calling (like skype) is regulated in UAE. So it would be natural that the government would look to regulate Bitcoin. Governments hate anything that they can't control. By the way, banning porn should not be considered a benchmark. Lots of countries have taken a moral stand and banned porn... Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: michellee on November 20, 2016, 01:13:44 PM its sound interesting to know that korea and dubai wants to regulate bitcoin, besides canada which fast moving into bitcoin. one by one, there will be many country which want to follow canada to adopt bitcoin as their another currency. 2017 will be unpredicted since there are many people will moving with bitcoin adoption but i am sure that the price will still to going up for this news.
Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: clickerz on November 20, 2016, 01:42:01 PM I am afraid other countries will follow suit. In my opinion all thet want is their share or taxes, since bitcoin become popular millions of dollar are being transacted on bitcoin. Also, it has also a good side I think, it will protect us, bitcoin user from fraud. But still, I want the bitcoin which I can control without any intervention.
Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: Vinz24 on November 20, 2016, 01:44:19 PM Two of richest country in the Asia joins the Japan and US in regulating bitcoin this means that this will be the start for the others countries to regulate bitcoin too. I expect the bitcoin price to go up.
Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: BlackPanda on November 20, 2016, 01:52:09 PM Two of richest country in the Asia joins the Japan and US in regulating bitcoin this means that this will be the start for the others countries to regulate bitcoin too. I expect the bitcoin price to go up. with this, the bitcoin market will get stronger. bitcoin will be more credible by the market and also the security will be assured. The large countries could lead to increased bitcoin prices higher. we all hope that the majority of bitcoin users will feel the benefits of this regulation.Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: hawkins on November 20, 2016, 02:04:53 PM if it really happened I think it is very good because it can make bitcoin prices rise, other than that it will make bitcoin become more popular because of dubai and Korea is currently the world's attention. It can trigger the dubai community, or people who were there using bitcoin, as well as Korean. this will speed up transactions they were doing on the internet
Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: iqlimasyadiqa on November 20, 2016, 02:11:14 PM Two of richest country in the Asia joins the Japan and US in regulating bitcoin this means that this will be the start for the others countries to regulate bitcoin too. I expect the bitcoin price to go up. with this, the bitcoin market will get stronger. bitcoin will be more credible by the market and also the security will be assured. The large countries could lead to increased bitcoin prices higher. we all hope that the majority of bitcoin users will feel the benefits of this regulation.Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: BitcoinHodler on November 20, 2016, 02:21:47 PM many of the countries have been thinking about bitcoin regulation and there have been talk of making it happen for some time now. the talk is a widespread thing even in developing countries. but it only happens in the countries where bitcoin is a growing thing.
Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: lumeire on November 20, 2016, 02:39:46 PM It's gonna be okay if it's fairly regulated I suppose. I hope they would tax BTCBTCBTC exchanges as if these exchanges were currency exchange trades and not like a commodity sale.
Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: Vaskiy on November 20, 2016, 02:42:33 PM I was expecting a such move from Dubai , cause at the end UAE is still a middle east country where governments are always cautious my cousin is living in Abu Dhabi , and he told me that porn websites and big gambling sites are blocked by the government so do you think that a country that bans porn will allow people to use bitcoin without any troubles !! That's true. Porn and gambling websites were completely blocked in Dubai as mentioned, but using VPN service every websites were accessible. Also bitcoin can also be used and earned from Dubai. Now the people who were aware of bitcoin is very low than other Asian countries. I'm sure of these information because I've been to Dubai few months back. Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: Betwrong on November 20, 2016, 02:49:14 PM Limited regulation is not a bad thing, because some merchants will not accept Bitcoin as a payment option, if it does not function within the legal framework. They should at least define it as a commodity or a currency for the courts to be able to handle crimes, where Crypto currencies were involved. The bad side will be, if they over regulate it... like what was done in New York. >:( I never expect anything good from a regualtion. Theoretically it can be a good thing but in practice if they start to regulate something they always tend to over regulate it. The best option would be that they don't tuch it with their laws at all but of course we all know they will, sooner or later they will for sure. Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: groll on November 20, 2016, 02:54:23 PM Limited regulation is not a bad thing, because some merchants will not accept Bitcoin as a payment option, if it does not function within the legal framework. They should at least define it as a commodity or a currency for the courts to be able to handle crimes, where Crypto currencies were involved. The bad side will be, if they over regulate it... like what was done in New York. >:( This legal frameworks will helps a lot. It can be a helpful measure to protect bitcoin users. Aside from helping prevent illegal use of digital currency exchanges, which is often used for money laundering, drug trafficking and tax-related crimes,” regulation could bode well for the growth of Bitcoin as it will help gain legitimacy in the public eye. Regulations will help win public trust and encourage the onboarding of new users. Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: talkbitcoin on November 20, 2016, 02:57:30 PM It's gonna be okay if it's fairly regulated I suppose. I hope they would tax BTCBTCBTC exchanges as if these exchanges were currency exchange trades and not like a commodity sale. these exchanges are scattered through different countries and they usually move out of that country like the businesses that moved out of NewYork when i think it was bitcoin license or some law like that happened there. so i suppose it would be a hard and long battle before they can start regulating and then taxing anything bitcoin related! Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: Sir Alpha_goy on November 20, 2016, 03:13:01 PM A double edged sword.
In the end will Bitcoin followers shun over regulators and those who ban it's use? I won't get all biblical because you know where I am going here. https://bitcoin.org/en/faq Quote Can Bitcoin be regulated? The Bitcoin protocol itself cannot be modified without the cooperation of nearly all its users, who choose what software they use. Attempting to assign special rights to a local authority in the rules of the global Bitcoin network is not a practical possibility. Any rich organization could choose to invest in mining hardware to control half of the computing power of the network and become able to block or reverse recent transactions. However, there is no guarantee that they could retain this power since this requires to invest as much than all other miners in the world. It is however possible to regulate the use of Bitcoin in a similar way to any other instrument. Just like the dollar, Bitcoin can be used for a wide variety of purposes, some of which can be considered legitimate or not as per each jurisdiction's laws. In this regard, Bitcoin is no different than any other tool or resource and can be subjected to different regulations in each country. Bitcoin use could also be made difficult by restrictive regulations, in which case it is hard to determine what percentage of users would keep using the technology. A government that chooses to ban Bitcoin would prevent domestic businesses and markets from developing, shifting innovation to other countries. The challenge for regulators, as always, is to develop efficient solutions while not impairing the growth of new emerging markets and businesses. So who will keep using the technology afterwards? The ones that say regulation is a good thing because it increases exposure as if Bitcoin is something with tentacles? The technology has the potential to enlighten all. Shall we support ignorance or play the middle and say "let the chips fall where they may?". As long as we praise price increases we amount to nothing but vampires that do not barge in rather we ask if we can be invited in. Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: serjent05 on November 20, 2016, 03:27:58 PM In my opinion regulation of bitcoin will bring trust to it. Since people will be protected from the exploit of those who wants to take advantage of the ignorant of people about bitcoin. I don't care much for the over regulation because different country will have different rule and approach on how they regulate bitcoin. And in my opinion, the plan of regulating bitcoin is to take advantage of the possible profit of the government from the transactions made thru bitcoin. Over regulating will simply hinder the economic growth of bitcoin in their country and will give them losses in trades and profit from economic activity of bitcoin in ther country.
https://bitcoin.org/en/faq Quote Can Bitcoin be regulated? ~snipped It is however possible to regulate the use of Bitcoin in a similar way to any other instrument. Just like the dollar, Bitcoin can be used for a wide variety of purposes, some of which can be considered legitimate or not as per each jurisdiction's laws. In this regard, Bitcoin is no different than any other tool or resource and can be subjected to different regulations in each country. Bitcoin use could also be made difficult by restrictive regulations, in which case it is hard to determine what percentage of users would keep using the technology. A government that chooses to ban Bitcoin would prevent domestic businesses and markets from developing, shifting innovation to other countries. The challenge for regulators, as always, is to develop efficient solutions while not impairing the growth of new emerging markets and businesses. Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: unamis76 on November 20, 2016, 03:33:49 PM I am normally against regulations of this kind as governments and authorities tend to try and subvert things by regulating them in their favor. Regulating Bitcoin is impossible per se, but governments can regulate things in order to at least delay or hinder Bitcoin adoption. We have to expect the worst out of these things, so I'm not sure this is good news. We'll see it when proper regulations are proposed... Similar happened in the EU and they ended up delaying decisions and regulating nothing, which I hope it will be the case here.
Governments could regulate in order to help adoption, but I don't think that will happen. Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: Sir Alpha_goy on November 20, 2016, 03:36:05 PM In my opinion regulation of bitcoin will bring trust to it. Following directly in the footsteps of our predecessors. Why reinvent the wheel right? The path of least resistance is the path to history repeating itself. What could be disruptive technology ends up becoming the technology it aimed to replace. Banking for the people governed by the same group governing us now? So easy to slip back into slumber. Would you like a teddy bear and a warm glass of milk before you go off to sleep? Maybe a fiat bonus is all you desire. As always they will tell you that you can't trust your fellow man. They will tell you that you are too ignorant and that you need them. Training wheels for the inept fiat sucklers of our time. Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: 7788bitcoin on November 20, 2016, 05:07:07 PM Regulate, not banning, is good for bitcoin. However, the governments really need to learn how things works and understand the power of decentralization. Hope this move will attract the rich Dubai tycoons to put money in the development of bitcoin related businesses.
Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: calkob on November 20, 2016, 05:16:44 PM In looking to follow the legal frameworks set by the United States and Japan, Korea is set to become one of the few countries to regulate Bitcoin and its use. The country’s financial regulator, The Financial Services Commission, said on Thursday Nov. 17 that it would introduce regulatory guidelines for digital currency exchanges by the first quarter of 2017, in response to the growing popularity of Bitcoin and other digital currencies traded online in Korea. As for Dubai , A regional publication, Trade Arabia, has also reported a similar regulatory move by the Supreme Legislation Committee (SLC) of Dubai. It says that the most populous city within the UAE is holding a workshop on Nov. 20 to discuss the present and future legislative policies and legal frameworks for Bitcoin. https://cointelegraph.com/news/canadian-government-moving-faster-towards-mainstream-bitcoin-adoption If 2017 is not going to be "the year of Bitcoin" then I don't know which year would be. Regulation is not always a bad thing, sometimes a governments attempts to ban things only brings more users to it, hopefully that will be the case here also. Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: Yakamoto on November 20, 2016, 05:20:34 PM Doesn't surprise me that they're making moves to regulate Bitcoin. If anything I'm more surprised that there hasn't been more regulation sooner from these places. Considering that a lot of Arab Princes are in Dubai with a fair amount of money to throw around, Bitcoin seems like a prime investment for a lot of them to start taking advantage of.
Hopefully this legislation bug doesn't spread to other countries too quickly. Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: MingLee on November 20, 2016, 05:31:14 PM In looking to follow the legal frameworks set by the United States and Japan, Korea is set to become one of the few countries to regulate Bitcoin and its use. Probably means little aside form the expected taxes and levies that they're going to put on it. Dubai I expected to start having some legislation on Bitcoin sooner or later, however the move from Korea kind of surprises me. Might be related to them having to worry about their citizens being pissed off with their government right now and the potential for a lot of value to leave their country very quickly.The country’s financial regulator, The Financial Services Commission, said on Thursday Nov. 17 that it would introduce regulatory guidelines for digital currency exchanges by the first quarter of 2017, in response to the growing popularity of Bitcoin and other digital currencies traded online in Korea. As for Dubai , A regional publication, Trade Arabia, has also reported a similar regulatory move by the Supreme Legislation Committee (SLC) of Dubai. It says that the most populous city within the UAE is holding a workshop on Nov. 20 to discuss the present and future legislative policies and legal frameworks for Bitcoin. https://cointelegraph.com/news/canadian-government-moving-faster-towards-mainstream-bitcoin-adoption If 2017 is not going to be "the year of Bitcoin" then I don't know which year would be. Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: Juggy777 on November 20, 2016, 05:47:38 PM I don't think it really will work. People will figure out loopholes sooner or later. Plus they can only implement only btc minted it those countries. What about other btc. So my question is can this create legal issues for those outside these states who transact with people of those countries?
Title: Re: Korea, Dubai Move to Regulate Bitcoin Post by: Milkduds on November 20, 2016, 05:52:11 PM The Asian Countries seem to want to get into the regulatory aspects and make sure they can keep bitcoin in check.
Its really something I can not get excited about till I see what exactly that means restrictive wise for users in Korea. Dubai on the other hand seems to be a publicity stunt,rather than anything serious. Just can not imagine a part of the world that treats women like second class humans being able to address bitcoin in a rational manner. I know they are a little more open business wise but,this feels like a stretch. |