Bitcoin Forum

South Korea has officially legalized international Bitcoin transfers and is on the verge of providing a regulatory framework for Bitcoin trading platforms and exchanges.

On July 3, Representative Park Yong-jin of the ruling Democratic Party of Korea revealed that the South Korean government is ready to regulate the Bitcoin market. According to Rep. Park, he submitted three revisions to build a set of regulatory frameworks for Bitcoin users and businesses to further facilitate the growth of the South Korean bitcoin market and industry.

One of the revisions Rep. Park proposed to the financial regulators of South Korea requested Bitcoin businesses and trading platforms to retain capital of at least $436,000 and data processing facilities for Know Your Customer (KYC) and Anti-Money Laundering (AML) purposes.

Son ji-hyoung of the Korea Herald stated:

“Under the bill that aims to revise the Electronic Financial Transactions Act, traders, brokers, or other business entities involved in cryptocurrency transactions would be required to get regulatory approval from the Financial Services Commission. The requirements include the retention of capital of at least 500 million won ($436,300) and data processing facilities.”

Since then, the South Korean government has introduced several regulatory frameworks for the Bitcoin industry. Although the South Korean Bitcoin industry has not been fully regulated as of yet, the South Korean government officially legalized Bitcoin service providers to facilitate payments, transfers and trades.

Local publications including the Korea Herald reported that the newly revised South Korean Foreign Exchange Transactions Act has started to allow fintech companies and Bitcoin service providers to be approved by the Financial Supervisory Service (FSS), the financial regulator of South korea.

Like the Philippines, South Korea has officially legalized Bitcoin as a remittance method, allowing fintech companies to process up to $20,000 worth of South Korean won in bitcoin for users.

On February 12, Cointelegraph reported that the central bank of the Philippines officially legalized Bitcoin as a remittance method and as a result, Bitcoin industry in the Philippines experienced a surge in growth. Leading companies including Coins and Satoshi Citadel Industries raised tens of millions of dollars in funding and recording hundreds of thousands of new users. The central bank of the Philippines said:

“The Bangko Sentral does not intend to endorse any VC, such as Bitcoin, as a currency since it is neither issued or guaranteed by a central bank nor backed by any commodity. Rather, the BSP aims to regulate VCs when used for delivery of financial services, particularly, for payments and remittances, which have a material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability.”

When the South Korean government fully regulates the Bitcoin market and industry in the near future and further legalizes Bitcoin as a digital currency on top of a remittance method like Japan, trading volumes of the South Korean Bitcoin exchange market will likely record an exponential growth rate.

Already, according to market data sources, the South Korean Bitcoin exchange market processes over 14 percent of global Bitcoin trades, the third largest market behind the US and Japan.

is South Korea the bad Korea or the good Korea? Haven't been keeping up with the news.

Its a great news to all the community, now lets see if the Korean BTC holders will declare their btc to the korean authorities,

South Korea is the good Korea, that confusion can be very common but North Korea is the communist one.

Its just a matter of time for South Korea to legalizes bitcoin as they are trading huge amount daily. This is just an icing on the cake. The big 3 will really dominate the market now (China, Japan and South Korea). Asia is really leading the way for us and I hope that other economic superpowers will follow what the Asian tiger country have set. This is a good news for the crypto market as well and will bring a positive impact to the price which is $2800++ right now.

seriously?

it's the good one. north koreans don't have access to the internet, let alone something like bitcoin. people would be shot in the head there if they tried to break away from government control.

It depends of what u think of the fatty comrade, but if u ask people there south korea is more popular

Waw ...! It's good if what happened in korea happened also in my city even happened all over the world, surely easy to transact anything anywhere and do not bother to go to shop to do payment transaction just sit back at home and stay click

It's bad to discriminate the countries because it's not the fault of their nations, is the fault of their gonvernments.

If we get back to the topic, ethereum has been a perfect market for south korea and bitcoin will be as well. This is good news for bitcoin holders.

Definitely a good news and once again this will help to increase the price of bitcoin which everyone is waiting.
There has been a lot of news this year and more countries will surely follow what bigger countries did, the dump is over and bitcoin
is back to it's glory days again.

Interesting, I wasn't expecting for SK to go and do something like this but I guess it's just keeping up with their Asian competitors and seeking to bring more wealth into their country. Really a smart move either way and I'm impressed they passed something like this so quickly. At least, quickly for a government talking about something new and just making headway into their country.
South Korea is Worst Korea
North Korea Best Korea
(I mean that in jest)

So will non citizens be allowed to trade there? It isn't really made clear.

It depends on your perspective. The south supporters will have said the north as a good korean but another is not.

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Glad to see it OP, but there is the thing that makes it looks weird. We know about that the korean exchange site already filled by those chinese traders. That looks gives the more impact for the korean ministry.
Does it caused by the huge trade volume korean exchange site? The more people try to legalize the bitcoin in the future. New ATH will be real.

that's good news, so when Kim jong will Distributing bitcoin to his people ?

The two korean countries hate each other a lot. Personally I like south korea because it's a wonderful country, It's too nice when we heard that bitcoin officially Legalized in this country, and with this act, the uses of bitcoin will increase a lot and automaticaly bitcoin price will increase a lot.
It's really good news when i heard that some country will start to legalize bitcoin as a local cryptocurrency there.

South korea is one of the big country in the world, south korea have strong economy. It would be very beneficial if south korea legalizes bitcoin, bitcoin will be more trustworthy and many people will use bitcoin, that is good news. After several countries that legalize bitcoin like japan and russia and followed south korea which really is a superpower country, then i am sure bitcoin have good future

Another one from Asia. Things are really becoming a reality right now that are once a dream. I hope that this could boost South Korea's economy so they would continue trading digital currency(this would also mean more opportunity for us)

South Korea has been actively investing in cryptocurrencies from quite a time. Bitcoin was being sold on premium sometimes double of the actual value. This shows how enthusiastically they are accepting Bitcoin. It was inevitable for government to make Bitcoin legal. This will definitely gonna boost the demand which was already very high in South Korea. Indeed a good news for the community.

Although I don't like the south Korean country, his economic strength has always been very good, and I remember that when bitcoin was $1200, the Korean bitcoin was dominated by the bitcoin for $1,500

You must be only focused on Bitcoin and dont know the state of the past, present and future events.

Lol are you really that cut off from the world?

Hey, where the bad guys the Nazis in WWII or was it the jews? I haven't been keeping up with 'the news'. Durp.

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Their exchange's volumes are huge! I can't even believe how fast they are buying. $600MM+ a day?! Omg.

Wow this is really great. Another country to legalize bitcoin in theirs. Wow, we are really getting into the cryptocurrency world. We know for a fact that South Korea is a great contributor on many fields such as in the field of technology. It is so cool to see this news and hope to see more links or news coming from you sir! Thank you for informing everyone here in the forum. Cryptoworld, here we come!

Bitcoin now belongs to Asia with the three economically giant  (Japan, China, South Korea) countries leading the way. I am more excited with Japan and South Korea though because they are really recognizing Bitcoin as a currency and their citizens can easily own Bitcoin just like any fiat money.  Soon, these big markets will fully reflect on Bitcoin and we are expecting a huge uptick of its value. Japanese are known to be good speculators and there would be many exchanges to open soon. The same thing can be said about Koreans...they are good in business and they can be bringing new approaches and new vigor to Bitcoin.

With the opening of South Korea, I am expecting that other small countries around Asia would also be interested to look at Bitcoin and how it can be integrated to their respective economies and then reap the possible benefits from cryptocurrency. Here in my country, Bitcoin is not officially recognized yet but it is not banned and we have money transfer or money remittance framework (where Bitcoin is taken like forex) being used by wallet service providers as basis for doing business. 

Well as and when such news come out there are two reactions I feel, the good one a huge market has opened up, the price is going to get a shot in the arm, more the better than I give a sigh and say at what cost, this market will be regulated, they will be controlled and who knows what kind of restrictions and conditions may be applied on them, though this is a initial stage, it will be important to sew how it it goes from here.

If South Korea begins the legalization process, I predict that they will be among one of the first communities of Bitcoiners to integrate some elements of Bitcoin into their online gaming systems whether as a token of value in game they purchase or to transact between users, while in game currency is good having built in deposit and sell function with actual values in the game exchanges is going to be sweet ^^.

this is good news not only for south korea but for all, since one of the richest country in asia today legalizes the use of bitcoins, others will follow, i think those countries who are progressing may soon follow, since south korea already acknowledges bitcoin and for sure south korea will not take this step if they know it will fail, we all know that they were at the bottom once, and now because of critical thinking they made their country great. i certainly hope other countries will see the value of bitcoin and what it can do to help the economy.

This is really very good news. South Korea with this legalization step will offer Bitcoin, and crypto currencies in general, the opportunity to reach even more people and also to largest the community. It will also spread the word more and more about Bitcoin in this region

this is really great news for us who are in love and involved with Bitcoin. the more it spread out the more it will get accepted. so the question is the credibility of this platform, when it has become legal money then it has created a fantastic platform to get accepted at everywhere.
after Japan, South Korea has given their signal to allow it as a legal currency. I think it creates another milestone for its establishment.

Another great news for bitcoin and bitcoin community I hope more country will follow their steps especially here in Asia and all over the world. 

I like the way you put distinction between the two Koreas. South Korea is the good Korea.  ;D The bad korea probably did not hear about bitcoin yet because it is a hermit kingdom. It seems to be existing on its own almost with zero contact with the rest of the world. Expect perhaps with their leader/king/god/idol Kim Jong Un because he seems to be watching TV all the time.  ;D

Anyway, another developed country following the steps of Japan and others. The rest will surely follow.

This is the great news. I think it will kick up bitcoin's price and it will fly high  ;D
Now jokes on the side. It is real progress for all crypto-currency community and there is no doubt that other countries will follow it's experience. After such adoption Bitcoin's pricre will raise no doubt.

South Korea is a very impressive and modern country.  I visited there in 2012 to see our bearings suppliers.  Their factories are right out of Star Trek, modern, clean, robots, etc.  I had never been to such advanced factories before (although I'm, sure that semiconductor plants are even more advanced).  Samsung Electronics is their biggest company, and is extremely advanced.

Seoul, a city of 25,000,000 people (incs. the suburbs) has FREE WiFi all over the whole city, indoors and out.  Japan is worried that a united Korea could do to them what they did to us (take industries away).

The progress really cant be understated! More countries should follow the same protocol soon, which gives btc even more stability/credibility.

Great news! More and more countries start to legalize bitcoin and crypto-currencies and this can only mean one thing: We are in the right place at the right moment!  8)

Good news isn't it? Japan, South Korea, India, Australia and more...

With these countries legalizing bitcoin, do you guys really think that bitcoin will still fail? There are plenty of reasons to believe so stay away from FUD attempt and just enjoy what bitcoin is giving to us. Saying HI to those who dumps at $1,800 price. Sealed their profit because they think bitcoin will goes down more and now look at what happened.

Exactly, it will auger well for Bitcoin as we crave for global acceptance. There are many more advanced countries that in hopeful they will also join these few countries especially after the August 1 activation of segwit because if these current issues are resolved and Bitcoin becomes useable on a daily and instant basis then we will be in for more support globally.

A good copy-paste dude link below:
https://cointelegraph.com/news/south-korea-officially-legalizes-bitcoin-huge-market-for-traders (https://cointelegraph.com/news/south-korea-officially-legalizes-bitcoin-huge-market-for-traders)

This is a big offense on this forum. 100% plagiarized.

To the topic: this type of news is what drives the price to soar up. Asian countries do utilize Bitcoin usage and slowly accepting its technology as part of their economy. I hope that, due to this news, the price will go up again and reach an ATH and does not dumps afterwards.

I don't know if this is the rigth way to answer this, but the people that are living in both sides of korea's are good people.
Yet, north korean is the evil one [the goverment]. *sorry

All things aside, this is a great news.

Great news indeed. Who's next? Australia? India?

LOL, South Korea is the good one. Guess the floodgates have opened, China, Australia, Japan, India and now South Korea. South Korea is one of the biggest technology providers and it is certainly no surprise that they have also started accepting Bitcoin. I could imagine some really nice technology that South Korea could make with Bitcoin.

It is happening, Bitcoin is coming mainstream!

It seems in coming 2~3 years the buying power from Asia will really drive the bitcoin economy high. And I can't wait for the big ones to jump in (USA, China, Russia...).

This has happened long back. Just because of the same more market will get initiated functioning on the bitcoin platform. When Japan legalized bitcoin more investment flow got generated, which is just because of the increased shops around the market starting to accept bitcoin same as traditional currency. The next might be Australia and not India, because to manage with such a big population of India is difficult.

Another good news for bitcoin. I've heard in other forums that Koreans take a good percentage of userbase in various forums. Not sure how much effect would this have on the prices though, as I think some Koreans were already into bitcoin trading even before the legalisation.

it is good to know that other country are legalizes it, when we want to go for that country it is easy for us, because they will accept our bitcoins , we can spend our bitcoin thru sending it to them. it is good hopes that other country might as well legalizes it.

it's not about "legalizes". it was legal if you had a financial license in past too.  that means "legalize".  it's nothing new


all the exchangers must have a financial license(doesn't matter the country) and this is the future.  ask Kraken, Poloniex, BTC-e and others if they have one (only 6 exchangers own a license) . :)

Surprised to hear this. I was thinking that Russia was at no.3, followed by China at no.4. But I still don't really trust this data. I find it weird that South Korea is having higher volumes than China. China is having 30 times the population, and almost the same Bitcoin adoption levels.

Great news!  legalizing bitcoin.
Could someone tell me if this means that the government of that country will will stabilize the price or at list put a minimal  taxable price?

If the Korea want money to develop the country than their govt will collect tax from Bitcoin users. Or else if it is already developed the country and they don't need people money to develop then they will not put any tax on Bitcoin transaction. But once they legalise this currency they will have all records for Bitcoin transaction.

It's the good Korea, the one you are sceptical of is, in fact, North Korea (the dictator's nation). ;)

There is something that does not fit, with what you had copy paste, and what is in the title. South Korea only legalize the international large transfers, and the further legalisation is the article writer interpretation of the story.

Legalisation of bitcoin would mean treating it as a legal tender to pay taxes. Sounds like someone want to create some kind of a hype.

And the article says that the South Korea has an already a huge bitcoin market, so the possibility form zero to hero is not on the table.

Btw bitcoins is already regulated as it is around the world. Every cryptocurrency exchange need to comply to the banking laws. So its a form of legalisation in its own.

I rather suspect that if you asked the people of North Korea they'd say there's was the good one.


I truly hope this is not the future!  I like the growing freedom of choice in financial service providers and the freedom to create my own financial service should I choose.  I like the way market competition and reputation grow the space gradually, decade-by-decade, in response to the ever-changing wants and needs of customers.

I hope for and work towards a world with less country-wide, top-down rulings and more social, voluntary associations.

I want a more decentralised future.

Decentralized futures are great, it's just a matter of putting in legislation properly, and when the legislation needs to be introduced by people who will then have less power in the future, sometimes problems arise.

Its really good news after Japan legalised started accept bitcoin even in airlines there was big boom happened in bitcoin almost 2X now south korea also legalised then there should be big pump but waiting for august first eagerly.

Good news! Korea have very serious economy power and i know their gaming sector are pretty amazing, BTC would be surely integrated as a form of payment

Overall southeast asia and the surrounding areas are doing a fantastic job at updating their regulatory frameworks to integrate digital currency. It is a beautiful thing.

Congratulation south Koreans.
It's good to see that bitcoin is getting an official Support from all over the world.
Waiting for my country to legalize bitcoins soon.
#India #Indian

Well to start the Govt of Andhra Pradesh just joined the EEA so that is a good sign. I heard some other things about the government looking into bitcoin so its only a matter of time.

All Hail South Korea for this bold step, I think globally the effect of Bitcoin is being felt and it's no surprise South Korea is the latest to legalize it. I know many world super powers will follow suite .

I thought by July Australia is about to adopt bitcoin too? Anyway this is a great news and we will see volumes of demand after August 1.


Well yeah, this is going to make the bitcoin economy high again as if there will be more buyers and good thing that it is backed up by the government of SoKor.

All I'd ask is that such legislation be fully voluntary.  Some people like regulated exchanges and some people prefer unregulated exchanges.  Vive la différence!

Japan, South Korea and what's next? No doubt why the price of bitcoin is increasing and after August 1. When everything is stabilize and calm, will be seeing a great fast movement in the price of bitcoin, it's for sure.

You should mentioned the Link, https://cointelegraph.com/news/south-korea-officially-legalizes-bitcoin-huge-market-for-traders
I just noticed about this, since South Korean has the biggest trading market last month when bictoin in rally surpassed ATH which bitcoin price on South Korean could reach over $4000. Now, as South Korean government officially legalized Bitcoin service providers to facilitate payments, transfers and trades. Then, bitcoin price should increase in there more than other countries again.
Another news about it : https://atozforex.com/news/bitcoin-in-south-korea-is-officially-legal-how-will-this-impact-bitcoin-price/

IF this will push through, the amount of bitcoin will get bigger, as we all know South Korea is one of the country that has a large amount of exportation in terms of Entertainment,Movie and Music, since we all know that South Korea is the home of International Idols or KPOP Idols and they have global fans and one of the biggest fans are from China,Just look at the possibilities of Bitcoin's amount rising within just a year, since South Korea will legalize this, Global Fans will also adopt bitcoin, this is a smart move of South Korea's Government for Global users of bitcoin.

You adressed it very well, nicely explained. And also remember south korean people are very keen on ether/altcoin trades on exchanges. We'll see their names more following years. Assia is a main market for bitcoin and altcoins.

It seems that many countries are now accepting and legalizing the bitcoin. This is one of the good news for the bitcoin and I know many more countries are willing to legalize the bitcoin.

Many of these Asian countries are warming up on bitcoin and the regulators are starting to put policies in place to make sure that usage is regulated and minimize illegal activities that make use of digital currencies. This is good for the overall environment of crypto currencies as it exposes them to a bigger market and could eventually lead to more merchants accepting in the future.

It just speaks well of Bitcoin and I'm totally for it, it will create that enabling environment for growth in value of Bitcoin as it gains more root and support from these world financial power houses.

Its really great news in this hard time like bitcoin hardfork going to happen in august first even though i wonder how bitcoin price is gong upward trend may be this is one of the reason.

great news. Hope that this news combine with the hardfork will make the price of bitcoin increase more than $3000. Bitcoin is undervalued at the moment and we need to do something to raise the price up. Bitcoin has been dumped recently and I think it is tnot a good sight for us

It is , specially China, a large amount of chinese people are going gagas for Kpop idols even if some of the kpop products ( entertainment, movies, and music) are somehow lightly banned and regulated, some of the fans even go illegal on voting just to make their idol's song to enter the chart on south korea's music chart, if they can do this for their idol, they can also but bitcoins for their idols, we will really see a good outcome, if this will really push through.

I would love that as well, just as exchanges have different trading pairs they could have different levels of anonymity and such. Unfortaunately itt may not work  out exactley as planned.

Oh yeah, Korea is opening for bitcoin and it legalizes it. Great news for bitcoin holder and supporter, as days pass, more and more countries are  openly supporting this cryptocurrency,.Expect the price of bitcoin to rise soon.

Yes because from Asia there are a lot of adoption of bitcoin because just Asian people are willing these days bitcoin as we can see to India,Pakistan,Bangladesh,Nepal,Russia and so on these people are interesting in bitcoin and still buying and selling even some of their government band the bitcoin in their country but there people still love and buy and sell.

Furthermore Malaysia, Thailand, Indonesia and many countries there are already interested in Bitcoin.
I hope the world will use it in 2020. Digital currencies begin soon. I believe.

South Korea is really emerging in term of technology.
This is good news.
I hope in our country they can legalize our btc as well.

This is amazing South Korea legalize bitcoin. For sure there will be more interested as bitcoin is becoming well known in any country. And this would be a great support from traders, hoping also that bitcoin will be legalized in our country.

Thats really a great news to bitcoin community.We could already see that there is huge volume of btc trade taking place in south korea.Now,soon south korea could announce bitcoin as legal currency which would make even more demands for bitcoin and as a result would increase the bitcoin price more.