Bitcoin Forum

Hello guys , whats going on with the south korea regulations rumors and why its so important that affect the whole crypto market ?

im surprised to see the drop in prices and a lot of people getting afraid of whats gonna happen next ..

idont know why but i feel like all those news and fake news are part of a big game !

Its not fake if the news writen on Financial Services Commission of Korea. But they not BAN Cryptocurrency, they say starting from Jan 30, cryptocurrency investors in South Korea will have to use real-name bank accounts in order to continue trading. Market turn from red to green to red again, sounds fun to short time trader.

I don't think it has anything to do with South Korea, I think it was FUD started after bitconnect ponzi collapsed which caused mass panic and big sell off.
When people don't know what to do with money usually someone points them to wrong direction.
Regarding regulation, I believe that all countries will regulate their exchanges in near future. In my opinion it shouldn't affect on price in negative way because when something is regulated usually it means it is trusted = more traders = bigger market cap.

First, you're spreading misinformation, there's no such thing as a crypto ban in south korea, so if you don't know what's going then there's no need to put "crypto ban" in the title of your post, you even said that it could be "fake news"...

Second, the banks in South Korea are going to allow cryptocurrency trading, it was announced that at least 6 major banks will provide their services to exchanges very soon.

And finally, the drop we saw in the market in the last 12h or 24h has nothing to do with the south korea news.

First , was asking to have clarifications not spreading misinformation .. if you read again you will understand that i wasnt giving anything but just asking about what was in my mind ..  ;)

They have long tried to legalize the crypto currency and now it will be banned, I hardly believe in it.
Everything is normal and will fall into place.))

First of all there's no crypto ban in South Korea. I think all news related to crypto be it good or bad is really important because it can affect the crypto's. Crypto's prices are based on supply and demand But I think it's also base on rumors, news and events in the world.

read http://bitcoinist.com/south-korea-legalizes-bitcoin-ban-anon/ (http://bitcoinist.com/south-korea-legalizes-bitcoin-ban-anon/),
south korea prohibits anonymous crypto trading!
this also read http://www.telegraph.co.uk/technology/2018/01/23/bitcoin-drops-south-korea-bans-anonymous-crypocurrency-trading/ (http://www.telegraph.co.uk/technology/2018/01/23/bitcoin-drops-south-korea-bans-anonymous-crypocurrency-trading/)
So essentially anonymous should not be trading!

Because a lot of volume is centralized in the south korea, as you can see after PBOC already released announcement about the status of crypto in the china and majority of the crypto users in china are moving towards south korea. and that's why south korea regulation is really affecting crypto. If another FUD will come and i expected another drop again.

South Korea hasn't banned anything. They've decided to regulate crypto. Here is what they are doing:

1 - There will be no exchange ban.

2 - Exchanges will be diligently regulated. Already an exchange was found to have mixed up customer's accounts with the exchange's business account and the CEO's personal account.

3 - Government will make sure all exchanges pay correct taxes.

4 - Individual taxes will be researched.

5 - Everyone can only invest with real identification. No foreigners and the underage will be allowed to trade/invest.

6 - Deposit or withdrawals of more than Daily $10,000, Weekly $20,000 will automatically reported. If it seems like there is suspicious activity, you might be asked how you earned that money during the deposit, or what trades you did to earn that amount.

7 - These guidelines are not to encourage investing in cryptocurrency but to warn the public in the dangers of speculation.

8 - Government also admitted that there is no difference between blockchain technology and cryptocurrency

Then maybe you should not put "South korea crypto ban ..." in the thread title like it's a fact.

I read a lot of news about South Korea's crypto supporting. Are they actually going to ban it?

According to this news here https://dowbit.com/s-korean-banks-share-data/?utm_source=onesignal&utm_medium=notifcation

Six South Korean banks will support the cryptocurrency trade

Why? because crypto currencies have alot of potential. Gives solution to old traditional ways we have used to.

I dont know where did you heard that news, but Korea goverment is official not ban bitcoin. There only 1 bad thing for traders in Korea that they have to pay tax.

for sure ther eis no ban fro crypto on south korea was just confused by the articles was reading last days but i do think its a kind of a good thing if things are being regulated .. more people will jump in .

but paying taxes and stuff is the other part of the deal ..  :-\

The crypto market is too fragile and every "ban" news can turn it bearish. South Korea is one of the major players that's why such news mean a lot

There is no real ban, as you can easily check, only some new regulations.
But spreading this kind of rumors affects the market in a heavy way.
Actually, there are so many rumors in these day from different countries,  making the price fall, that it's difficult to believe that it's just a coincidence.

The impact of South Korea on the entire cryptocurrency market is huge, and there is no denying that South Korea“s trading is  heavily.
This is like China's large share of the cryptocurrency market last year, and when China closed its exchanges, there was a big drop in bitcoin and other altcoin. South Korea's intention to close the exchange's fake news has turned the entire cryptocurrency market into red recent.

It depends on what you have heard. If you've heard that south korea will ban bitcoin than you've heard fud. If you've heard that south korea will regulate exchanges - this is true. South korean exchanges will have to pay taxes and trades will be regulated. I don't see this as wrong at all. Everyone has to pay taxes.
That is because people buy all that crap and panic.

What BAN are you referring to?
South Korea are not going to Ban crypto. This was a statement
from South Korean officials on the 15th of January, I repeat they
stated that they "were not going to issue a ban"

Now what was reported on the same day conflicted with this
and sent the markets into panic.

What South Korea propose is simply taxation. The long term effects
I recon is that other countries will follow South Korea's Lead.

This however is nothing to get afraid of if you are holding crypto
fro the longterm, its only a consideration if you liquidate your
crypto into fiat.

stop panicking  ;)

As it was already mentioned some times above there is no real crypto ban in korea, just some restrictions. One of the reasons why this FUD make such a big influence is that after the chinease regulations a big part of coins moved to the korean exchanges. Also those exchanges are closed from the other part of the world. That is why the rates on bithumb are much higher than the normal ones (for the same reason they are not countrd in the CMC rate). So in the end we just have a separate iseland in the kryptoworld that  spreads too much FUD.