Bitcoin Forum

South Korea will adopt “reasonable” regulations for cryptocurrency exchanges but not ban them, sources report Tuesday.

‘REASONABLE REQUIREMENTS’

Uploading information from local news outlet Daum.net, Stellar co-founder Joyce Kim confirmed that contrary to previous beliefs, trading would remain legal in the country.

“The Korean (government) will regulate bitcoin exchanges but not ban them,” Kim wrote on Twitter late Monday.

Exchanges will have 6 reasonable requirements on KYC/AML, key storage, separation of fiat into 3rd party accounts, consumer warnings (about) trading, transparency of orderbook.

https://i.imgur.com/5Sz8ghp.png

http://bitcoinist.com/south-korea-regulate-not-ban/

What was worth expecting. First see the reaction of people to the ban, and then, according to the old scheme, to impose regulation. Either the understanding has come that it can not be forbidden, or so it was intended

well, that's good news. Glad they have reconsidered their views

I have been expecting this all along. Maybe the government or those in authorities are just showing who is the real boss when it comes to cryptocurrency matters. Bitcoin and the whole gang of cryptocurrency is already a huge industry in South Korea and there are now many of its citizens who are deeply involved with this...so that the government could not turn a blind eye on their citizens. The government must have realized that this is also contributing for the general economic growth of the country so it would be futile to make a ban...putting up fair and rational regulatory framework is the best options which is acceptable to all parties concerned. I am also predicting that by next year Russia would be doing the same thing...definitely no ban but regulations.

It's all part of the game. I am quite sure that we will see each and every exchange around the world be tightly regulated in the coming years. It's something bound to happen since this market offers people far too much freedom. One of the regulations that's just a matter of time is exchanges being obliged to submit all user information to the government when it comes to settling their tax forms. If people don't do it themselves, which applies to how things are right now, the government will come and get it themselves. They are a greedy bunch of bastards, but there unfortunately isn't a way to avoid their tyranny.

I see this is a good move by South Korea. With this, they are able to make good money because its flexibility to the current market is attractive to tourists and investors alike. This gives other competing markets the impression that the Korean government is aggressive and is welcoming to changes especially so when it is for the betterment of international trade and commerce.

They should do it as with so much money flowing through they're at high risk of money laundering and being used to finance terrorist activity. It's inevitable that every single exchange in the world will one day face the regulators and either comply or get closed. The exchanges were being seen as the vulnerability of cryptocurrencies for a long time. Hopefully at some point we won't need them and be able to keep everything running with only crypto - crypto exchanges that don't need to undergo such strict regulations.

With such a greatly increased volume of trading in the crypto currency, it would be foolish to prohibit bitcoin in South Korea. This country would lose a lot of income from this step and a general revival of the economy. Yes, and the announced decision to ban crypto currency looked somehow strange on the background of previous loyalty to it. Therefore, the decision to regulate it, and the regulation is really reasonable, is a wise decision of the South Korean leadership. Now South Korea is one of the leading places in the volume of trading in the crypto currency and, apparently, this state of affairs will continue in the future.

Looks like Christmas came early for crypto users, just this month we have witnessed a huge ATH for bitcoin thanks to such developments and more countries need to find ways to regulate these cryptocurrencies through the exchanges, unlike baning which might hinder good projects from taking of as not all are meant to be a form of payment.

For me, this is a decision that should earn a sound applause. This is what China should have done rather than an outright ban. Honestly, there is a lot of confusion in the crypto space. New coins keep springing up on daily basis and getting added to the numerous already existing ones. You can't keep count. Regulation is highly needed to save the public from shit and scam coins.

I believe China would appear again in the cryptoverse with all the regulations applicable. Their outright ban have affected so much the bitcoin's price in the past few months but now we are happy without them. As I have observed, if this South Korea ban rumor was circulated months ago, it would have affected the price negatively but then the price has not move that much at all when the rumor circulated days ago so that would mean people are just way past the ban rumors and since there are many people investing in bitcoin now, the fear, uncertainty and doubt is not that much effective. There are even more people bashing bitcoin now but we can see the opposite reaction of the price.