Korea, Dubai Move to Regulate Bitcoin

[Sir Alpha_goy]

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.

[7788bitcoin]

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.

[calkob]

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.

[Yakamoto]

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.

[MingLee]

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.

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.

[Juggy777]

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?

[Milkduds]

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.