South Korean Government Considers Relaxing Cryptocurrency Regulations

[okala]

China acceptance of blockchain but with a regulatory framework is an indication that there is a brighter future for the entire blockchain in China and very soon it will be followed by cryptocurrency industry because blockchain in any aspects will not be complete without the incorporation of digital finance which is cryptocurrency.

[CryptoBry]

I am happy to see officials of South Korea recognizing the use of the blockchain and cryptocurrency and the roles they can be playing to make a country's economy go forward in our modern world. I am sure that they are seeing the vision of the future and now they are changing some aspects of the strict regulations to accommodate more players and market integration. How I wish that more and more government officials can re-evaluate their stance on this technology and learn how they can bring their countries into the future. Hope this can be the start of more stories like this...

[Kakmakr]

Well, they will have to regulate it properly to prevent other problems too, which is the North Korean hackers targeting South Korean Bitcoin owners and companies to get more money for their political and military cause.   

We have seen recent reports that the North Koreans are using Crypto currencies to circumvent economical sanctions against them, so they will increase their efforts to get their hands on bitcoins in the future, if this is true.

[kissme09]

China acceptance of blockchain but with a regulatory framework is an indication that there is a brighter future for the entire blockchain in China and very soon it will be followed by cryptocurrency industry because blockchain in any aspects will not be complete without the incorporation of digital finance which is cryptocurrency.

China is making a draft of the ban on Cryptocurrency and the national government does not offer policies to accept it. But South Korean makes its own opinion when the government accepts Crypto and Blockchain. They introduced their own set of laws. The South Korean government accepted it because they thought they were being indented behind other countries when not approaching Crypto.

[muratsink]

we know that the demand of the South Korean people for the crypto world is very high, especially in the world of blockchain-based games. even the Upbit exchanges from South Korean always make expansion to develop utilities and prospects in the future, so they can compete with other large exchanges.

Last year, the South Korean government announced it would design a new industry classification standard for the domestic blockchain industry. the purpose is to make policies aimed at blockchain promotion and the regulatory framework.

[fiulpro]

I think this is the best decision that the south Korean government would ever take 😂 if this goes well , also at the same time I hope the North Korean government also learn this soon enough .

All the governments should understand this sooner or later , because Bitcoin and other cryptocurrencies are the future of the world, they are too important to be banned from the society because there will always be a way and people will still choose underhanded methods to use it , so it's better to be used with regulations instead of things like this.

Complete banning is not a solution at all.

[tomahawk9]

That won't change how the South Korean public sees cryptocurrencies. All they hear in the news is exchanges getting hacked, exit scams, and ponzi schemes. A few of the events that happened over the last year:

- Coinrail: hacked in 2018. $40 million stolen.
- Pure Bit: exi-scam, +20 million stolen.
- Bithumb: hacked in 2018 and $30 million stolen. Then hacked again on march this year and $12 million worth of EOS stolen.
- Scammers robbing people using a ponzi scheme.^[1]

These are the major ones, I'm sure i'm leaving behind some of the smaller events that happen on a weekly/monthly basis. Even though we hear that South Korea is one of the most crypto friendly countries in the world, reality is that the bigger the crypto boom expands in that country, the greater the chances of seeing more illicit events so, I think the govt should be more strict with regulations.

1. http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3061537

[Razick]

Cryptocurrency regulations are necessary for the layman to be able to use Bitcoin, because let's face it, Bitcoin is a highly technicall thing which many old people will not be able to understand at all, so it has to be accepted by governments at the end of the day, and they will be respinsible to put fair regulations so the average person will be able to easily use Bitcoin in their daily lives.

[teosanru]

I have always loved the south Korea's stand upon cryptocurrencies. The country is one of first to accept bitcoin as a mode of payment. They did try to regulate the market heavily which created a lot fud before. But they are relaxing the norms which is another welcoming step from them. Moreover, South Korea has a huge amount of crypto users. This will benefit them a lot.

[thankyoulord]

This is definitely great news for the cryptocurrency community. I have said this before, even though so many countries are somehow fighting bitcoin adoption and usage one way or the other, either by ban, restriction or strict regulations, time comes when they realize the benefit of using bitcoin for day to day transaction is the future.  South Korean is just one of the numerous countries who have seen the benefit bitcoin usage offers over fiat currency and they have no choice but to accept it fully for usage. I am sure other countries having a ban or strict rules over bitcoin usage will soon enough have a review.