Korea, Dubai Move to Regulate Bitcoin

[OmegaStarScream]

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.

[SyGambler]

I was expecting a such move from Dubai , cause at the end UAE is still a middle east country where governments are always cautious
my cousin is living in Abu Dhabi , and he told me that porn websites and big gambling sites are blocked by the government
so do you think that a country that bans porn will allow people to use bitcoin without any troubles !!

[Positid]

I was expecting a such move from Dubai , cause at the end UAE is still a middle east country where governments are always cautious
my cousin is living in Abu Dhabi , and he told me that porn websites and big gambling sites are blocked by the government
so do you think that a country that bans porn will allow people to use bitcoin without any troubles !!

It's easy to use bitcoin to bypass the law, with bitcoin there's not giving of information and you just have to protect your IP to be able not to be trace. The real essence is that they ban and gambling site and porn sites then probably it's illegal to access it using bitcoin but only when you get caught.

[Kprawn]

Limited regulation is not a bad thing, because some merchants will not accept Bitcoin as a payment option, if it does not function within the

legal framework. They should at least define it as a commodity or a currency for the courts to be able to handle crimes, where Crypto

currencies were involved. The bad side will be, if they over regulate it... like what was done in New York. 

[aso118]

I was expecting a such move from Dubai , cause at the end UAE is still a middle east country where governments are always cautious
my cousin is living in Abu Dhabi , and he told me that porn websites and big gambling sites are blocked by the government
so do you think that a country that bans porn will allow people to use bitcoin without any troubles !!

It is not just porn and gambling, even online calling (like skype) is regulated in UAE. So it would be natural that the government would look to regulate Bitcoin. Governments hate anything that they can't control.
By the way, banning porn should not be considered a benchmark. Lots of countries have taken a moral stand and banned porn...

[michellee]

its sound interesting to know that korea and dubai wants to regulate bitcoin, besides canada which fast moving into bitcoin. one by one, there will be many country which want to follow canada to adopt bitcoin as their another currency. 2017 will be unpredicted since there are many people will moving with bitcoin adoption but i am sure that the price will still to going up for this news.

[clickerz]

I am afraid other countries will follow suit. In my opinion all thet want is their share or taxes, since bitcoin become popular millions of dollar are being transacted on bitcoin. Also, it has also a good side I think, it will protect us, bitcoin user from fraud. But still, I want the bitcoin which I can control without any intervention.

[Vinz24]

Two of  richest country in the Asia joins the Japan and US in regulating bitcoin this means that this will be the start for the others countries to regulate bitcoin too. I expect the bitcoin price to go up.

[BlackPanda]

Two of  richest country in the Asia joins the Japan and US in regulating bitcoin this means that this will be the start for the others countries to regulate bitcoin too. I expect the bitcoin price to go up.

with this, the bitcoin market will get stronger. bitcoin will be more credible by the market and also the security will be assured. The large countries could lead to increased bitcoin prices higher. we all hope that the majority of bitcoin users will feel the benefits of this regulation.

[hawkins]

if it really happened I think it is very good because it can make bitcoin prices rise, other than that it will make bitcoin become more popular because of dubai and Korea is currently the world's attention. It can trigger the dubai community, or people who were there using bitcoin, as well as Korean. this will speed up transactions they were doing on the internet

[iqlimasyadiqa]

Two of  richest country in the Asia joins the Japan and US in regulating bitcoin this means that this will be the start for the others countries to regulate bitcoin too. I expect the bitcoin price to go up.

with this, the bitcoin market will get stronger. bitcoin will be more credible by the market and also the security will be assured. The large countries could lead to increased bitcoin prices higher. we all hope that the majority of bitcoin users will feel the benefits of this regulation.

we will all feel the impact of this regulation. korea and dubai state agreement could make bitcoin market grows. will be popping up large companies that entrust their investment in bitcoin. This is the path to a better future.

[BitcoinHodler]

many of the countries have been thinking about bitcoin regulation and there have been talk of making it happen for some time now. the talk is a widespread thing even in developing countries. but it only happens in the countries where bitcoin is a growing thing.

[lumeire]

It's gonna be okay if it's fairly regulated I suppose. I hope they would tax BTCBTCBTC exchanges as if these exchanges were currency exchange trades and not like a commodity sale.

[Vaskiy]

I was expecting a such move from Dubai , cause at the end UAE is still a middle east country where governments are always cautious
my cousin is living in Abu Dhabi , and he told me that porn websites and big gambling sites are blocked by the government
so do you think that a country that bans porn will allow people to use bitcoin without any troubles !!

That's true. Porn and gambling websites were completely blocked in Dubai as mentioned, but using VPN service every websites were accessible. Also bitcoin can also be used and earned from Dubai. Now the people who were aware of bitcoin is very low than other Asian countries. I'm sure of these information because I've been to Dubai few months back.

[Betwrong]

Limited regulation is not a bad thing, because some merchants will not accept Bitcoin as a payment option, if it does not function within the

legal framework. They should at least define it as a commodity or a currency for the courts to be able to handle crimes, where Crypto

currencies were involved. The bad side will be, if they over regulate it... like what was done in New York.  

I never expect anything good from a regualtion. Theoretically it can be a good thing but in practice if they start to regulate something they always tend to over regulate it. The best option would be that they don't tuch it with their laws at all but of course we all know they will, sooner or later they will for sure.

[groll]

Limited regulation is not a bad thing, because some merchants will not accept Bitcoin as a payment option, if it does not function within the

legal framework. They should at least define it as a commodity or a currency for the courts to be able to handle crimes, where Crypto

currencies were involved. The bad side will be, if they over regulate it... like what was done in New York. 

This legal frameworks will helps a lot. It can be a helpful measure to protect bitcoin users.
Aside from helping prevent illegal use of digital currency exchanges, which is often used for money laundering, drug trafficking and tax-related crimes,” regulation could bode well for the growth of Bitcoin as it will help gain legitimacy in the public eye.
Regulations will help win public trust and encourage the onboarding of new users.

[talkbitcoin]

It's gonna be okay if it's fairly regulated I suppose. I hope they would tax BTCBTCBTC exchanges as if these exchanges were currency exchange trades and not like a commodity sale.

these exchanges are scattered through different countries and they usually move out of that country like the businesses that moved out of NewYork when i think it was bitcoin license or some law like that happened there.

so i suppose it would be a hard and long battle before they can start regulating and then taxing anything bitcoin related!

[Sir Alpha_goy]

A double edged sword.

In the end will Bitcoin followers shun over regulators and those who ban it's use?

I won't get all biblical because you know where I am going here.

https://bitcoin.org/en/faq

Can Bitcoin be regulated?

The Bitcoin protocol itself cannot be modified without the cooperation of nearly all its users, who choose what software they use. Attempting to assign special rights to a local authority in the rules of the global Bitcoin network is not a practical possibility. Any rich organization could choose to invest in mining hardware to control half of the computing power of the network and become able to block or reverse recent transactions. However, there is no guarantee that they could retain this power since this requires to invest as much than all other miners in the world.

It is however possible to regulate the use of Bitcoin in a similar way to any other instrument. Just like the dollar, Bitcoin can be used for a wide variety of purposes, some of which can be considered legitimate or not as per each jurisdiction's laws. In this regard, Bitcoin is no different than any other tool or resource and can be subjected to different regulations in each country. Bitcoin use could also be made difficult by restrictive regulations, in which case it is hard to determine what percentage of users would keep using the technology. A government that chooses to ban Bitcoin would prevent domestic businesses and markets from developing, shifting innovation to other countries. The challenge for regulators, as always, is to develop efficient solutions while not impairing the growth of new emerging markets and businesses.

So who will keep using the technology afterwards?

The ones that say regulation is a good thing because it increases exposure as if Bitcoin is something with tentacles?

The technology has the potential to enlighten all.

Shall we support ignorance or play the middle and say "let the chips fall where they may?".

As long as we praise price increases we amount to nothing but vampires that do not barge in rather we ask if we can be invited in.

[serjent05]

In my  opinion regulation of bitcoin will bring trust to it.  Since people will be protected from the exploit of those who wants to take advantage of the ignorant of people about bitcoin.  I don't care much for the over regulation because different country will have different rule and approach on how they regulate bitcoin.  And in my opinion,  the plan of regulating bitcoin is to take advantage of the possible profit of the government from the transactions made thru bitcoin.  Over regulating will simply hinder the economic growth of bitcoin in their country and will give them losses in trades and profit from economic activity of bitcoin in ther country.


https://bitcoin.org/en/faq

Can Bitcoin be regulated?
~snipped

It is however possible to regulate the use of Bitcoin in a similar way to any other instrument. Just like the dollar, Bitcoin can be used for a wide variety of purposes, some of which can be considered legitimate or not as per each jurisdiction's laws. In this regard, Bitcoin is no different than any other tool or resource and can be subjected to different regulations in each country. Bitcoin use could also be made difficult by restrictive regulations, in which case it is hard to determine what percentage of users would keep using the technology. A government that chooses to ban Bitcoin would prevent domestic businesses and markets from developing, shifting innovation to other countries. The challenge for regulators, as always, is to develop efficient solutions while not impairing the growth of new emerging markets and businesses.

[unamis76]

I am normally against regulations of this kind as governments and authorities tend to try and subvert things by regulating them in their favor. Regulating Bitcoin is impossible per se, but governments can regulate things in order to at least delay or hinder Bitcoin adoption. We have to expect the worst out of these things, so I'm not sure this is good news. We'll see it when proper regulations are proposed... Similar happened in the EU and they ended up delaying decisions and regulating nothing, which I hope it will be the case here.

Governments could regulate in order to help adoption, but I don't think that will happen.