South Korea Officially Legalizes Bitcoin, Huge Market For Traders

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South Korea has officially legalized international Bitcoin transfers and is on the verge of providing a regulatory framework for Bitcoin trading platforms and exchanges.

On July 3, Representative Park Yong-jin of the ruling Democratic Party of Korea revealed that the South Korean government is ready to regulate the Bitcoin market. According to Rep. Park, he submitted three revisions to build a set of regulatory frameworks for Bitcoin users and businesses to further facilitate the growth of the South Korean bitcoin market and industry.

One of the revisions Rep. Park proposed to the financial regulators of South Korea requested Bitcoin businesses and trading platforms to retain capital of at least $436,000 and data processing facilities for Know Your Customer (KYC) and Anti-Money Laundering (AML) purposes.

Son ji-hyoung of the Korea Herald stated:

“Under the bill that aims to revise the Electronic Financial Transactions Act, traders, brokers, or other business entities involved in cryptocurrency transactions would be required to get regulatory approval from the Financial Services Commission. The requirements include the retention of capital of at least 500 million won ($436,300) and data processing facilities.”

Since then, the South Korean government has introduced several regulatory frameworks for the Bitcoin industry. Although the South Korean Bitcoin industry has not been fully regulated as of yet, the South Korean government officially legalized Bitcoin service providers to facilitate payments, transfers and trades.

Local publications including the Korea Herald reported that the newly revised South Korean Foreign Exchange Transactions Act has started to allow fintech companies and Bitcoin service providers to be approved by the Financial Supervisory Service (FSS), the financial regulator of South korea.

Like the Philippines, South Korea has officially legalized Bitcoin as a remittance method, allowing fintech companies to process up to $20,000 worth of South Korean won in bitcoin for users.

On February 12, Cointelegraph reported that the central bank of the Philippines officially legalized Bitcoin as a remittance method and as a result, Bitcoin industry in the Philippines experienced a surge in growth. Leading companies including Coins and Satoshi Citadel Industries raised tens of millions of dollars in funding and recording hundreds of thousands of new users. The central bank of the Philippines said:

“The Bangko Sentral does not intend to endorse any VC, such as Bitcoin, as a currency since it is neither issued or guaranteed by a central bank nor backed by any commodity. Rather, the BSP aims to regulate VCs when used for delivery of financial services, particularly, for payments and remittances, which have a material impact on anti-money laundering (AML) and combating the financing of terrorism (CFT), consumer protection and financial stability.”

When the South Korean government fully regulates the Bitcoin market and industry in the near future and further legalizes Bitcoin as a digital currency on top of a remittance method like Japan, trading volumes of the South Korean Bitcoin exchange market will likely record an exponential growth rate.

Already, according to market data sources, the South Korean Bitcoin exchange market processes over 14 percent of global Bitcoin trades, the third largest market behind the US and Japan.

[adaseb]

is South Korea the bad Korea or the good Korea? Haven't been keeping up with the news.

[Gluestack]

Its a great news to all the community, now lets see if the Korean BTC holders will declare their btc to the korean authorities,

[aeternus]

is South Korea the bad Korea or the good Korea? Haven't been keeping up with the news.

South Korea is the good Korea, that confusion can be very common but North Korea is the communist one.

[joshy23]

Its just a matter of time for South Korea to legalizes bitcoin as they are trading huge amount daily. This is just an icing on the cake. The big 3 will really dominate the market now (China, Japan and South Korea). Asia is really leading the way for us and I hope that other economic superpowers will follow what the Asian tiger country have set. This is a good news for the crypto market as well and will bring a positive impact to the price which is $2800++ right now.

[European Central Bank]

is South Korea the bad Korea or the good Korea? Haven't been keeping up with the news.

seriously?

it's the good one. north koreans don't have access to the internet, let alone something like bitcoin. people would be shot in the head there if they tried to break away from government control.

[Gluestack]

is South Korea the bad Korea or the good Korea? Haven't been keeping up with the news.

It depends of what u think of the fatty comrade, but if u ask people there south korea is more popular

[sukron]

Waw ...! It's good if what happened in korea happened also in my city even happened all over the world, surely easy to transact anything anywhere and do not bother to go to shop to do payment transaction just sit back at home and stay click

[pressureonme]

is South Korea the bad Korea or the good Korea? Haven't been keeping up with the news.

It's bad to discriminate the countries because it's not the fault of their nations, is the fault of their gonvernments.

If we get back to the topic, ethereum has been a perfect market for south korea and bitcoin will be as well. This is good news for bitcoin holders.

[Sanitough]

is South Korea the bad Korea or the good Korea? Haven't been keeping up with the news.

It's bad to discriminate the countries because it's not the fault of their nations, is the fault of their gonvernments.

If we get back to the topic, ethereum has been a perfect market for south korea and bitcoin will be as well. This is good news for bitcoin holders.

Definitely a good news and once again this will help to increase the price of bitcoin which everyone is waiting.
There has been a lot of news this year and more countries will surely follow what bigger countries did, the dump is over and bitcoin
is back to it's glory days again.

[Yakamoto]

Interesting, I wasn't expecting for SK to go and do something like this but I guess it's just keeping up with their Asian competitors and seeking to bring more wealth into their country. Really a smart move either way and I'm impressed they passed something like this so quickly. At least, quickly for a government talking about something new and just making headway into their country.

is South Korea the bad Korea or the good Korea? Haven't been keeping up with the news.

South Korea is Worst Korea
North Korea Best Korea
(I mean that in jest)

[dollarday]

So will non citizens be allowed to trade there? It isn't really made clear.

[shinratensei_]

is South Korea the bad Korea or the good Korea? Haven't been keeping up with the news.

It depends on your perspective. The south supporters will have said the north as a good korean but another is not.
Glad to see it OP, but there is the thing that makes it looks weird. We know about that the korean exchange site already filled by those chinese traders. That looks gives the more impact for the korean ministry.
Does it caused by the huge trade volume korean exchange site? The more people try to legalize the bitcoin in the future. New ATH will be real.

[lonelygrimm]

that's good news, so when Kim jong will Distributing bitcoin to his people ?

[FasTroy]

is South Korea the bad Korea or the good Korea? Haven't been keeping up with the news.

It's bad to discriminate the countries because it's not the fault of their nations, is the fault of their gonvernments.

If we get back to the topic, ethereum has been a perfect market for south korea and bitcoin will be as well. This is good news for bitcoin holders.

The two korean countries hate each other a lot. Personally I like south korea because it's a wonderful country, It's too nice when we heard that bitcoin officially Legalized in this country, and with this act, the uses of bitcoin will increase a lot and automaticaly bitcoin price will increase a lot.
It's really good news when i heard that some country will start to legalize bitcoin as a local cryptocurrency there.

[radamiel]

South korea is one of the big country in the world, south korea have strong economy. It would be very beneficial if south korea legalizes bitcoin, bitcoin will be more trustworthy and many people will use bitcoin, that is good news. After several countries that legalize bitcoin like japan and russia and followed south korea which really is a superpower country, then i am sure bitcoin have good future

[chixka000]

Another one from Asia. Things are really becoming a reality right now that are once a dream. I hope that this could boost South Korea's economy so they would continue trading digital currency(this would also mean more opportunity for us)

[AK47-]

South Korea has been actively investing in cryptocurrencies from quite a time. Bitcoin was being sold on premium sometimes double of the actual value. This shows how enthusiastically they are accepting Bitcoin. It was inevitable for government to make Bitcoin legal. This will definitely gonna boost the demand which was already very high in South Korea. Indeed a good news for the community.

[Wall tao]

South korea is one of the big country in the world, south korea have strong economy. It would be very beneficial if south korea legalizes bitcoin, bitcoin will be more trustworthy and many people will use bitcoin, that is good news. After several countries that legalize bitcoin like japan and russia and followed south korea which really is a superpower country, then i am sure bitcoin have good future

Although I don't like the south Korean country, his economic strength has always been very good, and I remember that when bitcoin was $1200, the Korean bitcoin was dominated by the bitcoin for $1,500

[YabaDabaDoo]

is South Korea the bad Korea or the good Korea? Haven't been keeping up with the news.

You must be only focused on Bitcoin and dont know the state of the past, present and future events.