South Korea Officially Legalizes Bitcoin, Huge Market For Traders

[cpfreeplz]

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

Lol are you really that cut off from the world?

Hey, where the bad guys the Nazis in WWII or was it the jews? I haven't been keeping up with 'the news'. Durp.


Their exchange's volumes are huge! I can't even believe how fast they are buying. $600MM+ a day?! Omg.

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[Xenrise]

Wow this is really great. Another country to legalize bitcoin in theirs. Wow, we are really getting into the cryptocurrency world. We know for a fact that South Korea is a great contributor on many fields such as in the field of technology. It is so cool to see this news and hope to see more links or news coming from you sir! Thank you for informing everyone here in the forum. Cryptoworld, here we come!

[iamTom123]

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.

Bitcoin now belongs to Asia with the three economically giant  (Japan, China, South Korea) countries leading the way. I am more excited with Japan and South Korea though because they are really recognizing Bitcoin as a currency and their citizens can easily own Bitcoin just like any fiat money.  Soon, these big markets will fully reflect on Bitcoin and we are expecting a huge uptick of its value. Japanese are known to be good speculators and there would be many exchanges to open soon. The same thing can be said about Koreans...they are good in business and they can be bringing new approaches and new vigor to Bitcoin.

With the opening of South Korea, I am expecting that other small countries around Asia would also be interested to look at Bitcoin and how it can be integrated to their respective economies and then reap the possible benefits from cryptocurrency. Here in my country, Bitcoin is not officially recognized yet but it is not banned and we have money transfer or money remittance framework (where Bitcoin is taken like forex) being used by wallet service providers as basis for doing business. 

[Juggy777]

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.

Well as and when such news come out there are two reactions I feel, the good one a huge market has opened up, the price is going to get a shot in the arm, more the better than I give a sigh and say at what cost, this market will be regulated, they will be controlled and who knows what kind of restrictions and conditions may be applied on them, though this is a initial stage, it will be important to sew how it it goes from here.

[freedomno1]

If South Korea begins the legalization process, I predict that they will be among one of the first communities of Bitcoiners to integrate some elements of Bitcoin into their online gaming systems whether as a token of value in game they purchase or to transact between users, while in game currency is good having built in deposit and sell function with actual values in the game exchanges is going to be sweet ^^.

[ivrynx]

this is good news not only for south korea but for all, since one of the richest country in asia today legalizes the use of bitcoins, others will follow, i think those countries who are progressing may soon follow, since south korea already acknowledges bitcoin and for sure south korea will not take this step if they know it will fail, we all know that they were at the bottom once, and now because of critical thinking they made their country great. i certainly hope other countries will see the value of bitcoin and what it can do to help the economy.

[nejibens]

This is really very good news. South Korea with this legalization step will offer Bitcoin, and crypto currencies in general, the opportunity to reach even more people and also to largest the community. It will also spread the word more and more about Bitcoin in this region

[kpcian]

this is really great news for us who are in love and involved with Bitcoin. the more it spread out the more it will get accepted. so the question is the credibility of this platform, when it has become legal money then it has created a fantastic platform to get accepted at everywhere.
after Japan, South Korea has given their signal to allow it as a legal currency. I think it creates another milestone for its establishment.

[zekeshawn]

Another great news for bitcoin and bitcoin community I hope more country will follow their steps especially here in Asia and all over the world. 

[TomUyamot]

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

I like the way you put distinction between the two Koreas. South Korea is the good Korea.   The bad korea probably did not hear about bitcoin yet because it is a hermit kingdom. It seems to be existing on its own almost with zero contact with the rest of the world. Expect perhaps with their leader/king/god/idol Kim Jong Un because he seems to be watching TV all the time.  

Anyway, another developed country following the steps of Japan and others. The rest will surely follow.

[SvenBomvolen]

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

This is the great news. I think it will kick up bitcoin's price and it will fly high 
Now jokes on the side. It is real progress for all crypto-currency community and there is no doubt that other countries will follow it's experience. After such adoption Bitcoin's pricre will raise no doubt.

[OROBTC]

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

South Korea is a very impressive and modern country.  I visited there in 2012 to see our bearings suppliers.  Their factories are right out of Star Trek, modern, clean, robots, etc.  I had never been to such advanced factories before (although I'm, sure that semiconductor plants are even more advanced).  Samsung Electronics is their biggest company, and is extremely advanced.

Seoul, a city of 25,000,000 people (incs. the suburbs) has FREE WiFi all over the whole city, indoors and out.  Japan is worried that a united Korea could do to them what they did to us (take industries away).

[Raegorl]

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

This is the great news. I think it will kick up bitcoin's price and it will fly high 
Now jokes on the side. It is real progress for all crypto-currency community and there is no doubt that other countries will follow it's experience. After such adoption Bitcoin's pricre will raise no doubt.

The progress really cant be understated! More countries should follow the same protocol soon, which gives btc even more stability/credibility.

[ChrisPop]

Great news! More and more countries start to legalize bitcoin and crypto-currencies and this can only mean one thing: We are in the right place at the right moment! 

[Heartilly]

Good news isn't it? Japan, South Korea, India, Australia and more...

With these countries legalizing bitcoin, do you guys really think that bitcoin will still fail? There are plenty of reasons to believe so stay away from FUD attempt and just enjoy what bitcoin is giving to us. Saying HI to those who dumps at $1,800 price. Sealed their profit because they think bitcoin will goes down more and now look at what happened.

[megynacuna]

Good news isn't it? Japan, South Korea, India, Australia and more...

With these countries legalizing bitcoin, do you guys really think that bitcoin will still fail? There are plenty of reasons to believe so stay away from FUD attempt and just enjoy what bitcoin is giving to us. Saying HI to those who dumps at $1,800 price. Sealed their profit because they think bitcoin will goes down more and now look at what happened.

Exactly, it will auger well for Bitcoin as we crave for global acceptance. There are many more advanced countries that in hopeful they will also join these few countries especially after the August 1 activation of segwit because if these current issues are resolved and Bitcoin becomes useable on a daily and instant basis then we will be in for more support globally.

[skorupi17]

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.

A good copy-paste dude link below:
https://cointelegraph.com/news/south-korea-officially-legalizes-bitcoin-huge-market-for-traders

This is a big offense on this forum. 100% plagiarized.

To the topic: this type of news is what drives the price to soar up. Asian countries do utilize Bitcoin usage and slowly accepting its technology as part of their economy. I hope that, due to this news, the price will go up again and reach an ATH and does not dumps afterwards.

[LouVandetta]

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

I don't know if this is the rigth way to answer this, but the people that are living in both sides of korea's are good people.
Yet, north korean is the evil one [the goverment]. *sorry

All things aside, this is a great news.

[sumit513]

Great news indeed. Who's next? Australia? India?

[jorneyflair]

LOL, South Korea is the good one. Guess the floodgates have opened, China, Australia, Japan, India and now South Korea. South Korea is one of the biggest technology providers and it is certainly no surprise that they have also started accepting Bitcoin. I could imagine some really nice technology that South Korea could make with Bitcoin.

It is happening, Bitcoin is coming mainstream!