South Korea Officially Legalizes Bitcoin, Huge Market For Traders

[surix]

It seems in coming 2~3 years the buying power from Asia will really drive the bitcoin economy high. And I can't wait for the big ones to jump in (USA, China, Russia...).

[Vaskiy]

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

This has happened long back. Just because of the same more market will get initiated functioning on the bitcoin platform. When Japan legalized bitcoin more investment flow got generated, which is just because of the increased shops around the market starting to accept bitcoin same as traditional currency. The next might be Australia and not India, because to manage with such a big population of India is difficult.

[mk4]

Another good news for bitcoin. I've heard in other forums that Koreans take a good percentage of userbase in various forums. Not sure how much effect would this have on the prices though, as I think some Koreans were already into bitcoin trading even before the legalisation.

[MWesterweele]

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!

it is good to know that other country are legalizes it, when we want to go for that country it is easy for us, because they will accept our bitcoins , we can spend our bitcoin thru sending it to them. it is good hopes that other country might as well legalizes it.

[mayax]

it's not about "legalizes". it was legal if you had a financial license in past too.  that means "legalize".  it's nothing new


all the exchangers must have a financial license(doesn't matter the country) and this is the future.  ask Kraken, Poloniex, BTC-e and others if they have one (only 6 exchangers own a license) .

[Netnox]

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.

Surprised to hear this. I was thinking that Russia was at no.3, followed by China at no.4. But I still don't really trust this data. I find it weird that South Korea is having higher volumes than China. China is having 30 times the population, and almost the same Bitcoin adoption levels.

[flag39]

it's not about "legalizes". it was legal if you had a financial license in past too.  that means "legalize".  it's nothing new


all the exchangers must have a financial license(doesn't matter the country) and this is the future.  ask Kraken, Poloniex, BTC-e and others if they have one (only 6 exchangers own a license) .

Great news!  legalizing bitcoin.
Could someone tell me if this means that the government of that country will will stabilize the price or at list put a minimal  taxable price?

[flower1024]

it's not about "legalizes". it was legal if you had a financial license in past too.  that means "legalize".  it's nothing new


all the exchangers must have a financial license(doesn't matter the country) and this is the future.  ask Kraken, Poloniex, BTC-e and others if they have one (only 6 exchangers own a license) .

Great news!  legalizing bitcoin.
Could someone tell me if this means that the government of that country will will stabilize the price or at list put a minimal  taxable price?

If the Korea want money to develop the country than their govt will collect tax from Bitcoin users. Or else if it is already developed the country and they don't need people money to develop then they will not put any tax on Bitcoin transaction. But once they legalise this currency they will have all records for Bitcoin transaction.

[Rshinde]

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

It's the good Korea, the one you are sceptical of is, in fact, North Korea (the dictator's nation).

[Przemax]

There is something that does not fit, with what you had copy paste, and what is in the title. South Korea only legalize the international large transfers, and the further legalisation is the article writer interpretation of the story.

Legalisation of bitcoin would mean treating it as a legal tender to pay taxes. Sounds like someone want to create some kind of a hype.

And the article says that the South Korea has an already a huge bitcoin market, so the possibility form zero to hero is not on the table.

Btw bitcoins is already regulated as it is around the world. Every cryptocurrency exchange need to comply to the banking laws. So its a form of legalisation in its own.

[junan1]

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

I rather suspect that if you asked the people of North Korea they'd say there's was the good one.

all the exchangers must have a financial license(doesn't matter the country) and this is the future.  ask Kraken, Poloniex, BTC-e and others if they have one (only 6 exchangers own a license) .

I truly hope this is not the future!  I like the growing freedom of choice in financial service providers and the freedom to create my own financial service should I choose.  I like the way market competition and reputation grow the space gradually, decade-by-decade, in response to the ever-changing wants and needs of customers.

I hope for and work towards a world with less country-wide, top-down rulings and more social, voluntary associations.

I want a more decentralised future.

[KrakAJAX]

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

I rather suspect that if you asked the people of North Korea they'd say there's was the good one.

all the exchangers must have a financial license(doesn't matter the country) and this is the future.  ask Kraken, Poloniex, BTC-e and others if they have one (only 6 exchangers own a license) .

I truly hope this is not the future!  I like the growing freedom of choice in financial service providers and the freedom to create my own financial service should I choose.  I like the way market competition and reputation grow the space gradually, decade-by-decade, in response to the ever-changing wants and needs of customers.

I hope for and work towards a world with less country-wide, top-down rulings and more social, voluntary associations.

I want a more decentralised future.

Decentralized futures are great, it's just a matter of putting in legislation properly, and when the legislation needs to be introduced by people who will then have less power in the future, sometimes problems arise.

[IamAltcoinfan]

Its really good news after Japan legalised started accept bitcoin even in airlines there was big boom happened in bitcoin almost 2X now south korea also legalised then there should be big pump but waiting for august first eagerly.

[waynechong1995]

Good news! Korea have very serious economy power and i know their gaming sector are pretty amazing, BTC would be surely integrated as a form of payment

[KrakAJAX]

Good news! Korea have very serious economy power and i know their gaming sector are pretty amazing, BTC would be surely integrated as a form of payment

Overall southeast asia and the surrounding areas are doing a fantastic job at updating their regulatory frameworks to integrate digital currency. It is a beautiful thing.

[SulemanSamf]

Congratulation south Koreans.
It's good to see that bitcoin is getting an official Support from all over the world.
Waiting for my country to legalize bitcoins soon.
#India #Indian

[KrakAJAX]

Congratulation south Koreans.
It's good to see that bitcoin is getting an official Support from all over the world.
Waiting for my country to legalize bitcoins soon.
#India #Indian

Well to start the Govt of Andhra Pradesh just joined the EEA so that is a good sign. I heard some other things about the government looking into bitcoin so its only a matter of time.

[Pettuh4]

All Hail South Korea for this bold step, I think globally the effect of Bitcoin is being felt and it's no surprise South Korea is the latest to legalize it. I know many world super powers will follow suite .

[batang_bitcoin]

I thought by July Australia is about to adopt bitcoin too? Anyway this is a great news and we will see volumes of demand after August 1.

It seems in coming 2~3 years the buying power from Asia will really drive the bitcoin economy high. And I can't wait for the big ones to jump in (USA, China, Russia...).

Well yeah, this is going to make the bitcoin economy high again as if there will be more buyers and good thing that it is backed up by the government of SoKor.

[junan1]

all the exchangers must have a financial license(doesn't matter the country) and this is the future.  ask Kraken, Poloniex, BTC-e and others if they have one (only 6 exchangers own a license) .

I truly hope this is not the future!  I like the growing freedom of choice in financial service providers and the freedom to create my own financial service should I choose.  I like the way market competition and reputation grow the space gradually, decade-by-decade, in response to the ever-changing wants and needs of customers.

I hope for and work towards a world with less country-wide, top-down rulings and more social, voluntary associations.

I want a more decentralised future.

Decentralized futures are great, it's just a matter of putting in legislation properly, and when the legislation needs to be introduced by people who will then have less power in the future, sometimes problems arise.

All I'd ask is that such legislation be fully voluntary.  Some people like regulated exchanges and some people prefer unregulated exchanges.  Vive la différence!