South Korea Officially Legalizes Bitcoin, Huge Market For Traders

[passwordnow]

Japan, South Korea and what's next? No doubt why the price of bitcoin is increasing and after August 1. When everything is stabilize and calm, will be seeing a great fast movement in the price of bitcoin, it's for sure.

[error08]

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.

You should mentioned the Link, https://cointelegraph.com/news/south-korea-officially-legalizes-bitcoin-huge-market-for-traders
I just noticed about this, since South Korean has the biggest trading market last month when bictoin in rally surpassed ATH which bitcoin price on South Korean could reach over $4000. Now, as South Korean government officially legalized Bitcoin service providers to facilitate payments, transfers and trades. Then, bitcoin price should increase in there more than other countries again.
Another news about it : https://atozforex.com/news/bitcoin-in-south-korea-is-officially-legal-how-will-this-impact-bitcoin-price/

[rjbtc2017]

IF this will push through, the amount of bitcoin will get bigger, as we all know South Korea is one of the country that has a large amount of exportation in terms of Entertainment,Movie and Music, since we all know that South Korea is the home of International Idols or KPOP Idols and they have global fans and one of the biggest fans are from China,Just look at the possibilities of Bitcoin's amount rising within just a year, since South Korea will legalize this, Global Fans will also adopt bitcoin, this is a smart move of South Korea's Government for Global users of bitcoin.

[IamHigh]

IF this will push through, the amount of bitcoin will get bigger, as we all know South Korea is one of the country that has a large amount of exportation in terms of Entertainment,Movie and Music, since we all know that South Korea is the home of International Idols or KPOP Idols and they have global fans and one of the biggest fans are from China,Just look at the possibilities of Bitcoin's amount rising within just a year, since South Korea will legalize this, Global Fans will also adopt bitcoin, this is a smart move of South Korea's Government for Global users of bitcoin.

You adressed it very well, nicely explained. And also remember south korean people are very keen on ether/altcoin trades on exchanges. We'll see their names more following years. Assia is a main market for bitcoin and altcoins.

[KnightElite]

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.

It seems that many countries are now accepting and legalizing the bitcoin. This is one of the good news for the bitcoin and I know many more countries are willing to legalize the bitcoin.

[Doms]

Many of these Asian countries are warming up on bitcoin and the regulators are starting to put policies in place to make sure that usage is regulated and minimize illegal activities that make use of digital currencies. This is good for the overall environment of crypto currencies as it exposes them to a bigger market and could eventually lead to more merchants accepting in the future.

[szpalata]

Many of these Asian countries are warming up on bitcoin and the regulators are starting to put policies in place to make sure that usage is regulated and minimize illegal activities that make use of digital currencies. This is good for the overall environment of crypto currencies as it exposes them to a bigger market and could eventually lead to more merchants accepting in the future.

It just speaks well of Bitcoin and I'm totally for it, it will create that enabling environment for growth in value of Bitcoin as it gains more root and support from these world financial power houses.

[Prodigan786]

Its really great news in this hard time like bitcoin hardfork going to happen in august first even though i wonder how bitcoin price is gong upward trend may be this is one of the reason.

[Blitzboy]

great news. Hope that this news combine with the hardfork will make the price of bitcoin increase more than $3000. Bitcoin is undervalued at the moment and we need to do something to raise the price up. Bitcoin has been dumped recently and I think it is tnot a good sight for us

[rjbtc2017]

IF this will push through, the amount of bitcoin will get bigger, as we all know South Korea is one of the country that has a large amount of exportation in terms of Entertainment,Movie and Music, since we all know that South Korea is the home of International Idols or KPOP Idols and they have global fans and one of the biggest fans are from China,Just look at the possibilities of Bitcoin's amount rising within just a year, since South Korea will legalize this, Global Fans will also adopt bitcoin, this is a smart move of South Korea's Government for Global users of bitcoin.

You adressed it very well, nicely explained. And also remember south korean people are very keen on ether/altcoin trades on exchanges. We'll see their names more following years. Assia is a main market for bitcoin and altcoins.

It is , specially China, a large amount of chinese people are going gagas for Kpop idols even if some of the kpop products ( entertainment, movies, and music) are somehow lightly banned and regulated, some of the fans even go illegal on voting just to make their idol's song to enter the chart on south korea's music chart, if they can do this for their idol, they can also but bitcoins for their idols, we will really see a good outcome, if this will really push through.

[KrakAJAX]

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!

I would love that as well, just as exchanges have different trading pairs they could have different levels of anonymity and such. Unfortaunately itt may not work  out exactley as planned.

[clickerz]

Oh yeah, Korea is opening for bitcoin and it legalizes it. Great news for bitcoin holder and supporter, as days pass, more and more countries are  openly supporting this cryptocurrency,.Expect the price of bitcoin to rise soon.

[KingdomHearts]

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...).

Yes because from Asia there are a lot of adoption of bitcoin because just Asian people are willing these days bitcoin as we can see to India,Pakistan,Bangladesh,Nepal,Russia and so on these people are interesting in bitcoin and still buying and selling even some of their government band the bitcoin in their country but there people still love and buy and sell.

[doedz]

Japan, South Korea and what's next? No doubt why the price of bitcoin is increasing and after August 1. When everything is stabilize and calm, will be seeing a great fast movement in the price of bitcoin, it's for sure.

Furthermore Malaysia, Thailand, Indonesia and many countries there are already interested in Bitcoin.
I hope the world will use it in 2020. Digital currencies begin soon. I believe.

[SushiMonster]

South Korea is really emerging in term of technology.
This is good news.
I hope in our country they can legalize our btc as well.

[hisuka]

South Korea is really emerging in term of technology.
This is good news.
I hope in our country they can legalize our btc as well.

This is amazing South Korea legalize bitcoin. For sure there will be more interested as bitcoin is becoming well known in any country. And this would be a great support from traders, hoping also that bitcoin will be legalized in our country.

[HasHe]

Thats really a great news to bitcoin community.We could already see that there is huge volume of btc trade taking place in south korea.Now,soon south korea could announce bitcoin as legal currency which would make even more demands for bitcoin and as a result would increase the bitcoin price more.