Is South Korea legalizing Bitcoin?

[metalbean]

Can someone in SK please confirm this? Or its rather just a call-for-discussion by the officials.

[LeGaulois]

The thing is that the SK Foreign Exchange Transactions Act started allowing companies to be approved by the financial regulator and then to process up to $20,000 worth of KRW in bitcoin for users. It comes from Park Yong-jin saying they are ready to regulate the market
https://nextshark.com/bitcoin-now-officially-legal-south-korea-payment-method/

[~Bitcoin~]

Read full article here https://www.cryptocoinsnews.com/bitcoin-prices-propped-south-korea-regulation/

BTC is Now an Accepted Remittance Method in the Philippines and South Korea

The requirements laid out by the South Korean government stipulate that trading platforms offering BTC should hold a minimum of $436,000 in capital resources, in addition to comprehensive AML measures (anti-money laundering) and KYC (know your customer) protocols.

This makes bitcoin legal in south korea it will be treated as investment asset rather than just some digital token there.

[shimbark123]

I've read an article regarding this that South Korea officially legalized bitcoin in their country. And they offered a decent amount for the blockchain. We know for a fact that there are so many business occuring in South Korea. And it is a great addition to our community.

[LouVandetta]

Can someone in SK please confirm this? Or its rather just a call-for-discussion by the officials.

I heard so, And I think bitcoin is legal now in South Korea.
and it seems like someone already made a thread about this.
https://cointelegraph.com/news/south-korea-officially-legalizes-bitcoin-huge-market-for-traders

Edit: Found it, here you go:
https://bitcointalk.org/index.php?topic=2040847.0

[CryptoBry]

I think I have read that already in the news that South Korea is now allowing Bitcoin to be bought and transacted by its citizens. It can mean that the country has already a legal framework by which Bitcoin transactions can lean on. I am sure that the government has seen that Bitcoin is actually an opportunity rather than a threat to its economy and sovereignty.

[gilangIDR]

I think I have read that already in the news that South Korea is now allowing Bitcoin to be bought and transacted by its citizens. It can mean that the country has already a legal framework by which Bitcoin transactions can lean on. I am sure that the government has seen that Bitcoin is actually an opportunity rather than a threat to its economy and sovereignty.

The government has become an important role in legalizing bitcoin. Because with the help of the government then bitcoin can grow for the better. One of which is the recognition of bitcoin can make bitcoin prices increase, otherwise it will appear many merchants who receive bitcoin. This can increase the economic level of a country. South korea has started very well.

[d3t0x]

With the amount of investments from south korea I can only imagine if it became legal in the USA.

That's why you need to get into crypto early because it will happen one day.

[Lubang Bawah]

A week ago I was in seoul and the use of bitcoin there quite a lot, restaurants, cafes and some places can already receive bitcoin directly. But I'm not sure the south korean government is legalizing bitcoin and leaving the official currency.

[Potato Chips]

well bitcoin is really popular in asian countries not to mention the trading volume on South Korea is really high and still counting until now. if it made any significant difference on

a certain country, it'll probably get noticed by its government so to answer your question yes they already recognized bitcoin as a payment method and are currently regulating it.

although its not like what happened on japan that many stores did accept it as soon as the announcement arise. this is more like on my country philippines where it is mainly for

regulating--making sure that nothing disturbing is happening.

[raymond541]

I saw the news published on nextshark that bitcoin is now officially legal in South Korea.
https://nextshark.com/bitcoin-now-officially-legal-south-korea-payment-method/

that is really great news for bitcoin and bitcoin users from South Korea.Bitcoin will continuously legal in every country and officially use as a payment method.

[metalbean]

well bitcoin is really popular in asian countries not to mention the trading volume on South Korea is really high and still counting until now. if it made any significant difference on

a certain country, it'll probably get noticed by its government so to answer your question yes they already recognized bitcoin as a payment method and are currently regulating it.

although its not like what happened on japan that many stores did accept it as soon as the announcement arise. this is more like on my country philippines where it is mainly for

regulating--making sure that nothing disturbing is happening.

Bitcoin is popularly traded in Asia, but I have rarely seen daily use cases (I travel Asia alot) so it's refreshing to know that merchants are openly accepting it in SK.

[kpcian]

so far I know, Bitcoin has been legalized in South Korea. it is really a great news for the Korean people who have Bitcoin. they can buy and sell through Bitcoin from now, not only that Bitcoin will be spread out by this way. hopefully, in the future, other countries will accept it as a legal money. and I think, this is the new era of Bitcoin...