South Korea Tightens Bitcoin Regulations, Will ‘Punish’ ICOs: Report

[alyssa85]

https://www.cryptocoinsnews.com/south-korea-tightens-bitcoin-regulations-will-punish-icos-report/

South Korean regulators are reportedly strengthening the regulation and monitoring of digital currencies including bitcoin.

South Korea’s digital currency task force – a group comprising of the country’s central bank, financial regulators and digital currency companies – have discussed increased regulatory oversight into trading and business practices as a means to further consumer protection efforts.

According to Business Korea, the task force held a joint meeting on Sunday where authorities planned to introduce these increased regulations for trading among the country’s domestic exchanges. The meeting, which was attended by the National Tax Service (NTS) and the Korea Fair Trade Commission (KFTC) also saw plans drawn toward strengthening user authentication procedures at exchanges as well as ‘suspicious transaction reporting’ systems at banks for transactions related to digital currencies.

Financial Services Commission (FSC) chairman Kim Yong-beom, who chaired the task force meeting, reportedly stated:

    At this point, digital currencies cannot be considered money and currency, nor financial products.

It looks like this is being co-ordinated with China.

South Korea has some huge exchanges (and most of bitcoincash trading is done over there).

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[joseafonso123az]

I think these measures will be good for bitcoin, if you want to trade or are constantly trading high values of cryptocurrency, it always makes people suspicious, but if you have nothing too hide, I think collaboration is the best measure to adapt.  The only think that these could do to make bitcoin decrease it's value, is that the big traders, the big users are involved in fraudulent activities, and get caught in the process, and if with that the demand decreases, then the price of bitcoin would also decrease.

[SvenBomvolen]

I think these measures will be good for bitcoin, if you want to trade or are constantly trading high values of cryptocurrency, it always makes people suspicious, but if you have nothing too hide, I think collaboration is the best measure to adapt.  The only think that these could do to make bitcoin decrease it's value, is that the big traders, the big users are involved in fraudulent activities, and get caught in the process, and if with that the demand decreases, then the price of bitcoin would also decrease.

It could be good for bitcoin if all ICOs would be a scam, but good part of them are very promising and already bring good money for investors. I know that fake ICOs ruine bitcoins imige, but I think they all are playing big role for bitcoin community.
South Korea definitely gone by China's example. I suppose that other countries will join to this practice soon.

[BitDane]

There is nothing wrong with the intention of the South Korea in regards to regulation of Bitcoins and ICO's.  There are lots of fake ICO everywhere taking advantage of the news or new tech being studied as their own project even if they really do not have the capability to deliver them.  I would certainly agree for consumer's protection to punish this fake ICO's and if ever a crowdfunding is needed, they should have legal documents from the authority approving their intentions to collect funds from the public.

[joshy23]

There is nothing wrong with the intention of the South Korea in regards to regulation of Bitcoins and ICO's.  There are lots of fake ICO everywhere taking advantage of the news or new tech being studied as their own project even if they really do not have the capability to deliver them.  I would certainly agree for consumer's protection to punish this fake ICO's and if ever a crowdfunding is needed, they should have legal documents from the authority approving their intentions to collect funds from the public.

I would have to agree. There are no surprise here. Since South Korea, together with Japan and China are really huge with regards to trading volume per 24 hours, it only makes sense that they will make this move. It would at least protect them from those ICO's that has been popping like mushroom. But this move doesn't mean that they are anti-crypto, they are just trying to keep them safe from fake ICO's. Otherwise, those unsuspecting who will victimized later will have no umbrella from scammers. Nothing wrong and they have good intention to begin with.

[Quantor Blockchain]

We can see in the future much more disappointing decisions regarding bitcoin regulation. It's not only because of growing number of "promising" ICOs. It's about preventing money laundering through ICO also.

[BitcoinIsAlgebraic]

We can see in the future much more disappointing decisions regarding bitcoin regulation. It's not only because of growing number of "promising" ICOs. It's about preventing money laundering through ICO also.

Which I agree with most ICOs are scams anyway and combating against money laundering and the scams is good in my opinion. Bitcoin is also going to get regulated by many different countries but its better than an outright ban.

[ladydark]

That's really a bad time for bitcoin users in south korea.At first,it seemed to be friendly to bitcoin and it was also expected that very soon,it may compete with japan to have the largest number of bitcoin trades.

But the increasing number of scam ICOs have made them to take such decision.I think that they find this time to be the correct time to ban such ICOs since china has recently banned such ICOs.

Ethereum also faced a down fall in price since it is mostly used as platform in ICOs.South korea also fears that northkorea could easily hack bitcoin exchanges in south korea.

[magrospic]

Oh no why would they want to ban ICOs like CommerceBlock?

They are the first and only ICO with a BIP. Product already and and used by customers. Strategic partnerships with companies like CG Blockchain and advisors from fompanies like Coinshares (e.g. Global Advisors).

The ICO landscape has changed significantly and only the strong will survive. No smoke and mirrors required, just hardcore tech at CommerceBlock.

I live it and love it.

[Angelia46]

I just read the news today, it seems that South Korea said they do not want to regulate bitcoin, how is this and what you said there is such a big discrepancy? Which is a fake, I feel very do not understand.

[stompix]

It could be good for bitcoin if all ICOs would be a scam, but good part of them are very promising and already bring good money for investors.

Name 3 ICO and the coins that are doing what the developers promised.
For each one (if you manage to find 3) I'll give you a hundred scams that disappeared with the funds and left the investors with a dying coin.

Oh no why would they want to ban ICOs like CommerceBlock?

If they can't come up with proofs that it's just smoke and mirrors like the others, then ban it.
Simple as that.
And fancy stories with hundred of "developers" and paid news don't work anymore , and will not work against the SEC or the FSC.

LE:
Just checking your profile, seems like you are spamming the same lines about this coin, enough to make me sure it's another scam.

[subSTRATA]

There is nothing wrong with the intention of the South Korea in regards to regulation of Bitcoins and ICO's.  There are lots of fake ICO everywhere taking advantage of the news or new tech being studied as their own project even if they really do not have the capability to deliver them.  I would certainly agree for consumer's protection to punish this fake ICO's and if ever a crowdfunding is needed, they should have legal documents from the authority approving their intentions to collect funds from the public.

exactly my opinion as well. everyone's panicking over ico bans and regulations, calling it the end of cryptocurrencies (weather theyre just stupid, trying to spread fud, or actually believe this shit); meanwhile im thinking that all these regulations are a really great move on part of these governments. these ico's need to be vetted and rated in a way similar to how charities are vetted in the states. there are various organizations such as cfc and charitywatch that rate charities based on various factors (spending reports, visible effects of contributions, etc). if governments could create organizations such as the SEC in the states to review and rate ico's, i can see a safe and prosperous environment being fostered for the growth of cryptocurrencies.

[deadsilent]

Well, that's good to know. And i don't think it has a huge impact on Bitcoin. There's so many scam ICOs out there. Just came out of nowhere. There's nothing wrong on that. They are just protecting people from being scammed by these scam ICOs. Actually it's an advantage to people who wants to invest on ICOs. Because ICOs will now have to comply with rules and regulations of the government. Investors will now invest with confidence because they know that any ICO that violates the regulations will be punished by law.

[PatyZante]

This is partly good for this will help put up regulations that will validate ICO and filter the scam ones. Bad news is, what come in  along or after said revulati9ns are implemented.

[Zuilhsa]

This is right, south Korea actually have no such intention, it is good at first as China and Japan with good number of trades, because of scam ICOs there comes such a situation, this may cause negative impact on bitcoin too, now people can confidently invest without the fear as the fake ICOs will be punished.