[2017-11-25] South Korea Will Not Regulate Bitcoin!

[aalfadhala]

South Korea’s lack of regulation makes it one of the most attractive markets in the world for cryptocurrency trading, and the Governor of the Financial Supervisory Service (FSS) has announced that the lack of regulation will continue for the foreseeable future.

Source: https://coinblip.com/blog/free-easy-south-korea-will-not-regulate-bitcoin/

[Kemarit]

This is already evident as how big the volumes of trading in South Korea regarding Bitcoin and Bitcoin Cash. Maybe they understand that bitcoin cannot be regulated and de centralized so instead they just let it flow and see how things will pan out in the future. But I don't think not regulating means that they can do anything, government agencies will still do a watchful eye specially on the upcoming ICO's. Specially that they have announced that they are going to ban it a few months ago. The articles says that they indeed going to monitor trading, but they will not supervise it. Let's see how Bithumb exchanges will do. I'm sure that there will be a increase of customers after this news.

[Lancusters]

I see no reason to regulate bitcoin. The government can not control its turnover. Until there is no trade for bitcoin States have nothing to lose. Users change bitcoin to Fiat and it supports the economy of the state. The government receives income taxes and all is well. Regulation of bitcoin can only drive it into the shadows.

[Taki]

Maybe they understand that bitcoin cannot be regulated and de centralized so instead they just let it flow and see how things will pan out in the future.

Of course they understand that they cannot control bitcoin, it is decentralized. But look at other countries, and Asian as well, some of them banned bitcoin few years already. South Korea stayed on the road of progress. I am wander do they plan to sell tickets for the Olympic games for bitcoin and/or other crypto currencies?

[Rahar02]

I see no reason to regulate bitcoin. The government can not control its turnover. Until there is no trade for bitcoin States have nothing to lose. Users change bitcoin to Fiat and it supports the economy of the state. The government receives income taxes and all is well. Regulation of bitcoin can only drive it into the shadows.

Have you seen Japan? Do you know Japan has legalized bitcoin? It means Japan has regulations regarding bitcoin.
Regulations aren't always bad for bitcoin development as Japan has proven it, bitcoin thrives in there.
But in most countries, it's better to not have regulations about bitcoin or exchanges specifically, just like in South Korean which causes people could transact/trading bitcoin freely as long as they don't violate financial regulations, not illegal transactions such as money laundering.

[Gotottack]

South Korea’s lack of regulation makes it one of the most attractive markets in the world for cryptocurrency trading, and the Governor of the Financial Supervisory Service (FSS) has announced that the lack of regulation will continue for the foreseeable future.

Source: https://coinblip.com/blog/free-easy-south-korea-will-not-regulate-bitcoin/

I think if this be true, non-regulation of Bitcoin would not affect Bitcoin users in Korea. In the same vein, it must be noted that its non-regulation is not synonymous to an illegal activity much less it is similar to a complete ban. Perhaps, as was earlier mentioned in this community, its status is that of "Unregulated but Not Illegal". We can always opt for the latter because the value of Bitcoin is not dependent to it nor its factual circumstances affect the rise and fall of Bitcoin. 

[senin]

While the states have not developed a unified approach with respect to the crypto currency. Most of them regulate the circulation of crypto currency in their country, at least in order to give it a certain status, without which it is impossible to protect their owners in courts and in other diverse situations where recognition of this status is simply necessary. In particular, now there are serious problems with the ICO, where already about 40 have signs of fraud. I think that South Korea will come to realize the need for a certain regulation of the crypto currency. at least as much as Japan did.

[rjbtc2017]

As of now , I don't really see enough reasons why Bitcoin should be regulated at all. This is a good decision by South Korean Government but I want them to start regulating the exchanges for them to monitor the possible fraudulent activities and to prevent it.

If South Korean Government will not regulate Bitcoin Exchanges there is a higher chance that South Korea will always be subjected for illegal activities like fraud,Money laundering and worst they might accuse of supporting terrorism.

South Korean Government will be persecuted by their people and other countries as for not regulating Bitcoin Exchanges which may leads to illegal activities.

[/GeertJohan]

Yes, they knows about bitcoin and it cannot be control to anyone.. so they will not regulate any cryptocurrency until it becomes legalized for all countries.. On the fact, The bitcoin is can't be regarded as money which means other currencies.

[CryptoBry]

I see no reason to regulate bitcoin. The government can not control its turnover. Until there is no trade for bitcoin States have nothing to lose. Users change bitcoin to Fiat and it supports the economy of the state. The government receives income taxes and all is well. Regulation of bitcoin can only drive it into the shadows.

Have you seen Japan? Do you know Japan has legalized bitcoin? It means Japan has regulations regarding bitcoin.
Regulations aren't always bad for bitcoin development as Japan has proven it, bitcoin thrives in there.
But in most countries, it's better to not have regulations about bitcoin or exchanges specifically, just like in South Korean which causes people could transact/trading bitcoin freely as long as they don't violate financial regulations, not illegal transactions such as money laundering.

Regulations can in fact be helping the spread of Bitcoin if the main intention of those regulations is not actually to stifle or kill Bitcoin. There are many cases when regulation can be good as when frauds can be happening or when some people are already taking advantage of others. Regulations should be in place to make things fair and to protect the end-consumers from being victimized by unscrupulous people. I think this is what is being shown in Japan. Of course, there are countries whose main intention of regulating is to control the market and to stop the continuing growth of Bitcoin...and those regulations may not be what we want in the first place.

[Domenc]

They simply know that currently, Bitcoin user base is overflowing and it will be quite difficult to regulate at such instance, hence have made Bitcoin always from regulations until further notice. No doubt, this make South Korea among one of the popular country for Bitcoin users but the question is for how long they will stay on their talks ? These unclear laws and no regulations make unclear stand of the country in the future and it will be a risk filled movement shifting or creating a new mines in such countries.