Korean Lawyers Take Government to Court over Crypto Regulation

[bitcoinzen]

A law firm from Seoul has decided to address arbitrary measures taken by authorities to regulate cryptocurrency trade. Korean lawyers have filed an appeal accusing their government of “unconstitutional” infringement on property rights..

Also read: Koreans Deposited 64 Times More Fiat Into Crypto Exchanges in 2017 Anguk Law Offices filed their appeal through the Constitutional Court’s online system at the end of December, The Korean Times reports. The Seoul-based firm believes ministers are exerting “unconstitutional” authority through regulations on cryptocurrency trade introduced last month..

The government discussed measures to deal with growing cryptocurrency speculation and local exchanges were forced to revise policies in order to comply with new regulation. Cryptocurrency exchanges in the country have largely complied with changes to restrict certain traders and end the “virtual accounts” practice that helped them manage clients’ money more easily..

Currently, the South Korean government does not recognize bitcoin and other cryptos as legitimate currencies. Do you think Korean lawyers will succeed in their attempt to change government policies on cryptocurrency trading?.

https://news.bitcoin.com/korean-lawyers-take-government-to-court-over-crypto-regulation/

[gentlemand]

I think this is a monumentally stupid move on the exchanges' part. Who's going to win? Some arseholes who are encouraging the brain dead to pump Ripple, or an entire country's government rightly concerned about it?

They should shut the hell up and accept some regulation or their business will go up in smoke.

[CryptoBitCoins]

It seems to me that the Korean authorities will be able to remove a few percent of people from trading crypto-currencies, but not more than five. We all know the traffic control of Internet traffic and I do not think that Korea will be able to take control of the stock exchange and traders.

[darkangel11]

I think this is a monumentally stupid move on the exchanges' part. Who's going to win? Some arseholes who are encouraging the brain dead to pump Ripple, or an entire country's government rightly concerned about it?

They should shut the hell up and accept some regulation or their business will go up in smoke.

So, next time the government wants to rape you just shut up, bend over and take it like a man. Is that what you're trying to say?

A law firm from Seoul has decided to address arbitrary measures taken by authorities to regulate cryptocurrency trade. Korean lawyers have filed an appeal accusing their government of “unconstitutional” infringement on property rights..

Currently, the South Korean government does not recognize bitcoin and other cryptos as legitimate currencies.

I don't know the Korean constitution. Maybe it is unconstitutional under their law?
Anyway, if they're suing them for property rights and the gov is regulating cryptocurrencies because it doesn't recognize them as currencies these 2 things are completely different. We can agree that these are not currencies but they may still be recognized as property, and this is what the lawyers are going after.

[gentlemand]

So, next time the government wants to rape you just shut up, bend over and take it like a man. Is that what you're trying to say?

You bet.

At present the Korean exchanges don't have any financial oversight whatsoever. You just need an e commerce licence to operate. When hundreds of thousands of people are throwing all their money into something as shaky as that then it's inevitable that the government will step in at some point.

The operators have a choice between responding to and accepting those concerns, or flouting them and getting squashed flat. The government holds every single card.

[Harlot]

I don't think that the judiciary is the best way to solve to solution as it will only arose the problem not solve it. My proof as also in the article basing from the news you will see that the law firm had faoled to prove that their government is unconstitutional as they are only practicing their government responsibility. To prove the point they are now on the stage of appealing to another court just to reversed the decision that has been made. I really thought  that the South Korean government are into supporting Bitcoin as a mode of payment but this news article says otherwise.

[darkangel11]

So, next time the government wants to rape you just shut up, bend over and take it like a man. Is that what you're trying to say?

You bet.

At present the Korean exchanges don't have any financial oversight whatsoever. You just need an e commerce licence to operate. When hundreds of thousands of people are throwing all their money into something as shaky as that then it's inevitable that the government will step in at some point.

The operators have a choice between responding to and accepting those concerns, or flouting them and getting squashed flat. The government holds every single card.

There were cases where people sued the government and won. It's not even about winning or losing, it's about trying. Showing them that people are against it and have something to say.
Well, since financial law is not applicable to the digital coins, they should be perceived as commodities and traded freely, the smart lawyers claim. They admit cryptocurrencies are not legal tender but then a crypto could only be a property or an asset. And assets can be exchanged with legitimate currencies or other goods.

I completely agree with them on that part. Somehow a Korean playing some online MMO can anonymously sell in-game currency without problems, but since too many people are trading cryptos right now everybody's rushing to put an end to it.

[gentlemand]

There were cases where people sued the government and won. It's not even about winning or losing, it's about trying. Showing them that people are against it and have something to say.
Well, since financial law is not applicable to the digital coins, they should be perceived as commodities and traded freely, the smart lawyers claim. They admit cryptocurrencies are not legal tender but then a crypto could only be a property or an asset. And assets can be exchanged with legitimate currencies or other goods.

I completely agree with them on that part. Somehow a Korean playing some online MMO can anonymously sell in-game currency without problems, but since too many people are trading cryptos right now everybody's rushing to put an end to it.

Principles aside, which may be admirable, they're simply not being pragmatic about this. The government has been making ominous noises for months now. They're going to follow on them through unless something changes.  

[wxa7115]

There were cases where people sued the government and won. It's not even about winning or losing, it's about trying. Showing them that people are against it and have something to say.
Well, since financial law is not applicable to the digital coins, they should be perceived as commodities and traded freely, the smart lawyers claim. They admit cryptocurrencies are not legal tender but then a crypto could only be a property or an asset. And assets can be exchanged with legitimate currencies or other goods.

I completely agree with them on that part. Somehow a Korean playing some online MMO can anonymously sell in-game currency without problems, but since too many people are trading cryptos right now everybody's rushing to put an end to it.

Principles aside, which may be admirable, they're simply not being pragmatic about this. The government has been making ominous noises for months now. They're going to follow on them through unless something changes.  

I agree with this, people have fantasies of standing up to governments and stuff like it, but the only thing which happens is the governments are now going to target you specifically and try to destroy you, the regulation of cryptocurrencies will be a reality it doesn't matter if we like it or not, if you want to conserve your freedom then don't use exchanges and any of their services, it's that simple.

[gundala]

I don't think that the judiciary is the best way to solve to solution as it will only arose the problem not solve it. My proof as also in the article basing from the news you will see that the law firm had faoled to prove that their government is unconstitutional as they are only practicing their government responsibility. To prove the point they are now on the stage of appealing to another court just to reversed the decision that has been made. I really thought  that the South Korean government are into supporting Bitcoin as a mode of payment but this news article says otherwise.

I agree with you. regardless of who is right or wrong, the South Korea government has a reason for it, one of which is the ease to track transactions and set taxes on them. For some, this can be detrimental and make bitcoin parallel to other financial products in South Korea.

[tonysitaly]

I agree with the practice of this law firm in South Korea. Digital money is the legitimate property of citizens. All government policies can't violate the constitution. If we often do this, it will be easy for people to lose confidence in the government.

[BitChief]

I agree with the practice of this law firm in South Korea. Digital money is the legitimate property of citizens. All government policies can't violate the constitution. If we often do this, it will be easy for people to lose confidence in the government.

Yeah wow that is badass. Love how fiercely everyone is fighting for crypto

[BrewMaster]

this may be a little off topic but i am seeing it now, in a year (more or less) we are going to see more and more adoption of decentralized exchanges instead of these centralized ones that the government of certain countries keep messing with.

and everyone else would also love it since the centralized exchanges have never been a good choice anyways. and as the decentralized ones become more popular and everything moves to more P2P ways, things will get a lot better.