I don't think I want my investments to be at the mercy of some dictator making laws in Korea. Next week it might be a different story from some other country that decides to ban Bitcoin.
They're not "dictators". They are elected representatives and just want to make sure there arn't any scams unfolding.
Here are the official South Korean Government Guidelines for Cryptocurrency by the Finance Committee: (hat tip reddit)
1 - There will be no exchange ban.
2 - Exchanges will be diligently regulated. Already an exchange was found to have mixed up customer's accounts with the exchange's business account and the CEO's personal account.
3 - Government will make sure all exchanges pay correct taxes.
4 - Individual taxes will be researched.
5 - Everyone can only invest with real identification. No foreigners and the underage will be allowed to trade/invest.
6 - Deposit or withdrawals of more than Daily $10,000, Weekly $20,000 will automatically reported. If it seems like there is suspicious activity, you might be asked how you earned that money during the deposit, or what trades you did to earn that amount.
7 - These guidelines are not to encourage investing in cryptocurrency but to warn the public in the dangers of speculation.
8 - Government also admitted that there is no difference between blockchain technology and cryptocurrency