South Korean Government Considers Relaxing Cryptocurrency Regulations

[PTCSuccessBlog]

The world of cryptocurrency has its fair share of individuals who engage in criminal activity (just like in the world of fiat currency). A growing number of countries are slowly but surely learning to accept the fact that blockchain technology is here to stay. Governments can either learn to accept the changing face of fintech – or get left behind.

The government of South Korea learned to accept the use of blockchain technology, but applied very strong regulations for its use to mitigate its abuse by criminal elements.

South Korean government officials, at the recent “Deconomy” conference in Seoul, stated that it was time to re-evaluate the country’s regulations for the use of cryptocurrency and blockchain technology...

https://www.bitcrypt.co/south-korea-relaxing-cryptocurrency-regulations/

[shield132]

What website is this, I understand that bitcoin is used in a lot of shady ways but what the hell blockchain technologies have to do here? Governments accept blockchain technologies because of security it offers in services like land title registry and similar ones, it's just useful, not like they are pushed to integrate it.
Well, maybe I am missing something or publisher doesn't know what he/she writes.

[Ailmand]

I think what Korea is aiming just the same way as why other countries have adopted and regulated cryptocutrency. It's actually a good situation for Korea since they will be able to make their fintech industry bloom as well as protect their users from getting involved in fraud and money laundering. With this Korea would be an ideal place for companies to start up an ICO and trading.

I guess Korean government doesn't want to be left behind with regards to blockchain tech and crtprocurrency.

[fuathan]

I always believe that the future of the cryptocurrency depends on Asian countries' (China, South Korea, etc.) policies. With the new approaches on blockchain technologies eventually gain those countries trust.

For instance, even though they are trying to regulate cryptomining industry, China is still bullish on cryptocurrencies.

https://usethebitcoin.com/signs-that-china-is-bullish-on-cryptocurrency-future/

[joniboini]

Relaxing? What does this even mean? South Korea is probably one of the friendliest crypto country out there. There are a dozen exchanges and ICO/IEO coming out of nowhere and gone MIA after the ICO without any clear clarity on their progress. If the regulations are not 'relaxed', how is that even possible?

[btc78]

I guess Korean government doesn't want to be left behind with regards to blockchain tech and crtprocurrency.

Exactly mate as we known korean is one of the most technological country and very competitive in each field that involves knowledge so i guess just tl be left behind is something they don’t wanna be so what they are doing now is to move along with the blockchain fever.and I believe that with this action more and more countries in asia will follow the steps and will try searching about what is the reason why bigger countries like japan and some european countries has already adopt bitcoin and some other altcoins ,and do believe in the beneficial side of cryptocurrency

[lyks15]

I think even South Korea government was re-evaluate the regularization it may have a possitive result. I hope all of country will also open their mind about crypto and crypto's regularization to make our bitcoin and other crypto safe and secure because they can file and regulate law and policies for our security and to avoid hassle like scams or bitcoin stealing.

[BitDane]

South Korean is one of the most advance country in terms of Information and Communications Technology, I think it's normal for them to use and take advantage of blockchain tech, as we know that it's very efficient for security. It's just a matter of time where the South Korean government will find its way to take use of cryptocurrency as part of the economy.

[Mandoy]

The South Korean Government have followed the footsteps of the Philippine Government. The Philippine Government last 2017 have accepted cryptocurrency in their country but placed some AML and KYC regulations to make sure that cryptocurrency will not be abused by criminals. The Philippine government have felt an increase in online related employment as Filipinos who are homebased are now earning income thanks to cryptocurrency.

Possibly, South Korea is seeing the same picture as what the Philippine Government have seen. They may also think that cryptocurrency will be very crucial and will have a positive impact on its economy and will increase income opportunities to the residents of their political jurisdiction. This kind of acceptance will make cryptocurrency to bloom in South Korea in the years to come.

[Saint-loup]

The world of cryptocurrency has its fair share of individuals who engage in criminal activity (just like in the world of fiat currency). A growing number of countries are slowly but surely learning to accept the fact that blockchain technology is here to stay. Governments can either learn to accept the changing face of fintech – or get left behind.

The government of South Korea learned to accept the use of blockchain technology, but applied very strong regulations for its use to mitigate its abuse by criminal elements.

South Korean government officials, at the recent “Deconomy” conference in Seoul, stated that it was time to re-evaluate the country’s regulations for the use of cryptocurrency and blockchain technology...

https://www.bitcrypt.co/south-korea-relaxing-cryptocurrency-regulations/

It's great but it's a little bit late, the third biggest exchange of Korea is already closing...

Cryptocurrency exchange Coinnest, once South Korea’s third largest, is closing down.
The exchange posted a notice on its website saying that as of Tuesday it is no longer operating, adding that users will need to withdraw any funds held on its platform by April 30. The fees for withdrawals and the minimum threshold have been lowered to assist the process, it said.

While the notice was vague as to the reasons for the closure, a Coinnest official told CoinDesk Korea:

“It is a natural result of a decrease in trading volume. Both regulatory issues and business decisions have served as a background for this decision.”

https://www.coindesk.com/south-korean-crypto-exchange-coinnest-announces-closure

They say it's a "natural" result of the decrease of volume. So if it's true, it means Korea is still not coming back in the game despite the increase of price.

[talkbitcoin]

it is all about bitcoin not the blockchain technology in general and cryptocurrencies in general. and there is a big distinction that you need to always look out for. there are a lot of countries that have already accepted bitcoin under different approaches like as a currency or a commodity,... but at the same time they have rejected or banned altcoins, specifically the ICOs and anything involved with them.

[Bitinity]

What website is this, I understand that bitcoin is used in a lot of shady ways but what the hell blockchain technologies have to do here? Governments accept blockchain technologies because of security it offers in services like land title registry and similar ones, it's just useful, not like they are pushed to integrate it.
Well, maybe I am missing something or publisher doesn't know what he/she writes.

I think it is his own site, it seems that he is building a new bitcon/crypto news site as it is advertised on his profile and probably he is the one who write the article as I cant find any other references.
To be honest I do not really understand what is mean by relaxing in the title since South Korea is one of the most friendly country to bitcoin as mentioned by joniboni. Maybe relaxing here means renewing the regulations..

[Herbert2020]

It's great but it's a little bit late, the third biggest exchange of Korea is already closing...
“It is a natural result of a decrease in trading volume.

it can't be the "biggest" exchange and also lose trading volume so much to be forced to close. not to mention that it is all about bad business decisions which led to failure of their platform to get customers and volume to generate them a decent revenue.
in fact that is not the only case and not the only country. in 2017 because of the shitcoin bubble a lot of newbies thought they could make millions just by entering the market, a lot of them went into businesses such as exchanges, fund manager,... or some old businesses run by newbies thought about expanding unreasonably. in the past year or so because of the drops and due to the fact that they were newbies with no knowledge of running a business, they failed.

[waitforme]

Some recent events in South Korea have made this country known to many investors when domestic exchanges organize ICO project announcements and evaluate projects to select the best projects. Get support from them. I believe this is a good signal from the South Korea government when relaxing up for Crypto users.

[Pursuer]

I think they need to "tighten" the cryptocurrency related regulations instead of "relaxing" more because it currently looks so relaxed to me. they need to focus mainly on prevention of scams in exchanges and among all these ICOs. there already are dozens of countries that have started banning ICOs and preventing them from robbing people in broad daylight and South Korea being one of the countries with high volume in ICOs has to start banning them too.

[33bitcoin]

South Korea is one of those nations that desperately needs the economic stimulus that crypto can provide.  The countries that are the most lenient in regards to crypto will attract investment from those newly created millionaires. 

[serjent05]

Seems South Korea thinks that it is the right time to change its view of cryptocurrency from being used by criminials to being used by legit merchants as form of mode of payment.  There is no denying that Bitcoin had been there in the shady part of transactions because everyone used to think that Bitcoin gives anonymity and hides shady activitivies but infact it is so transpararent than any centralized institutition transactions and activities.  Aside from that, I believe they acknowledge that Cryptocurrency can help elevate their economy by taking advantage of its technology.  So by relaxing their regulation, they tend to attract more cryptocurrency enthusiast into their country and start setting their project base on the country.

[alisafidel58]

The South Korean Government should really re-evaluate their rules and regulations regarding cryptocurrency but on blockchain, I don't think so. I remember back in 2017 the Government of South Korea did put a strict rule regarding their people to use cryptocurrency and preventing them to join ICOs. I think it's about time that those rules should be modified or to re-evaluate.

[Beerwizzard]

I always believe that the future of the cryptocurrency depends on Asian countries' (China, South Korea, etc.) policies. With the new approaches on blockchain technologies eventually gain those countries trust.

For instance, even though they are trying to regulate cryptomining industry, China is still bullish on cryptocurrencies.

https://usethebitcoin.com/signs-that-china-is-bullish-on-cryptocurrency-future/

Then Bitcoin will remain a marginal currency with a huge volatility. Crypto market should become resilient to any kinds of FUD from dome chinease politicians to get any kind of adoption in the other countries. Realizing that words of some chinease retard may dump my BTC savings in a single day doesn't make common users enthusiastic about cryptocurrencies.

[xvids]

The world of cryptocurrency has its fair share of individuals who engage in criminal activity (just like in the world of fiat currency). A growing number of countries are slowly but surely learning to accept the fact that blockchain technology is here to stay. Governments can either learn to accept the changing face of fintech – or get left behind.

The government of South Korea learned to accept the use of blockchain technology, but applied very strong regulations for its use to mitigate its abuse by criminal elements.

South Korean government officials, at the recent “Deconomy” conference in Seoul, stated that it was time to re-evaluate the country’s regulations for the use of cryptocurrency and blockchain technology...

https://www.bitcrypt.co/south-korea-relaxing-cryptocurrency-regulations/

We couldn't change the fact that we are becoming so advance in technology and blockchain is going to play a big part on it and they should accept it or be left behind,
And it seem's like there are already so many country that choose to accept it instead of being left behind.