Another good news this week, Bitcoin Trading is now Legalised in South Korea.

[TheBeardedBaby]

This is really strong week for Bitcoin, after the two good news from yesterday from Germany (Bitcoin is now a financial instrument in Germany) and India (Crypto trading ban lifted in India ), today South Korea is on the list.
I guess that was the reason for the price to move above the 9000$ today.
...and the week is not over yet

In a dramatic turnaround, the South Korean parliament, the National Assembly, has voted in favor of the country’s first cryptocurrency-specific legislation in the past few hours. (Updated at 10:20 UTC: updates throughout the entire text).

The amended Special Financial Transactions Information Act, which was approved by a National Assembly finance committee in November last year, will effectively create a framework for the country’s cryptocurrency industry.

The South Korean cryptocurrency industry has reacted positively to the news.

Simon Kim, the CEO of Seoul-based blockchain incubator Hashed, told Cryptonews.com,

“There has been great uncertainty regarding regulations in cryptocurrency in South Korea until now. However, with the new law, cryptocurrency has been officially classified as an asset class by the institutions and virtual asset operators are able to operate under proper law in Korea. I believe this is a strong, positive signal for South Korea moving forward and proving itself as the perfect testbed for blockchain and cryptocurrency on the global scene.”

Meanwhile, IT journalist Janet Cho told Cryptonews.com,

“All of the big South Korean companies involved in blockchain have been championing this amendment, and now they’ve got exactly what they wanted. The ball’s now in their court. How they, and other companies that have possibly been keeping their cryptocurrency plans secret, react in the next few weeks and months will be very telling indeed.”

And blockchain consultant Mira Kim also spoke to Cryptonews.com, saying,

“This is great news. OK, nobody will actually welcome taxes and regulations, but a lack of legitimacy is what was holding investors and big companies back. In a year, that will be gone. Now it’s a fair fight against the conventional finance industry. Game on!”

The crypto-specific portions of the bill are largely based on the G7’s FATF guidelines about how governments should police what it terms as virtual asset service providers (VASPs) – namely crypto exchanges and brokerages.


Per multiple media reports, including Maeil Kyungjae, the house voted unequivocally in favor of the bill, with 182 votes for, zero against and no abstentions.

Source> https://cryptonews.com/news/breaking-south-korean-parliament-passes-landmark-crypto-bill-5948.htm

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[ultrloa]

This is really strong week for Bitcoin, after the two good news from yesterday from Germany (Bitcoin is now a financial instrument in Germany) and India (Crypto trading ban lifted in India ), today South Korea is on the list.
I guess that was the reason for the price to move above the 9000$ today.
...and the week is not over yet

In a dramatic turnaround, the South Korean parliament, the National Assembly, has voted in favor of the country’s first cryptocurrency-specific legislation in the past few hours. (Updated at 10:20 UTC: updates throughout the entire text).

The amended Special Financial Transactions Information Act, which was approved by a National Assembly finance committee in November last year, will effectively create a framework for the country’s cryptocurrency industry.

The South Korean cryptocurrency industry has reacted positively to the news.

Simon Kim, the CEO of Seoul-based blockchain incubator Hashed, told Cryptonews.com,

“There has been great uncertainty regarding regulations in cryptocurrency in South Korea until now. However, with the new law, cryptocurrency has been officially classified as an asset class by the institutions and virtual asset operators are able to operate under proper law in Korea. I believe this is a strong, positive signal for South Korea moving forward and proving itself as the perfect testbed for blockchain and cryptocurrency on the global scene.”

Meanwhile, IT journalist Janet Cho told Cryptonews.com,

“All of the big South Korean companies involved in blockchain have been championing this amendment, and now they’ve got exactly what they wanted. The ball’s now in their court. How they, and other companies that have possibly been keeping their cryptocurrency plans secret, react in the next few weeks and months will be very telling indeed.”

And blockchain consultant Mira Kim also spoke to Cryptonews.com, saying,

“This is great news. OK, nobody will actually welcome taxes and regulations, but a lack of legitimacy is what was holding investors and big companies back. In a year, that will be gone. Now it’s a fair fight against the conventional finance industry. Game on!”

The crypto-specific portions of the bill are largely based on the G7’s FATF guidelines about how governments should police what it terms as virtual asset service providers (VASPs) – namely crypto exchanges and brokerages.


Per multiple media reports, including Maeil Kyungjae, the house voted unequivocally in favor of the bill, with 182 votes for, zero against and no abstentions.

Source> https://cryptonews.com/news/breaking-south-korean-parliament-passes-landmark-crypto-bill-5948.htm

Wow, after India the South Korea follows and this is a big news since both of the countries are big names in this industry and might to get flip the tables up.and change the game for those countries who banned crypto and might aswell they will follow to unban it.

Future is more exciting together with this news coming.

[Nadziratel]

After the positive outlook in Europe, it was the second good news coming from Asia. Crypto assets began to make more sense to humans, especially when the Corona virus was said to be risky for banknotes.

[bgaf]

This is really strong week for Bitcoin, after the two good news from yesterday from Germany (Bitcoin is now a financial instrument in Germany) and India (Crypto trading ban lifted in India ), today South Korea is on the list.
I guess that was the reason for the price to move above the 9000$ today.
...and the week is not over yet

Everyone being positive about these news but as a trader we shouldnt let our guard down as btc only making a series of bounce from its previous level. If 9k level would be retain until the end of the week, a possibility of reaching 10k again would be expected. But Im not sure if really news like this could somehow pump the price?

After the positive outlook in Europe, it was the second good news coming from Asia. Crypto assets began to make more sense to humans, especially when the Corona virus was said to be risky for banknotes.

Many countries show their support and interest worldwide, as OP mentioned becomes a trend even on some channels, but Corona virus issue still on the roam and still affecting some of the countries. Im afraid if this continue in spite of those good news in crypto would be still the same for crypto stance since this corona news are dragging the market for crypto even on stocks.

[Ailurophile]

More country are now accepting crypto and it is a great news for us.
Would this be the start of price increase on BTC and other crypto?
Just a couple of weeks before the halving and we are receiving some great news about crypto legalization.

[The Cryptovator]

I will say this is big move especially for India. Population of India isn't small and lots of people involved with cryptocurrency. From very long time it was hang decision about bitcoin legalization. Most likely we are seeing current  bitcoin price move for both countries decision's. Honestly they realized important of blockchain technology besides of bitcoin. Some more countries should learn from them especially those had banned bitcoin. Let's see if more countries become encourage for bitcoin legalization before halving, so we would see a big move for bitcoin.

[omone1]

This is a win for the community, I guess this is why bitcoin price surged upward. I expect other nations to follow suit as WHO warns that the CoronaVirus could be contacted through the banknotes, which is a great risk, they therefore advise people to go cashless. To avoid rate of bank transaction failures and TAT of transactions coupled with high bank transaction fees, Cryptocurrency should be look into and be adopted for use.

[White Christmas]

Wow what a good news right now. Good to hear that the south korea are now accepting the bitcoin trading and now it is legalized and their country because i believe that you can really make money using trading platform and which you just need to know or you just have enough knowledge on how to trade but eventually it would be a learning assumption and which you can learn it by just watching on youtube on how to trade and what are the things that you need to consider before after you trade.

[Assface16678]

Wow what a good news right now. Good to hear that the south korea are now accepting the bitcoin trading and now it is legalized and their country because i believe that you can really make money using trading platform and which you just need to know or you just have enough knowledge on how to trade but eventually it would be a learning assumption and which you can learn it by just watching on youtube on how to trade and what are the things that you need to consider before after you trade.

That was a huge adaptation today because we all know that the cryptocurrency is the widely spreading market platform that many people risking their faith and money to gain a lot of profit and some of the country today does not accept the use of cryptocurrency because of having afraid the market price of the bitcoin and the other coins by that volatile market they don't want to trust this kind of transaction and also some people stated that bitcoin is illegal and this is not safe because to the news they saw and the information they know not too much about this. Also, South Korea is one of the largest country today that accept the use of cryptocurrency and also it has considerable market changes because a third world country will now be included in this kind of transaction. We are looking forward to making more earning with this country. I hope it will help a lot with our market value or profits.

[Yogee]

The article said something about the FATF guidelines. The member countries of this organization were given a deadline to follow the guidelines correct? We should expect other news from them sooner or later.

[avikz]

I will say this is big move especially for India. Population of India isn't small and lots of people involved with cryptocurrency. From very long time it was hang decision about bitcoin legalization. Most likely we are seeing current  bitcoin price move for both countries decision's. Honestly they realized important of blockchain technology besides of bitcoin. Some more countries should learn from them especially those had banned bitcoin. Let's see if more countries become encourage for bitcoin legalization before halving, so we would see a big move for bitcoin.

Indeed! These 3 big news have probably acted as a stimulus to push the market past 9k level. It's definitely a big news for India because of its huge population and an old estimate says that around 5 million people are engaged with cryptocurrency in India. After the lift of the ban, we expect more people to join the bandwagon which will surely make the global crypto community stronger. Let's hope for the best!

[Lucius]

Indeed! These 3 big news have probably acted as a stimulus to push the market past 9k level. It's definitely a big news for India because of its huge population and an old estimate says that around 5 million people are engaged with cryptocurrency in India. After the lift of the ban, we expect more people to join the bandwagon which will surely make the global crypto community stronger. Let's hope for the best!

Good news, there is no doubt about it, but I don't think they influenced this slight increase in price. People are always looking for reasons, but what has been the reason for so many price changes over the last 3 months, from $6xxx in December 2019 to $10500 less then a month ago?

Where you get 5 million users? Some estimates say up to 1 million, but to put that number into some context, it may be best to quote one user from India.

The vast majority of the Indian population lives in urban slums and rural areas and most of them are ignorant about cryptocurrency. If the government labels Bitcoin as a currency of criminals and tax evaders, then these people will believe the government version without any reservation.

And secondly, I am not sure about the number of active Bitcoin users in India. A conservative estimate would be around 1 million. Out of that, the serious users may number around 100,000. Among this subgroup, I expect at least 80% to fall in line with the government directive and quit the cryptocurrency market. And what we can do with the remaining 20,000 individuals, in a country of 1.4 billion people?

I think India's current role in BTC is very small or relatively insignificant, because the poor are already poor and lack the infrastructure, while the rich are already rich and do not care too much for risky investments.

[stompix]

So, I was ignorant for quite a few years, not knowing that SK was still thinking how to deal with it, I thought they already hat the legal and regulation plan in place,

One thing I don't get it:

The bill, which will become effective in March 2021,

Why the hell do they need to wait for one whole year to put this in place? Damn bureaucracy!

“This is great news. OK, nobody will actually welcome taxes and regulations, but a lack of legitimacy is what was holding investors and big companies back. In a year, that will be gone. Now it’s a fair fight against the conventional finance industry. Game on!”

Hmmm, taxes?  What taxes? Why taxes?

Where you get 5 million users? Some estimates say up to 1 million, but to put that number into some context, it may be best to quote one user from India.

Probably from some cyrpto blogs that are trying to inflate numbers for click British titles or articles paid by exchanges or ICOs, remember the 20% of Turkish population holding crypto or the 30 million Americans?
I think it's a safe bet to cut a zero in all those numbers, we're still a long way from that, and I think it's actually a good thing, a lot more room to grow.

[gundala]

This is really a good fundamental signal, let alone approaching the halving moment, I can't wait for the surprises let alone come. Korea took the right step for the development of cryptocurrency and blockchain there. This has a great opportunity to influence the price of crypto assets and increase the adoption of cryptocurrency in South Korea.
This makes a good new record for the crypto world in Asia, many countries have legalized Bitcoin (with certain regulations) including Indonesia, Japan, India, Thailand, Singapore, and Vietnam. Will definitely follow other countries soon

[Artemis3]

Thanks to this, and India, the price went back to Over 9000!™

I don't know if corona virus is affecting, but it could be a side effect of the global economy slowing down. Bitcoin does not lose value when the global economy goes bad.

Did you see NASA's pictures of current China pollution? Its so ironic, how the virus made the skies clear again. All those factories closed; but that means someone is going to run out of (cheap) Chinese goods...

9k is a good value in my opinion, it might get back into 10k if the enthusiasm continues. And, halving is coming...

[samcrypto]

The article said something about the FATF guidelines. The member countries of this organization were given a deadline to follow the guidelines correct? We should expect other news from them sooner or later.

Yes, there will be more countries to announce the legalization of bitcoin and that’s a good reason for market to pump again, it seems that the mass adoption will begin this year. After India now its South Korea, i wish for more countries and I hope the Covid19 will end now so we can have a major pump again.

[Sadlife]

I think not, when the price of stocks plummet the same has happened for Bitcoin and yesterday Gold, SP500 had a price surge then surprisingly Bitcoin also had a pump so the reason for the price to hit $9000 for Bitcoin is also the stocks. I cannot think of any rational reason to why Gold, stocks are directly proportional to Cryptocurrency market.

But it's clear that Institutional investor owns cryptocurrency.

[Moshaid]

Amazing!! These are the kind of improvements and adoption most people have been craving for and seeing bitcoin breaking boundaries this new decade is something to be noted down in history. This information just made realise that bitcoin has now been added as a financial instrument in germany. Although I saw the news of bitcoin being legalised in India yesterday which hit the India mainstream. Bitcoin breaking legalisation beyond Europe is something for everyone should be working more towards.

[airdnasxela]

That's great! Another country legalized Bitcoin and it's a developed country which can effect other countries perception towards bitcoin or cryptocurrency as well. If this legalization leads to a great result, let's expect more country will try to look at cryptocurrency. It can give an impact to bitcoin and its adoption because South Korea is one of the developed country  and it can influence other country. Now I'm hoping for more country for the next coming months, years to accept Bitcoin and crypto.

[Danne87]

That's great! Another country legalized Bitcoin and it's a developed country which can effect other countries perception towards bitcoin or cryptocurrency as well. If this legalization leads to a great result, let's expect more country will try to look at cryptocurrency. It can give an impact to bitcoin and its adoption because South Korea is one of the developed country  and it can influence other country. Now I'm hoping for more country for the next coming months, years to accept Bitcoin and crypto.

I think these are the necessary measure for developed countries