BREAKING NEWS: Bitcoin Legal in South Korea!

[DLiiMa]

Bitcoin is now legal in South Korea, one of the countries with the largest crypto community in Asia. The South Korean National Assembly formally passed the "Law on Reporting and Use of Certain Financial Information" into law, and made digital currency trading and legal activities in the country, TheNewsAsia reported today. The legality of this Bitcoin requires all crypto exchanges and bitcoin trading places in the region to "comply with financial reporting requirements."

Previously, the South Korean government reportedly planned to impose a 20% tax on revenues from cryptocurrency transactions. This policy proposal emerged in 2019.

This development is evidence of proactive government involvement in the digital asset industry. Around the beginning of January, even the South Korean 4th Industrial Revolution Commission recommended that the country's financial institutions launch digital currency related services such as Bitcoin derivatives in the country.

According to the commission, as of May 2019 the daily trade of crypto assets reached more than 80 trillion won of around US $ 959.1 trillion. This amount is large enough that it is no longer possible to stop trading in crypto assets in this country.

If you can't fight it, you have to embrace it. Thus the South Korean Government must gradually allow institutional investors to deal with crypto assets and promote the over the counter (OTC) method.

South Korea's 4th Industrial Revolution Commission
South Korea's cryptocurrency regulations have evolved significantly since Democratic National Park Committee member Park Yong Jin came to power and began introducing taxation for crypto for the first time in 2017.

With Bitcoin already having legal status in South Korea, it will most likely affect the price of the crypto assets and increase the rate of cryptocurrency adoption in South Korea and other countries in Asia. Please note that Bitcoin is legal in several Asian countries, including Japan, India, Indonesia, Vietnam, Singapore and Thailand.

[Jimmy Wales]

First Japan. Then India. Now South Korea.

Slowly and silently Asian countries are discovering the fact that the only way they can compete with USD/EUR is by legalizing Crypto aka BTC. They wont ever be able to take their individual national currencies to the level of acceptance USD/EUR has. Hence, they are banking on decentralized medium of exchange.

Question is When China?

[cabron]

Congratulations to South Koreans.

First Japan. Then India. Now South Korea.

Slowly and silently Asian countries are discovering the fact that the only way they can compete with USD/EUR is by legalizing Crypto aka BTC. They wont ever be able to take their individual national currencies to the level of acceptance USD/EUR has. Hence, they are banking on decentralized medium of exchange.

Question is When China?

China will never accept BTC but will create their own as China had been developing their own crypto world. They may not allow BTC in the mainland but probably in some places like Hongkong where the business areas are. This kind of structure had been done by them in their current system. The Chinese are also creating their own digital currency so crypto must be accepted but not in the mainland.

[cryptoangel]

First Japan. Then India. Now South Korea.

Slowly and silently Asian countries are discovering the fact that the only way they can compete with USD/EUR is by legalizing Crypto aka BTC. They wont ever be able to take their individual national currencies to the level of acceptance USD/EUR has. Hence, they are banking on decentralized medium of exchange.

Question is When China?

China is little difficult to accept Bitcoin, Already many peoples are struggle in China because of coronavirus so it take sometime and all the countries are accepting soon. Yeah I am also see yesterday India accepting the crypto currency and today South Korea, what will next so most of the popular countries are accepting Bitcoin it make big noise in Crypto market. I hope as soon as possible it will be globalised.

[BrewMaster]

Question is When China?

China has already accepted bitcoin and it has been legal for many years, i believe from back in 2011 up until now. there is still some areas that need regulations to put an end to the very long FUD about China and bitcoin laws that have been circulating the internet nearly as long as bitcoin existed.

[kryptqnick]

I wonder why this information wasn't picked up by popular media portals that publish articles about cryptocurrencies... From what I've read it also seems that it will take a lot of time before this actually starts working:

With the amendment now passed by the National Assembly, South Korea’s President Jae-in Moon will now sign the amendment into law within the next one year, after which there will be a grace period of six months for all entities to comply with the new law.

It also seems unclear what impact it's going to have because the specific requirements related to making it fully legal are unknown. For instance, will the profits be taxed? If yes, how heavily? Is it the end of anonymous usage of Bitcoin in the country, will KYC be enforced all the time to combat money laundering? And depending on what it really means, this decision can lead to different consequences for the market and Bitcoin adoption.

[Wexnident]

China has already accepted bitcoin and it has been legal for many years, i believe from back in 2011 up until now. there is still some areas that need regulations to put an end to the very long FUD about China and bitcoin laws that have been circulating the internet nearly as long as bitcoin existed.

The others are probably pertaining to its usage as a cryptocurrency. Bitcoin is relatively understood as a "virtual property" and only that in China, probably just like how items from games that could be sold in virtual markets are. Not to mention the fact that China avidly reduces the influence of cryptocurrency in their country by banning ICO's, exchanges, and even the mining of BTC itself.
Ngl, just fixing the regulations isn't going to end it. The country itself does not recognize BTC because of the fact that there's nothing back them. No official institutions, no proof of it actually "existing", hence its inability to function as a currency. They need to change that mindset of theirs if China wants to adopt BTC, though I doubt it could happen with them developing their very own.

Few articles I found about how China stands on BTC:
https://www.investopedia.com/news/bitcoin-banned-china/
https://www.coindesk.com/cryptocurrency-in-china-over-the-counter-under-the-table

[dothebeats]

Knowing that they were a key part into the 2017 bullrun, and there are keen traders and enthusiasts from the said country, it is not far from reality that their government would make bitcoin legal. South Korea is full of level-headed officials that actually knows what they're doing, so it is bound to happen anyway IMO and it was just a matter of time.

Question is When China?

They'll just play the teasing game and would not pull the trigger unless most of the countries are into it.

[Artemis3]

First Japan. Then India. Now South Korea.

Slowly and silently Asian countries are discovering the fact that the only way they can compete with USD/EUR is by legalizing Crypto aka BTC. They wont ever be able to take their individual national currencies to the level of acceptance USD/EUR has. Hence, they are banking on decentralized medium of exchange.

Question is When China?

About time Korea got in. It was strange they had such ambiguity with so many investors there interested, and the various exchanges etc.

China will take longer, because politicians there are even stronger, but its only a matter of time. Let them be surrounded and notice how wealth goes to others instead, for them to finally get it.

Blocking bitcoin means blocking wealth, pure and simple. The politicians that don't get it by words, will get it by numbers.

Lets just say Korea now has acquired an additional competitive advantage over China.

Of course it depends on their levels of "regulation". The more the State meddles in, the less effective. Such as that 20% tax... not good.

[Welsh]

About time Korea got in. It was strange they had such ambiguity with so many investors there interested, and the various exchanges etc.

China will take longer, because politicians there are even stronger, but its only a matter of time. Let them be surrounded and notice how wealth goes to others instead, for them to finally get it.

Blocking bitcoin means blocking wealth, pure and simple. The politicians that don't get it by words, will get it by numbers.

Lets just say Korea now has acquired an additional competitive advantage over China.

Of course it depends on their levels of "regulation". The more the State meddles in, the less effective. Such as that 20% tax... not good.

I think you're underestimating the very nature of the Chinese government. They aren't known for allowing their citizens to control anything that they would rightfully own in other countries, and I don't think they would be prepared to give a decentralised cryptocurrency the green light any time soon. Maybe, in the future if there are big changes internally for China, but currently their country looks to impose control of its population in every sector possible.

[camito]

Bitcoin is now legal in South Korea, one of the countries with the largest crypto community in Asia. The South Korean National Assembly formally passed the "Law on Reporting and Use of Certain Financial Information" into law, and made digital currency trading and legal activities in the country, TheNewsAsia reported today. The legality of this Bitcoin requires all crypto exchanges and bitcoin trading places in the region to "comply with financial reporting requirements."

Previously, the South Korean government reportedly planned to impose a 20% tax on revenues from cryptocurrency transactions. This policy proposal emerged in 2019.

This development is evidence of proactive government involvement in the digital asset industry. Around the beginning of January, even the South Korean 4th Industrial Revolution Commission recommended that the country's financial institutions launch digital currency related services such as Bitcoin derivatives in the country.

According to the commission, as of May 2019 the daily trade of crypto assets reached more than 80 trillion won of around US $ 959.1 trillion. This amount is large enough that it is no longer possible to stop trading in crypto assets in this country.

If you can't fight it, you have to embrace it. Thus the South Korean Government must gradually allow institutional investors to deal with crypto assets and promote the over the counter (OTC) method.

South Korea's 4th Industrial Revolution Commission
South Korea's cryptocurrency regulations have evolved significantly since Democratic National Park Committee member Park Yong Jin came to power and began introducing taxation for crypto for the first time in 2017.

With Bitcoin already having legal status in South Korea, it will most likely affect the price of the crypto assets and increase the rate of cryptocurrency adoption in South Korea and other countries in Asia. Please note that Bitcoin is legal in several Asian countries, including Japan, India, Indonesia, Vietnam, Singapore and Thailand.

Now South Korea set the bar for the legality of Bitcoin. Even before, the country was known as a good player in the crypto world in Asia and now, the seem to be difficult to reach peak was achieved. We don't need to make Bitcoin or any form of cryptocurrency as the only form of currency to be known by a country. Rather, like what SK did, it was another form of asset that is therefore subjected to taxation. With this big news in the crypto world, I think more Asian countries would have the guts to actually take on the impossible. There can always be trial and I know, each government has their own big minds for the investigation of the life of Bitcoin in their country. On the other hand, the Sleeping Giant of Asia, China, as far as we speculate is creating its own form of currency which is possible because they have the guts and power. I think in a span of time, countries would be participating in the competition as well but this news, at present, is a big news for crypto investors and users.

[boltz]

Nice! It was about time for South Korea to make Bitcoin legal. No wonder why they have the best internet in the world and all the "alien" tech so making Bitcoin legal was kinda obvious but it took longer than I expected. I hope that this will encourage more people to have a look at Bitcoin and implement the same example as South Korea but the world nowadays is more concerned about Coronavirus... .

I wonder how much longer will China take before it looks upon Bitcoin as a legal currency ? It may take longer than expected.

[nicecrypto]

Was it illegal before? I don't understand, I thought south Korea are one of the crypto friendly country with high rate of crypto supporters,
The good news keep pouring in now hey! Yesterday it was about the India government uplifting the ban on crypto, now south Korea with another positive news,
Let's hope all this positive news will support btc in a positive light.

[jossiel]

Question is When China?

The ICO's has been stopped by them during the entire bull run but I don't think they have ever banned bitcoin. Huge mining facilities are coming from that country so it has been a good country for bitcoin.

Was it illegal before? I don't understand, I thought south Korea are one of the crypto friendly country high rate of crypto supporters,

I'm also thinking the same question because we've been hearing good and bad news from them about cryptocurrency. The bad news is about the taxation and the exchange hacks.

[MendozaCharles]

This event takes place a day after the Indian crypto ban, imposed by the RBI in 2018, was lifted. This also provoked a bullish reaction from the community. Many believe the lifting of the Indian crypto ban, along with the halving that is going to take place in just over two months, may trigger a significant BTC price surge in the long term.

[Mulann2]

This event takes place a day after the Indian crypto ban, imposed by the RBI in 2018, was lifted. This also provoked a bullish reaction from the community. Many believe the lifting of the Indian crypto ban, along with the halving that is going to take place in just over two months, may trigger a significant BTC price surge in the long term.

This are not only the good news that keep coming about crypto, there are other related news as well that I see on some telegram channel I follow about crypto, I think there will be lots of positivenes in this space this year than the previous,
Maybe soon there will be new investors coming in with all this exciting news lately,
The road to adoption is coming closer by the day, slow and steady win the race

[Artemis3]

About time Korea got in. It was strange they had such ambiguity with so many investors there interested, and the various exchanges etc.

China will take longer, because politicians there are even stronger, but its only a matter of time. Let them be surrounded and notice how wealth goes to others instead, for them to finally get it.

Blocking bitcoin means blocking wealth, pure and simple. The politicians that don't get it by words, will get it by numbers.

Lets just say Korea now has acquired an additional competitive advantage over China.

Of course it depends on their levels of "regulation". The more the State meddles in, the less effective. Such as that 20% tax... not good.

I think you're underestimating the very nature of the Chinese government. They aren't known for allowing their citizens to control anything that they would rightfully own in other countries, and I don't think they would be prepared to give a decentralised cryptocurrency the green light any time soon. Maybe, in the future if there are big changes internally for China, but currently their country looks to impose control of its population in every sector possible.

They will, for the same reason they opened their economy rather than continue the dogmatic socialist centralized nonsense. Sure it won't be quick, last time it wasn't until Mao Zedong died, that Deng Xiaoping started the economic reforms. Perhaps some remaining old dinosaurs need to go, or perhaps a revolution would occur like you suggest.

Thing is the economic disadvantage of refusing bitcoin is going to matter, and just like some other countries took and are still taking their time, they will end admitting defeat because the reality (numbers) talk better than the politicians.

And, its not like they don't have internal pressure. Things under an oppressive regime simply take much longer, but eventually they will find it useless to resist, like they found useless to oppose capitalism and ended embracing it, so will they embrace Bitcoin, even if they oppose it at first.

Note that bitcoin is controlled by no one, no govs, no institutions, no banks, no millionaires. The code governs it, and you know how hard it is to change its rules without everyone approving. So its not like the citizens would "control it" either. Very likely they will adopt a ton of useless regulation that seem to appease the average politician. If anything, its about the government losing control over the money, and that is good because that way things remain transparent and clear. If you over-budget, fix it without ruining everyone's money, that practice has to end.

[Zemomtum]

Gradually, we are now seeing countries adopting Bitcoin legally, last week an Australian court accepted digital currency as collateral. Slowly and steady, the adoption is coming in gradually.

[FaithInCrypto]

This is good news for cryptocurrency. I recently read that India lift the ban for Bitcoin/crypto and now it's South Korea. It's a good thing that they are beginning to accept crypto and at least it won't be tagged as an illegal thing nowadays. Looking forward to other countries that will follow.

[meanwords]

Congratulations to South Koreans.

First Japan. Then India. Now South Korea.

Slowly and silently Asian countries are discovering the fact that the only way they can compete with USD/EUR is by legalizing Crypto aka BTC. They wont ever be able to take their individual national currencies to the level of acceptance USD/EUR has. Hence, they are banking on decentralized medium of exchange.

Question is When China?

China will never accept BTC but will create their own as China had been developing their own crypto world. They may not allow BTC in the mainland but probably in some places like Hongkong where the business areas are. This kind of structure had been done by them in their current system. The Chinese are also creating their own digital currency so crypto must be accepted but not in the mainland.

Who knows? Maybe they will accept Bitcoin too when time comes? because as long as Bitcoin popularity hits the mark, then maybe their government will have a change in their mind to accept Bitcoin again? it's not like Bitcoin will just perish in the future. Bitcoin is here to stay and more countries are sure to accept Bitcoin, we just need time. Also, it's not like China's citizen hasn't accepted Bitcoin anyway, they do and they are taking advantage of it.