BREAKING NEWS: Bitcoin Legal in South Korea!

[Darker45]

Is Bitcoin not yet legal in South Korea before this amendment was passed?

I guess this new amendment is more focused on exchanges and other business entities which are involved in the trade of cryptocurrencies rather than on the legalization of Bitcoin itself, more particularly on the financial reporting of these entities and related transactions.

If I am not mistaken, Bitcoin is already accepted in South Korea. As a matter of fact, there are already a handful of cryptocurrency exchanges legally operating in South Korea for quite a while. We have Bithumb, Coinone, Upbit, and a few more.  

[minairia3]

First Japan. Then India. Now South Korea.

Slowly and silently Asian countries are discovering the
Question is When China?

China has been legalized crypto since they release some news on potential of blockchain. So doesnt necessarily needed to mentioned. Most recent news prove that adoption is immense when it comes to legalization but what bothers me is the fact that even with these announcement some country still open for a huge debate regarding risk of the crypto. Like many others not all can be easily convinced with legalization as potential risk of crypto is still possible as illegal activity continously happening even with this. Punishment for violators should also be encourage on amendments of different rules these countries laid.

[amishmanish]

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.

80 Trillion WON would be 6.72 Billion USD on today's rate of 1 USD = 1190 WON, Not 959 trillion. How could that even be a typo..lol..

Please note that Bitcoin is legal in several Asian countries, including Japan, India, Indonesia, Vietnam, Singapore and Thailand.

Supreme Court of India quashed the directive from central bank which had banned banks from providing fiat liquidity to business entities dealing in crypto. This led to flow being limited to p2p buying and selling. This says nothing about the legality though or what may happen in the future. The legislation from South Korea is a central assembly legislation while the Indian lawmakers were until recently sitting on a bill to ban cryptocurrencies.
Its our hope that after this supreme court decision, these idiots will step back and rethink legislation in line with Korea. Thanks to Korea for leading the way.

[BlackFor3st]

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.

This only means that we are nearing in the future where we will be using digital assets as means of payment. With the South Korea action, it will surely boost the investors in crypto and the demand will surely increase especially if more people from South Korea will engage in crypto investment.

Upon the legalization, it will be good also if they will start to educate their people on how to use crypto currencies so the people will know how to invest their money and they will fall to the hands of the scammers. More and more countries are now embracing the crypto currencies, I am hoping other countries who are not yet fully open to crypto will follow soon.

[yohananaomi]

This is certainly very encouraging news and ensures that bitcoin is indeed recognized and can bring change to legalizing countries. for a country with quite good technological progress after China, of course South Korea will have a value that can make bitcoin spread to other countries.
of course we are waiting for other news about bitcoin because the influence of South Korea is quite seen in the world.

[Reatim]

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?

Don't look for impossible mate because china would rather choose other currencies or create their own than to adopt bitcoin.

they are now using Blockchain technology as what the news tells last year but bitcoin?i'm afraid they dont have any plans or not in the several years to come.

but let us enjoy the positive news because just days ago India lift the banning of crypto and not here we are Korea joined the news surely there will be next .

[davis196]

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?

Nope,they can't compete with USD/EUR and they aren't even trying.Asian countries just "discovered the fact" that it's better to legalize crypto trading and get some tax revenue out of it,rather than keeping it illegal and getting 0 tax revenue from that expanding industry.It's all about the interests of their government,they still don't care about Bitcoin and mass Bitcoin adoption.Nevertheless,this is good news.
China will accept Bitcoin,only if their own "governmentcoin" crypto project fails.Let's see what will happen.

[Strongkored]

When I read the title I thought of something out of the ordinary, but it became normal after reading the entire explanation of the OP.
What happened in South Korea already happened earlier in my country Indonesia, legalization is only limited to transactions on the exchange not on acceptance as a legal payment instrument.
It would be great if the countries that already accepted Bitcoin also started to make regulations about the acceptance of Bitcoin as one of the means of payment so that many shops or retailers will accept it.

[xvids]

First was India and now South Korea let's hope more other country would continue to legalize Bitcoin,
More country would follow their step for Bitcoin adaptation it would help a lot for the market growth.
For me it would help for the long term price growth it would be more stable than before.

[Tash]

First Japan. Then India. Now South Korea.

add french
https://7bitcoins.com/french-court-recognizes-bitcoin-as-currency/
and Indian Bank gets bailed out
https://www.bloombergquint.com/business/india-said-to-approve-plan-for-state-bank-to-buy-yes-bank-stake

[Twinkledoe]

When I read the title I thought of something out of the ordinary, but it became normal after reading the entire explanation of the OP.
What happened in South Korea already happened earlier in my country Indonesia, legalization is only limited to transactions on the exchange not on acceptance as a legal payment instrument.
It would be great if the countries that already accepted Bitcoin also started to make regulations about the acceptance of Bitcoin as one of the means of payment so that many shops or retailers will accept it.

The OP should include his reference also as to where he got the information. But checking crypto websites, I found these links and you can read more to confirm the news. I really thought that bitcoin is fully legal in south korea as I have encountered several Korean crypto exchanges in the past, they even have the BTC/SK Won pair. Now that they are in full blast, the KYC/AML will be done by crypto exchanges also.

https://btcmanager.com/breaking-cryptocurrency-legal-south-korea/

https://bitcoinist.com/crypto-trading-legalized-in-south-korea/

https://www.newsbtc.com/2020/03/05/its-bullish-for-bitcoin-but-crypto-was-already-legal-in-south-korea/

[slaman29]

I always thought Bitcoin was already legal there. If I understand correctly this just means now that crypto exchanges can be legal as long as they qualify by reporting or getting their special permits, as in, they will now be monitored.

As Tweet above said, crypto already cool with South Korea. Let's not make this a super big thing.

[AniviaBtc]

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.

It is impossible for China to do that, even if we become optimistic when it comes to this, the probability that they will legalized bitcoin in their country is very low. Unlike in India, the latest news said that they already accepted cryptocurrency in their country with the help of the people who uses and support cryptocurrency. India is the 2nd largest population in the world and look, they already legalized cryptocurrency, also in South Korea. There are many good news related to crypto are spreading faster and become a trending. I hope that the value of bitcoin also become developed and become higher again so that it will attract people to use it and know the advantages of it to their economy.

[joinfree]

Yes, but I think it's rather in terms of mining and trading of cryptocurrencies. This is great news as there are numerous number of Korean projects that could use the services of exchange platforms and over the counter platforms as well. The cost of electricity is also very cheap in Korea and this can also help make the mining of bitcoin decentralized apart from having a very large number of miners located in China.

[YOSHIE]

First Japan. Then India. Now South Korea.

Yes, you are right, I also saw in the past week, more than a few countries have added a Green light to crypto in 2020, I am sure there are some countries that want to try like Korea.

If I see, think, crypto 2020, it will increase and be brilliant, given that some of the top countries have turned on the green light for crypto in the last few days, In this case it becomes a positive straw for other countries if the news about Korea makes crypto illegal at the moment.

[GideonGono]

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 a little stubborn and last time I heard news about China regarding cryptocurrency is that there are creating their own government-backed cryptocurrency. I think they don't like to be not in control since Bitcoin can't be controlled that easily. I don't know what motivation that could possibly change its mind. Seems like their neighbors are more open minded than they are. I expect that more would follow especially here in Eastern and South-East Asia where Bitcoin legalities are coming up one by one and countries who didn't ban nor support crypto are on their way to enact a law to improve the status of cryptocurrencies in their respective countries.

[Slow death]

First Japan. Then India. Now South Korea.

India has not legalized bitcoin, it just allows people to use bitcoin. legalize Is create laws and these laws are passed in parliament

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.

To my knowledge only Japan and South Korea are the ones that will legalize bitcoin. other countries only allow people to use bitcoin

Question is When China?

wait 15 years from now. china will not legalize bitcoin anytime soon. the maximum that can happen in 5 years Is: china will allow people to have exchanges in china again

[FlamingFingers]

This is a welcome development, kudos to South Korea government,  a huge news for crypto lovers in South Korea,  bitcoin is gradually gaining the attention it requires, two days ago India lifted the ban on crypto trading, a ban which was placed in 2018, It seems that the the Indian government realize the importance and impact of trading cryptocurrency will bring to the country positively. I believe within the next 5 to10 years bitcoin adoption would have gone more than we expected.

[gundala]

This is a welcome development, kudos to South Korea government,  a huge news for crypto lovers in South Korea,  bitcoin is gradually gaining the attention it requires, two days ago India lifted the ban on crypto trading, a ban which was placed in 2018, It seems that the the Indian government realize the importance and impact of trading cryptocurrency will bring to the country positively. I believe within the next 5 to10 years bitcoin adoption would have gone more than we expected.

There is a lot of good news this week, right ... moreover, everything is related to the legality of cryptocurrency, this can be a supporting factor for the trend up, and yes get ready for halving and big pump. Cryptocurrency in South Korea has developed quite well since it was first mentioned in 2017 regarding the taxation system there. There is also a lot of crypto-asset trading there, so this is a good step for wider cryptocurrency adoption.

[Qcrypto]

Germany as well

https://crypto-potential.com/post/germany-recognizes-bitcoin-as-a-legal-financial-instrument