South korean allow Crypto |Singapore allows 6 months license free

[SUMBI99]

South Korean government approved a regulatory framework for cryptocurrencies, one among the largest banks in the country preparing to launch different crypto services. KB Kookmin Bank has applied for trademark registration, reportedly listing over 20 crypto services on its application.

https://news.bitcoin.com/korean-bank-crypto-services/

The Monetary Authority of Singapore has granted an exemption from holding a license to a number of cryptocurrency companies operating in the country under the new Payment Services Act. Among the companies benefiting from this six-month grace period are Binance, Coinbase, Gemini, Bitstamp, Luno, Upbit, and Wirex.

https://news.bitcoin.com/singapore-crypto-license/

[leea-1334]

The South Korean news is old is it not? This was already big like a few weeks ago if I am not mistaken. And Singapore to give 6 months of without license is not exactly the correct headline. We already knew this a long time ago as well, it is just the way the law is,,, for all businesses.

[Kemarit]

The South Korean news is old is it not? This was already big like a few weeks ago if I am not mistaken. And Singapore to give 6 months of without license is not exactly the correct headline. We already knew this a long time ago as well, it is just the way the law is,,, for all businesses.

Yeah, the South Korean news was old, I think it was about the same time that India's Supreme Court has overturn RBI's ban. And I think the South Korean regulations has somewhat similar to Japan (and probably pattern it after them).

And according to the article posted.

Under the new law, South Korean cryptocurrency exchanges must use the real-name system by partnering with a financial institution that can provide this service. Banks will be obligated to conduct customer due diligence on the crypto businesses they deal with, ensuring proper reporting to the Korea Financial Intelligence Unit (KOFIU).

Crypto exchanges just need to be very transparent so that in case those exchanges are hacked, the people behind are going to be responsible.

[Harlot]

Upon carefully reading the article I find it hard to see this as some kind of "exemption" as what the article says it is rather I see this as some kind of deadline for the new payment services act that MSA has established recently. Obviously this already existing entities in Singapore will be operating License-free to begin with since they payment service act is relatively new compared to their existence, the "grace period" they are talking about the article is obviously the grace period for this company to properly file and register in order to obtain the new license to operate in there country.

[hugeblack]

I don’t know what the relationship is between the two topics, but the legislative laws in many countries are still unclear due to the absence of an agreed regulatory framework or standard between all countries. Therefore, many platforms operate according to the financial regulation laws currently until they are banned from providing services or that they are prepared New legislative laws.
Consequently, the two topics talk about enacting more legislation that may not be compatible with the platforms, or they may be strict enough to make the platform move to another location.

[Theb]

I don’t know what the relationship is between the two topics, but the legislative laws in many countries are still unclear due to the absence of an agreed regulatory framework or standard between all countries. Therefore, many platforms operate according to the financial regulation laws currently until they are banned from providing services or that they are prepared New legislative laws.
Consequently, the two topics talk about enacting more legislation that may not be compatible with the platforms, or they may be strict enough to make the platform move to another location.

The OP might just posted articles in relation to positive legal news for crypto moving forward in both countries. While I do have to agree with you that some laws by countries have been proven to be unfavorable to crypto businesses there is no denying that some countries have big markets for the industry which still allows them to operate smoothly in that country. Countries like the USA and China for example have been in this tag-o-war with crypto regulations yet we still see crypto husinesses and ICOs prosper in this countries. As long as the regulation allows them to have some movement I lnow that thos businesses and projects will find a way to operate.