New South Korean president is pro-Bitcoiner and vows to deregulate the industry

[Lucius]

It is not possible to say without knowing what plans they have. But speaking of de/regulations the nonsense politicians say before election is not something we can rely on. Not to mention that certain things in "crypto" market require even stricter regulations, for example the mess called ICO (and all the alternative names all the way to DeFi and NFT) need an outright ban and the altcoin market needs to be restricted because people have proven to not be able to handle it being unregulated and  the result has been billions of dollars worth of scams.

I am glad that someone agrees that such things should be regulated even more strictly, because it has turned into a global mess that has no end in sight. And if it goes on like this, it's only a matter of time before the next scandal happens, and the worst thing about the whole story is that people think Bitcoin is to blame for all the bad things that happen - and when people lose money, they have to find the culprit.

When it comes to losses, it would be good if it was only a few million dollars, the thing is unfortunately much larger and measured in tens of billions of dollars only in the case of Kwon, and in total, with DeFi/NTF we can talk about hundreds of billions.

[1715631119]

1715631119

[kryptqnick]

I agree about stricter regulations, especially to ensure that scam practices are illegal, and that crypto scammers can be properly prosecuted. I don't, however, support an outright ban. Ethereum was an ICO. Had the ICOs been banned, we probably would not have got even the #2 coin of the crypto market, let alone a handful of others which aren't total garbage. Also, as for NFTs, I know Ukrainian foundations and also the government if I believe correctly use NFTs to fundraise for humanitarian and military causes to combat the effects of the war. So, again, had they been outright banned, way less money would have been gathered for a cause which I believe deserves support (and I'm pretty sure that most wouldn't argue that at least raising money for humanitarian relief is a good cause).
I don't know what we'll see in South Korea and how much power the president really had over such matters as financial regulations there, but we'll see.

[dogemoon]

reserve definition:


1. a supply of a commodity not needed for immediate use but available if required.

[eaLiTy]

~
He vows to “deregulate” the digital asset industry. But what does this mean for the South Korean crypto market about “deregulation”. Is this good or bad in the long run? And how does the international market gonna react about this statement from the newly-elected South Korean president?

I am yet to understand how he is planning to deregulate the cryptocurrency market in South Korea, does it mean anyone can run an exchange without any KYC requirement and even if the exchange run away there is nothing they can do about that, or anyone can conduct an ICO/ IDO whatever name you call them without any restrictions. I am yet to understand his vision and it is better to comment after that.

[_BlackStar]

My first response to the news was that it was great, it would be useful for bitcoin and its future. Crypto-friendly regulations will bring many people to the market as investors as well as traders. Obviously it will affect the market due to increased demand but we don't know exactly what the end result will be even if it is good. But now the market is reacting the other way around, and we can think that even certain countries are supportive or pro-bitcoin then will not be able to keep the price from dumping because it all depends on supply and demand.

I am yet to understand how he is planning to deregulate the cryptocurrency market in South Korea, does it mean anyone can run an exchange without any KYC requirement and even if the exchange run away there is nothing they can do about that, or anyone can conduct an ICO/ IDO whatever name you call them without any restrictions. I am yet to understand his vision and it is better to comment after that.

Yes, we really don't know what he's doing, but I think even if they had trader and investor friendly regulations, then cryptocurrencies wouldn't be decentralized for them. This means that the government will not allow the economy and the circulation of money to get out of control, it is very unlikely.

[wiss19]

Why you seem unsure if this is a good thing or bad thing when you already said that he is a pro bitcoiner? Is the article not full and it's not stated if the deregulate word that they mean is to make bitcoin fully decentralized on their country but still continue to allow it?

Because, it can also mean that he deregulate it and won't support btc anymore on their country as we know that most countries allow bitcoin for one condition and that is to regulate it so that they can protect the consumers but charged some fee in exchange for it via tax. The international markets can react positively if this means positive or can also react negatively if it was the opposite.

[Afterclap]

As the crypto market, especially bitcoin, is quite popular in Korea, many people in the country use crypto. However, South Korea also reported a large number of cases where native computer hackers and dark web workers were reported to manipulate the crypto market. Prosecutors even demanded criminal punishment for manipulating the crypto coin values. However, this plea was dismissed, but nonetheless, they were all punished.

The new president of korea- Mr. Yoon Suk-yeol was a bitcoin trader, as well as a former law prosecutor. His wife is also a businesswoman. No doubt, their level of position have made them quite educated about the market conditions.

[asimi.io]

This is quite precise, Korea is one of the countries that like bitcoin and ought to be let go off any sort of regulations that steps the boom of them. South Korea is one of these nations that became brink of now not being even current, and yet they in some way controlled to continue to exist and no longer simplest continue to exist but become a international kingdom.

[Zilon]

Source: https://www.analyticsinsight.net/will-south-korea-again-lead-the-crypto-market-with-its-pro-crypto-president/

Clearly the newly-elected president from South Korea is from the opposition party who is pro-BTC. He vows to “deregulate” the digital asset industry. But what does this mean for the South Korean crypto market about “deregulation”.

without sentiment this is a boast to the crypto market and a free will to investment in South Korea as well as a boast to the South Korean economy

Is this good or bad in the long run? And how does the international market gonna react about this statement from the newly-elected South Korean president?

I wanna hear some opinions from the community here.

P.S How I wish our next president of the Philippines will be a pro-Bitcoiner too. Elections is less than 2 months away.

On the long run this privilege will be abused and misused by scammers and might become a gateway for cyber-theft. In as much as Bitcoin needs massive adoption giving it the complete privacy it posses by any government is a big risk. What else do we expect from the international market if not a frown or threats from IMF and their counterparts.

[lepbagong]

actually both candidates are very pro BTC, in contrast to the previous president who was not pro BTC, but in the end the choice of the president of South Korea fell to Yoon Seokryul. Of course the positive impact is clearly seen with the increase in ICX which indicates that the market is accepting of this.
Hopefully with the election of a new president who is pro BTC, he will be able to regulate regulations that may be less pro-BTC, and will fix them.
I believe the international market reaction will not have any impact, if any, will only be small, on what a country does to the existence of bitcoin.
It is clear that South Korea is now entering a new era of leadership and it will have an advantage for crypto enthusiasts there.