Plan to Ban Cryptocurrency in South Korea

It wasn’t nosy at all! :smiley: In fact, it’s nice that you’re interested. :blush: :blush:

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I am glad I asked then. :slight_smile:

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Here is a map of global crypto regulations.

So except China and Korea they’re mostly unregulated.

Seems like it! :confused: I’m just surprised that Japan doesn’t have tight regulations yet after the hack. :thinking: :frowning:

Japan is going full steam ahead to put cryptocurrencies in the mainstream, as far as I know.

Hmm. Sorry. :frowning: I’m not so sure about what the implications of this would be. :frowning: Could you talk me through it some more? Huhu :sweat_smile:

I think that last year I heard some news about them wanting to approve cryptocurrency payments in stores and the like. I haven’t actually heard about it since, so I may be wrong. We’ll see.

That’s interesting! :slight_smile: I’ve been HODLing my BTC so I haven’t been very active when it comes to news about it. :stuck_out_tongue: But I’d check this out. :nerd: Hahaha. I think it’ll be pretty cool to see that happening. :smiley: I think there might be some restaurants here that already accept cryptos for payments? :slight_smile:

I have no idea, to be honest. You’ll need to check, but I am not sure things have advanced that much.

Ahead of the G20 meeting of global finance ministers in Buenos Aires, Bloomberg compiled an overview of what major countries are doing right now in terms of cryptocurrency regulation.

The compilation notes that most of the world’s crypto trading happens in Asia, in particular, Japan and Hong Kong. In Canada, ICOs are treated as securities and stock exchanges have become popular destinations for crypto-related stocks and ETFs, while crypto trading in the U.S. takes place in a legal “gray area.”

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Thanks for this @Cryptopotamus! :smiley: :smiley: I’m pleasantly surprised that my country’s (Philippines) kinda active when it comes to crypto regulations. :stuck_out_tongue: Hahaha. I mean, as compared to the others, I guess. Haha. :smiley:

Yes you are right, regulations threats will keep haunting crypto traders in the upcoming years also.

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An update on the situation in South Korea - the country legalized cryptocurrencies.
According to a new piece of legislation adopted by the South Korea National Assembly, all crypto exchanges in the country will have to obtain a license from the Financial Services Commission (FSC) of South Korea and the Korea Internet & Security Agency (KISA).

The Special Financial Information Law de facto legalizes crypto trading and makes it obligatory for all crypto exchanges to follow the Financial Action Task Force (FATF)- recommended anti- money laundering (AML) and counter- terror financing (CTF) provisions.

This is welcome news, as is the regulation from ESMA and BaFin. As much as the die hards rail against regulation, you need a stable footing for the crypto market’s foundation. If you don’t have that, we’ll continue to hear about scams. And hopefully regulation will also make the exchanges focus on security of their infrastructure, so hacks become less of worry.

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I agree completely. Regulation makes trading safer.