Good news from South Korea. 12 days ago I wrote about how some exchanges had been raided by Tax agencies and police and up until now things had been a bit uncertain from the officials. There were rumors that South Korea was going to ban cryptocurrency trading in general as they believed it was gambling, but those were found to have been manufactured and some officials had been trading on inside information before releasing these rumors. After the inspections the Financial Intelligence Unit (FIU) is also preparing anti-money laundering guidelines for cryptocurrencies.
Now the news has broken out that banks are again ready to provide services to exchanges but they want to be strict about people trading anonymously and eliminate virtual accounts on exchanges by enforcing them to use real names when signing up.
Regulations are coming and as we have seen with many other exchanges over this and last month they are requiring their costumers to verify so that no shady business can be had. The Korean Financial Services Commission (FSC) also want the exchanges to share their data of their customers with them, quoting the FSC:
Banks are expected to introduce the system, which will require cryptocurrency exchanges to share users‘ transaction data with banks, late this month or early next month.
Using real names which enables exchanges and banks to Know your Customer (KYC) and being able to track transactions of block-chain assets somewhat it will make it easier for them to also tax the customers.
Some people may not like regulation and knowing that many who initially got into cryptocurrencies because of this "advantage" are not going to like these changes but I personally believe that regulation will be good for the potential long term of the currencies and technology. I also believe that these changes will make it more secure for investors who have been sitting on the sidelines waiting to make their moves into the technology.
Knowing that South Korea is a country with most of the trading volume these changes might get a lot of speculators and investors to trade into anonymous cryptocurrencies in an effort to hide their profits and/or wealth from taxation.
We are banning Cryptocurrency !!!!!
Wait... What? Our countries wealth is going down the drain?!!!
UHH... Just Kidding... We really didn't mean that we wanted to ban cryptocurrency....
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Yes it really shows how schizophrenic Korea is. Make up your bloody mind . Just eat some Kim Chi with Kim and stfu
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Dang i wish i had a vote like that to use, how did you get so big? Tell me your secrets 😉
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Take your entire life savings and retirement savings, sell your car, sell your stuff, sell everything, get as many loans as you can, borrow from friends and family. Then buy STEEM. Pay everyone back in 1 month.
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Most people have two kidneys, have blood or plasma, and also reproductive materials!
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lol, a bit too far. :p
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I have 5 kids, i dont need these dangling things anymore..... Any takers?
I heard a place was paying $70k a piece a long time ago for a trial..... I will sell both if you pay for replacements lol
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Kidney beans? Wives? Udders? Nuts? Kinders? Hair?
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Steel and flint, that way when i run i can shoot sparks out my ass.... Lol
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My wife would kill me lol, but you do give me things to think about.... Thanks
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you guys are crazy 😂.
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I am thinking so
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Ha! Interesting how the funniest things are true.
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This is why i don't panic and worry when i hear most FUD. They just trying to drive the market down to better their entry positions.
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So? What do we get out of this?.....
Well it looks like steem and SBD are about to be on the rise again as soon as they open up the market for them again. All the volume that will be gulped up by a few whales alone will help with our value. Plus all the little guys that will gather together and get as much as they can.
We should see a great rise in the price (hopefully) that allows a few of us Plankton to graw to at least be bigger minnows.
Here is looking to the future, hopefully South Korea treats us well...
-Patrick
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We are likely in for a dip to ~8k in the coming days (between Jan 24-26 due to the Chinese New Year annual crash pattern + the first CME shorts expiring) with a quick bounce back to current levels before the end of Jan, and a steady movement upwards starting in Feb reaching ~14k mid month which becomes a new floor to build from, leading to a steady growth through the spring and summer with BTC reaching ~40k USD in July/Aug. Should be interesting!
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indeed!
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thanx for sharing the valuable information. really it is a very good news for crypto and after 26th January btc gonna boom again since futures contract expire on that day
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All it comes down to is that the government want their cut as well - a lot of nice money flowing in through crypto. If a country completely welcomes crypto I definitely think they will be way ahead in the future, plus all the residents can get more money - which means more spending and taxes - should be a no brainer from a financial standpoint
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Hey
I think you are bang on with this
Initially, the news won't be liked by some, but for future growth and solidity it makes sense to me.
Not sure we've seen the last of the headline news around crypto, safest thing to do seems to be to power up here what you don't need to live off and wait til the dust settles.
Cheers!
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its very informative post. so thanks for sharing...keep it up
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hahaha China did the same thing last year. PBOC and south Korea are nuts lol
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The authorities don’t seem to want to ban crypto, just to ensure they just seem to want to make sure they get their slice. Anybody not declaring crypto profits is in for a difficult few years.
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Great news people were in panic
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I love this part the best: "...but those were found to have been manufactured and some officials had been trading on inside information before releasing these rumors. " Nothing like your officials creating the fud to make a buck.
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NOT adopting this technology will only hurt those who do not adopt this technology
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"some officials had been trading on inside information before releasing these rumors" - wowwwww
I think the bottom will be sometime in the next month. All the recent volatility, profit taking, etc. has probably scared off some of the excess demand seen last year.
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this is good news from south korea,I strongly agree with you @acidyo such regulations will be good for long term currency and potential technology
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Good, maybe this will make up for all the money I lost in BIIIIIIIIIIITCONECCCCCCCCCCT!!! FML, just looking for the next tall building
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This is positive news. I think as long as the authorities put in place a clearer guidelines and provide opportunity to continue trading, it would be good for the country and the crypto market. Don't know this will be the bottom but if it helps to stabilize the market it would be adequate.
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that's an amazing news for all the crypto traders thank you for the information .. glad to have them @acidyo
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All these things are doing to just manipulate the BTC price by the big players & create panic to take the BTC price downward where they can buy it cheaply.
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@acidyo That's wonderful news to be honest! Such news is more than enough to drive the market upwards. Regulation is inevitable and essential in order to take the entire market capitalization to the next level. Thanks for staying ahead in terms of info. Would be a good time to consider investing. Cheers
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I think cryptos will go to the moon cuz of this!
This news like you said will increase investors, both crypto whales and newbies to the cryptospace... Crypto is bringing a new world order!
Anticipate this!
Nice post sir! @acidyo
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This is a welcome news from a market as important as south Korean. Personally I believe regulations will be good for both the government and the technology itself. If South Korea banks make this move, it will likely lead to other Asian countries following same.
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Hopefully we see some price rises. I hate that prices are influenced so much by good news or bad news, even if it’s false information. I hope crypto moves past this era of rumors causing price swings. Let’s say a person like bill gates started spreading FUD or even good news. Prices would be affected. But not for the right reasons. Crypto is like a girl during her menstrual cycle, that is saying it is very “emotional” even when something happens that shouldn’t make her upset or mad
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Hopefully this will turn my red into GREEN
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It seems to be good news thank you for the post @acidyo 👍🏼
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Great news! Lets get this shit to moon!
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We are banning Cryptocurrency !
Wait... What? Our countries wealth is going down the drain?!!!
UHH... Just Kidding... We really didn't mean that we wanted to ban cryptocurrency....
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thank you for the information, this is a post worthy of the read and the know @acidoy
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great news
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Thanks for sharing this Good news.
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its very informative post. Thanks for sharing this post ...keep it up.!upvoted and resteemed.
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its very informative post. so thanks for sharing...keep it up @acidyo
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These countries are beginning to remind me of Monopoly...OR should I say:
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This is wonderful news. Thanks for sharing!
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thank you, your post
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Definitely glad to hear that Korea is getting back into the game. However crypto means secret and know your customer is a direct violation of what cryptocurrency is supposed to stand for.
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It has also happened in Indonesia, but today even the government supports kriptocurrency activities in the country of Indonesia. That's right @acidyo maybe this is the beginning of crypto in 2018, greetings know from me
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the cryptocurrency, is the revolution of the 21st century + Steemit the best platform of this century. combined, they change the lives of people.
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Thanks dude. You just got rid of the very sick feeling in the pit of my stomach
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excelente noticia hermano@acidyo siempre e visitado sus anuncios me llama mucho la tencion su plata forma e echo post por kr y me rechazan sale como un perro guía pero aun así siempre busco sus publicaciones exito
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Good news
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thanks, your post! have a nice day.
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ow really very Good news @acidyo 😍😍😍😍😍 thanks for share
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Your post is very qualified, I was inspired after reading your writing, may I more regularly in writing for the future. Steady, keeps rich ...
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In my humble opinion market cap will increase dramatically in 2018. It will be volatile, due to more instances similiar to what your post addresses. I think mainstreem understanding the value of blockchain regardless of the currency aspect, along with fomo greed instigating continued entry into the currencies as markets, will outpace the set backs. The news here is good for us in the short term at least. Thanks for your post.
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Finally good news from South Korea. Finally real news from South Korea lol. No more fake news fud. Now can the market react and get us back to good ole ATH's?!
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Definitely good for for the long-term survival of cryptos. Regulation isn't always a bad thing, but it does mean the tax man is going to come knocking one day soon. The rest of the world's governments will follow suit eventually.
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Wow... great news. Thnx for share
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This is crazy. I definitely don't think its cool to do insider trading, i do agree with some protection practices to protect people from scams. Nice write up thanks for sharing and clearing up some stuff going on with korea.
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I know regulation is unwelcome by the early adopters, but it's necessary if we want the crypto space to move to the next level of investors. Regulation will provide the stability and security necessary for the bigger players to invest in this new and exciting technology.
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Well, if the biggest players are deeply entrenched in the systems that produce fiat itself... they're not really going to have crypto's best interests at heart, if they can't control it tightly enough.
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Excellent post, very interesting and a nice news especially for those of us who are just getting up on this great platform and with the help of you we are going to keep moving forward.
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Daha önce cikan haberler gercek degildi, simdi btc yükselecek.
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great news, thanks for sharing
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It’s literally a continuous cycle where one day they want to ban and the next day they join in on it , the market has to move one way or another right
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@acidyo Such a great article wonder full thank for shear
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If KYC (Know your customer) passes in exchanges it would be able to connect real name with crypto address, in my opinion this isn't compliant with blockchain vision of anonymity :(
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Wow that is intense. Hopefully they do re enable it though.
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I have wondered what this is going to do with the market! South Korea is a huge player! I can't believe how much action SBD has gotten recently once trading opened on upbit!
I am curious if this will bring more people into the space or if people will sell and get out! I would think the first, but only time will tell
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It is normal for banks to be afraid for themselves to know that this is the future and the present of money that people trust more in this than the banks themselves. Total decentralization
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I agree that regulation to some extent can be a good thing for crypto, I also think the ability to tax citizens for it's use is not exactly coherent with my personal beliefs.
But, this Korea business is definitely a step in the right direction :) Thanks
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The idea is probably to regulate these exchanges for fear of them being used for money laundering or other illicit activities, but the same things are done with fiat money, so nothing gained by that, probably the government will use this regulation to tax crypto gains.
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They are merely trying to regulate crypto trading and reveal the identities of traders whom buy/sell cryptos on the Korean exchanges. Hence, the fear of an outright ban was overblown.
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.....but I personally believe that regulation will be good for the potential long term of the currencies and technology.
Government control is never good for currencies, and definitely not for technology.
..long term, short term, or any other term..
And very bad for those other things...what do you call them...oh yeah...people.
Those pesky organic units just keep getting in the the way of sleek silicon and governments..
'...just sayin'.....
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This is positive news.
its very informative post. so thanks for share. @acidyo
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Good post 👍
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Oh, good! I'm glad that they're working towards getting things back on track over there. When you posted that article I was pretty curious how things were going to go after they put forth the regulations. It was only a matter of time, as it will be inevitable that crypto will see more regulations as time goes on in my opinion.
No idea if this will be the bottom of the barrel for the market cap this year, but I guess we'll see :)
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Just like here in the Philippines the government questions the Bitcoin there are even news that some banks are closing bank accounts which moneys are related with bitcoin and other cryptocurrcies.
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informative news
I respect your work
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Thanks for the good post, and yes, as a Korean, I agree with you, especially on
But the thing is, the governmental actions on financial markets have usually been terrible. What's worse, the current regime in South Korea is the worst one ever in dealing with economic policies.
I strongly hope a new government would come up within months, which is very likely. You may refer to this in doing cryptocurrencies.
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Yes. I do agree that regulation should take place to avoid money laundering activity. That being said, doing so will inevitably shunt off many “suspicious” users but will open up a new door to public which is rather a better option and beneficial to the entire community supporting it. 👍🏼
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It’s so hard to predict, but I still believe the only threat to crypto is regulation, manipulation and hacks. None of these things are far fetched though and in combination seem to really do damage. If it was all simple and clear cut “what you see is what you get”, half of the world population would already be into crypto. We’lol get there for sure, but by what means? I don’t think anyone really knows.
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Another positive news for cryptocurrency world while others try to bring them down.
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Good news. A major boost for the market. Cryptos are here to stay! 🙌
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Take note though that the Finance Ministry is hitting the exchanges with a 22% corporate tax for 2018 though, which will result in increased fees on the Korean exchanges but should overall have a minimal effect on total volume coming out of South Korea.
Thanks for the update though @acidyo
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I believe some regulation will have great long term effects. It will make cryptocurrencies seem more legit to outsiders, which may cause more people to get into the market.
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I'm not really a big fan of regulation in cryptocurrency, but I can see why the government would want it. I bet those who want to hide their fortune or launder money find a way to do this even with these new regulations in place.
Anyway, I think it will be good for the market to get the Korean exchanges back in the game again ;) I bet we'll be seeing green all day long for a little while now, so this is probably a good time to invest some fiat.
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Regulation is not that bad, blockchain technology has a lot more to offer than that, with more people getting on board with blockchain technology, the possibilities are endless.
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great post
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*Insert the meme with TAXES TAXES EVERYWHERE, please :D
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Great news! South Korean once the second-most traded currency for bitcoin and ether, an uproar of the ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil, but thank goodness for this information. Is a major boost and bounce back for the cryptomarket after the bloodbath.
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When people will start to get more tokens like steem for free or doing certain activities, these regulations will become less relevant.
The tokenization of everything will bring back anonymity and that is a good thing in my book
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Crypto can't be stopped, exchanges are impossible to be closed!
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The market is going to boom again as we had expected!
In your article sometime back you stated that in the last 4 consecutive years,start of January is always sluggish.
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thanks for sharing the information in this post , is truly fascinating, because that way you can even avoid money laundering illegally, as crypto coins are very useful for that. However, it is one more step towards the total stabilization of cryptomoney at the international level.
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you guys are really lucky over there and i think i need to make friends in china and korea for this simple easy exchange rate techniques, i look forward to be in that country very soon thanks @acidyo you are really corrosive
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I'm guessing this will definitely be the bottom for a long time. Everything is about to shoot up!
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Thanks for providing such a information, this is one of the very need to know things that people are waiting for.everyone wants to be a part of digital world but having fear of these kind of rumour they have fear about it and now you give them fact news about this.I hope that you will be provide same kind of information too.
Peace.
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does anyone think the market is down cause of countries not having faith in the blockchain have stopped mining as much
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government has no control over cryptocurrencies as they are fully decentralized...we hope it gets it full advantage in the world market and banking system.
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Good job Korea, thanks to you I've bought few cryptos. And at the same time Bitcoin corrected itself. They just scare people so they can invest more with the cheaper market.
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Oh, Korea, Korea, Korea...
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Informative article @acidyo. I agree with your statement:
"Some people may not like regulation and knowing that many who initially got into cryptocurrencies because of this "advantage" are not going to like these changes but I personally believe that regulation will be good for the potential long term of the currencies and technology."
This "advantage" is one of the reasons why I was attracted to cryptocurrencies, however, realistically governments are not going to disappear with blockchain technology. They will want to maintain some type of control; and identification is an easy requirement, as one needs to provide identification when buying a car or going to the doctors. The masses still "trust" governments and institutions, at least in the US. It'll only be adopted on that scale when regulation is in place and governments show an acceptance of cryptocurrencies.
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