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.
What do you readers think about this? Will this be the bottom of this year for the total market cap?
Sources 1, 2
https://steemitimages.com/0x0/http://ipfs.io/ipfs/QmRz4JEqvTEoCQK9V8ssoV7LKyb2fHBpYEp7xZyqnQL2AP
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....
Yes it really shows how schizophrenic Korea is. Make up your bloody mind . Just eat some Kim Chi with Kim and stfu
Dang i wish i had a vote like that to use, how did you get so big? Tell me your secrets 😉
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.
Most people have two kidneys, have blood or plasma, and also reproductive materials!
lol, a bit too far. :p
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
Kidney beans? Wives? Udders? Nuts? Kinders? Hair?
My wife would kill me lol, but you do give me things to think about.... Thanks
you guys are crazy 😂.
I am thinking so
Ha! Interesting how the funniest things are true.
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.
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
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!
indeed!
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
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
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!
its very informative post. so thanks for sharing...keep it up
hahaha China did the same thing last year. PBOC and south Korea are nuts lol
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.
Great news people were in panic
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.
NOT adopting this technology will only hurt those who do not adopt this technology
"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.
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
Good, maybe this will make up for all the money I lost in BIIIIIIIIIIITCONECCCCCCCCCCT!!! FML, just looking for the next tall building
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.
that's an amazing news for all the crypto traders thank you for the information .. glad to have them @acidyo
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.
@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
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
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.
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
Hopefully this will turn my red into GREEN
It seems to be good news thank you for the post @acidyo 👍🏼
Great news! Lets get this shit to moon!
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....
thank you for the information, this is a post worthy of the read and the know @acidoy
great news
Thanks for sharing this Good news.
its very informative post. Thanks for sharing this post ...keep it up.!upvoted and resteemed.
its very informative post. so thanks for sharing...keep it up @acidyo
These countries are beginning to remind me of Monopoly...OR should I say:
Good news. A major boost for the market. Cryptos are here to stay! 🙌
Wow... great news. Thnx for share
great news, thanks for sharing
ow really very Good news @acidyo 😍😍😍😍😍 thanks for share
informative news
I respect your work
Good post 👍
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.
Thanks dude. You just got rid of the very sick feeling in the pit of my stomach
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.
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.
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 :)
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. 👍🏼
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
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.
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.
I'm guessing this will definitely be the bottom for a long time. Everything is about to shoot up!
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.
This is wonderful news. Thanks for sharing!