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South Korea Officially Legalizes Bitcoin, Huge Market For Traders

South Korea has officially legalized international Bitcoin transfers and is on the verge of providing a regulatory framework for Bitcoin trading platforms and exchanges.

On July 3, Representative Park Yong-jin of the ruling Democratic Party of Korea revealed that the South Korean government is ready to regulate the Bitcoin market. According to Rep. Park, he submitted three revisions to build a set of regulatory frameworks for Bitcoin users and businesses to further facilitate the growth of the South Korean bitcoin market and industry.

One of the revisions Rep. Park proposed to the financial regulators of South Korea requested Bitcoin businesses and trading platforms to retain capital of at least $436,000 and data processing facilities for Know Your Customer (KYC) and Anti-Money Laundering (AML) purposes.

 

Since then, the South Korean government has introduced several regulatory frameworks for the Bitcoin industry. Although the South Korean Bitcoin industry has not been fully regulated as of yet, the South Korean government officially legalized Bitcoin service providers to facilitate payments, transfers and trades.

Like the Philippines, South Korea has officially legalized Bitcoin as a remittance method, allowing fintech companies to process up to $20,000 worth of South Korean won in bitcoin for users.

On February 12, Cointelegraph reported that the central bank of the Philippines officially legalized Bitcoin as a remittance method and as a result, Bitcoin industry in the Philippines experienced a surge in growth. Leading companies including Coins and Satoshi Citadel Industries raised tens of millions of dollars in funding and recording hundreds of thousands of new users.

When the South Korean government fully regulates the Bitcoin market and industry in the near future and further legalizes Bitcoin as a digital currency on top of a remittance method like Japan, trading volumes of the South Korean Bitcoin exchange market will likely record an exponential growth rate.

Already, according to market data sources, the South Korean Bitcoin exchange market processes over 14 percent of global Bitcoin trades, the third largest market behind the US and Japan.

Source: Cointelegraph.

  • July 26, 2017 6:10 PM MSK
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