South Korea crypto currency regulation status
Current Regulatory stands:
- Mining (permissive)
- centralized exchanges (permissive)
- ICO (Hostile)
- P2P bitcoin trading (permissive)
Since the beginning of bitcoin South Korea has been a big player. Most lawmakers have actively supported this over the years and a friendly atmosphere exist for crypto currency in South Korea. Big mining parks are running in the country (although they are now banned from shopping malls). FinTech companies are starting every day and big Exchanges do millions of trades each day.
Besides the shopping malls and after the regulatory crackdown of 2017 in China a lot of business and crypto moved to South Korea. This increase and the influx of new investors have created a push for regulation. In September 2017 ICO`s have been banned in the country and in December of the same year regulations have been put into place to limit foreign users of centralized exchanges. In January 2018 new guidelines have been put into place that removed unnamed bank accounts and increase anti-money laundering controls by the government.
With the quick increase of value we expect more regulations to come over time but even with those, there is every indication that South Korea will be open and welcoming to bitcoins and crypto currencies.
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