How The Korean Government’s New Bitcoin Regulations Will Affect Startups
The South Korean Financial Services Commission (FSC) has established a task force to design regulatory framework for Bitcoin companies and users. The government states that regulations will be introduced by the first quarter of 2017. Several meetings have taken place since the FSC’s initial announcement of a potential introduction of Bitcoin regulation. South Korean media reported that the task force agreed to design its regulatory frameworks for Bitcoin companies based on the regulations in Japan and the U.S. While regulations greatly vary between states in the U.S., Japan has a unified....
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Crypto exchanges operating in the country that do not register by September 24 face potential fines or even jail time. The South Korean government announced today that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24.This new set of regulations will reportedly affect both exchanges based in South Korea and foreign exchanges that operate in Korean markets. According to the release, that includes any exchange where the Korean language is supported, marketing is geared toward Koreans, or payments can be made using the....
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Regulations or lack thereof can be tricky for businesses, especially if you are involved in Bitcoin startups or cryptocurrency related business. Bitcoin and other cryptocurrencies are relatively new introductions to the economy and there isn't enough clarity amongst people regarding its inner working and implications. The companies that are into Bitcoin based businesses are doing so based on their belief and the emerging trends which indicate that Bitcoin might just be the digital currency that future will embrace and appreciate. Some of them have been really lucky so far, some not so much....