6 major South Korean banks to enable services to exchanges again by the end of the month
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....
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?
Steel and flint, that way when i run i can shoot sparks out my ass.... Lol
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