On efforts to see its per capita income on the rise once again, South Korean authorities have felt the urge to encompass crypto currency into their laws. This message with a deep concern is a hit smile to the faces of South Koreans.
Dating back to January 2018, the country had lots of speculations revolving around crypto currency exchanges and block chains. This took to the extreme that the South Korean president Moon Joe-In felt the need to lime light the issue. He in his message was for stamping out crime and protecting consumers hence accepted and was for implementation. The president in his message also considered the market state.
As at now, South Koreans Financial Services Commission have confirmed that the new measure outlined previously this month had successfully been implemented. This will only apply to bank accounts with verified names. To ensure accounts being used to trade have real identities, South Korea could ensure banks and exchanges compiled with their Known Your Customer Anti Money Laundry (KYC AML) obligations. These regulations however, should be accepted by the crypto currency community in order to thrive.
Having their markets and banks back online will allow for a flow of funds back into the crypto space in a regulated manner considering their per capita has out done that of America and both are competing for one spot worldwide.
As at December 28, South Korea was the largest bitcoin market by volume making up to 20 percent of the total market. However since the ban on new crypto trading accounts, they have seen a drastic drop of 4 percent of the total volume on a daily basis. To cub this therefore, regulation was necessary.
Yes regulation but what about the fiat currency? No worries, since the fiat is not out of the crypto system. Instead, new traders will open new accounts old traders resume trading and the exchanges taken a month ago begin trading but under safeguards. Authorities have been taking measures to prevent money laundering and other illegal activities.
What South Korea is revealing to the rest of the world is that this crypto technology with a few regulations to govern it is safe and beneficial to the nation. Crypto will in turn stabilize South Koreas market and improve the long term prospects of the industry. Its people being the beneficiary of all it entails.