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Tine0313

South Korea Deemed Cryptocurrencies as Dark Coins

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According to a press release statement issued by South Korea’s Financial Services Commission (FSC) last Tuesday, (November 3, 2020) they have decided to ban anonymous digital currencies that possess a high-risk of money laundering where they used "dark coins" to describe these currencies. 

The regulators decided to update the Special Payments Act (covers the legality of cryptocurrencies in the country) to tackle the issues of money laundering that might arise from cryptocurrency. The statement highlighted privacy coins, which it referred to as dark coins, such as Zcash (ZEC) and Monero (XMR). Additional changes include updates to KYC and AML procedures, mandating that exchanges and other providers ask users to link their accounts to their real names through government identity numbers. These changes will be imposed on March 2021, with exchanges asked to offer a report on operations within six months of the law’s institution.

Last September 2019, a South Korean arm of OKEx delisted Zcash, Monero, DASH, Horizen (ZEN), and Super Bitcoin (SBTC) due to the prevalent regulations. UpBit, a South Korean exchange delisted and stopped the trading of several cryptocurrencies due to money laundering concerns and adhering to the Financial Action Task Force (FATF) regulations.

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I believe that this is because Korea is a very strict country and it wants to keep control of everything that happens in the country , and as we know the crypt is an anonymous currency, so there will be no control

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17 minutes ago, minisrt_black said:

I believe that this is because Korea is a very strict country and it wants to keep control of everything that happens in the country , and as we know the crypt is an anonymous currency, so there will be no control

Maybe that why they banned what they cannot control. But cryptocurrency is not always use in money laundering. I think Korean government did not given the chance to know the good sides of cryptocurrency. 

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2 hours ago, Tine0313 said:

Maybe that why they banned what they cannot control. But cryptocurrency is not always use in money laundering. I think Korean government did not given the chance to know the good sides of cryptocurrency. 

I think they not interested if they can't control it or not. I think they are just making some pre-emptive measure for them to not loss a lot of money in just an instant. But you are right, they not check the good side of crypto and already jump into conclusion. I hope they'll change their mind and make a good decision about it's implementation on their country.

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I think that this step is not good for digital currencies, especially since South Korea is one of the most technologically advanced countries. This may affect slightly the users of digital currencies inside the country of South Korea.

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This is correct decision its governments duty to make laws to reduce illegal actions on these crypto currencies like money laundering and avoid to pays taxes . I suggest every country need to accepts these crypto currencies but in some limitations like we must verify KYC forum to make any transactions .

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9 hours ago, Hatred said:

I think they not interested if they can't control it or not. I think they are just making some pre-emptive measure for them to not loss a lot of money in just an instant. But you are right, they not check the good side of crypto and already jump into conclusion. I hope they'll change their mind and make a good decision about it's implementation on their country.

In this topic, it talks about to the crypto coins which is using to the laundering which is very illegal, they're totally accepting cryptocurrency but in this case, they're just doing it to avoid the laundering using cryptocurrency, the government of south korea cannot control them because this is the nature for cryptocurrency so they need to make a move to stop it.

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20 hours ago, Maaz sultan said:

This is correct decision its governments duty to make laws to reduce illegal actions on these crypto currencies like money laundering and avoid to pays taxes . I suggest every country need to accepts these crypto currencies but in some limitations like we must verify KYC forum to make any transactions .

You are right @Maaz sultan many countries of the world are not accepting crypto currencies because they think that it can be used for terror finance or money laundering.Their concern is right but there should be a way like you have said regarding filling of the KYC forum before any transaction.It can be used to trace the person how is doing a transaction and saves his data.


                                   

 

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On 11/7/2020 at 9:47 AM, Mcd0d0 said:

In this topic, it talks about to the crypto coins which is using to the laundering which is very illegal, they're totally accepting cryptocurrency but in this case, they're just doing it to avoid the laundering using cryptocurrency, the government of south korea cannot control them because this is the nature for cryptocurrency so they need to make a move to stop it.

Yup, I know. HAHAHA. They just being careful for them to not be tricked and lost lots of money. But just like I've said, I hope they also look on the good side on crypto because eventually, they can use it also for their country's economy grow much faster and efficient.

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2 hours ago, Hatred said:

But just like I've said, I hope they also look on the good side on crypto

Well, they're looking at the good side of cryptocurrency and that's why they're accepting it, they just can't control it so that there's a lot of people using it in any kind of illegal activities.

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9 minutes ago, Mcd0d0 said:

Well, they're looking at the good side of cryptocurrency and that's why they're accepting it, they just can't control it so that there's a lot of people using it in any kind of illegal activities.

Well, they need to expect it for cryptocurrency. Fiat is also like that so they also need to accept that fact. In that way, they can easily adopt in the environment of crypto and prevent those illegal activities.

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It is a matter of time for this type of regulations to expand to the laws of other States, anonymous currencies represent everything bad about cryptos but at the same time defend the basis of them, I mean anonymity, however if you want  For this market to be legalized and established, it is best to forget the anonymous coins.

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Getting  label od crypto from south Korea isn't good for crypto users in their country. The users will think crypto as illegal thing and prevent investment. The exchanges will face effect of this label and their activities  will suffer more gradually. The south korea is advance country and have  more advancement versus Europe. They have to consider their report related to crypto currency. 

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These coins must be given legal protection, money laundering and other crimes associated with crypto are going to increase with negligence. So, world should get out if the complex that crypto currency is dangerous for economy and accept its advantages.

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Strict countries in the East like South Korea has always been keen with things like this. The government seems underwent a wide-range investigation about this one though. South Korean officials are doing their best to protect their people but I really hope that they will become more open about digital currencies because it will eventually help with the development of their country. 

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Well I believe the government has the utmost right to choose what is best for its people, if the south Korea government sees crypto as a dark currency it doesn't stop the ever advancing progress of cryptocurrencies, infact, it only limits their economic activities as compared to the USA, CHINA, RUSSIA etc

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On 11/8/2020 at 8:46 PM, Hatred said:

they can easily adopt in the environment of crypto and prevent those illegal activities.

Well, it's not easy to prevent those illegal activities which is involved the cryptocurrency because they cannot control those people who are using cryptocurrency and it's hard to detect those people using crypto in illegal way by having an anonymous transactions.

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This is quite a drastic turn very fast, but understandably so. Since there are many of these coins that are used for events such as money laundering and other criminal activities, it is necessary to have some sort of control and way to track these coins. Therefore, the banning of these coins and calling them dark currencies is completely justifiable. As for the stricter kyc verifications that are required and linking their accounts to their government identification number, this will be a good way to regulate the use of crypto and in order for the government to narrow in on those that are using crypto illegally as well. 

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9 hours ago, Mcd0d0 said:

Well, it's not easy to prevent those illegal activities which is involved the cryptocurrency because they cannot control those people who are using cryptocurrency and it's hard to detect those people using crypto in illegal way by having an anonymous transactions.

Yup, I know, I just want to say is they can make some pre-emptive measures so they can't get involve in illegal activities in crypto and they will not lose lots of money. 

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Privacy coins are getting delisted from many websites for this reason. They are seen as a method used by criminals and big exchanges started delisting Monero and Zcash. I think that instead there should be a target to the criminals that mostly use the dollar for their transactions and not privacy coins.

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I think a country looks around and checks what is the right and perfect way of going round any for of story that we see around here we need to really put together strategies that are important for us we need to keep on trying as hard to really understand everything in the righ ideas we see around here in this market there are important other ways to really follow , a country has the right to shut some of the loop holes that could damage the society or the economy at whole that is very important.

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I think as @Mwangi has stated , its important that we do look at this, because every threat for the current system is always toughing on the economy and if that does not at any one point issue it as a threat we need to be very careful and put together the most important strategy that would work and getting clear the system to avoid fraud or failure of the countries market is very important @Bpman1321G Thats true and its part of the regulation that is going on there.

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it was bound to happen and @Mwangi its important you check on that, but @Mike1515 its bound to happen and to me there is time for every single thing to happen we need to work and put together everything in the right perspective and we need to follow the right track in adopting if there is any consern as to why this may not be the right thing then its important you avoid the mistake and keep going on

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There are many countries that are against cryptocurrencies and it is because they use them in black markets, for example the deepweb, people pay with cryptocurrencies since it is a currency that cannot be traced which they combine to pay with cryptocurrencies so as not to be  tracked.

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This is bad for Monero, Zcash and the rest private cryptocurrencies, these were used to create better privacy and many crypto holders used them to hide their wallets for security reasons having to do with scammers and hackers. With this decision it is makes access to these coins harder.

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The asset is becoming increasingly popular among financial giants on Wall Street, and its limited supply of 21 million coins makes BTC highly resistant to inflation, unlike fiat currencies and gold. "Bitcoin can be called the hardest form of money – thanks to the fixed issuance schedule and halvings every four years. The release rate of new coins gradually decreases, thereby increasing bitcoin's long-term value," argued the Strike CEO.   Analysts from financial investment company Motley Fool also target a six-figure number. They suggested that bitcoin's rate could rise to $400,000 and possibly even reach $1 million. The reason, which has been mentioned many times, is the influx of money from institutional investors through spot ETFs. Motley Fool analysts noted that more and more pension funds and hedge funds, managing multi-billion dollar sums, are entering the bitcoin market. Thanks to cryptocurrency ETFs, they can easily include bitcoin (and soon Ethereum) in their investment portfolios.   According to analysts, around 700 investment companies have already invested in such funds. Nevertheless, the share of institutional investors in bitcoin-ETFs is currently only about 10% of the total. Motley Fool estimates that if financial institutions invest about 5% of their assets in bitcoin, the market capitalization of the first cryptocurrency could exceed $7 trillion, which explains its forecasted rate of $400,000.   Considerably less optimism was heard in the forecast of Bloomberg senior analyst Mike McGlone. According to him, bitcoin's volatility leaves it trailing gold and the US dollar in investment appeal. Furthermore, he believes that stocks will soon crash amid the expected recession, but BTC will suffer even more than the stock market. McGlone emphasized that the Tether (USDT) stablecoin, pegged to the US dollar, typically trades twice as much per day as bitcoin. "I can access the US dollar anywhere in the world from my phone using Tether. Tether is the number one trading token. It's the number one cryptocurrency for trading. It's the dollar. The whole world has moved to the dollar. Why? Because it's the least bad of all fiat currencies," the Bloomberg expert stated.   While Mike McGlone merely downgraded bitcoin's attractiveness, Cardano founder Charles Hoskinson simply buried it. He equated bitcoin to a religion and stated that the industry has outgrown its dependence on it. According to Hoskinson, "the industry no longer needs bitcoin to survive." He pointed out critical threats to the leading cryptocurrency, including insufficient adaptability and dependence on the Proof-of-Work algorithm. Franklin Templeton analysts, on the contrary, consider L2 protocols, along with Ordinals, Runes, and DeFi primitives, as one of the main drivers of bitcoin's innovation revival. Strike CEO Jack Mallers defended the first cryptocurrency. According to him, the Lightning Network, created for instant and cheap transactions, a second-layer solution based on the BTC blockchain, can further increase the demand for the first cryptocurrency. Mallers believes that thanks to this, bitcoin can be used for everyday purchases, such as paying for a cup of coffee. Former BitMEX CEO Arthur Hayes called the native token of the Cardano blockchain (ADA) "dog shit" due to its low use in protocols.   As of the time of writing this review on the evening of Friday, 31 May, ADA is trading at 0.45 USD per coin, while bitcoin and Ethereum are faring significantly better: BTC/USD is trading at $67,600, and ETH/USD at $3,790. The total cryptocurrency market capitalization is $2.53 trillion ($2.55 trillion a week ago). The Bitcoin Fear & Greed Index remained almost unchanged over 7 days, staying in the Greed zone at 73 points (74 a week ago).   It should be noted that ETH/USD failed to break through the $4,000 resistance this past week. The local maximum was recorded on Monday, 27 May, at $3,974. The lack of an immediate pump is explained by the fact that everyone who wanted to buy Ethereum in anticipation of the SEC's historic decision already did so. Meanwhile, according to some analysts, there is a high probability that immediately after the launch of the long-awaited spot exchange funds, Ethereum will enter a deep drawdown, similar to what happened in January with bitcoin. Then, over 12 days, it fell by 21%.   One of the key reasons for BTC's drawdown at that time was the unlocking of GBTC fund assets from Grayscale, which was converted into a spot fund from a trust. It began losing investments daily at a rate of $500 million. It is possible that something similar could happen with Ethereum, where Grayscale's ETHE fund holds $11 billion worth of ETH. As soon as this fund is converted into a spot fund and its assets are unlocked, short-term investors might start taking profits, potentially causing ETH/USD to fall to the strong support zone of $2,900-3,200. Pessimists among bearish factors also cite the uncertain legal status of the altcoin, as the SEC has not yet clearly defined whether ETH is a commodity or a security. Additionally, the regulator has many complaints about the staking program.   Staking is a way to earn cryptocurrency by "locking" a certain amount of coins in a wallet on the Proof of Stake (PoS) algorithm to support the network. In return, the user receives rewards in the form of additional coins. According to Wall Street legend Peter Brandt, "the biggest disasters in the cryptocurrency sphere that are yet to happen will be related to staking." The expert noted that such assets as Ethereum are often rented out to earn such income, often in the form of interest, which strongly reminds him of collapsed financial pyramids. As staking becomes more widespread, Brandt warned, it could attract increased attention from central banks, treasuries, and other authorities. This could lead to tighter regulation, significantly altering the crypto space and potentially resulting in the cessation of staking and bankruptcies for those involved. NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
    • Даа, кроме нас на форуме остались рекламщики обменников и все). А у вас было монета not, он очень хорошо вырос. Надо было покупать сразу после листинга. Даа, упускаем моменты). Биткоин продолжает коррекцию делать, а я купил какие то щитки и вынужден ждать. 
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