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Tine0313

South Korea Deemed Cryptocurrencies as Dark Coins

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On 11/6/2020 at 2:43 PM, Tine0313 said:

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.

Why did they do this for a really bad thing? Many countries are fighting encryption, which is bad. They have to support it in order for it to become legal.

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The whole world is moving in one direction and North Korea is moving in the other directions. Modern Countries are trying to legitimize cryptocurrency and to give it rules and regulations, even traditional Banks are trying to merge cryptocurrency among its services, because it is a very uprising field that all of them are trying to benefit from, but to call it dark coins, that is pure ignorance.

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In South Korea, many laws have appeared about crypto, the initial view on crypto was strict, but crypto will inevitably be legalized in the end because South Korea is a globally open country and the government will not excessive tax collection from citizens because it will be another source of income.

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Dear there are a lot of countries like South Korea, they fight encryption in a big way and they block it, and they restrict its dealings, because they have no rights to interfere directly with it. So they don't want it to reach the peaks. 

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Although cryptocurrencies are becoming more popular and more convenient every day, they are part of many countries and are being allowed, we still see countries that see them as something bad and that maybe they have their reason but they should better join this great digital movement because if not They will enter too late because there is a lot of potential in cryptocurrencies and many large entrepreneurs already know it.

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South Korea has many restrictions, and despite being one of the first countries to accept cryptocurrencies, they have a very good understanding of it and for this reason they know that with these cryptocurrencies money can be laundered, but it seems a bit exaggerated to eliminate all the access to cryptocurrencies for this reason, having knowledge of the cryptographic world and that it has great benefits. For these reasons this country has many restrictions on its government security.

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On 11/6/2020 at 5:43 PM, Tine0313 said:

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.

Hello everyone hope everyone is fine. According to my opinion Bitcoin is the brightest and the best currency in this world. Because it is benefiting a lot of people and giving us a good profit. Also it is a digital currency and it is the safest currency in the world.

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Yes, my friend, South Korea has imposed taxes on users of cryptocurrencies in general, and they did so for fear of cryptocurrencies in general being dark or decentralized currencies. This is the main fear of them. Thank you.

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From the point of view of South Korea it is the right decision. Money laundering and I'll gotten wealth pose a real problem for the country concerned. But I feel instead of banning the currency, strict controls have to be placed. This will help genuine investors and traders to do their job comfortably.

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After UpBit and OKex South Korean branch, so many other exchange platforms are delisting the privacy coins like Monero(XMR), Zcash, etc. It is weird to see, they are representing privacy coins as the Dark coins due to regulatory over sights. Exchanges are compelling users to verify KYC while performing the crypto exchange in South Korea, actually this sort of activity from exchange alter the rights of users to remain anonymous.


 

 

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I don't believe in all these FUD being pumped for the privacy coins such as ZEC, XMR and DASH. At the end of the day, there will always be demand for these privacy coins, because everyone needs some degree of anonymousity in some parts of their lives and in the end it will all come to that.


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We know that Monero, Zcash and more privacy coins are made to keep transactions anonymous and used for illegal activities in the dark net. Also, South Korea had some investigations with citizens being part of dark rooms and some arrests were made. It is a country that has strict enforcement of rules and laws and takes everything seriously, so I wouldn't feel it is negative to cryptocurrencies in total, but to anonymous coins in particular.

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6 minutes ago, Khingjames89 said:

South Korea is a no nonsense country very strick. South Korean will not accept what they can not control. 

Very well said. Unfortunately, the people of S. Korea accept these terms & conditions, without complaining. Its all about control & taxes, even thou the government always gives the regular standard stupid reasons for this control. You watch, there will be politicians who will be caught laundering money with these so called Dark Coins. Or the government will pass laws, extenuating these same politicians from having to obey the laws, they have passed for the general population.


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I wonder why it violates the privacy of the network, I understand the arguments related to money laundering and other possible uses that are not within a legal framework, but eliminating the possibility of exchanging or selling these cryptocurrencies results in them being They will use other means that they cannot track.

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On 11/6/2020 at 7:43 PM, Tine0313 said:

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.

Indeed, the existence of privacy coins such as zcash and monero is considered crypto that is used for money laundering, but in my opinion we must comply with these rules. Because if the exchange is not suitable then the legality will be revoked. I think an exchange like big like UpBit will obey and follow the rules of the South Korean government. There is no problem with personal identities that must be linked on the exchange because that is the condition for us to be taxed and avoid laundering.

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However, the fear of low inflation and a sharp yen appreciation deters the BoJ from raising the interest rate and narrowing the gap with other major global currencies' rates. A strong yen would harm national exporters. The decline in industrial production, which fell by -0.1% in April both month-on-month and year-on-year, does not encourage borrowing costs to rise.   The last note of the week for USD/JPY was struck at 157.25. United Overseas Bank (UOB) analysts believe that in the next 1-3 weeks, "the dollar has the potential for growth, but given the weak upward momentum, any advancement is likely to be slow. The 157.50 level might be difficult to overcome, and resistance at 158.00 is unlikely to be reached in the near future."   Speaking of the average forecast of experts, only 20% indicate a southward direction, while the remaining 80% adopt a neutral position and look east. Technical analysis tools show no such doubts or disagreements. Thus, 100% of trend indicators and oscillators on D1 point north, with 15% already in the overbought zone. It should be noted that if the green/north color of the indicators for the euro and the British pound indicates their strengthening, in the case of the yen, it conversely indicates its weakening. Therefore, traders may find it interesting to pay attention to the EUR/JPY and GBP/JPY pairs, whose dynamics have been impressive lately. The nearest support level is in the area of 156.25-156.60, followed by zones and levels at 155.50-155.90, 153.10-153.60, 151.85-152.35, 150.80-151.00, 149.70-150.00, 148.40, 147.30-147.60, 146.50. The nearest resistance is in the 157.40 zone, followed by 157.70-158.00, 158.60, and 160.00-160.20.   No significant events or publications regarding the state of the Japanese economy are expected next week. CRYPTOCURRENCIES: Bullish and Bearish Ethereum Prospects   For the second week, market participants' attention has been focused on the main altcoin. 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Davis believes this impressive figure clearly indicates growing recognition of cryptocurrency and interest from institutional investors, especially from the US.   Strike CEO Jack Mallers predicts that during the ongoing bull rally, bitcoin could reach $250,000 and possibly rise in price to $1 million. On a podcast with Pomp Investments founder Anthony Pompliano, Mallers explained his bold forecast by stating that bitcoin is still at an early stage of development. According to him, the bond market is currently facing problems, so central banks may inject a significant amount of liquidity into the financial system to stabilize it. This liquidity influx will trigger an increase in the value of risky assets, including the leading cryptocurrency.   Jack Mallers disagrees with the notion that bitcoin is a bubble or a tool for speculation. 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. 
    • Крупный банкир получил тюремный срок за криптомошенничество   Бывший инвестиционный банкир Рашон Рассел приговорён к 41 месяцу тюремного заключения за мошенничество с использованием цифровых активов. В результате расследования правоохранительные органы США выяснили, что обвиняемый начал опробовать свою мошенническую схему на друзьях, бывших одноклассниках и коллегах по работе в криптофонде R3 в ноябре 2020 года. Рассел обещал им гарантированную доходность инвестиций от 25% до 100%. Чтобы его слова были ещё убедительнее, он пустил в ход свой опыт инвестиционного банкира и сфабрикованные документы (поддельные счета, переводы). Сначала он использовал часть полученных обманным путём средств для выплаты долгов более ранним инвесторам. Остальные деньги Рассел тратил на азартные игры и поддержание роскошного образа жизни. Такая мошенническая схема работала до августа 2022 года. В апреле 2023 года Рашона Рассела арестовали, а в сентябре он признал свою вину. Тогда же выяснилось, что Рассел незаконно приобрёл около 100 кредитных и дебетовых банковских карт на имена других людей. По мнению следователей, он планировал использовать карты для проведения транзакций с полученными незаконным способом деньгами. Минюст США подсчитал, что потери инвесторов от мошеннической схемы Рассела составили $1,5 млн. Именно эту сумму подсудимый должен выплатить своим жертвам в качестве компенсации. Источник - https://ru.investing.com/news/cryptocurrency-news/article-2428894
    • CryptoRank поделился списком крупнейших разлоков июня.        Будьте осторожны в отмеченные дни, ведь увеличение предложения может вызвать давление со стороны продавцов. ARB — $105.21 млн;APT — $103.03 млн;UNI — $87.93 млн;STRK — $75.67 млн;DYDX — $66.3 млн;SEI — $63.81 млн;ID — $55.82 млн;IMX — $54.96 млн;MERL — $42.21 млн;ENS — $36.65 млн.  
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