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Important steps to legalize cryptocurrencies in East Asian countries

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The Fourth Industrial Revolution Committee at the Presidential Palace in South Korea recommended that the Korean government allow financial institutions the right to launch investment products that rely on cryptocurrency, including bitcoin derivatives.

The committee recommends that "the financial sector develop and encourage custodianship solutions in South Korea to avoid relying only on foreign custodianship rights to process cryptocurrency assets" and that bitcoin be listed directly on the Korea Exchange [KRX] in South Korea.

The following sentences are the most promising:

Geleneksel's traditional players in the capital market, such as securities firms and banks, must develop and promote local collateral solutions to deal with cryptocurrency assets. Therefore, South Korea should not rely on foreign countries for the coded asset storage market. The Korean government should allow institutional investors to gradually deal with cryptocurrency assets and encourage OTC schedules for institutional investors ’transactions. "

The European Commission also recommended that the South Korean government follow the steps of US and Swiss financial officials and consider providing licenses and guidelines for integrating crypto-related products into South Korea's financial system for cryptocurrency exchange

Last week, the South Korean government stated that it had decided not to impose taxes on digital asset transaction revenue to ease the chaos in the country's cryptocurrency tax.

However, the Korean government is reviewing international trends to properly integrate digital currencies into existing tax laws

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Various forums are held in Korea, and there is talk about the blockchain. As for my country, such forums are held in my country, and investors from all over the world are gathering to discuss the details of the development of bitcoin and the entire blockchain. This makes me happy. 

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South Korea would be the starting countries alongside with China to fully regulate the usage of bitcoin and give importance to it that could bring the economy even higher. 

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52 minutes ago, shayekh said:

Asian countries are playing a leading role in... Begun in Asia and today in crypto-monetary markets, this area plays a key role.

Yes you are right, Asia it is always the first in such things and I think cryptocurrencies will never find a place to develop more than Asia, so this is good for bitcoin especially because this is exactly what he needs 

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It is very important to steps to legalized crypto currency because one time world will use this currency and many countries are taking steps also to legalise the crypto currency works also

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There are many countries on Asia who are coming to adopt or to create their own cryptocurrency and there are some yet with their cryptocurrency and using them on their sectors of course all those are steps to legalize cryptocurrency.


 

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Good news, I hope the government in my country takes steps like the government of South Korea. Hopefully the crypto currency will be legalized in my country 👍


 

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Yes there are many ways to legalize Crypto. Hold open discussions or give school subjects about the world of Crypto. Many countries discuss Crypto and that includes how to legalize Crypto, for me, it's enough to introduce others.

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Valuable Information Bitcoin appears to be becoming more confident with Asian governments and this will be reflected negatively on the market

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The legalization of Korea on uses of Bitcoin is get popular to other asian countries and China was next on legalizing crypto. Thus, hope our country will next to it because we are belong on East Asian countries.

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I think it is a good move so cryptocurrency may introduce to the people of not only South Korea but countries near of it. I hope they legalize cryptocurrency and make laws about it.

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On 1/14/2020 at 9:17 AM, bliznec said:

Various forums are held in Korea, and there is talk about the blockchain. As for my country, such forums are held in my country, and investors from all over the world are gathering to discuss the details of the development of bitcoin and the entire blockchain. This makes me happy. 

I was hoping to attend one of these seminars and meetings for cryptocurrencies, but they are prohibited in my country, and the organization of such seminars is prohibited.


THINK POSITIVE

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Since my country is one of the east-asian countries, cryptocurrency is legal for us to use and also the government allows us to use crypto in every legal activities. Buying and Selling cryptocurrency is not ban in our country, also there is a wallet that is only available in our country, and that is the wallet that I am currently using.

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One of the key steps in legalizing cryptocurrency in East Asian countries is to introduce cryptocurrency. If the government controls the crypto, it will step up and stop the illegal route.

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The Koreans are a driving force of the cryptocurrency markets and their government institutions are carefully observing the situation. Right now adoption is on the lowest levels possible but a possible legislation that allows Koreans to use crypto for purchasing goods and regulating the market appropriately will create good terms for adoption and open more markets in Asia. Although I don't see them following Japan's example in this case.

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I keep hearing legal and how bitcoin should be made legal. Here is simple answer, if Nakamato wanted bitcoin to legal, he would have introduced it to the World Bank or IMF. And in any eventuality he did, they would have never even let it come into existence. So let go of this legal status for bitcoin. Here is what you need to know, what is legal, anything that can be taxed is legal. So alcohol, is it bad for health, definitely, but its legal why coz it is heavily taxed, similarly smoking, with all the picture on the packet, why is it not banned because it can be taxed heavily. 

Stop being a parrot of the government, and crying for legality. If the governments accept bitcoin GREAT, if they don't so what. Bitcoin came from 0.008 cents to 20000$, without any support of governments, so why would it need any help from governments now.

Edited by babaji
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South Korea is taking the lead in the development of cryptocurrency in Asia, through them many Asian countries will see the need to legalize cryptocurrency cause of the impact it will have on South Korea economy.

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As we know that students and young people in Asia, almost 50% may begin to get to know cryptocurrency and plunge into the cryptocurrency community slowly but surely and continue to dominate the crypto market, it's just that this Asian government has not yet found the best meeting point.  Cryptocurrency is legal in Asian countries but has not received that protection and I think this is a good sign.

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There are various forums in Korea and discussions about blockchain. For my country, such forums are held in my country, and investors from all over the world are meeting to discuss the development of bitcoin and the whole blockchain. That makes me happy

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Asia is a very large and important region throughout the world. China is located in Asia, and China is the largest cryptocurrency old country, where it is fully legalized. Even the Chinese authorities are promoting it. I think that the countries of Asia will do the same as China and will develop cryptocurrency at home.

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alot of countries accepte bitcoin especially the Arabic countries it don't say anything thing about any new stuff for money.

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Good to hear about that. I think many other countries of asia will take steps to legalize crypto in their countries like South Korea are doing. 

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Very good development, South Korea and China are taking interest in cryptocurrencies more than any other country. Listing of Bitcoin on South Korean exchange is a very good step.

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South Korea has become one of the major countries that support cryptocurrencies and this is a good thing to support cryptocurrencies in Asia. This matter can contribute to supporting the government’s decisions in my country in order to allow the use of cryptocurrencies completely with giving all permits to brokers.


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East Asian countries like Japan , South Korea etc are really working hard to legalize cryptocurrency accross the countries. I have listened so many news regarding the coming new cryptocurrency projects from the east Asian countries but stocked due to the regulatory. 


 

 

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