Important steps to legalize cryptocurrencies in East Asian countries

[bogdanoff 3173]

Korea is huge for cryptocurrencies and I hope they regulate and not just tax cryptocurrencies as they plan. There have been many negative news come from Korea and if we are investors we shouldn't think about them a lot because there are mistakes in translation happen on purpose.

[percare 3192]

On 1/14/2020 at 9:48 AM, Qasem111 said:

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

They have done that and they will have a high tax for profits similar to the UK the america and israel. It will be around 20% tax and this is just makes this investment less profitable for their citizens.

[Sykkuno 2887]

East Asia is a rich part of the world and the countries there should find a way to regulate cryptocurrencies. Japan has done that and all the nations that are in the area must do the same to increase the economies and progress of their nations.

[Gluttony 1775]

I think that East Asia is the region in the eastern part of the world that is capable of this adaptation for the transition in modernizing the traditional transactions being made in the past. I would be happy to see that all of the other regions of Asia will be like this since it would go to that part after all in the end. I think it is the best way to at least compete with the western countries who are also trying to make a decision about crypto currencies which I think would be another advantage against Asian countries if they managed to adopt to it first.   

[Fixfin 2569]

I don't know if this was a step to the correct direction because later it seems that everything was just about taxing the profit of traders and nothing else about allowing cryptocurrencies for payments and accpeting it as money.

[yonkii 3205]

Legalizing cryptocurrencies is very important and the new regulations must always help cryptocurrencies and the blockchain technology because it creates new jobs and wealth for an economy. So in the case of Asia they need to relax and stop worrying so much. It is not some plot to take over the economy, it will be something to help all of us.

[kryptonick 2659]

Koreans are very strict as a culture. Both Koreans they are in fact the same people and only divided by a dividing line but this is not important for this topic. The strictness is shown in all their life and in their work and in laws. They try to make just laws and of course the state would love money from a new source. So they will tax crypto, this will be the legalization in this country.

[Syedbesharat 5423]

In Asian the most indulging countries in crypto ate south Korea, japan ,Hong Kong and China which most of development is going on and they are developing new exchanges for foreign investment. The east Asia countries can be most strong competent against Europe and America exchanges where big exchanges like Binance and coin base plan to move east Asian countries and want to have local people as staff for local support. Which can be very helpful for them to grow in those countries. 

[annayks 2314]

Crypto is adopted rapidly in Korea, Vietnam, Thailand, Philippines, Indonesia and all of south east Asia. I forgot Singapore that is a centre of wealth in the region. Chinese are also big traders and even under the ban they buy bitcoin and altcoins and are a big force. I hope that with good regulations these countries will begin a new adoption that will be legal this time.

[Cryptomint 433]

It is not easy thing. Because most of the Asian countries are affected by terrorism and cryptocurrencies can be used for illegal work. For that they are not accepting.

[Goyaa 2414]

Legalization of cryptocurrency in South Korea is indeed very important, because Korea is a country with quite a lot of crypto users, besides that as a fairly advanced country Korea must have quick steps to legalize cryptocurrency and regulate taxation there. Currently countries like Japan and Singapore have legalized cryptocurrency and we are free to transact there.

[khan22 3478]

On 1/14/2020 at 2:18 PM, Great Commander said:

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. 

So many countries will ban the crypto market at this time but i hope that soon in the crypto market peoples will know that the main investors are these countries and they legal it soon.

[Onden 2098]

Very nice move from South Korea which will officially legalize cryptocurrency on exchanges. This choice is in line with other countries in Asia that have legalized cryptocurrency. By legalizing this institution and having a local stock exchange, it will increase foreign exchange for South Korea. If Korea no longer relies on foreign crypto exchanges and lists them on Korean exchanges, of course this will be very good for the development of cryptocurrency in South Korea.

[scofield64 943]

Asian countries are cryptocurrencies friendly countries. China south Korea and other Asian countries has legalized cryptocurrencies in their countries we also hope that other nations should adopt cryptocurrencies as well.

[BraveHeart01 1569]

I even can not understand when the cryptocurrency  is banned in one country how can the resident  of that country make projects bof cryptocurrency  and launch new currencies. 

[setifien 1016]

11 hours ago, BraveHeart01 said:

I even can not understand when the cryptocurrency  is banned in one country how can the resident  of that country make projects bof cryptocurrency  and launch new currencies. 

In most cases, legal authorities do not track them (they ignore what the have enacted earlier), maybe because of the high popularity of crypto and the mass use of these projects; I think they are looking for ways to legalize it (and to taxe it as well)

[Smallingcane012 344]

It is important to legalise crypto currency in it it will be a Paramount important to them if they legalise crypto currency.

[Smallingcane012 344]

They soppose to legalize crypto currency in many countries for the benefit of each member of the country.

[abdullah553 1981]

On 1/14/2020 at 9:48 AM, Qasem111 said:

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

I think today that most countries are studying the encrypted financial markets. They have imposed themselves on everyone, and today everyone starts to go to them. I think it will be a qualitative leap.

[progma 326]

Asian countries are really the leaders in terms of continent heavily in the aspiration of cryptocurrency unto their countries as Korea is really that big and active in the measures of having to take advantages on the uniqueness of cryptocurrencies well as this type of enterprises on this of decentralized financial exchanges

[Serbberq 724]

South Korean have been making good progress about cryptocurrency and will be the first country in Asian countries to accept bitcoin and have helps allot to promote cryptocurrency around the world. 

[godislovefll 1880]

The best options in the face of crisis or dependence on other countries is that they implement the use of cryptocurrencies for this reason it is good that they allow the exchange of BTC as they plate in the Korean exchange, for what I understood they will do and I see it very well.

[yulitzacalvete 1366]

It is good that there is this type of support for cryptocurrencies and through these actions we can understand that there are already new people entering this wonderful world and providing good results, we just have to wait for these good things to happen all over the world.

[jappy 1129]

This undoubtedly opens the way for the legalization of cryptocurrencies at the Asian level, but it is a matter of time for this to be established throughout the world, that is why it is very good what has happened with respect to the pandemic because it has greatly benefited the cryptocurrencies.

[Abdulrahman3 1252]

I hope to hear news like this coming from the North Korean government, but this is not possible because of the bad politicians at all levels in that country, I don’t know when they will learn from their neighbors in South Korea .