Legality Of Cryptocurrencies
South Korean lawmakers will be presenting several bills that will affect the legal status of cryptocurrencies.According to the Korea Herald, Rep. Park Yong-jin of the Democratic Social gathering stated on July 3, 2017 that he will introduce 3 revisions in July that will build a established of regulatory frameworks for electronic currencies.
Is that really good news for Korean traders?
Will Koreans feel more protected knowing that they need to have half a million dollars in capital to participate in crypto trade?
The bad, traders will have to start paying tax on their gains. Korea's capital gains laws are pretty lax, so not that bad. As bitcoin and digital currencies grow in popularity in South Korea, financial regulators have launched a digital currency task force to focus on regulatory and licensing parameters for bitcoin exchanges. However, the country does not have regulations for the cryptocurrency. This causes uncertainty and “a lot of trouble” for anyone making bitcoin transactions.
The legality on Bitcoin and other crypto currencies depends on where you are and what you wish to do with it. Governments the world over are trying to get to grips with its risks and rewards, playing the game between consumer protection, anti-criminal activity and encouraging innovation.
The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. Whilst the majority of countries do not make the usage of bitcoin itself illegal
We’ll be following these developments closely. If South Korea can regulate and legalize, what will this mean for the western worlds?