SOUTH KOREA ISNT BANNING CRYPTO CLARIFIED

GO AWAY FUDDERS

forbes.com/sites/pamelaambler/2017/12/12/south-korea-is-not-banning-bitcoin-trade-financial-regulators-clarify/#32f64c9a1427

>six safeguards are being pushed forth for operating exchanges. Those conditions include confirming the user's real name, submitting proof of income, face-to-face interviews to meet strict Know Your Customer (KYC) policies, and providing cryptographic keys to establish anti-money laundering (AML) systems, as well as separating fiat accounts, supply sufficient investment warnings, etc.
>face-to-face interviews
How fucking long will it take to interview every single investor?

Whatever the bare minimum can be. Probably just walk into the branch and talk to a guy and get an account.

And this will not slow down growth? And I wonder how an American will do the interview in Korea

>The announcement follows Prime Minister Lee Nak-yeon's harsh warning that cryptocurrencies might "corrupt the nation's youth." Last month he urged regulators to create a task force alluding to crypto as a gateway to pyramid schemes and speculative investment if left unchecked.

salty nocoiner detected
stupid fat gook

I read that foreigners aren't allowed to invest in cryptos in Korea due to the upcoming regulations. Too lazy to search for the link.

>d
ithought this was already the case hence murifats not being allowed in icx ico.

holy shit give them my keys? or rather they "make" my wallet for me? this shit better not spread

30% or so koreans own crypto.You even get bonuses on your credit card like free btc, more lax there than anywhere atm.All they want to do is make sure they know whats going on with everyone.Shutdown all the crappy exchanges that wont do know your customer or dont even have an office.It will just become safer for people.Cryptos like icx will be loved by the government.

>Account withdrawal limit .0001 BTC / month

>Please supply urine, semen, blood, and feces sample and schedule a formal penis inspection to receive Advanced Verification

You might be right, user. I didn't check this fact out.

Yup new laws to combat anonymininity means Koreans are required to sign up to exchanges with their SSN, meaning anyone without a doub Korean SSN can't get on their servers. They do the same for most online games as well (League, overwatch, etc.)

exactly. again, wasnt this already the case.......thats why we couldnt artbitrage the fact that they are paying 20,000 for 15,000 shitcoin.

EVERYTHING'S GONNA BE ALRIGHT
DON'T YOU BE AFRAID WHEN THINGS GO BUMP IN THE NIGHT
GET CLOSER TO ME, AND BABY HOLD ON TIGHT
'CUZ EVERYTHIIIIIIIIIIIING'S
...GONNA BE ALRIGHT!!!!!!!!!

Feel so bad for the ICX marines that panic sold today

>face-to-face interviews
So basically exchanges will only bother with the rich to start with.
>submitting proof of income
What did they mean by this?
You need to have a high income to qualify, don't you.

Again, this reeks of "only the rich are allowed to play here". Has nothing to do with protection of normies. It's only to keep the non-rich from getting rich.

Korean Government deserves to be killed as traitors to the people.

>providing cryptographic keys
>providing cryptographic keys
>providing cryptographic keys
>providing cryptographic keys

If you ever sell you're not a true marine.

I suspect face to face interviews just means over skype or webcam.Lots of eu and usa banks already do this for app based banking.
Proof of income probably is just so they can make sure someone isnt pumping in 100k of drug money when their income is 15k.

SK was regularly 10% or more higher than the rest of the exchanges. This is healthy for the longterm for everyone as their growth was just dumb money and people gambling en masse.

>gov gets private keys for exchanges to monitor that they balances matching their database readings
>gov gets hacked by north korea, emptys the wallets
>gov says oopsie, everyone gets a little tax break this year but no money will be returned
>repeats yearly

Lol as if this was going to make me sell.

Seems reasonable enough and sounds by far the most realistic option considering it's the fastest method. It's still speculation though.