Blockchain CEOs Fed Up With South Korean Regulation Approach: Report

Blockchain CEOs Fed Up With South Korean Regulation Approach: Report
фото показано с : bitcoinist.com

2019-8-20 18:00

South Korean Blockchain projects are ditching the domestic market due to regulatory headaches, mainstream media report.

South Korean Blockchain Projects Look Abroad

Referencing a range of industry experts on August 18, local news outlet Business Korea noted the increasing tendency for Blockchain projects born in South Korea to seek out easier funding overseas. 

Major international exchanges are the focus for CEOs looking to raise cash, specifically those with high volume residing in a pro-crypto jurisdiction.

The reason, sources told the publication, lies in South Korea’s continued problems implementing its controversial cryptocurrency regulations.

It notes,

Experts point out that domestic blockchain projects are flocking to foreign exchanges largely due to tougher domestic cryptocurrency exchange market conditions. Investors cannot make or withdraw deposits in the Korean currency at Korean exchanges,

Excluding the nation’s four largest exchanges, some 200 smaller exchanges cannot open real-name virtual accounts. This is one reason cryptocurrency investors cannot benefit from investor protection.

International players such as China’s BW.com, Binance Labs and Bitholic keenly sense the demand from South Korea. Hence, they are either opening dedicated Korean won markets or, in the case of Binance Labs, directly sponsoring domestic Blockchain efforts. 

Seoul’s Cocktail Of Regulation Hurdles

As Bitcoinist reported, the pace of change within the exchange sector remains rapid, with different countries increasingly at odds over their permissiveness. 

Just this week, Japan, one of the governments openly claiming to foster crypto exchange innovation while maintaining strict standards via a licensing scheme, added another platform to its domestic economy in the form of Rakuten’s ‘Rakuten Wallet’.

Such moves are also impacting other exchange market players’ share of the market. As a result, South Korean exchanges are less appealing in 2019 due to low volume; out of the top one hundred in the world, few platforms are located under Seoul’s jurisdiction.

“It is no exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions,” Business Korea adds without naming specific sources.

Other issues faced by local operators include, as of June, added responsibility for loss or theft of customer funds. 

Earlier this month, meanwhile, commentators warned that the existing restrictions on cryptocurrency by lawmakers will throttle attempts to foster Blockchain innovation.

When first implemented in 2017, attempts to deny Koreans the option of free crypto trade resulted in public unrest, with residents demanding senior politicians resign over their handling of the regulatory process.

What do you think about South Korea’s cryptocurrency policy? Let us know in the comments below!

Images via Shutterstock

The post Blockchain CEOs Fed Up With South Korean Regulation Approach: Report appeared first on Bitcoinist.com.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

South African Rand (ZAR) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 ZAR

south blockchain korean projects ceos report korea

south blockchain → Результатов: 126


Фото:

South Korea: Samsung Integrates Blockchain-Based Identity Solution Into Blockchain Keystore

South Korean multinational conglomerate Samsung has integrated SK Telecom’s blockchain-based mobile identity solution into its Blockchain Keystore. A Major Push for Blockchain Identities in South Korea Yesterday, major South Korean telecom operator SK Telecom announced that it had integrated its distributed ledger technology-powered (DLT) mobile identity solution Pass with the Samsung Blockchain Keystore.

2020-8-24 19:07


Фото:

South Korean Blockchain Industry in Danger of Decline

The blockchain industry in South Korea is reportedly facing a difficult period reports local media platform The Block Post. While the struggles of cryptocurrency exchanges in the country isn’t exactly news, it appears that other crypto-businesses are also experiencing similar problems sparking fears of a slowdown in South Korea’s digital economy advancement.

2019-9-3 21:00


Фото:

Crypto-Friendly Belarus Seeking South Korean Investment for DLT, A.I. and Blockchain Startups

Eastern European nation, Belarus has made it clear its doors are open to international investors from South Korea and various regions to invest in its vibrant blockchain technology, artificial intelligence, and other ‘fourth industrial revolution’ technologies industry, as first reported by Korea JoongAng Daily on September 6, 2018.

2018-9-11 23:00


Фото:

Korean Blockchain Association Gives 12 Local Cryptocurrency Exchanges Clean Bill of Health, Insurance on the Horizon

In a bid to improve the security level and general standards of cryptocurrency exchanges in South Korea, after a series of hacks and heists rattled the local cryptospace, the Korean Blockchain Association (KBA) formulated a set of stringent guidelines that would govern exchanges and crypto-related projects in the state.

2018-7-17 20:00


Blue Whale Foundation – Utilizing Blockchain to Power Smart Cities And Champion the World’s Next Major Manpower Shift, The Sharing Economy

South Korea, 17 June 2018 – Fresh from closing USD 22million in its initial coin offering (ICO) sale, Blue Whale Foundation (the blockchain platform building the world’s largest worker-centric decentralized ecosystem for the self-employed) will champion the “Trends in Blockchain and the Future of the Sharing Economy 2018” Conference in Seoul, Korea on 23 July […] The post Blue Whale Foundation – Utilizing Blockchain to Power Smart Cities And Champion the World’s Next Major Manpower Shift, The Sharing Economy appeared first on Ethereum World News.

2018-7-17 14:03


Фото:

This startup is the perfect example of Korea’s vibrant crypto market

Though cryptocurrencies and blockchain applications seem to have taken the entire world by storm, there are few places where this new technology has been embraced like South Korea. In part, thanks to changing regulations within the country, the overwhelming sentiment seems to indicate that crypto will soon become fully integrated into everyday life in South Korea.

2018-7-16 16:49


Self-Regulating South Korean Exchanges Receive a Favorable Audit

South Korea is a very important location in the world of cryptocurrency. Its exchanges generate tremendous amounts of trading volume, and it seems that situation will not change anytime soon. According to a new report, the Korean Blockchain Association has announced that all exchanges meet its regulatory requirements, which is a very positive sign. Korean Exchanges […]

2018-7-13 00:00


Фото:

New Crypto Laws Proposed by Korean Political Parties

South Korea’s National Assembly is reportedly set to witness a whirlwind of legislative efforts around cryptocurrencies in the coming days. Between July 13 and 26, members of a number of Korean political parties are expected to submit bills focused on regulating cryptocurrencies, initial coin offerings and blockchain, according to a report from The Korea Times. While

2018-7-12 23:33


Фото:

The main Korean logistics company connects Blackhawe to Lotte Transport Alliance

South Korea’s Lotte Global Logistics, a major Seoul-headquartered logistics and shipping firm, has joined the Blockchain in Transport Alliance (BiTA), FreightWaves reported Monday, July 9. The BiTA trade association was formed in 2017 to popularize and develop blockchain applications in the transport and logistics industries, as well as to establish industry standards for adoption of

2018-7-11 17:13