{"id":25207,"date":"2018-01-18T18:00:25","date_gmt":"2018-01-19T02:00:25","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=25207"},"modified":"2026-04-26T14:41:12","modified_gmt":"2026-04-26T13:41:12","slug":"south-korea-battleground-regulation","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/south-korea-battleground-regulation\/","title":{"rendered":"South Korea – Battleground Regulation"},"content":{"rendered":"

Thoughts of the Korean Peninsula would generally conjure up conflicting images in the minds of most of us. The two countries who share the Peninsula, represent both extremes on the same continuum; much like sweet and sour, if you\u2019ll excuse the pun.<\/span><\/p>\n

\"\"
In recent months, experts and officials say North Korea has been mining Bitcoin<\/a>, demanding it as ransom payment and outright stealing the digital currency.<\/figcaption><\/figure>\n

The \u201csour\u201d bit undoubtedly exemplifies the ruler \u2013 or, dictator as some call him\u00a0\u2013 of North Korea (NK), a country more formally known as the Democratic People's Republic of Korea (DPRK). Kim Jong-un, aged 36 \u2013though, even that is disputed by his regime; could be 35, they say- took over reign of the 25 million people, after the death of his father, Kim Jong-il, in 2011.<\/span><\/p>\n

Although reports of gross human rights violations secretly find their way out of NK on a regular basis, the fascination of Kim Jong-un with blowing the US to smithereens, is what really makes the headlines; and, almost daily.<\/span><\/p>\n

The Leader \u2013 who is reportedly worth $5 billion and loves gorging on expensive imported booze & Swiss Emmenthal cheese\u00a0\u2013 told NK\u2019s starving masses, during a speech this New Years day, that “the nuclear button is always on his desk”.<\/span><\/p>\n

Short History of South Korea<\/h2>\n

Turning south, we\u2019ll find the \u201csweeter\u201d part of our story; initially, anyway. The leadership of the Republic of Korea, more commonly referred to as South Korea (SK), seems more focused on actually creating useful things, rather than pointing missiles at them.<\/span><\/p>\n

\"South,
Seoul, the capital of South Korea, is a huge metropolis where modern skyscrapers, high-tech subways and pop culture meet Buddhist temples, palaces and street markets.<\/figcaption><\/figure>\n

Famous global consumer brands, such as Hyundai and Kia automobiles, also Samsung electronics and other popular tech products, have their homes inside the Country of 49 million people; of which, about half live in the capital city, Seoul.<\/span><\/p>\n

\"\"
Former president Park Geun-hye was a conservative leader who was impeached, removed from office and is being tried for corruption and long list of other charges.<\/figcaption><\/figure>\n

The complete history of the Korean Peninsula is far too rich and complex than for it to be done justice here, in this piece. However, SK has been largely peaceful since the Korean War \u2013 fought between SK and NK\u00a0\u2013 ended in 1953; albeit, the two countries are still technically at war, because current relations are conducted only under a ceasefire agreement.<\/span><\/p>\n

Again, in stark contrast with its neighbor, South Korea is governed as a democracy; their president is elected by the citizens, for a five-year term, which may not be renewed.<\/span><\/p>\n

The Country generally pursues commendable governance practices, a case in point being the impeachment \u2013 for corruption\u00a0\u2013 of previous president, Park Geun-hye. <\/span><\/p>\n

The currency of SK is the South Korean won, which was brought into use in 1945, after World War II; and, it also has a rich history, much alike the Country itself.<\/span><\/p>\n

Perhaps equally intriguing, is the flirtation of SK\u2019s regulators with rulings on cryptocurrency; a relationship which is best described as on-off by nature, blowing both hot & cold overnight, also often flavored with upsized pinches of mystery and uncertainty. A recent headline by Tech Crunch, \u201cSouth Korea may or may not ban bitcoin exchanges and that\u2019s the news\u201d, says it all.<\/span><\/p>\n

A Colossal Crypto Market and Technology Powerhouse<\/h2>\n

To really grasp the importance of SK in the global crypto space, we should pause for a moment to consider the stats. As one of the world\u2019s most wired societies, backed by \u2013 officially\u00a0\u2013 the fastest Internet available on the Planet, over 92% of the Nation are on the Web. No wonder then, why Seoul is dubbed “the bandwidth capital of the world”.<\/span><\/p>\n

Apart from being exceptionally smart people \u2013 judged, for one, by their superior high-tech products- it is also no wonder, given their high level of interconnectivity, that one in every fifty South Koreans are registered crypto traders. The Country is so crypto-centric that \u2013 in addition to the mega online dealing- purpose-built, walk-in exchanges also exist, where investors can conduct transactions in person.<\/span><\/p>\n

\"\"
South Korea's cryptocurrency exchanges, such as Bithumb, account for a significant percentage daily volumes.<\/figcaption><\/figure>\n

And, if perhaps you\u2019re not convinced yet that the people of SK have gone absolutely crypto-gaga, then let it be known that they are the largest exchange market in the world for Ethereum (ETH)<\/a>; and, third for Bitcoin<\/a>, only after the US and Japan. And, two of the largest exchanges \u2013Bithumb & Coinone- call SK home.<\/span><\/p>\n

Furthermore, it\u2019s not only the people, but also the major corporate citizens of South Korea that are huge crypto fans. During September last year, the parent company of Nexon \u2013South Korean, global videogames heavyweight- announced that they had acquired SK cryptocurrency exchange, Korbit. <\/span><\/p>\n

And, to name but a few more milestone-events in 2017 for corporate crypto in SK, Samsung joined the Enterprise Ethereum Alliance; Kakao Corp, maker of KakaoTalk messenger, acquired fintech startup Dunamu to launch its own crypto exchange Upbit; and, Seoul-based Shinhan Bank \u2013with 15 branches in the US- announced that it is establishing a new bitcoin remittance service between SK and neighboring China.<\/span><\/p>\n

\"\"<\/a>
ICON<\/a>\u00a0can connect independent blockchains without the use of additional third-party intermediaries.<\/figcaption><\/figure>\n

During May, South Korea also saw its first initial coin offering (ICO); SK fintech company Blockchain OS launched its BOScoin, which, after huge interest, sold out in 9 minutes.<\/span><\/p>\n

Other startups which concluded successful ICOs, include ICON<\/a> -which launched its ICX token- and Glosfer<\/a>.<\/span><\/p>\n

South Korean Regulation<\/h2>\n

So, one might wonder, how do the South Korean regulators view all the crypto exuberance surrounding them? Perhaps\u00a0\u2013 a suitable reply might be\u00a0\u2013 like a cat on a hot tin roof. Or, as Forbes puts it, <\/span><\/p>\n

\n

\u201cSouth Korea has become a stage for the clash between conservative regulators and thrill-seeking investors\u201d.<\/span><\/p>\n<\/blockquote>\n

Although the SK government already formed a task force in November 2016 to survey cryptocurrency trends, they waited until September 2017 \u2013interestingly the same time when Chinese authorities squashed crypto<\/span><\/a>– to fire the first proverbial shot over the bow of digital currency.<\/span><\/p>\n

A Possible Ban or Fake News?<\/h2>\n

South Korea\u2019s government watchdog -the Financial Services Commission (FSC)- announced during early September that the regulation of crypto tokens is on the cards. But, after the global Bitcoin price skyrocketed and mega Chinese money started to flow into SK, following the ban in China, the FSC upped their game a couple of notches, even before the month was through. <\/span><\/p>\n

In stock-standard rhetoric from the Regulator \u2013 peppered with the normal we-have-to-save-mankind verbiage on crypto Ponzi schemes, ICO hoodlums and, yes, even Bitcoin marijuana<\/a>\u00a0\u2013\u00a0official statements came thick and fast; including threats of outlawing ICOs<\/a>, although nothing came of it at the time.<\/span><\/p>\n

\"\"
South Korean regulators said they have started on-site inspections of the country\u2019s large commercial banks, marking a change of tack in authorities\u2019 efforts to clamp down on cryptocurrency speculation in one of Asia\u2019s hottest Bitcoin markets.<\/figcaption><\/figure>\n

After a ceasefire over the holidays, well-rested SK government officials returned to their desks earlier this month and did not waste much time to bring out armory. Just last week, Justice Minister Park Sang-ki said the government was preparing a bill to ban trading via cryptocurrency exchanges<\/a>. And, just to add a little va-va-voom, he \u201csent in the boys\u201d, who summarily raided Coinone and Bithumb.<\/span><\/p>\n

\"\"
Choi Heung-sik, the head of the Financial Supervisory Service of South Korea, admitted that employees of the financial regulator committed had sold their cryptocurrency holdings<\/a> just before the agency publicly proposed measures against the industry, which caused cryptocurrency prices to drop. This matter is now being investigated by authorities.<\/figcaption><\/figure>\n

But, hot off the press, today the SK government announced that they will make a decision on a proposed ban on cryptocurrency exchanges after “sufficient consultation and coordination of opinions\u201d. Wait a minute, aren\u2019t you supposed to raid businesses only after you\u2019ve actually made up your own mind?<\/span><\/p>\n

So, folks, that\u2019s it for the moment, on crypto in SK. But, it might be far from over, it seems; therefore, don\u2019t be surprised if this single article extends into a series. <\/span><\/p>\n

Fortunately, apart from some sticky remnants of the \u201colde worlde\u201d regime-type DNA still embedded in the Korean Peninsula, there are also \u2013 fingers crossed- modern insights and influences at play; which, may lead to due, consultative processes and outcomes for the greater good of all, including the crypto stakeholders. If not hope, then we have nothing.<\/span><\/p>\n

There is already one tyrant too many \u2013 we don\u2019t need more \u2013 on the Korean Peninsula; a region which holds great promise, not only for its own people, but, indeed, the whole world.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Thoughts of the Korean Peninsula would generally conjure up conflicting images in the minds of most of us. The two countries who share the Peninsula, represent both extremes on the same continuum; much like sweet and sour, if you\u2019ll excuse the pun. 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