South Korea ‘Positively Considering’ Cryptocurrency Exchange Licenses

South Korea ‘Positively Considering’ Cryptocurrency Exchange Licenses

South Korea is now contemplating a licensing scheme for cryptocurrency exchanges in a significant U-turn on its earlier suggestion to ban them.

Govt. To Debate ‘Exchange Approval System’
As native information media outlet Business Korea experiences Monday, lawmakers from a devoted “cryptocurrency process drive” are analyzing the choice of following within the footsteps of New York and Japan in vetting change operators earlier than permitting them market entry.
The New York scheme is a number of years previous and confronted teething issues, together with backlogs and exorbitant prices, whereas 2017’s transfer by Japan obtained appreciable demand in addition to broad acclaim.

Business Korea quotes a authorities official as saying:
We are positively contemplating the adoption of an change approval system as the extra regulation on cryptocurrencies.
South Korea has confronted a number of months of upheaval following combined messages given by Seoul concerning the legality of cryptocurrencies and buying and selling them.
The perspective has modified quickly after feedback by justice minister Park Sung-ki resulted in a public backlash and a petition to have him and finance minister Kim Dong-yeon fired for “market manipulation.”
Park Sung-ki had urged a blanket ban on exchanges, a course of which the petition additionally sought to reverse and which was later retracted.
Decision Expected After June Elections
As of February, South Korea has mandated a ban on nameless cryptocurrency buying and selling, a scheme which was rushed via on the finish of January and continues to trigger bureaucratic difficulties of its personal because the ecosystem struggles to manage.

A call on licensing will possible solely be made later this yr after forthcoming elections in June, Business Korea notes.
One official shared his views on the  licensing scheme with the publication in addition to the subsequent step within the course of when he mentioned:
Some even say that the federal government ought to impose taxes as a substitute of placing further rules if the market volatility stays identical on the present stage.
We will maintain a gathering to reply to nationwide petition associated to digital currencies this month however we’re extremely more likely to make up for the defects of present measures solely on the assembly.
What do you consider South Korea’s plans for an change licensing scheme? Let us know within the feedback under!

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World’s First Olympic Athlete Paid in Cryptocurrency

World’s First Olympic Athlete Paid in Cryptocurrency

Canadian velocity skater Ted-Jan Bloemen has grow to be the primary Olympic athlete to be paid in cryptocurrency, following a take care of two new know-how firms.

A ‘entire new frontier’
For the primary time in historical past, an Olympic athlete has been paid in cryptocurrency.
According to CNN, Canadian velocity skater Ted-Jan Bloemen — a double world file holder — has signed a one-year sponsorship take care of cryptocurrency-focused social community onG.social, along with agreeing to phrases with digital actuality developer CEEK VR.

According to his agent, Bloemen is exploring a “entire new frontier” in terms of Olympic athletes funding their pursuit of success, by accepting cryptocurrency as a type of cost. He defined:
This is mostly a entire new frontier. It will probably be thrilling to see how cryptocurrency can work for Ted-Jan, particularly, but in addition the impression it would have on the game advertising and marketing trade as an entire.
Bloemen’s deal is pretty simple. In alternate for documenting and sharing his Olympic journey on onG.social and starring in a 360° digital actuality expertise with CEEK VR, he’s compensated in cryptocurrency.
CEEK VR founder and CEO Mary Spio sees large potential for sports-focused digital actuality experiences, and is thus completely happy to have Bloemen on board, explaining:
Bloemen’s help for cutting-edge applied sciences is reflective of his proclivity for pushing the boundaries. We consider Virtual Reality isn’t simply nice for our viewers (Ceekers) however will finally be used for coaching and maximizing participant efficiency and potential.
Bloemen himself can be stoked to be on the forefront of latest know-how and new cost strategies.

I’m very excited to be the primary ever #Crypto Sponsored Athlete. Thanks @CEEK #VirtualReality and @Ong_Social for being on the forefront of know-how and this nice achievement. Looking ahead to an ideal relationship and the thrilling occasions forward. pic.twitter.com/mCHbNzkKW8
— Ted-Jan Bloemen (@TedJan) January 31, 2018

It’s price noting that Bloemen isn’t solely paid by the businesses in cryptocurrency, nonetheless. He additionally obtained some money, explaining:
For me, the true danger of not getting something will not be there, as a result of I acquired a little bit (money) out of it already. And that mixture makes this sponsorship actually enjoyable, proper. Because we’re going to assist one another. I’m making an attempt to get them a little bit extra publicity to make them succeed, and that may assist all of us, proper.
According to CoinMarketCap, onG.social (ONG) has a complete market cap of $6,322,255 on the time of this writing.
Like the cryptocurrency market, Bloemen isn’t any stranger to controversy. After breaking Sven Kramer’s 10-year-old 5,000m world file by 1.5 seconds, Bloemen notoriously smashed the sector’s label displaying his former teammate’s title and time.
Do you suppose Bloemen is on the forefront of a complete new frontier of athletic sponsorships, or is his take care of onG.social and CEEK VR little greater than a publicity stunt? Let us know within the feedback beneath!

Images courtesy of Shutterstock, Twitter, and Bitcoinist archives
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Diversify They Said: Bitcoin’s Drop Sparks Double Pain For Altcoin Holders

Diversify They Said: Bitcoin’s Drop Sparks Double Pain For Altcoin Holders

Bitcoin has confirmed its price in a recent market downturn as altcoin property throughout the board dramatically overtake its losses.

Bitcoin Steadiest Top-50 Asset
A look at Coinmarketcap’s prime fifty cryptocurrency asset costs Friday reveals even Ether (ETH) to have misplaced round 7% greater than Bitcoin’s 15.5% each day minuses.
Ripple shed 31%, Bitcoin Cash 20% and Cardano 37%, placing it simply behind Ardor’s 39% as the highest fifty’s greatest loser as of press time.
The solely asset to buck the development within the prime 100 property is Digix DAO, which in an unlikely opportunistic development spurt appreciated 90% within the final 24 hours.

Why is it that when $BTC crashes, each different #crypto crashes extra? Shouldn’t competitors be inversely correlated? Fact is, there is just one true decentralized blockchain. #bitcoin pic.twitter.com/fk8psqI7iG
— Armin van Bitcoin (@ArminVanBitcoin) February 2, 2018

As mainstream media as soon as once more raced to have a good time the popping of the Bitcoin ‘bubble,’ cryptocurrency business insiders confirmed no indicators of panic.
In what has turn out to be a typical sequence of occasions for 2018, recent downward corrections are being met by tricks to “purchase low” regarding Bitcoin, its lesser fall making it the best holding forex for buying even decrease altcoins.
Meanwhile, funding platform BankToTheFuture creator Simon Dixon led forecasts of the place Bitcoin’s worth backside would finally seem, contemplating $7300 as the positioning of a future upward correction.
Korea Ditches ‘Kimchi Premium’ Arbitrage
Downward promoting strain had been mounting via final week for Bitcoin. Regulatory overhauls in South Korea, reiteration of presidency stance in India and the misrepresentation of each within the mainstream press led to an  infiltration of ‘faux information’ which appeared to frighten markets.
The flurry of media hypothesis produced fertile floor for naysayers, with fashionable monitoring web site 99bitcoins now containing virtually 250 Bitcoin ‘obituaries.’

At the identical time, situations in jurisdictions which contributed to adverse sentiment are displaying indicators of marked enchancment.
South Korea, which had beforehand been well-known for mismatched crypto costs and related arbitrage alternatives, has reinvented its panorama as new rules ship adjustments.
Data from Bloomberg and CryptoCompare reveals the value of a bitcoin within the nation now de facto matches world averages.
What do you consider crypto markets’ present efficiency? When will Bitcoin backside out? Let us know within the feedback under!

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South Korea Government ‘Will Not Ban Or Suppress’ Cryptocurrency – Minister

South Korea Government ‘Will Not Ban Or Suppress’ Cryptocurrency – Minister

South Korea’s authorities has confirmed it has “no intention” of banning or “suppressing” cryptocurrency buying and selling in recent feedback on the trade.

‘No Intention To Ban’
In feedback Wednesday quoted by Reuters, finance minister Kim Dong-yeon, who earlier in January stated that a shutdown was nonetheless a risk, lastly ended apprehension surrounding the way forward for cryptocurrency buying and selling within the nation.
Kim had confronted a 200,000-strong petition demanding he be fired from his place after the feedback, which together with these by justice minister Park Sang-ki, despatched shock waves by means of cryptocurrency markets and sparked public outrage.

“There is not any intention to ban or suppress cryptocurrency,” he stated.
The affirmation could come as much less of a shock to some, as Seoul strikes ahead with regulatory enhancements to the change sector at breakneck pace in current weeks.
In addition to tax and safety obligations, an nameless buying and selling ban turned regulation Tuesday, with exchanges now obliged to make sure account identities match these of financial institution accounts.
The tempo of change is already inflicting teething issues, nonetheless, as Bitcoinist reported because the ban commenced that big-volume exchanges had been discovering it significantly simpler to work with banks to remain compliant.
Conversely, smaller exchanges confronted being minimize off from the market by means of lack of compliance as banks failed to deal with demand. This, sources say, may see a million customers caught out.

Soeul Goes After Illegal Actors
Not simply bonafide actors, but in addition the shadier aspect of South Korea’s buying and selling market has caught the eye of regulators.
Customs within the nation has introduced it has uncovered “unlawful international exchanges” involving cryptocurrency value virtually $600 million this week, with investigations ongoing.
The group said:
Customs service has been carefully unlawful international change buying and selling utilizing cryptocurrency as a part of the federal government’s activity power.
Bitcoin costs have, in the meantime, stopped reacting to developments in South Korea’s regulation after Japan’s main hack and authorized troubles at Tether stole the limelight.
What do you consider the newest developments in South Korea? Let us know within the feedback beneath!

Images courtesy of Pxhere and Bitcoinist archives.
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Here’s What The South Korean Regulations Mean For The Cryptocurrency Market

Here’s What The South Korean Regulations Mean For The Cryptocurrency Market

After a lot “will they or gained’t they”, the South Korean authorities has lastly carried out cryptocurrency buying and selling rules. What will that imply for the crypto market? Let’s discover out.

The large information within the cryptocurrency house at present is that the long-awaited South Korean rules have come into impact. This is a subject that made headlines earlier this month when rumors that the South Korean authorities would implement an outright ban on cryptocurrency hit the press. These rumors subsequently turned out to be false, however not earlier than kicking off a strongly bearish pattern within the value of bitcoin and far of the broader cryptocurrency house.
New Rules In Place
The guidelines that the South Korean authorities deliberate to implement initially hit press again on January 23, when the nation’s Financial Services Commission launched this doc.
As per the doc, the principles contain quite a lot of steps that monetary establishments will likely be required to take to curb the potential misuse of the crypto market and the concurrent danger of cash laundering within the house.
For instance, if a consumer makes deposits or withdrawals of greater than KRW10 million per day or KRW20 million per week, the FSC deems this as suspicious and requires the banks that facilitate the transaction to to submit what’s referred to as a Suspicious Transaction Report (STR) to KoFIU, which permits the latter to analyze additional.
But it’s not all about cash laundering.
The rules additionally be certain that there’s a framework in place to guard the cash that customers deposit with exchanges, because the doc states:
The EDD requires banks to confirm further data for cryptocurrency exchanges: the aim of economic transactions and the supply of cash; particulars about providers that the exchanges present; whether or not the exchanges are utilizing real-name accounts; and whether or not the exchanges confirm their customers’ identification.
Finally, the rules stipulate that banks and monetary establishments should share data with each other relating to any suspicious exercise rooted in each customers and exchanges, in order to keep away from any points by a scarcity of transparency within the sector.

So What Does All This Mean?
Bitcoin is taking successful at present as the brand new guidelines come into play, however this looks as if an overreaction. A consultant of the South Korean trade Bithumb instructed CNBC at present:
Nothing has modified when it comes to coin transaction.
In the long term, this might even be an actual supply of energy for the sector. Julian Hosp, co-founder and president of cryptocurrency start-up TenX, additionally instructed CNBC:
If afterward, traders and firms have extra authorized safety working within the ecosystem, it’s going to have some short-term downsides, however long run, it’s going to have a extremely, actually large enhance.
The faster this enhance comes, in fact, the higher.
Are you in South Korea? Do these rules have an effect on you? Let us know beneath!

Image courtesy of Emmanuel DYAN/Flickr, Pixabay
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Samsung Enters ‘Mass Production’ Of ASIC Miners

Samsung Enters ‘Mass Production’ Of ASIC Miners

South Korean electronics large Samsung has begun manufacturing ASIC geared to cryptocurrency mining in a Chinese partnership.

Samsung Edges In On Bitmain
That’s in line with a report in native information outlet The Bell, which on Monday acknowledged the cope with Taiwanese operator TSMC Taiwan was already leading to “mass manufacturing.”
The transfer would represent the second main step into the mining sector by a world multinational this month after Eastman Kodak introduced a stunning however highly-criticized scheme a number of weeks in the past.
Samsung would additionally be part of the turbulent race to cement positions on cryptocurrency in South Korea, information of a significant deal between change Bithumb and e-commerce platform WeMakePrice coming the identical day as the corporate’s announcement.
According to the Bell, sources confirmed the partnership, with analysts suggesting it was untimely to think about profitability will increase.
Nonetheless, TSMC’s place as a provider to market large Bitmain might see the Samsung transfer present a much-needed dose of competitors in mining.
Forget 40 Upcycled Smartphones
In late October, Samsung hinted at its curiosity in cryptocurrency mining with the disclosing of an altogether extra experimental product at its San Francisco developer convention.
A ‘rig’ comprising forty repurposed Galaxy S5 smartphones and different merchandise was described as “revolutionary” to Vice whereas on the time remaining one thing of an understated contribution to the business.

“This revolutionary platform supplies an environmentally accountable means for previous Galaxy cell units to breathe new life, offering new prospects and potential prolonged worth for units that may in any other case be forgotten in desk drawers or discarded,” a spokesman informed the publication on the time.
2018’s different main mining announcement from Kodak in the meantime appeared to fail in its bid to create the specified buzz from the business.
Its two-year contract attracted as a lot destructive publicity because the itself, commentators noting the arithmetic employed by the corporate would find yourself dropping prospects income.
Nevertheless, shares within the embattled electronics producer jumped following the announcement at CES Las Vegas, regardless of one journalist describing it as “the dumbest factor he had seen” on the know-how occasion.
What do you consider the Samsung mining transfer? Let us know within the feedback beneath!

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