Intense FUD coming from South Korea regulators !

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(Edited)

Hello HODLers,

I completely missed this information as I just became aware of it today. There is a very important deadline on September, 24th for crypto operators to comply before being forced to shut down.

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Smaller exchanges and industry actors have contested these new requirements for the past year without success.

Estimates show that c.40 crypto operators out of 60 could have to shut down even if I expect this number to be overstated by South korean Crypto participants.

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What does this new regulation want?

The obligation for ALL exchanges to show evidence that they are operating using real-name accounts at South Korean banks. The issue being that many local lenders have resisted doing so over fears og being exposed to money laundering.

First, South Korea is a big Cryptocurrency market with a tech savvy population and quite a sizeable Crypto Market. It is the 3rd market for Bitcoin and is even bigger than Japan.

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It seems that Upbit, Bithumb, Korbit and Coinone (90% of SK traded volume) already or are close to comply to the new regulation* and experts think this could make the market even more concentrated.

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42 Kimchi coins are threatened!

You may ask: "What is a Kimchi coin?"

A Kimchi coin is a smaller altcoin listed on smaller platforms and traded against the Korean won. Some local experts expect a Crypto Bank Run as user realize that they have to sell and cash out their smaller coins because they might no longer be listed anywhere.

All these new measures are aimed (according to the regulator) to curb the enthusiasm for crypto trading from retail and younger investors.

What are your thoughts? Do we need all these regulations?

Stay safe out there...

Sources:

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22 comments
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thanks for this information ... it seems to me that South Korea is much ahead of Italy.

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What a really intense information. Let’s see how it goes, time will tell

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Indeed but it seems regulators are just very good are creating oligopolies and monopolies.
Sad 😞

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People will always find a way to evade, especially in Crypto.
I am sure, not South Korea, but others (most likely US) is behind this.

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I guess this would be for 90% of investors: normies and speculators.

For the OG crypto addics, anarchist or freedom fighters or whatever, there will be plenty of loopholes to exploit behind decentralized VPNs, etc...

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If I learned something in crypto, it is the reality of FUD and double digit drops in prices 😅

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Haha 😆! Seems almost a weekly thing. Nobody is panicking 😱 anymore, only when -30%+

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I don't think we need the regulation but I fully expect it coming by those in power.

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We need some but definitely not one killing smaller exchanges and reinforcing oligopolies 😂

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If this small altcoin is not real they will run but if they are real,they should comply,so that people will believe on them.it is also a way to make all this small altcoin stable there.. Thanks for sharing.

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Some of these are only listed on small platforms due to lower volumes / users. Therefore either they get a big exchange listing (have to pay probably) or they might be only exchange through p2p

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Well , I believe that the fact that cryptocurrency is centralized will always be an issue for it. Government will always want to control cryptocurrency and as such exchanges will have issues getting investors to do kyc verification in line with the agreement of the government

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Well , I believe that the fact that cryptocurrency is centralized will always be an issue for it.

You mean decentralized I think ?

I entrely agree with you but if we are being honest 80% of Crypto users either existant or futures will NOT care about KYC, anonimity or decentralization. These customers will go to Coinbase, Kraken, etc...

And then you have the crypto users that got into the space for the decentralization, anonimity, etc... who will use other means to trade and transfer assets (decentralized AMMs being one).

2 markets inside one ! :D

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Yeah . That's a typo. Have corrected it.

Ever since I started using cryptocurrency especially Defi , I now control my funds and I get to earn passive rewards from it which is more profitable than what is available in the traditional banking system

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Crime is the exclusive domain of the government.

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Indeed, sometimes they let one or 2 little crooks to better go hard on them. But we know who are the real ones... The one at the FED trading stocks before announcing an extra round of QE (just the latest exemple....)

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Sorry to say this but both Politicians and Crypto HODLers from Korea are crazy AF. 😂

Such a huge market will die because of stupid regulations. Citizens from other countries must learn from this. We need more DEXs.

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Why woul you be sorry to say that these politicians are crazy AF? :D

DEXs, Decentralized AMMs, way to be anonymous, etc... Sorry governments we have too many options: YOU LOSE

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