South Korea bitcoin trading volume rose to third in the world in Asia leading global bitcoin transactions
In the second quarter of 2017, the popularity of bitcoin has reached an alarming level, largely due to the financial market to block chain technology view.
In July 3, 2017, South Korea’s ruling Democratic Party member Pu Yongjin announced that the government will be fully involved in the supervision of bitcoin. For bitcoin, this is a watershed, it will certainly support the legitimacy of the bitcoin transactions, the market has become one of the world’s most advanced technology. The South Korean authorities will establish a framework to promote bitcoin transactions.
Now Philippines and South Korea to accept bitcoin cross-border remittance
Supervision to ensure that bitcoin will receive official status as a financial tool, for deposits, withdrawals and transfers. When it comes to bitcoin transactions, individuals and businesses will be able to comply with the regulatory framework, which will have so far been unregulated, unconstrained and independent of the form of financial assets. Provisions of the South Korean government’s request, to provide bitcoin trading platform, in addition to the comprehensive measures of AML (anti money laundering) and KYC (know your customer) agreement, should also hold at least 436 thousand dollars of capital resources.
In the past few weeks, South Korea’s bitcoin debate led to the introduction of a number of legal framework to regulate the industry. At present, the bitcoin industry is unregulated, but for the complete complete regulation of bitcoin, it is still the initial stage. 500 million won is required in order to protect the company from traders and dereliction of duty, misconduct and online fraud. By providing a “capital buffer”, industry to a certain degree of confidence to maintain operation.
South Korea bitcoin market ranked the world’s top three
FinTech, inspired by the country’s regulators approved the latest news encryption currency trading in korea. Financial regulators are required to legalize bitcoin trading in korea. Now, bitcoin is accepted as the official payment options.
At present, the regulations allow customers through bitcoin processing of 20000 dollar remittance. This is a digital currency buyers provides an important opportunity, especially when the South Korean currency trading market began to rise. The expected strong growth in recent weeks, far beyond the bitcoin high of $3000. According to the news that South Korea’s currency trading market is responsible for handling all bitcoin transactions around the world 14%. It came after Japan and the United States ranked third, becoming the top bitcoin trading countries.
Bitcoin transactions mainly by the Asian market
An estimated 650 million people in Southeast Asia is also a developed payment and banking system under the area basically. Fortunately, the rapid rise of cryptography, especially bitcoin, may fill the gap. Philippines, Indonesia and South Korea have been rapidly promoting bitcoin is widely used as a substitute of traditional currency. Indonesia and Philippines have the same large and well-developed bitcoin exchange. Asia is a rapid adoption of bitcoin areas, such as Laos and Vietnam countries are also accept the alternative currency.