Crypto Money Industry Has Hard Times in Asia
Currently, the crypto money industry in Asia is not very pleasant. While BitMEX Japan closed its operations due to the newly changed crypto regulations – under the Japan Payment Services Act – South Korea’s crypto wallet Bitberry was terminated due to the “uncertainty of the blockchain industry”.
Singapore’s cryptocurrency payment provider, CoinPip, was shut down in early February, when the country entered AML (anti-money laundering) policies.
In a recent podcast, Min Kim of the South Korean ICON Foundation discussed the situation of the country’s cryptocurrency industry after the law came into effect in March. Kim said the cryptocurrency exchanges in the country have not yet been given a definitive direction by the financial authorities, and this has caused much confusion in the field.
“As in all other countries in South Korea, there is a lot of confusion about cryptocurrencies. However, with the legalization of cryptocurrencies, most of the rules will be especially on KYC (Know Your Customer) and consumer protection. ”
Min also mentioned cryptocurrency and tax issues. A recent study by South Korean crypto wallet provider Childly stated that 66% of 5,750 cryptocurrency users worldwide want taxation of cryptocurrencies. Survey interestingly; showed that the crypto community welcomed more taxation than expected.
Kim also expressed a view of the government, sharing his thoughts on cryptocurrencies, about new regulations in South Korea. Who will come up with clear regulations that will be good for the cryptocurrency industry; He stated that with these clear paths, new projects will be prevented from going out of South Korea. Kim added:
“We can do this more efficiently within South Korea. I think we will see more legal funds being created to invest in cryptocurrency projects in the future. In the waiting period of South Korea; more projects and entrepreneurs will come in the future. ”
Currently, South Korea adheres to regulations created by bodies such as FATF until more local regulations are formulated and enforced. As a result, it allowed exchanges like OKEx and Upbit and cryptocurrencies like Monero, Dash, Zcash, Bittude and PIVX in 2019. Whether other stock markets will be included or not will depend on South Korea.