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❕NEWS Korean Government Creates Dedicated Division to Oversee Crypto Transactions

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Yusra31

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The Financial Services Commission (FSC) South Korea's primary financial regulator announced an organisational shift on Thursday that will help promote openness in virtual asset transactions.According to the announcement:

"The FSC and the Ministry of the Interior and Safety issued an advance notice of organizational change at the Korea Financial Intelligence Unit (KOFIU) which will add a specific division and personnel tasked to oversee virtual asset transactions."

The amended Act on Reporting and Using Specified Financial Transaction Information entered into force in March of this year and this plan is meant to promote transparency in virtual asset transactions.
 
I love the fact that dedicated division are been created to over see cryptocurrency transaction , cryptocurrency is growing more and I love that fact ,it's really going to promote transparency, because we all know how fraudsters might want to manipulate things ,so it needs checking
 
I love the fact that dedicated division are been created to over see cryptocurrency transaction , cryptocurrency is growing more and I love that fact ,it's really going to promote transparency, because we all know how fraudsters might want to manipulate things ,so it needs checking

South Korea is one of those countries that is now placing some sort of regulation rules regarding cryptocurrency assets and use in the country and each and every investor is required to report the total worth or amount of digital assets used by the investor or invested by the capitalists. Let's see how these new regulations will change the use of these assets in the country.
 
South Korea is one of those countries that is now placing some sort of regulation rules regarding cryptocurrency assets and use in the country and each and every investor is required to report the total worth or amount of digital assets used by the investor or invested by the capitalists. Let's see how these new regulations will change the use of these assets in the country.
the regulation should be favourable that's the main thing , because we all see how at times government create bad regulation for cryptocurrency and this actually kills the morale of trader's , I really hope things are later adjusted and better convenience to those interested I trading
 
the regulation should be favourable that's the main thing , because we all see how at times government create bad regulation for cryptocurrency and this actually kills the morale of trader's , I really hope things are later adjusted and better convenience to those interested I trading

The main thing here is that the government might be more interested in regulating cryptocurrencies because they want to tax people and when they tax people, they generate money that could help the government. One of the main reasons why the government wants to ban it is due to the fact that they are not able to control it.
 
The main thing here is that the government might be more interested in regulating cryptocurrencies because they want to tax people and when they tax people, they generate money that could help the government. One of the main reasons why the government wants to ban it is due to the fact that they are not able to control it.
yes if they can control the demand and supply just like the way they can control the normal flat currency ,they wouldn't have banned it ,but to be honest I really love the way cryptocurrency is been structured , because atleast Investors have that control and no centralised authorities cant control things to their favour
 
yes if they can control the demand and supply just like the way they can control the normal flat currency ,they wouldn't have banned it ,but to be honest I really love the way cryptocurrency is been structured , because atleast Investors have that control and no centralised authorities cant control things to their favour

Yes, but the fact is that many investors and financiers actually trust the decentralised tokens and coins because centralised assets are still much under the control of many token creators and organisations who tend to manufacture these coins for a purpose. What do you think?
 
Yes, but the fact is that many investors and financiers actually trust the decentralised tokens and coins because centralised assets are still much under the control of many token creators and organisations who tend to manufacture these coins for a purpose. What do you think?
the centralised ones are under the control of an authority ,they could make the asset worse and devalue to the detriment of others ,I think that's the problem there , and why people are investing in decentralized asset , because they know that the government can devalue the flat currency
 
the centralised ones are under the control of an authority ,they could make the asset worse and devalue to the detriment of others ,I think that's the problem there , and why people are investing in decentralized asset , because they know that the government can devalue the flat currency

I think that there are certain kinds of centralised coins that have a much high value in the market and they are also trusted by many investors out there. One such example is of Tether (USDT) coin. Tether is a kind of digital coin which is basically a centralised asset, but still it has a really huge market cap and value as well. So, there are certainly a few cryptocurrencies which are centralised, but still they are considered trustworthy.
 
I love the fact that dedicated division are been created to over see cryptocurrency transaction , cryptocurrency is growing more and I love that fact ,it's really going to promote transparency, because we all know how fraudsters might want to manipulate things ,so it needs checking
It still remains a mystery whether they will successfully regulate cryptocurrencies.So many nations are failing to regulate it and even China banned crypto because they knew 100% success in its regulation is impossible.
 
It still remains a mystery whether they will successfully regulate cryptocurrencies.So many nations are failing to regulate it and even China banned crypto because they knew 100% success in its regulation is impossible.
even if the regulation seems 100 percent impossible ,but atleast some few percentage would have been better , it would have atleast helped the government make more revenue in that range , although now that Crypto is falling more China might be glad they did not follow cryptocurrency path
 
even if the regulation seems 100 percent impossible ,but atleast some few percentage would have been better , it would have atleast helped the government make more revenue in that range , although now that Crypto is falling more China might be glad they did not follow cryptocurrency path
You are right at least a small percentage would do instead of 0% which would cause havoc,the little control will be appreciated by the public.Concerning China,I think they are the happiest as things stand due to the relentless bear run.Was just looking at my Coinbase wallet home,cryptocurrencies have fallen by at least 15% today,probably signalling that another crash might happen.
 
You are right at least a small percentage would do instead of 0% which would cause havoc,the little control will be appreciated by the public.Concerning China,I think they are the happiest as things stand due to the relentless bear run.Was just looking at my Coinbase wallet home,cryptocurrencies have fallen by at least 15% today,probably signalling that another crash might happen.
it even fell more today , although you are right about China now chilling since they are no longer associated with cryptocurrency ,but I think it's never ending Bitcoin would still boost higher it's only a matter of time ,we should all watch out for more increase at the end of the day to make Investors more profit
 

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