Monday, November 19, 2018

Media Appearance: "Korean Bar Association Urges Clarity in Bitcoin, Cryptocurrency Regulations" on

It's been a hiatus for the blog! My wife and I welcomed our second daughter to the world recently, and the times have been crazy. I managed to squeeze in this interview as I was taking care of the newborn:
Such sparsely regulated “favorable conditions” have lead to some investment fraud, said a Washington, D.C.-based attorney.  
“South Korea’s market is so hot, a lot of fraud and Ponzi schemes are happening at a crazy level,” said Kobre & Kim of counsel Nathan Park. “The government has been looking into protecting systems for regular investors and not necessarily big companies.” 
South Korea’s won is the third-most traded national currency for bitcoins, behind Japan’s yen and the U.S. dollar, according to bitcoin-tracking website Coinhills. Park said fintech is popular in South Korea without government regulations because of the fast speed of innovation in the country, although government oversight and clear laws are needed to protect investors and regulate companies.
Korean Bar Association Urges Clarity in Bitcoin, Cryptocurrency Regulations []

South Korea is a very important market for cryptocurrency, and the regulations there will have international implications. All eyes are on the South Korean regulators--particuarly on the Financial Services Commission--who are expected to announce a comprehensive regulatory scheme soon.

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