Things are proceeding as expected. Another RAMPING casualty in heart of ASIA
South Korea is top among 3 nations in Asia - computer density / crypto / bitcoin usage.
shut the fukking ramps - Regulators
close the f'king door - Jerome Powell
enforcement starts ...
The Financial Services Commission today proposed an amendment to prohibit citizens from purchasing crypto using credit cards.
It's been nearly impossible to buy Bitcoin with a credit card in the States for about 8-10 years already. Debit cards yes, but most credit cards no.
Seems like S Korea are implementing a quite strict "walling" of crypto both geographically and financially. So interacting with exchanges/vasps will be limited to domestic regulated entities and on/off ramp will be through domestic bank arrangements. That, to me, implies some strict KYC/AML compliance that users will need to abide by in order to play.
I think it's good to pay attention to how different jurisdictions are regulating as it informs about what to expect more widely as time goes on. Singapore, Japan, S Korea and HK are worth watching in that regard.
only jp sg allows as method on payment - korea has law prohibits withdraw of crypto from cex - basically restricting to trading n taxes no real p2p usage after Do Kwon shit. so basically cryptos sitting duck including bitcoin for now.
I wonder whether there are opportunities there... I mean, a door-closes, window-ope s kind of thing.
