{"id":4696,"date":"2018-02-15T04:25:23","date_gmt":"2018-02-15T04:25:23","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=4696"},"modified":"2018-02-15T04:25:23","modified_gmt":"2018-02-15T04:25:23","slug":"south-korea-mulling-crypto-license-similar-new-yorks-bitlicense","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\/","title":{"rendered":"South Korea Mulling Crypto License Similar To New York\u2019s BitLicense"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3476 alignleft\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/01\/south-korea.jpg\" alt=\"\" width=\"380\" height=\"250\" \/>After reaching a low of about $5,816, Bitcoin made a bullish reversal. The testimony given by CFTC commissioner Christopher Giancarlo sparked a bullish rally in the crypto currency market. The ECB President Mario Draghi\u2019s statement \u201cEuropean banks could hold Bitcoin in the future\u201d also aided the rally. Crypto enthusiasts, investors, and traders know that most of the downtrend was caused by FUD from South Korea. Time and again, news of a possible ban derailed the crypto currency market from forging new highs.<\/p>\n<p>However, that might change as <a href=\"http:\/\/www.businesskorea.co.kr\/english\/news\/money\/20513-adoption-new-york-model-s-korea-considers-introduction-approval-system-open\">Business Korea has reported<\/a> that the country is currently considering Bitcoin licenses similar to the model adopted by <a href=\"http:\/\/www.dfs.ny.gov\/\">New York State Department of Financial Services.<\/a>According to Business Korea, the government\u2019s stance has largely changed as speculation in crypto currencies has subsided. Furthermore, the government believes that a blanket ban on crypto currencies will have an adverse impact on the block chain industry in the country. The Ministry of Strategy and Finance Affairs is currently working the modalities for implementing an exchange approval system.<\/p>\n<p>Deputy Prime Minister and Minister of Strategy and Finance Kim Do-yeon also recently said, \u201cWe don\u2019t need to get rid of or suppress digital currencies.\u201d The MOJ and the FSC basically agrees to ban virtual currencies but are acceptable to approval systems as long as they strictly manage them like New York.<\/p>\n<p>Notably, last month, the country\u2019s approval rating went down after announcing a possible ban on crypto currency trading.<\/p>\n<h2>What is BitLicense?<\/h2>\n<p>A BitLicense is the common term used for a business license of virtual currency activities, issued by the New York State Department of Financial Services (NYSDFS) under regulations designed for companies. The regulations are limited to activities involving New York or a New York resident.<\/p>\n<p>On July 17, 2014, the department released details on a proposed &#8220;BitLicense&#8221;, which placed regulations on any company or person that uses crypto currencies residing in New York. It came into effect on August 8, 2015. At least ten Bitcoin companies announced they were stopping all business in New York State because of the new regulations. In September 2015, <a href=\"https:\/\/www.legitgambling.com\/news\/goldman-sachs-denies-reports-crypto-currency-trading-desk\/\">Boston-based circle was granted<\/a> the first BitLicense, although in December 2016 the company had pivoted away from its Bitcoin exchange to focus more on payments. As of January 2017, only five BitLicenses had been awarded.<\/p>\n<p>BusinessKorea, quoting government sources, reported that another option for the government is to impose taxes, instead of laying down new rules for <a href=\"https:\/\/www.legitgambling.com\/cryptocurrency\">crypto currency trading and investments<\/a>. According to the news edition, the government is expected to make a final decision on crypto currency exchanges in June (after local elections).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After reaching a low of about $5,816, Bitcoin made a bullish reversal. The testimony given by CFTC commissioner Christopher Giancarlo sparked a bullish rally in the crypto currency market. The ECB President Mario Draghi\u2019s statement \u201cEuropean banks could hold Bitcoin in the future\u201d also aided the rally. Crypto enthusiasts, investors, and traders know that most [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69,68],"tags":[],"class_list":["post-4696","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-cryptocurrency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>South Korea Mulling Crypto License Similar To New York\u2019s BitLicense<\/title>\n<meta name=\"description\" content=\"Business Korea has reported that the country is currently considering Bitcoin licenses similar to the model adopted by New York State Department of Financial Services. The government is expected to make a final decision on crypto currency exchanges in June (after local elections).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea Mulling Crypto License Similar To New York\u2019s BitLicense\" \/>\n<meta property=\"og:description\" content=\"Business Korea has reported that the country is currently considering Bitcoin licenses similar to the model adopted by New York State Department of Financial Services. The government is expected to make a final decision on crypto currency exchanges in June (after local elections).\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-15T04:25:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/01\/south-korea.jpg\" \/>\n<meta name=\"author\" content=\"Cameron Bishop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cameron Bishop\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\\\/\"},\"author\":{\"name\":\"Cameron Bishop\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"headline\":\"South Korea Mulling Crypto License Similar To New York\u2019s BitLicense\",\"datePublished\":\"2018-02-15T04:25:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\\\/\"},\"wordCount\":440,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/01\\\/south-korea.jpg\",\"articleSection\":[\"Bitcoin\",\"Cryptocurrency\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\\\/\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\\\/\",\"name\":\"South Korea Mulling Crypto License Similar To New York\u2019s BitLicense\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/01\\\/south-korea.jpg\",\"datePublished\":\"2018-02-15T04:25:23+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"description\":\"Business Korea has reported that the country is currently considering Bitcoin licenses similar to the model adopted by New York State Department of Financial Services. 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The government is expected to make a final decision on crypto currency exchanges in June (after local elections).","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.legitgambling.com\/news\/south-korea-mulling-crypto-license-similar-new-yorks-bitlicense\/","og_locale":"en_US","og_type":"article","og_title":"South Korea Mulling Crypto License Similar To New York\u2019s BitLicense","og_description":"Business Korea has reported that the country is currently considering Bitcoin licenses similar to the model adopted by New York State Department of Financial Services. 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