[ad_1]
No other nation has managed to earn and continues to boast such an advanced reputation South Korea has earned this reputation as a high-tech center for its line of technology, e-sport, innovation and a wide range of consumer electronics, it's no real surprise that Cindicator, who published a report, highlighting the kind of future role that South Korea would have as regards the prospect of adopting longer-term cryptocurrencies.
When considering existing data available via market volumes on a series of cryptocurrency exchanges, as well as economic history, regulatory policies and broader trends in the cryptographic market. Cindicator has reached a series of unique conclusions about the nation south of the 38th parallel.
This derives from all the existing evidence presented by the company. Also thanks to the reputation of South Korea, which boasts 50 million citizens, as well as having a solid reputation as one of the 15 major economies that have played a significant role in the adoption of cryptocurrency at an early stage. Overall, this can be attributed to a number of contributing factors, including the exchange infrastructure, an above-average level of adoption, as well as the existing regulatory framework and tax-driven policies.
South Korea – A Population Gone Cryptocurrency Positive
If we were to take some of the world's most criptovalute progressive / friendly countries in the world, unfortunately we will not have the opportunity to see South Korea on that list. We often find that it is being beaten by other nations like Singapore, Estonia and Malta as a more recent addition.
While these nations are continually added to a strong upper league ranking, South Korea has shown strong appetites for high technology and the world of cryptocurrency, especially when it comes to the general views of the population over them.
According to the cryptocurrency market reports, South Korea's population is responsible for about 30 percent of the total crypto-goods trade worldwide. Furthermore, up to 30% of all those workers who are earning a salary within South Korea possess or, to a certain extent, take part in the trade in cryptocurrencies of a particular type.
For a relatively small country, it has a very interesting history in terms of economy and growth. This economic dynamism has been translated into an otherwise comparable system of exchanges of cryptocurrencies and normative politics.
South Korean cryptographic exchanges – How they work
The world of cryptocurrency trading when it comes to trading within the South Korean peninsula is relatively advanced when we look at exchanges like Bithumb, which is one of the largest exchanges in the country. It is continuously ranked first in the last month when it comes to the volume of trade in US dollars. This is according to the information provided by 22 November.
Along with Bithumb, there are a large number of cryptocurrency exchanges that represent some of the most important globally. These include artists like Korbit, Opbit and Coinone. If we were to join Bithumb and Upbit, they would dominate the market in general with 86% advantage.
Even within the confines of this relationship, there have been a large number of cases in which only adding another altcoin to the market as a new listing in a South Korean market would be enough to significantly increase the token. An example of this includes the announcement of Bithumb of the TRON cryptocurrency (TRX) in April 2018. Within a few hours, TRX has seen its value almost double in 3 hours.
The Cindicator report states:
"There is no doubt that Korean trade is a key element in trying to analyze the cryptic phenomenon in Asia".
The avant-gardes of mass adoption: important crypto projects
There are many projects based on cryptocurrency / blockchain that promise to bring mass adoption around the world. And one of the most important comes from Coinone. Their project in question would involve a payment service that would be created in collaboration with Qoo10. By itself, Qoo10 has acquired a solid reputation in the Asian continent as a grip on Amazon.
Along with Qoo10, there are a significant number of other companies wishing to make extensive use of blockchain technology. These also involve various acceleration projects such as Deblock.
Even the regulation is coming
The South Korean government has been besieged by a series of fraudulent projects and ponzi schemes regarding cryptocurrency trading.
The underlying problem with Ponzi schemes is also concurrent with a much higher level of negotiation that has since captured the attention of regulatory organizations, which has led to their drive to lead a firmer position on the market. of cryptocurrencies.
Starting from September 2017, and until March of this year, a large number of initial offers of coins, as well as the anonymous trading activities involved in cryptocurrencies, have been officially banned.
These same imposed restrictions have led to a large number of relevant subsidiaries of blockchain and corresponding initiatives moving from South Korea to establish nations such as Singapore in order to fully launch the Initial Coin Offerings. However, the cost still presented a problem that prevented startups from being involved.
The broader thrust of the South Korean government to regulate cryptocurrencies has started to thaw for companies. And while it seems to have been a reaction to a previous address to the problems that are consistent with the overall ecosystem. These included initial coin offerings and data breaches caused by cryptographic exchanges.
One of the thrusts that the Korean government has made in an announcement this year has been the proposal to spend about $ 880 million for further developments in the blockchain technology. In 2019, this development funding application is part of a wider package of 5 trillion won to innovate and stimulate the South Korean economy.
The initiative is a fairly profound indicator that the government is changing course in terms of its initial position, creating a much more optimistic view for the application of blockchain technology and the legitimacy of cryptocurrencies in general.
taxation
Like every member of the public inside the country, South Korea has a very high level of taxes for its people. However, since 2013, Bitcoin, among many other encrypted ones, is not subject to capital gains taxes like other countries.
This is very good for cryptocurrency traders and investors, allowing them to maintain the entirety of their profits from trading and investment. This also allows these same traders to undergo cryptocurrencies with a much greater level of simplicity.
Even if no concrete position is taken on whether or not to take this 0% tax line on capital gains, there is a general feeling that this state of affairs will end in the near future.
Simon Keusen, who works as an analyst analyst for the company, Cindicator, said that their research shows that the influence that South Korea enjoys in the blockchain industry worldwide will continue to grow over time.
"The country is very open to new technologies.The enthusiasm for cryptographic resources is palpable.The latest legislative initiatives show that the government understands the potential of blockchain technology".
Keusen continued to reason that:
"South Korea will play an important role in guiding the adoption of cryptocurrencies globally."
[ad_2]Source link
