Bitcoin

Korean Law Firm Fights Back Against Govt’s Crypto Trading Regulation

JP Buntinx | January 4, 2018 | 11:00 am
law firm fight against
Bitcoin

Korean Law Firm Fights Back Against Govt’s Crypto Trading Regulation

JP Buntinx | January 4, 2018 | 11:00 am

Various countries all over the world aim to regulate cryptocurrencies. That is much easier said than done, though. After all, cryptocurrencies can’t be controlled by default. In South Korea, the government has taken a slightly different approach. Their form of cryptocurrency trading regulation doesn’t sit too well with the general public. In fact, a Seoul-based law firm has filed an appeal regarding this matter.

It is evident the regulation of cryptocurrency trading is a very sensitive subject. It may seem the best course of actions for most governments all over the world, though. Since cryptocurrencies can’t be controlled, the exchanges facilitating services certainly can. However, things will not go over so smoothly in South Korea. Anguk Law Offices filed an official appeal to fight this trading regulation. In fact, they claim the government conducted unconstitutional infringement on property rights. A very serious accusation that will not be easy to pursue whatsoever.

Cryptocurrency Trading Regulation Without Legal Ground

According to the law firm, there is no legal ground to regulate cryptocurrency trading. A very interesting way to put things, to say the very least. While no one denies regulation can be a good thing, there are no official related laws in place just yet. The Korean government is asked to “respect the property rights of its citizens”. Again, very firm language that leaves little to the imagination. The big question is whether or not the government will even pay attention to this appeal. It would certainly set an interesting precedent in the world of cryptocurrencies.

It is true the idea of regulating cryptocurrency trading is frowned upon all over the world. Forcing exchanges to conduct more thorough KYC and AML checks is not uncommon, though. However, limiting the way people can conduct these trades is something that doesn’t sit well. After all, people should still be given minimal access to these services without verifying their identity. Even if it is just for small amounts, there’s no reason to exclude these users whatsoever. How all of this will play out, remains to be determined, though.

Whether or not the South Korean government will ever recognize Bitcoin, remains to be seen. It is certainly something to look forward to if that happens. Japan has done the same a few months ago. That decision paid off in spades for the land of the rising sun. There is no reason why South Korea can’t do the same, even though nothing has been set in stone yet. Until an official form of recognition occurs, Bitcoin isn’t subject to traditional financial laws either. It remains doubtful the government will agree with that stance, though.

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