South Korea’s Government Responded to the Petition

The South Korean government has officially responded to the petition against unfair cryptocurrency regulations
14 February 2018   340

The South Korean government answered the petition entitled “Has the government ever dreamed a happy dream for the people?” It was filed on December 28. This petition claims the government to avoid excessive regulations for cryptocurrencies in the country and asks not to make unfair regulations on crypto investments.

By January 27, the petition was signed by 228,295 people. According to the rules set by the Blue House, the government must respond to any petition with over 200,000 signatures within a month.

It is the basic policy of the government to prevent illegal acts and uncertainties in the process of virtual currency transactions, and actively nurture blockchain technology…Transparency of virtual currency transactions within the framework of the current law is a top priority…We have been attentive and careful, keeping an open eye on market conditions, international trends, and all means.

Hong Nam-ki

Minister of the Office for Government Policy Coordination

In the middle of December, the Korean government started announcing regulatory measures for cryptocurrencies. Since then, the regulators implemented the real-name system on January 30.

The Korean Ministry of Justice proposed the most extreme measures including an outright ban on cryptocurrency trading. However, other ministers did not support such measures.

At the moment, regulators are developing the ways to tax crypto. There will be an official announcement within the first half of the year.

Regulation Expert: Ether and Ripple convinced Securities

Gary Gensler, former Obama administration financial regulator, supposes ether and ripple appear as unregistered securities, and in present violation of the law
24 April 2018   10

His words bring a substantial weight in the broader financial community. They also come after enterprise capitalists and lawyers put in ether projects met secretly with the US Securities and Exchange Commission (SEC) to head off such provision. the representatives for both coins insist they’re not securities. 

Former Obama CFTC head Gary Gensler is speaking about cryptocurrencies in the framework of his appointment to the Massachusetts Institute of Technology (MIT). He is thinking upon the crypto’s future relatively to regulation.

He’s concentrated on two of the most popular cryptocurrencies - ether and ripple, as potentially in future supposed to become securities. Should that happen, many experts consider it would herald the drop of both ones. Securities regulation imposes a host of legal burdens upon registrants, and costs to comply are often prohibitive and onerous. 

2018 is going to be a very interesting time. Over 1,000 previously issued initial coin offerings, and over 100 exchanges that offer I.C.O.s, are going to need to sort out how to come into compliance with U.S. securities law. 
Gary Gensler, former chairman, Commodity Futures Trading Commission

He believes that Bitcoin and other resemble currencies are decentralized to such an extent as to not trigger regulation. But that’s not so obvious in the cases of ether and ripple, both of which Mr. Gensler insists are in  breach of securities law.