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   664

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.

SEC May Approve BTC ETF in 2019

This thought was told by Bill Barhydt, chief executive of bitcoin payment start-up Abra
05 September 2018   414

In an interview with CNBC, the head of Abra, Bill Barhydt, said that the SEC had not yet approved the bitcoin-ETF because the initiators of the launch of these funds "do not meet the expectations" of the agency.

I think the issue with the SEC, quite frankly, is that the people who are doing the applications don't fit mold of who the SEC is used to approving. I used to work for Goldman Sachs, but if you look at how I'm dressed you probably wouldn't know it. So I probably, unfortunately, couldn't go like I am here to a meeting at the SEC to say I'm applying for the ability to issue an ETF.

Bill Barhydt

CEO, Abra

According to Barhydt, the applicant must "look, smell and behave" as the SEC wants to approve the application. He also believes that the application for the launch of ETF from a reputable financial company will be approved rather than from a start-up.

He also expressed confidence that the first publicly cryptocurrency ETF will appear next year.

It's going to happen in the next year, I would actually make a bet on it. There is too much demand for it.

Bill Barhydt

CEO, Abra

In late August, the SEC rejected an application for the ProShares Bitcoin ETF and ProShares Short Bitcoin ETF. At the same time, a similar fate awaited several applications for the launch of Bitcoin-ETF from Direxion and GraniteShares.