Korea’s ICO Stance To Be Announced By November

In a top level meeting, South Korea’s primary markets regulator, Choi Jong-koo has reaffirmed his negative stance on ICOs (Initial Coin Offering).

Not Denying The Potential Of Blockchain

Financial Services Commission (FSC) Chairman, Choi Jong-Koo says on Thursday,

The government does not deny the potential of the blockchain industry. However, I think we should not equate the cryptocurrency trading business with the blockchain industry.

The official emphasizes on that he was sticking to his ban on ICOs. Despite voicing against it by crypto industry, the startup sectors, and even some lawmakers. Hong Nam-ki, Chief of the Office for Government Policy Coordination states on Thursday,

The Korean government is likely to announce its stance on the status of initial coin offerings [ICOs] in November.

A representative from FSC states that they should consider pathological tendencies and unique market structure. That too relating cryptographic investment in Korea at present. However, confirms the situation will be closely monitored.

He also confirms the need to establish a disciplinary system to individuals or organizations deals with cryptocurrency. Also, states, It is necessary to promote system improvements. Especially in areas where international consensus is forming and regulations are strengthening. One example is money laundering prevention.

Further suggesting companies wanting to raise capital through ICOs should simply have to be moved to friendly countries like Malta, Singapore etc. But the exodus of startups and innovators to other crypto-friendly countries is seen as a problem by several lawmakers who think otherwise. To be precise, Min Byung-doo, the Democratic Party lawmaker said,

Since there has been no follow-up policy in regard to the ICO ban last September, Korea’s block-chain industrial competitiveness is only about 75 percent of that in the US, which is an advanced country. This is something we all should be worrying about.

Regarding the news about banks not allowing virtual currency exchanges real-name accounts, Choi said, “Exchanges should be able to persuade banks to issue bank accounts to them.”

What side do you think the announcement in November will pivot to? Will they undo the ban on ICOs? Let’s discuss!

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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