Report: Korea Prepares to "Release the ICO"

According to a recent report, Korea's ban on ICO issuance may be lifted in the coming months. As CoinDesk reported in September of 19...

According to a recent report, Korea's ban on ICO issuance may be lifted in the coming months.

As CoinDesk reported in September of 1977, the country's Financial Services Committee moved to ban the blockchain fundraising model. However, according to a new report from the Korea Times, the ban may be lifted in part, particularly for the sale of tokens that show signs of meeting specific conditions.An anonymous source told the newspaper:"Financial agencies are talking to the tax authorities, the justice department, and other relevant government agencies about a plan that allows ICOs in Korea when certain conditions are met."Despite the local ban, many users of electronic money in Korea are still involved in international ICO. Kang Young Soo, the regulator of electronic money transactions at the Financial Services Commission (FSC), declined to comment on the ICO except to say that the FSC was considering a "third party view." In addition, Young-soo asserted that the government wanted to apply blockchain technology and create a better infrastructure to regulate electronic money transactions. However, the international money market presents new challenges for lawmakers. At this time, overseas residents are currently banned from electronic money transactions in Korea. This limitation is intended to prevent money laundering and other transboundary criminal offenses. Meanwhile, South Korean officials are talking with partners in Japan and China to seek regulatory cooperation, meaning that any final rule can be developed in parallel. with those countries.For its part, China has yet to show any willingness to loosen its ban on the ICO, which was announced in early September ahead of the South Korean statement.

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High Tech Brain: Report: Korea Prepares to "Release the ICO"
Report: Korea Prepares to "Release the ICO"
High Tech Brain
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