According to news on May 30,Cryptonews citing Per Money Today reportsIn response to the National Committees proposal to legalize ICOs, an official from South Koreas Financial Services Commission (FSC) said that they will not follow the recommendations of the proposal at this stage, and they must listen to and carefully review the recommendations of the special committee.Currently still has a negative stance on the legalization of ICOs.
In fact,
In fact,Since the South Korean government promulgated the ICO ban in September last year, there have been calls for the legalization of ICOs in South Korea.
On December 6 last year, a senior official from South Koreas Financial Services Commission revealed that the FSC is planning to introduce regulations for bitcoin and other digital currencies, and may lift the countrys overall ban on ICOs.
In March of this year, the Korea Times quoted people familiar with the matter as saying that financial regulators are discussing with the Korean tax agency, the Ministry of Justice and other relevant government departments to allow ICO plans in the country under certain conditions.
In early May of this year, Eui-Rak Hong, a member of the Common Democratic Party, announced that he would propose the Basic Law on the Promotion of the Blockchain Industry for the first time in South Korea to regulate digital currency issuance and ICO. There are currently 10 co-sponsors in the organization, and they plan to propose and pass the basic law this year.
Although hopes for the legalization of ICOs are always occasionally raised, South Korean digital currency-related companies appear to be more realistic in comparison.
Since ICO was banned,More South Korean companies establish cryptocurrency and blockchain subsidiaries abroad, Among them, Singapore has become the best place to issue ICOs in South Korea. According to Herald Economy, more than 100 Korean companies launched ICOs in Singapore this year.
Many large companies in South Korea also seem to have signs. Line Naver and Kakao Corp, two major local chat apps in South Korea, announced in April this year that they had established encryption and blockchain subsidiaries in Japan. These subsidiaries have applied to the Japanese Financial Services Agency (FSA) for encryption trading licenses. Previously, Kakao was rumored to launch an overseas ICO, but it was officially denied.
In addition, South Korean exchange Bithumb also planned to conduct an ICO in Singapore to launch its own cryptocurrency, Bithumb Coin. Also announced in April this year to temporarily suspend its Bithumb Coin issuance plan.
Compared with other countries that prohibit ICO, the reason why Korean officials are hesitant about ICO is that on the one hand, they hope to legalize ICO to rapidly develop the blockchain; Blockchain business of huge value.
(I am Aloe Vera, a reporter from Odaily. To explore the real blockchain, please add WeChat 1012387983 for breaking news and communication. Please note your name, unit, position and reason.)
(I am Aloe Vera, a reporter from Odaily. To explore the real blockchain, please add WeChat 1012387983 for breaking news and communication. Please note your name, unit, position and reason.)
