South Korea has been in a regulatory back and forth with reference to the government’s stance on cryptocurrencies and the operations of initial coin offerings (ICOs). Earlier this week, on Thursday, South Korea’s top financial regulator, the Financial Services Commission reaffirmed their negative perspective towards the cryptocurrency industry and the wider process of tokenization, as reported by the country’s business news outlet, BusinessKorea. Choi Jong-koo, the chairman of the Financial Services Commission addressed the National Assembly regarding the aforementioned process. Jong-koo affirms the blockchain industry for its “potential,” however, he remains a crypto-skeptic. He said, “But I think we should not equate the cryptocurrency trading business with the blockchain industry.” Jong-koo added, “Many people say the Korean government should allow ICOs, but ICOs bring uncertainty and the damage they can cause is too serious and obvious. For these reasons, many foreign countries ban ICOs or are conservative towards them.” The Chairman also pivoted towards the ongoing feud between the country’s commercial banks and crypto-exchanges stating, “exchanges should be able to persuade banks to issue bank accounts to them.” Officials from the South Korean government have stated that the country’s final stance on the topic will be revealed in November. The government is consulting with several experts in the realm of regulation, finance and technology and is also conducting a survey on the same. Back in September 2017, ICOs were formally banned by the country, adding that fundraising through tokenization was “almost a gamble.” Countries like Belarus and Uzbekistan have sought out assistance from South Korean investors to propel the use of Blockchain in their respective countries. The South Korean cryptocurrency industry received news of the Bithumb sale on Friday, 12 October. Bithumb, the country’s largest exchange, sold a majority stake to BK Global Consortium, a Singapore based Blockchain group for 400 billion won ($354 million). See also: South Korean government’s stand on ICOs to be revealed soon See also: UpBit, largest South Korean crypto exchange to enter Singapore market Image via Shutterstock Join our Telegram group
We provide unrivaled, expert and independent news for cryptocurrency markets.
Binance suspended tether withdrawals Monday after pushing back against rumors that the exchange would delist the stablecoin.
Japanese electronics giant Sony has developed a blockchain-based digital rights management system that may see commercial rollout.
European Blockchain Collaboration Shows Region’s Seriousness In Distributed Ledger Technology 21 European Union members and Norway came together on April 10, 2018 in order to create a blockchain pa…
Ripple has been on a partnership spree over the last year or so, with the firm intent on increasing the adoptability of its financial offerings within the global payment landscape. In this regard, …
Tether (USDT) holders are moving into alternate coins, as USDT has been trading down as much as 2.59% over the past 24 hours, while Bitcoin (BTC) and the top altcoins started moving in the other di…
Crypto Market Finally Dying and About to Implode, New Crypto Hedge Funds Gather Millions to Invest, Binance Delists 4 Coins While Yobit Announces Pumps and Spanked Hacker Leads to Frozen Booty!
The institutions have used a portion of their endowments for small-scale investments in crypto-related vehicles.
BTC purchasers bear the responsibility themselves, justice Nancy Orr wrote in the verdict regarding a $48,000 Ponzi scheme.
Bitcoin rose on a Tether (USDT) trading anomaly, as the markets reacted to the movements on Bitfinex.
Hong Kong’s quick growth as a cryptocurrency hub is a major concern for financial regulators and needs the “Right Approach” says, outgoing
Traveling with crypto is becoming a reality with the establishment of the world’s first Bitcoin City entertainment centre in Slovenia.
New research shows that one out of five hedge funds launched this year is a cryptocurrency-focused hedge fund.
Warum die Europäische Blockchain-Partnerschaft ein Hinweis auf das europäische Interesse an der Distributed-Ledger-Technologie ist.