South Korean financial Regulator Reaffirms terrible Stance on ICOs and Crypto

The chairman of Korea’s economic services fee Choi Jong-koo has reaffirmed his poor position on virtual currencies and initial Coin services (ICOs), enterprise Korea suggested Oct. 11. Choi spoke at a parliamentary audit consultation of the feeheld on the countrywide assembly.

South Korea prohibited ICOs in September closing yrpointing out that this type of kind of fundraising is “almost a bet.” This August, Korean lawmakers, consisting of contributors from government ministries, back to the cryptocurrency troublefocusing on repealing the usa‘s ICO ban. Lawmakers agreed at the need to broaden a related coverage earlier than wearing a resolution on ICO reallowance.

on the recent session, Choi reportedly said that “the authorities does not deny the capability of the blockchain industry,” while noting that it “have to not equate the cryptocurrency trading commercial enterprise with the blockchain industry.” Choi stated:

“Many people say the Korean government must allow ICOs, however ICOs convey uncertainty and the harm they couldmotive is just too severe and obvious. For those reasons, many overseas countries ban ICOs or are conservative towardsthem.”

Choi also addressed criticism of commercial banks that refused provider to crypto exchanges, mentioning that “exchanges have to have the ability to persuade banks to difficulty bank debts to them.”

other officials have said that the South Korean authorities is “possibly” to announce its official position on ICOs in November. The leader of the office for authorities coverage Coordination Hong Nam-ki stated that the authorities will announce its role once it finalizes its dialogue and receives the results of a government survey.

Hong informed Korean commercial enterprise booklet the Investor that the government launched a survey of blockchain corporations to collect their views on the contemporary prison framework.

In September, South Korean cupboard ministers agreed to exclude all sale and brokerage of digital property based totallyon blockchain generation from task commercial enterprise class. The move become reportedly taken on the way toimprove the cooperation of associated institutions” and to shield residents from the “illegal sports” related to the virtual property enterprise.

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