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Korean Government to declare its stance on ICO in November.

The South Korean government is relied upon to report its situation on initial coin offerings in November, as per a high-positioning official.
The South Korean government is relied upon to report its situation on initial coin offerings in November, as per a high-positioning official.

The South Korean government is relied upon to report its situation on initial coin offerings in November, as per a high-positioning official. The choice will pursue the result of the survey which the nation’s Financial Supervisory Service as of late conveyed to domestic blockchain companies.


ICO Stance Announcement Expected in November

Korean Government Anticipated that would Declare ICO Position in November, Official Says Hong Nam-ki, Chief of the Office for Government Policy Coordination, passed on amid a parliamentary review on Thursday that “The Korean government is probably going to report its position on the much-debated status of initial coin offerings [ICOs] in November,” the Investor detailed.

He clarified that a survey on ICOs has been sent to neighborhood blockchain companies by the nation’s Financial Supervisory Service (FSS). The FSS is in charge of setting a few arrangements on digital currencies including anti-money laundering measures. The point of the survey is “to assemble their [survey recipients] sees on the current legal framework” for ICOs, the distribution included. “We did the survey as a few companies are leading or getting ready for ICOs regardless of the ban here,” Hong cleared up and was additionally cited saying:

We have had a few discussions (on ICOs)… Once the survey results are in by end-October, we intend to finish the government’s position.


Money Today additionally cited him reaffirming, “I expect to shape a government position on ICOs one month from now.”

The South Korean government banned all types of ICOs in September a year ago however presently can’t seem to present any law overseeing them. This has caused various Korean blockchain companies to dispatch their tokens abroad, giving the chance to domestic investors to keep on investing in ICOs.


The ICO Survey by South Korea

Korean Government Anticipated that would Report ICO Position in November, Official SaysThe ICO survey sent by the FSS has vexed businesses that got it, as indicated by neighborhood media. Inquiries in the survey concern any ICO ventures companies might be included with or are intending to take part in, including motivations to issue tokens and their techniques for dissemination, the Korea Economic Daily announced.

While the FSS says that the survey isn’t obligatory and that it just looks for “to comprehend the correct circumstance of the industry, not for assents,” companies are hesitant to unveil certain data since ICOs are at present banned in the nation, the distribution noted.


FSC’s Present Position on ICO

In the mean time, the Financial Services Commission (FSC), South Korea’s best financial regulator, has reaffirmed its position on ICOs for the present.

“The government does not preclude the promise from securing the blockchain industry,” FSC Chairman Choi Jong-ku was cited by Yonhap saying on Thursday. Nonetheless, “I don’t think it is important to compare the virtual currency business with the blockchain industry,” he stated, explaining:

Numerous individuals say ICOs ought to be permitted, however ICOs’ vulnerability remains, and harm is excessively genuine and self-evident.

Choi likewise underscored the requirement for more crypto exchanges to utilize the genuine name framework that the government actualized in January. The regulator means to convert all crypto exchanging accounts to genuine name ones. Be that as it may, banks have just been giving the genuine name transformation service to the nation’s four best crypto exchanges: Upbit, Bithumb, Coinone, and Korbit. Every single other trade keep on utilizing their corporate accounts which the regulator says are prone to money laundering.

“We need to persuade the banks,” Choi declared, perceiving that as of now “commercial banks don’t give genuine name accounts to some virtual currency exchanges.”


Written by Layla Harding


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