According to some of the local online reports, South Korea plans to ease ICO market ban. The new reports from the South Korean local media suggest that the ban can be lifted partially. What can we expect from the South Korean Financial Supervisory Service in the near future?
13 March, AtoZForex – Back in September 2017, we have reported that South Korean has moved to ban all initial coin offerings across the country. The move has been carried out by the South Korean Financial Supervisory Service (FSS) in a bid to protect investors.
South Korea Plans to Ease ICO Market Ban
The latest news state that the adopted ban might be soon eased. The new reports from the South Korean local media suggest that the ban can be lifted partially. This would imply that token sales that meet certain conditions will be allowed in the country.
Some of the online reports refer to the anonymous source, stating the following:
"The financial authorities have been talking to the country's tax agency, justice ministry, and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met."
In spite of the local ban, numerous Korean cryptocurrency investors are still taking part in international ICOs. The chief of the South Korean Financial Supervisory Authority (FSS) has stated that the regulator is currently considering a “third party view.”
In addition, Mr. Young-soo has mentioned that the government wants to improve Blockchain technologies and provide a better infrastructure for the cryptocurrency regulation.
South Korea ICO Market Ban reasoning
Yet, the international cryptocurrency market still poses certain challenges for the legislative bodies. As of now, the foreign residents are banned from trading cryptocurrency in South Korea. This limitation is aimed at preventing the money laundering and other potential cross-border financial crimes.
In the meantime, South Korean authorities are allegedly talking with other regulators in China and Japan to consider regulatory cooperation. This could mean that the final rules for cryptocurrency market in South Korea will be developed in collaboration with Japan and China.
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