If reports by Korea Times are anything to go by, the previous September move by the South Korean Financial Services Commission to ban ICOs in the country is soon set to take a new turn as a new report indicates that the South Korean regulator might consider setting up predetermined conditions to allow certain ICOs to go through.
According to an anonymous source quoted on the newspaper,
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
Crypto Enthusiasts in South Korea Still Investing in ICOs
By the look of it, cryptocurrency enthusiasts in South Korea have still been involved in cryptocurrency trading and investing even with the local ban that has been in the country since September of 2017. Most South Korean Investors as it seems have been using international exchanges and trading platform as an alternative to the locally banned ICOs.
When requested to comment on the matter of ICOs, Kang Young-soo (the overseer of crypto trading policies at the South Korean FSC) refused to give a comment regarding the view of the Financial Service Commission.
However, Young-soo confirmed that plans are underway by the government to regulate cryptocurrency trading and advance the use of Blockchain technology so as to realize better infrastructure development.
But so far, attempts by other governments regulatory bodies to take control of cryptocurrencies has proven futile as the cryptocurrency industry remains challenging to regulators that seek to formulate regulatory laws.
Although uncertainties still exist on whether the ban of local ICO and token sales in south Korean is still on, it still stands as a rule that foreign residents are still banned from trading crypto in South Korea. The restrictions are privy to curb money laundering activities among other cross border crimes.
Collaboration between governments
On the other hand, the South Korean government is reportedly holding talks with China and Japan in a move that will see the three governments explore ways of regulating and instilling cooperation in the budding crypto industry. If the agreements become fruitful, crypto enthusiasts in the said counties could see the emergence of rules and regulation that apply to the three countries. This comes at time when China has been showing complete lack of interest in easing its hash stance on ICOs and cryptocurrencies.
What do you think will be the final decision on ICOs by the South Korean Regulator? Share your thoughts and opinions with us in the comment section.