THELOGICALINDIAN - Six months ago South Korea one of the better cryptocurrency markets in the apple banned the arising of new cryptocurrencies However that hasnt chock-full South Korean blockchain entrepreneurs from circumventing the countrys restrictions by ablution Initial Coin Offerings ICOs overseas
In September, the cryptocurrency hotspot of South Korea clearly banned Initial Coin Offerings (ICOs) aural its borders. Some blockchain companies, however, are littoral such restrictions by arising their bill and tokens abroad.
One such aggregation is Icon (ICX) — a blockchain arrangement not absolutely antithetical to Ethereum or NEO — comprised of financial institutions, allowance companies, hospitals, universities, and added businesses.
Icon (ICX) was initially launched in Switzerland, arguably the blockchain basic of the world, by the DAYLI Financial Group. However, the cryptocurrency is listed on both of South Korea’s above cryptocurrency exchanges, Bithumb and Upbit, area it began trading beneath than one ages ago.
Park Nok-sun, a cryptocurrency analyst at NH Investment and Securities, told Reuters:
If NEO is “The Chinese Ethereum,” Icon is “The South Korean Ethereum” — admitting the country’s regulators banishment its antecedent arising abroad. As South Korean exchanges are not prevented from advertisement such projects, such assignment may become commonplace in one of the world’s arch cryptocurrency markets.
One broker in Seoul, Choi Il-kyu, told Reuters that Icon ability change the way things are done in South Korea, explaining:
Kim Haw-joon, co-chief of the Korea Blockchain Association, agrees that South Korean restrictions will see added and added companies avoid restrictions by activity overseas. However, this isn’t the best cost-effective route. Lee Eun-sol, the co-founder of Medibloc, told Reuters:
Nevertheless, that’s currently the alone way South Korean blockchain projects can get off the ground. More than twelve South Korean companies accept already launched across Initial Coin Offerings (ICOs), including Hyundai BS&C own Swiss-launched cryptocurrency, Hdac.
What do you anticipate about South Korea’s ban on Initial Coin Offerings (ICOs)? Do you anticipate the country is captivation itself back? Let us apperceive in the comments below!
Images address Icon, Pixabay
[Full disclosure: the columnist of this commodity is a holder of Icon (ICX), as able-bodied as assorted added agenda currencies.]
