THELOGICALINDIAN - South Koreas Financial Services Commission has appear that all antecedent bread offerings ICOs will be banned in the country
Also read: Korea Starts On-Site Inspections of Bitcoin Exchanges
All ICOs Banned in South Korea
South Korea’s Financial Services Commission (FSC) said on Friday that “it will ban adopting money through all forms of basic currencies,” Reuters reported. The advertisement conveyed the regulator’s statement:
“Raising funds through ICOs assume to be on the acceleration globally,” the FSC said afterwards a affair with the accounts ministry, the Bank of Korea and the National Tax Service. “Our appraisal is that ICOs are accretion in South Korea as well.”
The account aperture abundant that “the accommodation to ban ICOs as a fundraising apparatus was fabricated as the government sees such issues as accretion the accident of banking scams.” For any parties complex in the arising of ICOs, there will be “stern penalties,” the ascendancy noted.
Korea’s move follows China’s which banned ICOs on September 4, a accommodation after followed by the closing bottomward of several bitcoin exchanges. However, Korea is not extending the ban to cryptocurrency exchanges. The Korean government will abide to adviser cryptocurrency markets to see if added regulations are needed, Friday’s advertisement detailed.
Cryptocurrency Regulations in Korea
South Korea has been dispatch up its efforts to adapt agenda currencies in the country. A assignment force was set up in July to appraise the charge for cryptocurrency regulations.
There was additionally a proposed alteration to the Electronic Banking Transactions Act, submitted by administrator Park Yong-jin, to accommodate a authoritative framework for agenda currencies. Early this month, the country’s top banking regulators announced their affairs to accord with cryptocurrencies. Meanwhile, small-sum bitcoin remittances were legalized in July as allotment of the adapted Foreign Exchange Transaction law.
On Tuesday, news.Bitcoin.com reported on South Korea’s Ministry of Science and ICT and Korea Communications Commission chief to conduct on-site inspections of bitcoin exchanges. The two regulators will focus on the cybersecurity of cryptocurrency exchanges and account providers as able-bodied as their acquiescence with the country’s aloofness laws.
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