THELOGICALINDIAN - The South Korean government is accepted to advertise its position on antecedent bread offerings in November according to a highranking official The accommodation will chase the aftereffect of the analysis which the countrys Financial Supervisory Service afresh beatific out to calm blockchain companies
Also read: RBI Argues Supreme Court Should Not Interfere With Its Crypto Decision
ICO Stance Expected in November
Hong Nam-ki, Chief of the Office for Government Policy Coordination, conveyed during a aldermanic analysis on Thursday that “The Korean government is acceptable to advertise its attitude on the much–disputed cachet of antecedent bread offerings [ICOs] in November,” the Investor reported.
He explained that a analysis on ICOs has been beatific to bounded blockchain companies by the country’s Financial Supervisory Service (FSS). The FSS is amenable for ambience some behavior on cryptocurrencies including anti-money bed-making measures. The aim of the analysis is “to accumulate their [survey recipients] angle on the accepted acknowledged framework” for ICOs, the advertisement added. “We did the analysis as some companies are administering or advancing for ICOs admitting the ban here,” Hong antiseptic and was added quoted saying:
Money Today additionally quoted him reaffirming, “I intend to anatomy a government position on ICOs abutting month.”
The South Korean government banned all forms of ICOs in September aftermost year but has yet to acquaint any law administering them. This has acquired a cardinal of Korean blockchain companies to barrage their tokens abroad, accouterment the befalling for calm investors to abide to advance in ICOs.
Korean Government’s ICO Survey
The ICO analysis beatific by the FSS has afflicted businesses that accustomed it, according to bounded media. Questions in the analysis affair any ICO projects companies may be complex with or are planning to appoint in, including affidavit to affair tokens and their methods of distribution, the Korea Economic Daily reported.
While the FSS says that the analysis is not binding and that it alone seeks “to accept the exact bearings of the industry, not for sanctions,” companies are afraid to acknowledge assertive advice back ICOs are currently banned in the country, the advertisement noted. An official of a aggregation that accustomed the analysis told the account outlet:
FSC’s Current ICO Stance
Meanwhile, the Banking Services Commission (FSC), South Korea’s top banking regulator, has reaffirmed its attitude on ICOs for the time being.
“The government does not abjure the affiance of the blockchain industry,” FSC Chairman Choi Jong-ku was quoted by Yonhap adage on Thursday. However, “I do not anticipate it is all-important to agree the basic bill business with the blockchain industry,” he said, elaborating:
Choi additionally emphasized the charge for added crypto exchanges to use the real-name arrangement that the government implemented in January. The regulator aims to catechumen all crypto trading accounts to real-name ones. However, banks accept alone been accouterment the real-name about-face account to the country’s four top crypto exchanges: Upbit, Bithumb, Coinone, and Korbit. All added exchanges abide to use their accumulated accounts which the regulator says are decumbent to money laundering.
“We accept to argue the banks,” Choi asserted, acquainted that currently “commercial banks do not accord real-name accounts to some basic bill exchanges.”
What do you anticipate the Korean government will advertise in November? Let us apperceive in the comments area below.
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