According to local news sources, the ICO ban imposed on South Korean state officials will be alleviated in the coming months.
The regulatory organization that is continuing its operations in South Korea is the Financial Services Commission, which last September prohibited ICOs We shared the game with you as WebChaat. According to a new report by a South Korea-based local news agency, the Korea Times, the ban is likely to be partially lifted in the near future. According to the report, this possibility will include blockchain-based funding models that meet the specific requirements.
Local news sources have made the following comment about this issue:
“The financial authorities are talking about the ICOs with the tax office of a certain state, the ministry of justice and other relevant government agencies. Accordingly, ICOs that meet certain conditions are planned to be allowed. ”
Despite the nation’s bans, most of the South Korean crypto money users are still participating in ICOs organized at international level. Regulator Kang Young-soo, who oversees crypto money transactions in the Financial Services Commission, refused to comment on ICOs, but pointed out that the Financial Services Commission was starting to look at ICOs from an objective point of view.
In addition, Young-soo noted that the state is in need of distance to blockchain technology. According to Young-Soo, the state wants to make better use of existing infrastructure to control crypto money transactions using blockchain technology. Given the improvements that have been made in the past regarding the regulation of crypto money, it can be easily reached that it will not be easy to make such an arrangement.
According to the current regulations, users residing outside the country are not allowed to perform crypto money transactions on stock exchanges operating within the South Korean borders. The aim of this regulation was to prevent money laundering activities and other cross-border crimes.
According to local news sources, South Korean officials are in talks with Japan and China to form a joint regulatory system for crypto paralara. This may mean that ultimately, ultimately, a common rule will come out of these talks.