According to a report by Chosun, a major public information publication in South Korea, the South Korean government plans to allow the initial supply of coins (OIC) in the near future, with strict regulations and policies in place.
ICO will not be banned for all, open to institutional investors
Chosun's exclusive report revealed that the South Korean Ministry of Strategy and Finance, the Financial Services Commission, the Ministry of Justice, the Fair Trade Commission and the Financial Supervision Commission have formed a working group. for companies and investors in the cryptocurrency industry.
Specifically, the task force will actively explore the possibility of taxing Bitcoin investors, imposing stricter Know Your Customer (KYC) and Anti-Money Laundering (LBA) policies and allowing institutional investors to participate in ICOs.
A spokesman for the working group told Chosun:
"Currently, the working group plans to impose tighter regulations for the protection of investors and consumers in the cryptocurrency market." The spokesman adds: "As far as the OICs are concerned, the government is probably going to ICO."
But even in the long run, the spokesman pointed out that it is not possible to allow the public to invest in country offices. "It is not possible to allow a South Korean citizen to invest in country offices, but the government may allow institutional investors who meet the capital requirements established by the Supervisory Commission. Financial
Despite the current state of the global ICO market, which is composed of numerous fraudulent projects and campaigns without substance, as admits Vitalik Buterin, co-founder of Ethereum, ICO is a phenomenal participatory funding or project aimed at mobilizing capital from a decentralized ecosystem on a peer-to-peer (P2P) basis.
Limiting country offices to accredited traders and institutional investors undermines the concept and purpose of country offices. Therefore, excessive regulation targeting IFAs could result in start-ups rejecting IFAs as a viable method of crowdfunding and returning to the traditional venture capital system.
The South Korean government will follow the current
Previously, the South Korean government did not intend to regulate its cryptocurrency industry, as this would lead the public to believe that the government accepted and adopted cryptocurrency as a legitimate and well-regulated market. ]
But the South Korean government has changed positions in recent weeks, mainly due to the rapid rise in demand for bitcoin and other cryptocurrencies in the South Korean market. A government official told Chosun in an exclusive interview that the South Korean government would try to follow the roadmap of other governments and major markets such as Japan and the United States to provide a better ecosystem for businesses and businesses. crypto-monetary investors. ]
"The South Korean government has no choice but to follow regulatory frameworks and trends established by other major governments. a negative reputation attached to cryptocurrencies, the government's position is to allow what must be allowed, for the benefit of the South Korean market. "
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