According to the latest report, in the coming months, ban on the ICOs (Initial Coin Offerings) by South Korea could be eased. In September, it was reported that the Financial Services Commission of the country had moved to ban the blockchain funding model. However, the latest report by the “Korea Times” claims that there’s a chance that the ban may get lifted, especially for token sales.
From an anonymous source, it’s stated;
“The financial authorities have been talking to the country’s tax agency, justice ministry, and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met.”
Even with the local ban, a lot of cryptocurrency users in South Korea are still contributing to international ICOs. The official at the FSC (Financial Service Commission), that manages and supervises the cryptocurrency trading rules, Kang Young-soo, has denied to give any statement on ICOs and just said that third-party-view is being considered by FSC.
Moreover, Young-soo has also confirmed that the government is also looking forward to make a whole lot better infrastructure for regulating the trades of cryptocurrency and also to advance blockchain technologies. On the other hand, international cryptocurrency market is presenting new challenges for lawmakers as well.
At this time, there’s a ban on the overseas residents from trading cryptocurrency in South Korea. The main purpose of this ban is to curb money laundering and other cross-border crimes that might be possible. Meanwhile, it’s been reported that the officials of South Korea are having a word with counterparts in China and Japan, in order to discover regulatory collaboration, which at the same time, also means that any final regimes could be settled with those countries.
Right now, the biggest problem that the government is facing with cryptocurrencies is its inability to efficiently control taxes from cities that hold the currency. Though, countries like Japan have shown a way of managing it, by taking each ICO on a case by case method, while other countries like China have chosen a total ban. China is showing no sign of willingness to ease this ban on the ICOs (Initial Coin Offerings), as this is the country’s own ban, which was revealed in early September to South Korea’s announcement. When a ban on ICO was announced by South Korea, it was really discouraging, as this country is best known for accepting and implementing the latest technologies.