According to a new report that appeared in the local media, the ban South Korea’s primary supply of coins (ICO) can be weakened in the coming months.
Recall that in late September last year, the financial services Commission has banned the country’s funding model of the blockchain. However, in the new publication of the Korea Times has made the assumption that this ban may be partially lifted, in particular for the sale of tokens that answer is not yet certain conditions.
“The financial authorities said the tax Agency of the country, the Ministry of justice and other relevant government agencies about the ICO in Korea, after certain conditions are met,” — said the newspaper an anonymous source.
It is worth noting that despite the local ban, many Korean users of crypto-currencies continue to participate in international ICO. Kang Jang soo (Kang Young-soo), an official who monitors policy trading digital currencies at the financial services Commission (FSC) refused to officially comment on the situation regarding the ICO, stating that the FSC takes into account “the opinion of a third party”.
In addition, Yang su confirmed that the government wants to promote blockchain technology to improve the infrastructure to regulate trade cryptocurrencies. So, last month came the news that the South Korean authorities are going to support financial institutions working with cryptomeria.
Currently, however, foreign residents are prohibited from trading in the country for cryptocurrency. This restriction is aimed at curbing money laundering and other cross-border crimes.
Meanwhile, South Korean officials are reportedly discussing this issue with colleagues from Japan and China to consider the possibility of cooperation on regulatory issues, and, therefore, any final rule could be developed jointly with these countries.
We will add that China has not yet shown any signs of willingness to ease its own ban in relation to primary offerings of coins, which was released in early September, before the announcement of a similar ban in South Korea.