South Korean Financial Regulator Reaffirms Negative Stance on ICOs and Crypto

[CebuBitcoin]

South Korean Financial Regulator Reaffirms Negative Stance on ICOs and Crypto

The chairman of Korea’s Financial Services Commission Choi Jong-koo has reaffirmed his negative position on digital currencies and Initial Coin Offerings (ICOs), Business Korea reported Oct. 11. Choi spoke at a parliamentary audit session of the commission held at the National Assembly.

South Korea prohibited ICOs in September last year, stating that such a type of fundraising is “almost a gamble.” This August, Korean lawmakers, including participants from government ministries, returned to the cryptocurrency issue, focusing on repealing the country's ICO ban. Lawmakers agreed on the need to develop a related policy before carrying a resolution on ICO reallowance.

At the recent session, Choi reportedly said that “the government does not deny the potential of the blockchain industry," while noting that it “should not equate the cryptocurrency trading business with the blockchain industry.” Choi said:

Readmore: https://cointelegraph.com/news/south-korean-financial-regulator-reaffirms-negative-stance-on-icos-and-crypto

[CebuBitcoin]

Many people say the Korean government should allow ICOs, but ICOs bring uncertainty and the damage they can cause is too serious and obvious. For these reasons, many foreign countries ban ICOs or are conservative towards them.