1. First and foremost, Business Korea's article (or others referring to it) is an exaggerated version of the actual FSC's statement on the issue around ICOs. Also, we have not found a Korean version of an article on FSC's statement with similar connotation or tone. We're not sure where "permitted in some countries, including Switzerland" originated from.
2. The actual FSC statement focus largely on KYC/AML measures and standards for crypto exchanges. We believe there will be a stronger measures for KYC/AML as it should be.
3. ICO concerns are mentioned, but specially points out to tokens with securities characteristics like equity or bonds. ICON does not fall into this category, and we have made preparations to defend our "protocol" stance.
4. The legal framework or even legal definition of cryptocurrencies today have not been established and have not changed, and we do not expect it to change in the next few months. Without establishing such, there can be no enforcement of ICOs. And hence, we believe it will take some time before regulating ICOs.
5. The FSC views blockchain technology and innovation positively. Therefore, we believe its intention is not to impede such innovation by banning all ICOs. Overall, we feel this is a positive direction separating the quality innovative projects like ICON from the rest.
6. ICON has retained a strong local legal advisor to complement our in-house legal counsel. We take such matters seriously. We will update you if there are any further developments.