ziyauddinmomin1@gmail.com (OP)
Newbie
Offline
Activity: 40
Merit: 0
|
|
September 29, 2017, 07:19:30 AM |
|
South Korea’s Financial Services Commission (FSC) said on Friday that “it will ban raising money through all forms of virtual currencies,” Reuters reported. The publication conveyed the regulator’s statement. “Raising funds through ICOs seem to be on the rise globally,” the FSC said after a meeting with the finance ministry, the Bank of Korea and the National Tax Service. “Our assessment is that ICOs are increasing in South Korea as well.”
The news outlet elaborated that “the decision to ban ICOs as a fundraising tool was made as the government sees such issues as increasing the risk of financial scams.” For any parties involved in the issuance of ICOs, there will be “stern penalties,” the authority noted.
Korea’s move follows China’s which banned ICOs on September 4, a decision subsequently followed by the closing down of several bitcoin exchanges. However, Korea is not extending the ban to cryptocurrency exchanges. The Korean government will continue to monitor cryptocurrency markets to see if additional regulations are needed, Friday’s announcement detailed.
|
|
|
|
Cicada1033
|
|
September 29, 2017, 07:38:42 AM |
|
Thanks for sharing but can you peovide any sources? I wonder if this will cause a bear market too like the China news did.
|
|
|
|
Minecache
Legendary
Offline
Activity: 2282
Merit: 1024
Vave.com - Crypto Casino
|
|
September 29, 2017, 08:33:50 AM |
|
Thanks for sharing but can you peovide any sources? I wonder if this will cause a bear market too like the China news did.
Of course it will I don't believe to that news and I think it's all rubbish and fake. But I'm sure that the market would be bearish next week (maybe two).
|
|
|
|
Josepht
|
|
September 29, 2017, 08:37:42 AM |
|
If this is true, then finally another (relatively large crypto) country realizes what is the right thing to do.
Of all the ICO's out there, only a tiny amount is not meant as a scam.
The ICO's are the place where so much money is collected from innocent investors, and dumped on the market (which causes the price to fall). So yeah, ICO's are partly responsible when it comes to a bearish market.
|
|
|
|
V1saya
|
|
September 29, 2017, 08:49:10 AM |
|
Thanks for sharing but can you peovide any sources? I wonder if this will cause a bear market too like the China news did.
Of course it will I don't believe to that news and I think it's all rubbish and fake. But I'm sure that the market would be bearish next week (maybe two). Same here. There is a single source of this news if I am not mistaken. And this single source is not even a reliable one. It is not a media outlet that is truly recognized and trusted, just a sort of a trash site that publishes news for the sake of having one. It is rumor, to be exact. Not worth any response or dignifying answer.
|
|
|
|
svojoe
Legendary
Offline
Activity: 968
Merit: 1000
einc.io
|
|
September 29, 2017, 08:57:51 AM |
|
If it's true Japan will become the only country where ICO will be legit. Plus EU, but they are not define their position yet if I'm not mistaken.
|
|
|
|
judeafante
|
|
September 29, 2017, 09:00:39 AM |
|
Thanks for sharing but can you peovide any sources? I wonder if this will cause a bear market too like the China news did.
I just found this one https://www.cnbc.com/2017/09/28/south-korea-bans-all-new-cryptocurrency-sales.htmlbut according to the same news It added Friday's announcement doesn't mean the government has implicitly accepted trading of virtual currencies as part of its financial system, and will continue to monitor markets to see additional regulations are needed. we'll see how everything goes in the coming days and see if it will result for another bear period,
|
| . SECONDLIVE | | | │ | | | | | | │ | | | ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ S T A K E L I T T L E W I N B I G ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▄▄███████▄▄▄ ▄▄████████████████▄▄ ██████████████████████▄ ████████▀▀▀██████████████ ███████▌ ▀█████████████ ████████▀ ▀▀▄▄██▀▀▀██████████ ███████ ▀████████ ███████▄ ████████ ████████▄▄ ▄████████ ███████████▄▄▄▄██████████ ▀█████████████████████▀ ▀████████████████▀▀ ██████████████████████ |
|
|
|
diguyo
|
|
September 29, 2017, 09:04:35 AM |
|
This trend is a bit worrying for any potential investors. With EU's position unclear, and with Asia banning one at a time...there may be a lot of ICO restrictions in the not too distant future. While it's ok for ICOs now, I worry about certain platforms like Waves and NEO.
|
|
|
|
Qartersa
|
|
September 29, 2017, 09:05:12 AM |
|
South Korea’s Financial Services Commission (FSC) said on Friday that “it will ban raising money through all forms of virtual currencies,” Reuters reported. The publication conveyed the regulator’s statement. “Raising funds through ICOs seem to be on the rise globally,” the FSC said after a meeting with the finance ministry, the Bank of Korea and the National Tax Service. “Our assessment is that ICOs are increasing in South Korea as well.”
The news outlet elaborated that “the decision to ban ICOs as a fundraising tool was made as the government sees such issues as increasing the risk of financial scams.” For any parties involved in the issuance of ICOs, there will be “stern penalties,” the authority noted.
Korea’s move follows China’s which banned ICOs on September 4, a decision subsequently followed by the closing down of several bitcoin exchanges. However, Korea is not extending the ban to cryptocurrency exchanges. The Korean government will continue to monitor cryptocurrency markets to see if additional regulations are needed, Friday’s announcement detailed.
What's the source though. It would be better if you did share the source, since if there isn't one then we can safely pass this as a rumor! Though, I would say if this was true, then they had it coming. There are more scams than real investments that happened in ICOs nowadays and a lot of scammers are masking their activities using this new method. I however, think that it should not be totally banned but more of regulated to prevent fraud.
|
|
|
|
BY_ATOM
|
|
September 29, 2017, 09:09:14 AM |
|
If this is true, then it may have a negative impact on the cryptocurrency market in the world. Many countries can follow South Korea and also ban the ICO.
|
|
|
|
TheFirstOfHisName
Newbie
Offline
Activity: 38
Merit: 0
|
|
September 29, 2017, 09:11:29 AM |
|
But there is no source. Yet...
Is South Korea a big player in the world of Bitcoin? And does anyone know what this could mean on the big picture?
|
|
|
|
Blakscorpion
Full Member
Offline
Activity: 215
Merit: 100
CryptoFan
|
|
September 29, 2017, 09:12:04 AM |
|
Can we have a source for those arguments please ?
|
|
|
|
Prodigan786
|
|
September 29, 2017, 09:19:10 AM |
|
I just finished reading article about Korean domestic Ico ban even Korea planning to regulate Ico and there is lots of fraud activity happening in Ico it is the good move every country has to regulate Ico for fund raising.
|
|
|
|
meemiinii
|
|
September 29, 2017, 09:20:21 AM |
|
Can we have a source for those arguments please ?
Yes please. Drop your source so we can assess how true this is. Or else we might be concluding that this is all fake news. FUDs that only wants to twist the upcoming bullish month to bearish one.
|
|
|
|
|
ngefek berat
|
|
September 29, 2017, 09:26:45 AM |
|
This trend is a bit worrying for any potential investors. With EU's position unclear, and with Asia banning one at a time...there may be a lot of ICO restrictions in the not too distant future. While it's ok for ICOs now, I worry about certain platforms like Waves and NEO.
I am also really worried about the future changes after the country started banning all forms of transactions. Hopefully it only lasts in a short time so as not to make investors too big losses.
|
|
|
|
Dareious
Newbie
Offline
Activity: 17
Merit: 0
|
|
September 29, 2017, 09:28:44 AM |
|
The Asians are collectively giving altcoins and especially ICOs a very hard time. I'm quite ambivalent to this development, it's certainly necessary to prevent this unhindered growth in the number of ICOs where everyone tries to collect easy money without any further obligations, but regulating ICOs in a manner similar to IPOs would make them accessible only to major companies and accredited investors who are already millionaires.
|
|
|
|
judeafante
|
|
September 29, 2017, 09:30:55 AM |
|
I just finished reading article about Korean domestic Ico ban even Korea planning to regulate Ico and there is lots of fraud activity happening in Ico it is the good move every country has to regulate Ico for fund raising.
I agree with you, there should be regulation and only legit ico with legit roadmap and products should be allow to launch ico, with so many scam ico, time will come all country will ban ico and that is not good for the industry but of course I want legit ico to have a place in the industry
|
| . SECONDLIVE | | | │ | | | | | | │ | | | ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ S T A K E L I T T L E W I N B I G ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▄▄███████▄▄▄ ▄▄████████████████▄▄ ██████████████████████▄ ████████▀▀▀██████████████ ███████▌ ▀█████████████ ████████▀ ▀▀▄▄██▀▀▀██████████ ███████ ▀████████ ███████▄ ████████ ████████▄▄ ▄████████ ███████████▄▄▄▄██████████ ▀█████████████████████▀ ▀████████████████▀▀ ██████████████████████ |
|
|
|
Btc_1856
|
|
September 29, 2017, 09:35:18 AM |
|
If it's true Japan will become the only country where ICO will be legit. Plus EU, but they are not define their position yet if I'm not mistaken.
Till now they never talked about the ICO ban may be very soon they will start regulating the ICO's because many companies with good knowledge don't have the fund to raise the capital but this is going to be the chance that startup company can start legalizing with concerned countries.
|
|
|
|
Ch1bi
|
|
September 29, 2017, 10:01:09 AM |
|
I read the same article, but it it is true its a bit concerning. It's good that the government realizes the negative that ICOs can do. I hope once the government has a plan that they will overturn their decision and allow ICOs that can prove that they aren't scammy. If this is true, it makes me wonder what other countries are going to follow suit.
|
|
|
|
|