[2018-03-13] South Korea Could Ease Its ICO Ban

[fonenumba]

South Korea's ban on initial coin offerings (ICOs) could be eased in the coming months, according to a new report.

CoinDesk reported in September that the country's Financial Services Commission had moved to prohibit the blockchain funding model. Yet a new report from the Korea Times suggests that the ban may be lifted in part, specifically for token sales that meet as-yet-to-be specified conditions.

An anonymous source told the newspaper:

"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."

https://www.coindesk.com/south-korea-may-lift-ico-ban/

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[maarx]

South Korea's ban on initial coin offerings (ICOs) could be eased in the coming months, according to a new report.

CoinDesk reported in September that the country's Financial Services Commission had moved to prohibit the blockchain funding model. Yet a new report from the Korea Times suggests that the ban may be lifted in part, specifically for token sales that meet as-yet-to-be specified conditions.

An anonymous source told the newspaper:

"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."

https://www.coindesk.com/south-korea-may-lift-ico-ban/

Ban in South Korea contributed major negative impact in crypto currencies including Bitcoin. Really it's struggling to recover back.  So the talk with the tax agency,  justice ministry, and other relevant government offices should be positive. Hope the financial authorities get this done.

[freeyoung]

It's like a game conceived by people with big money. In the beginning of the year we saw a lot of negative news about bitcoin, and now we see a lot of good news. I hope that soon we will see a good growth.

[1Referee]

People must understand that bans aren't exactly bans, even when the country itself explicitly states so. In most cases it's only done to halt a specific part of the market, where the government in question tries to come up with more suitable regulations, to later on again allow people to dive into ICO's or whatever. Governments are very slow with catching up, which more often than not results in vague situations because of how there are no clear rules. In order to prevent that, 'banning' a certain aspect is for them the only way to move forward. I may even believe that China is probably following a similar path, but you never know how things will play out with such a paranoid country.

[gemajai]

If this is true, then we may see the rise of bitcoin price again. Before the ban in South Korea, 20% of the bitcoin users around the world were in this country. Three of the top five mining plants are here. And if this is true, could bitcoin outrun its last recorded peak at around $19,000?

[aoluain]

If this comes to pass it will be very much welcomed.

there was a lot of damage done by this South Korea ICO ban earlier
this year so hopefully if this latest news comes to pass it could
right some of the wrong's inflicted on crypto.

There is too much Fear, Uncertainty and Doubt in the market at the
moment, this could inject some positivity.

[Dentidan]

It's like a game conceived by people with big money. In the beginning of the year we saw a lot of negative news about bitcoin, and now we see a lot of good news. I hope that soon we will see a good growth.

That is right. I think if there is strict ICO ban, good coins will have good run.

[richardsNY]

I may even believe that China is probably following a similar path, but you never know how things will play out with such a paranoid country.

That's what I have been pointing out for a while now, and find it to be a pretty realistic scenario to have China back on board before the next block halving kicks in. It's nothing more than an attempt to buy time in order to come up with proper regulations, just like how South Korea is slowly trying to offer people more flexibility from their side. I think that China was considering to slowly force through the necessary regulations without taking such harsh measures, but the immense growth of last year pushed them to put a stop to it for the time being. We'll see what happens....

[Coin-1]

CoinDesk reported in September that the country's Financial Services Commission had moved to prohibit the blockchain funding model. Yet a new report from the Korea Times suggests that the ban may be lifted in part, specifically for token sales that meet as-yet-to-be specified conditions.

The audit of token sales is a right direction. I think that some of the promising and honour ICOs should be whitelisted in the South Korea. I wonder what are the "as-yet-to-be specified conditions" in fact.