Bank of South Korea to change ICO status in cryptocurrency law

According to an official press release from the Central Bank of South Korea (BOK), the organization has initiated a decision to institutionalize initial coin offerings (ICOs) when adopting a new cryptocurrency law. It has been tentatively named the “Basic Digital Assets Law.”.

Bank officials confirmed that the initiative is indeed being seriously considered by the country’s regulators. South Korea’s Financial Services Commission banned ICOs back in 2017 after the industry’s popularity led to a lot of speculation, fraud and other financial irregularities. BOK noted that the reason for such a decision regarding ICOs was precedents with South Korean projects Paycoin and Terra (LUNA), which legally issued new tokens abroad and then listed them in domestic markets to circumvent the state ban.

The development of the digital asset ecosystem makes it possible to build and use financial services by.

In the first 12 years since Bitcoin’s inception, its value has increased nearly 102.3 million times. In the first.

Beginning in 2017, searches often include queries like “ICO.

The report stated: current legislation and http://crypto-currency.website/where-to-buy-gyen-crypto/ restrictions are ineffective and even hinder the development of the blockchain and crypto sector and technology.

In a report evaluating the European Union (EU) Markets in Crypto Assets Regulation (MiCA), BOK representatives assured that South Korea simply needs to institutionalize ICOs. It is important to make sure that tokens issued outside the country are registered and licensed with local regulators. It is mandatory for any cryptocurrency to comply with regulations and trading rules within the state.

In addition, it was stated that there is a need for regulatory measures for stablcoins to protect the interests of national investors.

Earlier edition of Crypto.ru reported: the South Korean authorities decided to tax any free distribution of cryptocurrency tokens, including airdrop and other types.