South Korea may lift the ban ICO

The financial services Commission of South Korea (FSC) intends to regulate the use of cryptocurrencies and to lift the ban ICO, said the FSS Chairman Kim Yong-BIM (Kim Yong-beom).

According to him, the government does not consider cryptocurrencies as money or financial products, but intends to regulate them to reduce money laundering and tax evasion.

The Minister of justice of South Korea Park sung-Ki (Park Sang-ki) led a task force to examine options for the regulation of cryptocurrencies, however, does not consider bitcoin «the new gold or the money of the future.»

According to Kim Yong-Bima, the government may derogate from the total ban ICO, at least in order to allow professional investors to participate in this form of investment, while retail investors participate in the financing of start-UPS and companies at the expense of cryptocurrency.

«Bitcoin is a complicated technology and investment method. Therefore, given the experience in this area, the professional investors can be admitted to the ICO, not ordinary citizens who are not aware of this issue,» – he stressed.

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