According to the latest reports, the ban in South Korea on the initial placement of tokens (ICO) can be weakened in the coming months. In September last year, the financial Supervisory Service (FSС) Korea banned
the holding of ICO, but in December have already started to appear
about the possible lifting of the ban by the regulator. Now in a new article in the Korea Times
suggests that the ban may be partially lifted, in particular, for the sale of tokens, which correspond yet to the named conditions. An anonymous source told the publication:
«The financial authorities had discussed with the Tax service and the Ministry of justice and other governmental agencies plan, allowing ICO to Korea under certain conditions».
Despite the local ban, many Korean users of cryptocurrencies participate in international ICO. Kang young-soo (Kang Young-soo), the official who oversees the cryptocurrency trading in FSC, declined to comment on the matter by the ICO, but said that the Commission is considering «third party». In addition, Yang-su stated that the government wants to introduce the technology of the blockchain and create a better infrastructure for regulating trade in cryptocurrencies.
Currently, foreigners are prohibited to trade cryptocurrencies on exchanges in South Korea. This restriction is aimed at combating money-laundering and other cross-border crimes. Meanwhile, reportedly, South Korean officials communicate with their counterparts in Japan and China for expanding regulatory cooperation, and this means that any final rules can be developed in tandem with these countries.
However, China has not yet shown any signs of willingness to abandon its ban
on initial placement of the tokens, which came into force at the beginning of September last year, shortly before a similar announcement by the government of South Korea.