South Korea stood its floor on the matter of legalizing preliminary coin choices (ICOs), reaffirming the ban that the nation instituted final fall.
ICO Ban Stands
The Monetary Companies Fee (FSC) – South Korea’s prime monetary regulator — reaffirmed October 11 that the nation will keep its place on preliminary coin choices and hold them outlawed. South Korea banned ICOs final September.
Talking to a Parliamentary audit assembly, the Fee’s Chairman Choi Jong-ku stated that the monetary watchdog nonetheless considers that there are quite a lot of uncertainties and even potential fallouts related to ICO legalization. “Though many individuals name for the federal government to permit preliminary coin choices, there are nonetheless uncertainties associated to such a transfer in addition to the potential of critical fallouts,” Choi stated on the assembly.
Earlier this yr, Bitcoinist reported that the Nationwide Meeting of South Korea has put forth an official proposal to legalize home preliminary coin choices. The FSC’s place, nevertheless, stays unfazed.
A Blockchain Haven However
Whatever the nation’s nationwide clampdown on preliminary coin choices, it has managed to ascertain itself as a welcoming vacation spot for blockchain-based expertise. The nation lately allotted 1 trillion gained (round $880 million) of its finances for blockchain expertise.
In September, the nation’s nationwide postal service met with Goldman Sachs’ cryptocurrency analysis staff as a way to dive deeper into distributed ledger applied sciences and digital property.