South Korean Startups Challenge the ICO Ban
South Korea declared that they ban all ICOs in their country on September 29. This includes prohibiting security issuance, coin margins, financial loans and credit grants. The FSC said that there is a fear of Cryptocurrency’s negative effect on the financial market.
To make things clear, the regulators did not ban ICOs (yet). The meeting held on 29 September made a foundation for the Task Force and they will prepare for the ban, but no exact dates are stated.
Cryptocurrency industry leaders claim that the South Korea’s ban on ICO has no legal ground. They are anxious of overragulation – that it will push out the local talent to countries like Switzerland, Singapore, or Japan.
South Korea’s crypto market is one of the largest in the world. It also won the award of third-most used currency to trade Bitcoin and Ethereum. After the FSC’s announcement to ban ICOs and cryptocurrency, trading prices weren’t really affected, and Bitcoin recovered within hours.
The regulators considered ICOs as a threat to individual investors, claimed Lee Seung-gun, chairman of the Korea Fintech Industry Association and CEO of Viva Republica. His words were – “The FSC shared its opinion on ICOs before and it was pretty clear … they were going to ban all ICO financial transactions.”
Original source: Forbes
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