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SOUTH KOREA’S FINANCIAL SERVICES COMMISSION PLANS TO REVERSE ICO BAN

The plans were revealed by a senior agency official on Dec. 6, 2017.
In his statement at a public hearing of the National Assembly to tackle a proposed legislation
for the creation of a legal framework on cryptocurrencies, FSC vice-chairman Kim Yong-beom
confirmed the commission’s plan to regulate the local digital currency market in order to
prevent illegal activities like money laundering and tax evasion.
He also claimed that the agency is closely monitoring the developments in the virtual currency
trading markets and is prepared to impose tougher measures if required.
In his statement, Yong-beom claimed that the agency may also lift the complete ban on ICOs
that was implemented in late September 2017. He also mentioned that they may allow only
professional investors to participate in the new model of raising capital for startup companies.
He said that the everyday retail investors will not be allowed to take part in ICOs for startups
and companies’ financing using virtual currencies.
“Bitcoin is complicated in its technology and investment method. So considering its risk and
technology expertise, it is right for professional investors to do an ICO, not regular citizens
who are not informed of its technology and complicity.”
Meanwhile, the South Korean government is currently implementing regulations for the
Bitcoin exchanges in its jurisdiction. Under the new rules, exchanges are required to comply
with several consumer protection standards, as well as know-your- customer (KYC) norms in
order to be allowed to operate in the country.

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