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South Korea May Weaken the Ban on ICO

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There was information according that the government of South Korea can weaken the total ban on ICO conduction without restricting it completely. As a reminder, the Korean Financial Services Commission introduced a complete ban on the conduction of such financial transactions in the country last fall. Now it is being offered to partially soften the form of regulation, allowing the possibility of selling tokens, which will meet a number of conditions. It is still unknown what demands will be made, as the document is under development.

It is probable that the regulator chose to take this step since the introduction of the ban does not prevent some Korean investors from investing their funds in international ICOs. The government also announces its intentions to promote the blockchain technology and form the infrastructure for the effective regulation of the cryptocurrency market.

It should be noted that today, the cryptocurrency areas of South Korea are closed to foreign citizens, as such step is aimed at combating the laundering of illegally obtained funds and preventing other financial crimes. At the same time, negotiations are underway with Chinese and Japanese regulators in order to formulate special rules for regulating the market.

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