Crypto-Trading and ICOs Ban in South Korea


The debate on the prohibition of selling and buying of cryptocurrencies that is the bitcoin and its contents that took place the previous year has been raging over fears of money cleansing and the dodging of tax payment by most the companies.

More markets including the most common market, South Korea have already shown their interest in applying the policy in their operations.

South Korea is contemplating a move that is aimed at allowing the companies in the country raise funds without much ado in the cryptocurrency markets, that’s according to the Korean times.

The country’s tax agency and ministry of justice in japan ,the foreign affairs department together with other authorities of the government have been advised by the financial authorities in the country about the plan to allow the icos to operate in the once certain regulations are met.

The source of the Korean times cited an undisclosed source that was familiar with the matter. The cryptocurrencies market was dealt a blow late last year by the government after it ordered the financial service commission to stop the blockchain funding model.

The government further argued that the digitized coins did not serve as a means of exchange or financial products.

The company deals in the sale of coins in order to raise funds to be an alternative choice when it comes to raising stock. This amount was approximated last year to be over 6 billion.

Kang young soo who is the head of the policies of trade when it comes to cryptocurrencies at the financial authorities said that the government is considering to review a third party. He was asked whether or not the government will allow icos in the country but declined to comment on it.

The news also brought into book one more source which suggested that the ban will only end after a legal framework is put into place to facilitate the cryptocurrency selling.

Also demonstrated high chances of increased challenges that are expected to arise once the laws are put into place because it cannot be immediately adopted in the market that means it will need some time to capture the eyes and people desires.