Home Column South Korea may Consider ICO De-regulation, while Bithumb Plans New Business

South Korea may Consider ICO De-regulation, while Bithumb Plans New Business

by default1
  • ICO De-regulation among possible scenarios
  • Domestic Cryptocurrency Market Plans New Trials

South Korea may ease domestic ICO Regulation likely soon, according to media reports.
While the country’s Financial Services Commission(FSC) had prohibited ICO in last September, the regulation could be eased at certain circumstances.
FSC’s regulator Kang Young-soo was cited as saying that FSC is considering a third-party view on ICO and added that the government would advance blockchain technologies to create a regulated  cryptocurrency trading infrastructure.
Currently, South Korean cryptocurrency investors still participate a number of ICOs in overseas.
New ICO regulation in South Korea could be finalized in align with China and Japan, given the regulatory cooperation with those neighbor countries, based on the frequent discussion among them.  
Officials(civil servants) in South Korea are now not allowed for cryptocurrency trading per the previous news.  
However, South Korean crypto market had new trials. Bithumb, a local-based crypto Exchange, would provide kiosks or vending-machines for the payment via Bithumb accounts at shops like cafes and restaurants, separate media reports said, adding that the South Korea’s largest crypto Exchange has also partnered with Bitpay, the crypto payment processor, to facilitate international remittance.