A South Korean official said at a meeting of the National Assembly that the government will announce its official position on the legalization of ICOs in November this year after the results of a survey held in October are processed.
In September, South Korea's Financial Supervisory Service (FSS) began investigating companies that conduct ICOs despite the ban. Government officials have varied in their comments on the government's handling of initial coin offerings. For example, speaking at a meeting of the National Assembly, the Chairman of the Financial Services Commission (FSC), Choi Jung-Koo, confirmed the initial ban on ICO-related activities. And another member of the National Assembly, Min Seong-woo, proposes legalizing ICOs, but with strict rules to prevent speculation, money laundering and fraud.
The South Korean government's position on many issues, including exchanges and trading, remains uncertain.
During 2018, various reports appeared about policy development aimed at regulating the crypto space. Local media also stated that FSC and FSS are working to create a favorable regulatory framework for cryptocurrency exchange operators. The director of KFIU (Korea Financial Intelligence Unit) has proposed stricter rules for crypto exchanges, proposing that they be subject to the same regulation as commercial banks.
In a country that is fighting hard against black money, the legalization of ICOs is currently being considered as a possibility tool for money laundering and fraud, may take some time.
According to ethereumworldnews.com
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