South Korea Plans to Crackdown on ICOs

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Accoring to a report in Business Korea, the South Korean government has stated they will punish initial coin offerings (ICOs) that raises funds in the form of stock issuance using digital currencies permitted in some countries, including Switzerland, for violating the capital market act.

Kim Yong-beom, the secretary-general of the FSC who chaired the task force meeting, stated in the report from the Korean media:

“At this point, digital currencies cannot be considered money and currency not financial products.”

They are also planning to examine the current conditions of digital currency traders and establish joint inspection systems with the KFTC, prosecution, police and NTS.

An official from the KFTC added:

“For issues that haven’t formed the international consensus such as the character of digital currency traders, permission and taxation, we will come up with counterplans by thoroughly analyzing the discussion and regulation trends of other countries and international organizations and fully discussing them.”

Read in full here.

 

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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