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Will South Korea’s Move to Embrace Cryptos Improve Support for ICOs?

  by David Drake    Since January of this year, South Korea has been making headlines for taking drastic measures in the cryptocurrency industry. The country was the first to pass regulation requiring players in the industry to synchronize their trading details with those in the bank. The country even went further to  place a ban on initial coin offerings (ICOs). Despite all this, South Korea is now on the path to lessen these restrictions. The regulatory agency in the country, the Financial Services Commission (FSC), has made public its plans to actualize cross border regulation of cryptocurrencies. At the same time, the Bank of Korea has said that digital currency investments pose no threat to the financial market in the country. According to the bank, the balance of cryptocurrencies in domestic banks accounted for 8% of the total $1.79 million deposited in brokerage houses by the end of 2017. ... Read More »

How South Korea is Positioning Itself to become a Crypto Market Leader

  by David Drake     South Korea has been a key contributor to cryptocurrencies but in this country, the industry has had to contend with big challenges. Such challenges include an initial coin offerings (ICOs)  ban, regulatory changes and hackings that led to the loss of huge amounts of money, almost bringing the industry to its knees. However, things are beginning to take a turn for the better. The Bank of Korea has gone public saying cryptocurrency investments pose no significant risk to South Korea’s financial market. To back up its claim, Bank of Korea says domestic banks held cryptocurrencies valued at $1.79 billion by the end of December 2017, which translates to 8% of all deposits make in brokerage banks in the country. No Opposition Similarly, the Korean Financial Services Commission (FSC) confirmed that it is not opposed to cryptocurrencies because they do not pose significant risk to the ... Read More »

Will Korea’s Stance on Crypto Sway other G20 Summit Nations?

  by David Drake    After taking a series of hostile actions against the crypto market, South Korea’s Financial Services Commission (FSC) has declared that it does not oppose cryptocurrencies. For many people, this statement comes as a surprise considering that early this year, the regulatory authority launched a massive crackdown on crypto exchanges, shutting down a number of them, and even called for an initial coin offering (ICO) ban in the country. Across the globe, ICOs have gained popularity, raising upto to $13.7 billion in just five months of 2018 which more than double the amount raised in the whole of 2017. Some of the blockchain-backed ICO ideas that address real problems across sectors include IOU that provides consumer satisfaction solutions, Bitque in the decentralized system space and OptDyn in the cloud computing space. In the banking sector, Bank52 is improving collaboration and networking while in the social space, ... Read More »

How South Korea is Removing Obstacles of Crypto Development, Brick by Brick

  by David Drake     The Central Bank of Korea, also known as Bank of Korea has ‘affirmed’ its position that cryptocurrencies do not pose significant threat to the local financial landscape.  According to media reports, the bank stated that the level of investment in digital assets is not big compared to that in local financial institutions and equity markets. As such, the potential risk that digital assets pose is insignificant and so the Bank of Korea does not expect crypto-assets to have widespread impact on the financial market in South Korea.   Positive Reception The announcement was received positively by the cryptocurrency community. According to Antonio Sainz, co-founder and CEO at INCLUSIVITY, South Korea has made it clear what path it wants to take with cryptocurrencies. He says, “In the cryptocurrency market there are two positions, those who want to lead the market and not lose this opportunity and ... Read More »

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