Topic: South Korea Bans All Initial Coin Offerings - page 3. (Read 1185 times)

really? after china banned ico, now north korea also will ban ico in his country. very sad if there will be many countries that follow the footsteps of china, hopefully this is only temporary

If korea goverment bans all coin offerings, it's be dangerous we must be prepared that price of coins will fall and investors will be less.

I think all of these bans are temporary. They don't want to stop them altogether, they just want them to be regulated. The quickest way to do that is a temp ban whilst a legal framework is put in place.

Good.. they are all scammy by design.
This stuff should have never been morphed into a pointless unregulated scammy crypto-kickstarter.
They should not HAVE to ban them though.
You investards out there should have enough integrity and class to stay away from them all on your own.

"A little dump" he says ?
Yeah well that is someone's food taken off their table somewhere noob.
People losing money should not be trivialized.

Nothing big happened, just a little dump, they still support bitcoin trading, it is good enough.

Nothing to worry about that, it's natural on financial world. News only about speculation ( 1 August ), it's only temporary trends. South Korea has different policy about ICO and that's their rights, we can't do anything about it. As investor/ trader you should take challenge when news like this comes up, there's opportunity to make profit with this situation. Face it and thank you.

The news was true in  my opinion because some people alreayd posted the relibale source about that news. as you can see a lot of the potential in crypto and many countries are not like it.

These countries that ban ICOs are very short sighted. They will not get to reap as much economic benefits from Fintech as the countries that embrace it. The 20th century financial model is using its usefulness and a new model is rising. The countries with vision will attract the best and brightest talent, using the latest technologies. This is a virtuous cycle, where each win leads to another, great win.

And what is the reason? Protecting their people from fraud? South Korea just had to fire its President for being in a Satanic cult - true story. They are protecting rich banksters from the people also getting wealthy.

This is being talked about a lot already. And is somehow intriguing if you ask me, because this may be just an attemp to get dumping dominos.

But if this is true, i do not think that tgere really is much that we should be worrying about. I love buying low priced coins so..

Now, regarding the duration of the ban, I don’t think its gonna end anytime soon. Because if you read what you posted, they clearly stated that they want to have clear vision of all the transactions. Meaning, they want regulation. So unless they figure out how, I think the ban will stay as it is.

I stopped caring about this kind of news I’m not a trader anyway I’m not watching the price every single minute of the day, as long as they do not ban bitcoin I do not care, and even if it came to that point the only thing that I will think at that time is that the price of bitcoin is going down and that is the perfect time to get bitcoin at a discount.

There may be concerns from the korea because the bitcoin price in 1 hour alone may change
but they do not prohibit it completely, And if allowed there will be regulations or rules of the government

Just because you don#t believe doesnt mean the news is wrong. I have already posted link of official KFSC statement. Crypto has caught lot of attention past 6-8 months, more repercussion coming!

now I do not have to worry about the country that did the creator against crypto, I think it will only harm its own country. we know that yesterday china has banned crypto, but what ?? crypto only weakened for a while and now see the movement of bitcoin is already $ 4000 more.
it's up to what people do, but from now on I will continue to add my assets into crypto especially bitcoin and later if it gets to the moon, I will say "goodbye"

I think in the past few countries had the banking system functioning in a much better way, but in the mean due to the bitcoin technology impact a large disturbance was observed over the banking industry in terms of loss. This might be the reason for the banning of ICO.

I don't believe this news. Someone really wants to provoke a dump. If they got it I would be very happy. I will have the opportunity to buy some more coins at a low price. I don't have a large amount of free money so I do not trade on exchange but if possible always buy coins during a dump. Then sell them on the rise.

All of country Think There country will be Loss control of its own. Because Decentralized system is free. China do that same thing Some day ago.

But they Can't stop bitcoin.

It is just a news now that can dump the price because if you see how china did just like as expected to spread a big dump and regulating or legalizing any of these ICO in that the bitvoins has both positives and negative effect like a dump or a pump which is also good for us if you know how to manage on this kind of news and situations in the market or just hold and believe.

South Korea government are strict when implementing a law and whatever law was created it is for the benefits and good of their people. Banning ICO and regulating virtual currency in their country is good (in my opinion) this will eliminate those scam ICO. ICO should state what they really wants, what they vision on doing such project how can the project affect the community. In this case Companies releasing an ICO are required to show how sincere the project and how legit it is. This will take more longer than china but it will not get permanent as the government are also looking to is potential for the long term use.

This is what I read on reddit other day. Seems like year end will be having a bloody new year party

Official Statement from Korean FSC: http://www.fsc.go.kr/info/ntc_news_view.jsp?menu=7210100&bbsid=BBS0030&no=32027

Overview of the Conference
□ Today '17 .9.1. (Fri) 10:30 Hosted by Vice Chairman Yong-Bum Kim of the Financial Services Commission Time: '17 .9.1. (Fri) 10:30

Place: Financial Committee, 16th Floor

attendance

Deputy Chairman (Financial Supervisor) (Deputy Director), Financial Services Director, FIU Planning and Administration, Director

(Affiliated institution) National Office, Department, FTC, Ministry of Justice, Korea Communications Commission, National Tax Service, National Police Agency, Bank of Korea, Financial Supervisory Service,

Main contents
□ Kim Yong-bum, vice chairman, remarked that the market is overheating, as the virtual currency transaction volume has greatly increased and the transaction price has risen sharply.

ㅇ It is mentioned that there is a concern about consumer harm due to illegal transactions that exploited virtual currencies and the occurrence of fraudulent crimes such as similar multi-

ㅇ At this point, virtual currencies are difficult to see as currency or financial products, but they emphasize the need for careful responses because they may negatively affect the order of financial transactions if virtual currency transactions are made indiscriminately.

ㅇ In addition, we called for close cooperation and cooperation so that the countermeasures prepared through the discussions between related organizations can be implemented without any trouble.

Securing Transparency in Transactions and Providing Equipment for Consumer Protection

□ As a viable measure within the framework of the current law, we will strengthen the identification of the user of the virtual currency handler and strengthen the bank's suspicious transaction reporting when dealing with the virtual currency handler

In addition, if a small amount of overseas remittance funds use virtual currency as an intermediary for overseas remittance, it will strengthen monitoring through cooperating with related agencies and secure transparency of transactions

ㅇ At present, as a result of suspicion transaction reporting (Specified Financial Information Act) and real name verification (financial real name law)

Regarding the domestic transactions of virtual currencies, the government plans to introduce regulations in light of trends in strengthening anti-money laundering regulations of major countries (amendment of the Special Law)
ㅇ Recommendation to reflect consumer protection matters such as separate deposit of customer assets entrusted to virtual currency handling business to autonomous regulations to be provided by handling companies

□ Further plans to improve the legal system to establish sound business order

ㅇ We will improve the effectiveness of punishment by clarifying the grounds of the similar reception act regulation law and strengthening the level of punishment for the similar reception behavior purporting to be a virtual currency investment.

ㅇ On the other hand, since government financial institutions can not guarantee the value of virtual currencies,

Expanding the scope of the Act on Regulation of Similar Receiving Act, it will also establish a discipline system for 'virtual currency transaction'
(Tentatively called 'Regulation Act on Similar Reception Acts')

ㅇ In addition, for the act of financing (ICO) using virtual currency in the form of issuance of securities such as equity securities, debt securities, etc.,

Joint measures to prevent consumer harm

□ In order to prevent consumer harm, the related organizations are jointly and resolutely responding to criminal tort

ㅇ Similar multi-level fraud crimes will be enforced and enforcement will be enforced during the period of intensive enforcement (~ end of 17) by constituting a "joint enforcement officer".

ㅇ We will thoroughly investigate customer information leakage accidents due to hacking, etc., and strictly observe the violation of the law

ㅇ In addition, we will establish a joint inspection system by examining the status of virtual currency handling companies and sharing them with the Fair Trade Commission, the National Tax Service, and the National Tax Service.

Review regulatory oversight issues

□ For matters that are not established international consensus, such as the nature of the virtual currency handling business, authorization issues, taxation issues, etc.

ㅇ We will closely examine the regulatory trends of governments, international organizations, etc., and discuss countermeasures through sufficient discussion.

Future schedule
□ In the future, joint TFs will be held quarterly ('17. ', '17 .12'),

ㅇ The committee will hold a monthly inspection meeting of related institutions (presided by the Financial Supervisory Commission)

Enough for this kind of news and this Korea event cannot do huge trouble here since ICO coins will surely do another counter measure to make there sale successful and I think Korea had only few Market unlike  Japan,Russia,Indonesia and many more country ahead.