We knew it! Governments start to lift crypto bans

Covesting

Contributor
South Korean Officials Propose Lift on ICO Ban
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South Korea’s Financial Services Commission prohibited domestic companies and startups from participating in initial coin offerings back in September of last year, however, a new report citing government officials says that South Korea’s National Assembly has proposed a lift on the ban, re-legalizing ICOs as a way for startups to raise funding.

According to South Korean news publication BusinessKorea, the National Assembly’s Special Committee of the Fourth Industrial Revolution made the recommendation to lift the ban, and provide new legislation that permits ICOs so long as certain investor protections are addressed.

Full story here
 

CryptoTC

Crypto Fat Cat
Let’s see if the next round of development shows market maturation with better ICO’s involving projects that are further along in their progress before trying to raise public moneys.

That was the flaw in phase 1 of crypto. Too many early crowd sourced projects that aren’t really moving along after getting the money.
 

Covesting

Contributor
Another step towards legalisation of cryptocurrencies. The first sovereign crypto in the world!

Marshall Islands Issue Legal Tender Cryptocurrency

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The Marshall Islands is the first country to adopt a sovereign cryptocurrency. Its Sovereign Currency Act 2018 stipulates that the country will issue a digital decentralized currency, which will be used as legal tender for all debts, public charges, taxes, and dues.

According to the document, the Sovereign (SOV) will circulate as legal tender in addition to the US Dollar. The SOV will be introduced via an ICO and will be non-redeemable. All users of the SOV will be required to undergo standard Know Your Customer (KYC) procedures.

Full story here

 

The CC Forums

Admin
Staff member
Another step towards legalisation of cryptocurrencies. The first sovereign crypto in the world!

Marshall Islands Issue Legal Tender Cryptocurrency

3a467da947d42f727194810e55058be4.jpg

The Marshall Islands is the first country to adopt a sovereign cryptocurrency. Its Sovereign Currency Act 2018 stipulates that the country will issue a digital decentralized currency, which will be used as legal tender for all debts, public charges, taxes, and dues.

According to the document, the Sovereign (SOV) will circulate as legal tender in addition to the US Dollar. The SOV will be introduced via an ICO and will be non-redeemable. All users of the SOV will be required to undergo standard Know Your Customer (KYC) procedures.

Full story here

While I like the spirit of the news, The Marshall Islands are home to only 53k people with rampant poverty and a disappearing land mass due to sea level rises. Unfortunately this won’t even be a blip on the global crypto radar. Perhaps they’ll reduce their dependence on US compensations, but I doubt much will change in the country.
 

Covesting

Contributor
While I like the spirit of the news, The Marshall Islands are home to only 53k people with rampant poverty and a disappearing land mass due to sea level rises. Unfortunately this won’t even be a blip on the global crypto radar. Perhaps they’ll reduce their dependence on US compensations, but I doubt much will change in the country.

I have to agree with you, but the precedent has been set anyway;)
 

Emma Lee

Contributor
While I like the spirit of the news, The Marshall Islands are home to only 53k people with rampant poverty and a disappearing land mass due to sea level rises. Unfortunately this won’t even be a blip on the global crypto radar. Perhaps they’ll reduce their dependence on US compensations, but I doubt much will change in the country.
according to BusinessKorea, the National Assembly has officially proposed legislation to permit ICOs as long as investor protections are provided
 

The CC Forums

Admin
Staff member
according to BusinessKorea, the National Assembly has officially proposed legislation to permit ICOs as long as investor protections are provided

Thanks for your comments. However, you’ve made several back to back posts in several threads that are simply one sentence quotes from someone else’s post in the same thread.

Are you having trouble with the quote and reply system? If so, post your issues in the Site Info and Feedback section and let us know your technical issue.

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The mods have removed a few of your recent posts since they were repeats of an earlier post. Let us know how we can help. Thanks.
 

Emma Lee

Contributor
One day I think it's possible they'll lift the ban, so called, and they might reinstitute it and license it," Lee told CNBC's
 

The CC Forums

Admin
Staff member
@Covesting More “loosening” reported by CCN.

https://www.ccn.com/south-korea-to-loosen-crypto-rules-in-cooperation-with-g20-directive/

South Korea, a country that has banned ICOs, plans to loosen restrictions on cryptocurrencies based on efforts by G20 to create uniform regulations, according to The Korea Times. The G20 meeting established a July deadline for taking a first step on “unified regulations.”

The recent announcement from South Korea is part of a loosening of restrictions on cryptocurrencies as the digital assets become better understood.

Government to Address KYC/AML
An official for the country’s Financial Services Commission (FSC) said the regulatory agency is not opposed to cryptocurrencies and has made revisions to address money laundering and other illegal activities.

South Korea requires international cooperation on cryptocurrencies, another official stated, and remains in its early stages of developing its regulations. The official further noted that uniform rules represent a challenge due to the large range of assessments among government agencies.

The government previously considered cryptocurrencies “non-financial products” on account of their speculative properties.

Regulator Signals Change
In May, Yoon Suk-heun, who was recently named to lead the Financial Supervisory Services (FSS), said he would consider revising cryptocurrency regulations. Where the FSC inspects, the FSS studies and supervises financial institutions under FSC’s oversight.

Yoon Suk-heun said at the time that the FSS will work with the FSC when an inspection of financial institutions and policies has different configurations connected with different scopes.

A trade ministry official said that a “gradual shift” in the government’s thinking about cryptocurrency is called for, although it is unlikely there will be a major change in policy. The country needs to place greater emphasis on blockchain technology once it gains a better understanding of the “possible flipside” of cryptocurrency trading, the official noted.

Also read: Exclusive: South Korea reveals new [positive] crypto regulatory guidelines

ICO Ban Could End

The country’s National Assembly has presented a plan to allow for domestic ICOs, which have been banned. Hong Eui-rak, a representative from the country’s ruling Democratic Party, said legislators are developing a law to remove the ban.

The Ministry of Strategy and Finance is still negotiating with the National Tax Agency on a tax plan for cryptocurrencies, the trade official said, even though the plan has missed a June deadline.

Kim Byeoing-young, a Seoul based technology reporter, said improved adoption will emerge once people can use cryptocurrencies like regular currencies instead of as speculative investments. The journalist predicted that interest in cryptocurrencies will double.

The country recently recognized crypto exchanges as regulated financial institutions. The government agreed to categorize the exchanges as “cryptocurrency exchange and brokerages,” allowing the platforms to do business with local government support. The new framework could have an adverse impact on the platforms, however, since it could bring stricter KYC and AML policies.

Under the country’s plan to monitor local cryptocurrency exchanges, the FSC has called for the investigation of three big banks that have provided virtual accounts and banking services for the exchanges.
 

CryptoTC

Crypto Fat Cat
And this one too. Also from CCN like @The CC Forums link

https://www.ccn.com/breaking-south-...ognizing-crypto-exchanges-as-regulated-banks/

For the first time in history, the government of South Korea has officially recognized crypto exchanges regulated financial institutions and banks.

Local publications in South Korea have reported that the financial authorities of South Korea have finalized their plans to categorize crypto exchanges as an industry called “Cryptocurrency Exchange and Brokerage” to enable trading platforms to perform at a large capacity with support from local authorities.

From Communication Vendors to Financial Institutions
For many years, the government of South Korea has considered regulating the cryptocurrency sector with practical regulations and policies, primarily to prevent large-scale hacking attacks and security breaches from occurring, as seen in the case of Bithumb and Coinrail in early 2018.

However, local financial authorities feared that the regulating the cryptocurrency market would lead the public to believe that the government has legitimated the cryptocurrency sector. Consequently, South Korea postponed the regulation of cryptocurrency exchanges.
 
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