South Korean Financial Regulator Confirmed Its Negative Position to ICOs and Crypto

Choi Jong-koo, the chairman of the Korea`s Financial Services Commission, has once more confirmed his negative position to cryptocurrency and ICOs.

ICOs were prohibited in South Korea in September previous year. The officials stated, that such kind of fundraising is almost a gamble, which isn’t appropriate for any financial activities.

Now, Korean officials have returned to this matter, the main focus is the ICOs ban in the country. There is a need to develop a proper regulation before allowing ICOs again.

The government doesn’t deny in any case the potential of the blockchain industry, but the cryptocurrency trading should neither be regarded as nor to be equated with the blockchain.

Choi has addressed his critics to the banks that refused to service the cryptocurrency exchanges, however, he stated, that the exchanges should persuade the banks to issue the banks to them. So, the situation stays dubious, disregarding the criticism.

The announcement of the official position of the South Korean government is expected to be announced in November this year. For now, all sale and brokerage activities with digital assets based on the blockchain technology aren`t included in any business classification. The main purpose is to protect the citizens from illegal activities connected with the digital assets businesses.

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