The lifting of the ban on ICO as a way to attract investment in South Korea

The lifting of the ban on ICO as a way to attract investment in South Korea

In South Korea, there are active discussions between the tax authorities and the Ministry of Justice regarding the removal of restrictions on the initial allocation of coins (ICO). Such news kriptovalyut for today reported the authoritative Korean newspaper The Korean Times, referring to its sources.

ICO is gaining popularity among investors due to a simplified procedure and cheaper cost, compared to the initial public offer. And the need to use the services of lawyers disappears. However, due to the increase in investor losses, the initial placement of coins causes a more thorough check.

The Korean Times states that apart from restrictions on ICO, the authorities of the country will promote blocking technology and encourage fundraising in digital tokens. It is worth noting that there may be a warming between the authorities and the crypto-currency market for the first time since the end of last year, when the ICO was banned. For controlling capital and transparency, the conduct of digital operations in the country is planned to introduce a profit tax, value added and activities of South Korean digital exchanges.

Although South Korean ICOs are banned in the country, any Korean citizen can invest in foreign ICOs and digital exchanges that conduct their activities in South Korea. If the newspaper's information is truthful, then the mood in the crypto currency market can change a lot, because South Korea is considered to be a very powerful player in cryptology and takes not the last place in terms of the impact on the price of crypto currency.

Eliminating the ban on ICO South Korea causes the outflow of startups to other countries, which can lead to economic deterioration and large business losses. That is why the authorities decided to allow the initial placement of coins, but with the possibility of regulation.

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