Korea Banning ICO’s and Looking To Put In Regulation

Virtual currency ICO · Prohibition of credit granting
Financial
institutions are actually transferred to the virtual currency regulation system “No virtual currency institutionalization … I will thoroughly control and look”

Translation of : http://news1.kr/articles/?3114917

The financial authorities are banning ICOs. The intention is to prevent consumers from damaging the market because they are overheating due to a surge in demand for speculative receivables, triggered by an increase in ICO fraud. We will also block all credit-granting activities that lend us trading funds. In fact, financial authorities have brought virtual currencies into the regulatory system.

The Financial Supervisory Commission (FSC) held a third meeting of the joint TF for virtual currency institutions at the Seoul Government Complex in Gwanghwamun, Seoul on the morning of the 29th. The Financial Supervisory Service prohibits all types of ICOs in Korea.

ICO is a similar concept to the IPO of securities markets. The ICO funded several investors and listed the new virtual currency on the exchange.

China, the United States, and Singapore have recently strengthened ICO-related regulatory measures. The Financial Supervisory Service plans to punish the use of virtual currencies as a form of securities issuance in violation of the Capital Market Act.

‘Credit granting’, in which a virtual caller borrows trading funds from a virtual caller, is also banned altogether. An official from the Financial Supervisory Commission said, “Unauthorized credit granting activities under the Financial Industry Act are likely to encourage speculation and increase consumer harm.” ‘Credit granting’, in which a virtual caller borrows trading funds from a virtual caller, is also banned altogether. An official from the Financial Supervisory Commission said, “Unauthorized credit granting activities under the Financial Industry Act are likely to encourage speculation and increase consumer harm.”
The financial authorities are planning to push for regulatory legislation. Before the legislation, we will thoroughly investigate the status of the credit facilities and violate the laws related to the Loan Act, and will strictly enforce sanctions if any violations are found.
The Financial Supervisory Service (FSS) plans to conduct massive inspections of banks’ anti-money laundering obligations in January 2018 for banks that issue savings accounts to virtual currency handlers.
A joint check-up system will also be established in which the status of the virtual currency trader surveyed by the FSS is shared with the Fair Commission, prosecutors, the police, and the National Tax Service. By the end of the year, it will be possible to more accurately grasp the status of dealers when the virtual currency user identification system is established.
“We will not institutionalize virtual currency transactions,” said a financial official. “We will include virtual currency trading in similar areas of receipt and thoroughly control.”

found this : https://cryptokul.com/korea-banning-icos-looking-put-regulation/