Thursday, 19 October, 2017

South Korea bans raising money through initial coin offerings

South Korea Bans ‘ICOs Cyrptocurrencies took another hit Friday after South Korea announced it will ban initial coin offerings following a similar move by China
Melody Ballard | 30 September, 2017, 15:51

Yesterday's release of the Australian securities regulator's guidance framework for initial coin offerings (ICOs) could be is an important step forward for startups looking to crowd-fund a project using digital currencies, and could help further worldwide regulatory discussions on the issue.

"The guidance ASIC has released is a positive step to ensure a viable future for ICOs in Australia, and sits alongside other positive initiatives such as removing double taxation on digital currencies and driving global blockchain standards".

"Stern penalties" will now be slapped on any company or individuals issuing ICOs, according to the regulator.

Initial Coin Offerings or ICOs are no longer legal in South Korea.

Switzerland does not have rules governing conduct specifically for ICOs.

With misinformation in investment prospectuses prohibited by law, the ASIC statement also warns that ICO white papers are legally required not to issue misleading or deceptive statements.

Swiss ICOs have largely been run by foundations based in Zug, Switzerland's "Crypto Valley".

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While some token sales will be classified under general Australian consumer law, ICOs offering financial products will be regulated under the country's Corporations Act.

President Oliver Bussmann said the association was unsurprised by FINMA's announcement. "We think this is another sign of the Swiss regulator's clear and balanced approach to blockchain and Fintech". These include a record-breaking "token gathering" by Tezos, which in July raised the equivalent of $230 million-$240 million in bitcoin and ether.

On the other hand, Japan appears to be embracing bitcoin and cryptocurrencies.

The commission also banned the practice of loaning funds to trade currencies including bitcoin and ethereum, according to an official who clarified the statement.

The risk for cryptocurrency boosters is that the Chinese and Korean decisions could become a template for the rest of the world.

JPMorgan (JPM.N) Chief Executive Jamie Dimon this month called bitcoin, the original and largest cryptocurrency with a market capitalization near $70 billion, "a fraud" that will eventually "blow up".

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