The chairman of Korea’s National Policy Committee strongly recommends and encourages the Korean government to legalize ICOs and create a better regulatory environment for cryptocurrencies, according to the latest crypto news coming from Korea.
Chairman Min explained:
‘’Regulation is not bad. Regulation is necessary, it is the only way to legitimize the market and allow investors to build trust towards the cryptocurrency market.’’
He made clear how important is to embrace new technologies and to follow the trends in this field. Min said that the token sale of Telegram that brought the company $1.7 billion has increased the interest in ICO so the government should pay close attention.
Min emphasized that the government simply cannot dismiss ICO. The importance of following this trend is huge and investments such as the one above are changing the way we look at fundraising. This comes as a warning after the chairman of the Financial Services Commission prevented the biggest Internet Company in South Korea with more than 80 percent market share, from conducting an ICO.
The company named Kakao later moved to Switzerland and conducted ICO there so the chairman realized that forbidding the country of conducting the ICO was probably a mistake.
Chairman Ku said in his defense:
“Even if there is no prohibition on cryptocurrency or digital asset trading, there is a possibility that it [Kakao ICO] may be regarded as fraud or multi-level sales according to the issuance method. Since the risk is very high in terms of investor protection, the government has a negative stance on the ICO.”
The National Assembly in South Korea is waiting to receive an approval of the first crypto-related legislative framework and keep investors optimistic because of the expected changes in the crypto market.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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