NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Korea’s Finance Regulator: We Should Not Equate Cryptos with Blockchain

Davit Babayan
Davit Babayan
6 years ago
2 mins read
Bitcoin South Korea kimchi premium

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

South Korea’s top financial regulator on Thursday clarified that initial coin offering (ICO) issuance will remain banned despite the government’s inclination towards setting up a blockchain hub in Seoul.

Choi Jong-koo, the chairman of the Financial Services Commission (FSC), said during their parliament audit session that they should not confuse the potential of blockchain with the possibility of cryptocurrencies. He added that companies issuing crypto assets to generate funds for volatile projects could pose severe risks to investors, reports Business Korea.

“Many people say the Korean government should allow ICOs, but ICOs bring uncertainty, and the damage they can cause is too serious and obvious,” Choi said. “For these reasons, many foreign countries ban ICOs or are conservative towards them.”

Lawmakers Recommend ICO Regulation

The remarks appear after the lawmakers’ efforts to make amendments to South Korea’s Electronic Financial Transaction act which does not recognize cryptocurrency transactions.

There are currently five crypto-focused bills pending in the National Assembly that seek regulations for cryptos and ICO issuance. The digitized crowdfunding method remains banned since FSC’s direction in September 2017 which, lawmakers believe, is hurting South Korea’s potential in the global blockchain market.

“The National Assembly has officially proposed to allow private ICOs. As the administration is sitting on its hands after imposing a total ban on ICOs in September last year, the National Assembly has come forward with an official recommendation,” the proposal reads.

Choi, however, believes ICO rounds are misleading because of weak investor protection and little business planning.

“We are [first] investigating the side effects of initial coin offerings (ICOs) from cases in overseas countries,” the chairman said in response to lawmakers’ recommendations.

Blockchain Exodus

Choi’s remarks about not equating blockchain and cryptos have ended up showing the celebrated regulator’s weak understanding of the digital ledger technology.

Digital tokens represent the core purpose of a public ledger, a reward to keep a decentralized network immutable, censorship-free and most importantly, secure. Without it, a blockchain network is no less than a private database.

South Korean blockchain startups could find themselves unable to practice between following legalities and maintaining innovation. It is a hard balance to maintain. On top of that, an unresearched comment from their chief regulator could weaken their perspectives towards staying back in South Korea.

The government representatives have already recognized the tough legal spot for these innovators, and fear they might move out of South Korea while the capital develops a $100 million blockchain park for them.

“With the government failing to present any guidelines for ICOs, domestic blockchain companies are going to Singapore and Switzerland to do an ICO and pay unnecessary expenses,” a South Korean news outlet reported.

Earlier, companies in the U.S. had also expressed similar concerns to their lawmakers after startups started moving to crypto-friendly countries after feeling threatened by the SEC crackdown.

Featured image from Shutterstock.

Tweet123Share196ShareSend
Davit Babayan
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Unraveling The Bitcoin Boom: Experts Decode Record $123,000 Surge

In a major display of bullish momentum, the market’s leading cryptocurrency, Bitcoin (BTC), surged to a new record high on...

Ronaldo Marquez 13 hours ago
Bitcoin

TD Cowen Projects Bitcoin At $155K By Year-End, Raises Strategy’s Price Target

Global investment bank TD Cowen has recently revised its price target for Strategy’s (previously MicroStrategy) stock, MSTR, raising it from...

Ronaldo Marquez 15 hours ago
Coinbase

Coinbase: A Surprising Champion Of The Trump Trade, Eyes New Stock Records

Coinbase (COIN) is experiencing significant momentum, with its stock poised to reach a record closing high as the cryptocurrency sector...

Ronaldo Marquez 17 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

If You’re Wealthy, 1 Bitcoin Should Already Be In Your Wallet, Expert Says

Christian Encila 2 hours ago
Crypto

‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Ronaldo Marquez 7 hours ago
Ethereum

Ethereum Shines Bright As Bank Of America Begins Digital Asset Tracking

Christian Encila 12 hours ago

Premium Sponsors

Press Releases

  • e 3 coiny poniżej 1 dolara mogą zamienić 200 dolarów w...

    6 hours ago
  • ミームコインの価格急騰が続く中、注目の仮想通貨プレセールが50万ドルを突破し、次の100倍コインになる可能性がある。

    ...

    12 hours ago
  • 仮想通貨おすすめ|ビットコイン強気派の一休み中に買うべき銘柄

    ...

    12 hours ago
  • 2025年注目の新しい仮想通貨|Solana発 次世代ミームコインが投資家の期待を集める

    2025年注目の新しい仮想通貨|Solana発...

    13 hours ago
  • 2025年7月第2週にクジラが購入した注目のアルトコイン

    ...

    13 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.