Bitcoin, Crypto currency, Blockchain

South Korea could pick up the ICO prohibition

8796ad4861be5aba793a4ccf5fa0c3bd - South Korea could pick up the ICO prohibition

According to a report in the Korean Times, South Korea could cancel his ban from the Initial Coin Offerings (ICOs) in the coming months under certain circumstances. For this previously but still a couple of hurdles.

The Korean Times cites anonymous sources to have received information that the South Korean government is working on a law to the ICO prohibition from September 2017 to repeal. Apparently, the tax authority, the Ministry of justice and other government have done authorities to develop a regulatory framework for Initial Coin Offerings in South Korea. According to the anonymous source companies that would like to perform ICOs must meet, in the future, certain conditions, in order to obtain a permit.

In addition, the introduction of a value – added and capital gains tax currencies on capital transactions with Crypto, and already in January-discussed corporate tax for local crypto-currency exchanges is a prerequisite to the current ICO to repeal prohibition.

The report from the Korean Times, according to the South Korean authorities, companies that have carried out a ICO in South Korea have not forced you ingested capital to repay. After the ban of Korean companies abroad are gone, for example, to Singapore, to your ICO. Furthermore, South Korean investors could continue to invest capital in foreign Lilly ICOs.

Thus it came only to a shift of the offer. However, the Korean was to leave government out of the equation. Therefore, now also, surely, the loss of potential tax revenue an important role in the new thinking.

South Korea is one of the world’s strongest markets for crypto currencies. After the beginning of the year, rumors were loud, crypto-currencies and/ or crypto-exchanges could be banned in South Korea, have shown the last few weeks and months, that the South Korean government has no plans for a ban on crypto-currencies, but only a regulation. Initial Coin Offerings, therefore, could get the Next be a reasonable regulatory framework.

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