South Korea bans ICO

Following China, South Korea bans an initial coin offering campaigns; top coins fall
29 September 2017   2649

South Korean authorities will ban all types of initial coin offering (ICO) due to the risk of scam and fraud. This is reported by the ZdNet. 

The Financial Services Commission (FSC), the country's finance regulator representatives noted that the ICOs are a popular tool for raising funds by start-ups and individuals. However, at the same time, they carry the high risks of "financial bubbles", various market manipulations and do not promote the protection of investors' rights.

Also, state representatives say, ICO is often held for purely speculative purposes.

Separately, it is noted that FSC has not yet "institutionalized" the exchange of digital currencies. Currently, the agency is carefully examining the situation on the market in order to further improve the effectiveness of regulatory measures.

At the same time, there is still no clarity about the scope of the ban. So, according to News1, FSC "bans all types of ICO in Korea." At the same time, the JoongAng publication informs that the ban will concern only ICOs conducted by South Korean start-ups, and also refers to officials who claim that the restrictions do not apply to private investors.

Top cryptocurrencies price chart
Top cryptocurrencies price chart

As you can see from a charts above, market's reaction is quick as always. In top ten, only IOTA continues to grow.

MEW to Launch KYC-less Crypto Withdrawal

Service is available in Euro and Francs to all bank account holders with an international bank account number (IBAN)
21 February 2019   77

MyEtherWallet, a popular cryptocurrency wallet, in collaboration with the Swiss company Bity, introduced the Fiat service, which allows you to exchange digital assets for euros and Swiss francs without verification.

It is noted that the service is available to all bank account holders with an international bank account number (IBAN).

Bity is able to offer this kind of KYC-less Exit-to-Fiat gateway because it is compliant with the Swiss Anti Money Laundering Ordinance (AMLA). This, along with technology that helps verify proof of wallet-ownership, allows Bity to realize the friendliest kind of user experience — frictionless, secure AND regulatory compliant.

MyEtherWallet Team

To use Exit-to-Fiat, the user must specify Bity as the service provider in the asset exchange section. You will also need to provide a phone number, bank account details and a billing address.

This information is transmitted to Bity to comply with legal requirements and is not stored by MyEtherWallet.

The maximum transaction size is limited to 5,000 francs (about $ 5,000).