South Korea tightens regulation of cryptocurrencies & ICO

The Financial Supervisory Commission of South Korea planned measure for regulation of ICO and cryptocurrencies
05 September 2017   517

The Financial Supervisory Commission of South Korea (FSC) held a meeting of the working group on digital currencies, discussing measures to strengthen control, which will be aimed at protecting consumers and eliminating the "gray zones" in this area. This is reported by the Business Korea.

The meeting was held on the last Friday, September 1, and representatives of the Fair Trade Commission and the National Tax Service also took part in it.

Among the planned measures, there are:

  • strengthening the authentication of users procedure
  • improvement of banks’ suspicious transaction report systems 
  •  tighten the monitoring on petty overseas remittance service providers who use digital currencies as means to transfer money abroad in cooperation with related agencies
  • regulations on domestic trading of digital currencies

However, the greatest attention is paid to the plans to tighten control over the ICO. In particular, it is assumed the responsibility of the organizers of ICO.

We will clearly state the foundations of the Act on the Regulation of Conducting Fund-Raising Business Without Permission for illegal fund-raising impersonating digital currency investment and strengthen levels of punishment. We will expand the application range of Act on the Regulation of Conducting Fund-Raising Business Without Permission and come up with regulations on digital currency trading by establishing the law.
 

Official FSC statement

The representative of FSC also noted that at this stage digital currencies can not be considered money, currency or financial product.

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Genesis Conference to be Held in London

Genesis Conference will cover research and development, regulation, economics and applications issues, taking place in London on February 22
22 February 2018   68

Genesis London Conference will take place on February 22, tackling the most pertinent issues in blockchain space: research and development, regulation, economics and applications.

Genesis London is a platform for researchers, developers and generally anyone interested in blockchain, and its priority is to share knowledge, facilitate productive discourse and filter out the hype.

Location: The CityPoint building, 1 Ropemaker St, London, EC2, UK
Date and time: 9:30AM - 8PM, February 22, 2018

The agenda of the conference includes Privacy and Confidentiality Techniques for Blockchains; Permissioned Business Blockchain Applications and Use-cases; Scalable, Transparent and Post-quantum Secure Computational Integrity, with Applications to Cryptocurrencies; A Rational Protocol Design Treatment of Bitcoin, and more.

The headline speakers include Patrick de Laive, co-founder of TNW; Margarita Khartanovich, head of insight at Binary District; Jack Gavigan, chief operating officer at ZCash; Jeremy Kahn, technology writer for Bloomberg, and many more.