South Korea’s ICOs Ban skipped over by Startups

  ICOs ban of South Korea might have slacked things down, but it hasn’t commonly stopped the flow of new digital coins on local exchanges
17 April 2018   491

Startups in the country have not shut the door on this basic method, despite the ban, and are instead domiciling their ICO abroad and then listing their currencies on South Korean exchanges. South Korea gave way its restriction on the cryptocurrency markets in September 2017, when it banned ICO listings in the country, as CCN  reported earlier. The move influenced greatly on the cryptocurrency trading volumes there, where the bitcoin price is known to trade at a hefty premium versus other markets.

Meanwhile, the flow is starting to turn for ICO issuers, as proved by ICON (ICX), a new coin developed by Seoul-based fintech DAYLI Financial Group but issued in Switzerland. The ICON Foundation is registered in Switzerland but functions out of Korea.

Major two cryptocurrency exchanges of South Korea, Bithumb and Upbit, keep Icon for trading where the new coin has been listed since March. As South Korea directed in the footsteps of China to ban ICOs, the issuing firms have created a way to skip over the rules. ICON has been a profitable investment so far, having launched trading at $0.11 and soared to $2.64, or KRW 2,814.

ICON isn’t the only Korean digital currency to have got round this prohibition. A tendency was adopted in about 12 companies have similarly launched ICOs overseas but listed their coins on Korean exchanges, including Hyundai subsidiary Hyundai BS&C, an Internet of Things startup that similarly chose Switzerland for its Hdac token generating event.

South Korean regulators want South Korean startups to be limpid about their international transactions, but don’t plan to obstacle them. At the same time, it would be much easier and less costly for South Korea to let local startups launch their token sales locally once again.

Member of British Parliament Wants to Payl Tax in BTC

MP  comments were made shortly after the Ohio government allowed companies registered in this state to pay bitcoin taxes
11 December 2018   7

Eddie Hughes, a member of the UK Conservative Party, said that the state should make it possible to use Bitcoin when paying taxes and utilities. It is reported by The Daily Express.

Eddie Hughes, who represents North Walsall in parliament, calls himself a "crypto-enthusiast with amateur knowledge." According to him, the blockchain technology attracts a lot of attention, and therefore members of parliament "must understand it."

Eddie Hughes also said that he recently met with representatives of the Royal Society for Water Rescue, which accepts donations in cryptocurrencies, after which he came to the idea of ​​making it possible to use Bitcoin when paying municipal taxes and utilities.

It just feels like it gets talked about a lot, wherever you go in the UK, and as MPs we have a duty to understand it. 

Eddie Hughes


Hughes comments were made shortly after the Ohio government allowed companies registered in this state to pay bitcoin taxes, which he also reminded in his interview within the publication.