According to the local outlet Money Today report, the Financial Services Commission (FSC) may be reconsidering their stance on the ICO ban.
More so, FSC’s vice chairman is proposing the reversal of the ICO ban.
Furthermore, The FSC’s vice-chairman Do Gyu-sang proposes that the country should reconsider its hardline stance against ICO. Also, Instead of an outright ban, they should regulate them.
Additionally, the vice-chairman explains while speaking before the Political Affairs Committee in the Korean National Assembly. Then, says his agency believes ICO should be in the country’s Capital Market Act. Of course, which controls the Korean securities market.
“We cannot delay the ICO any longer. (ICOs) must be included in the Capital Market Act…”
“To do that, we need to revisit some provisions and look at the relationship with the…”
“(Virtual Industrial Rights Act) enactment or special law,”
Notably, If the ban is cancelled, the financial regulator believes there would need to be more stringent guidelines for ICO issuers. That’s, in order to prevent scammers from exploiting investors.
More so, ICO issuers will need to disclose all the cryptocurrencies, the technology, and its backers. So, with this important data to the regulator before they can get access to fundraise.
Furthermore, They will also need to follow all other legal requirements that apply to stock market listings.
Lastly, as per the regulator, once the issuer raises funds from investors, they must now deposit all the funds in a bank and show all transactions in the accounting report.
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