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ICOs To Remain Banned In South Korea

22:18 01/02/2019
ICOs To Remain Banned In South Korea

The government of South Korea announced the findings of a three-months' investigation into ICO projects of Korean companies and decided to extend the ban on them, Bitcoin.com reports.

 

The audit revealed that many firms bypass the ban on the organization of ICOs and sell tokens outside the state.

 

24 companies took part in the investigation and were invited to voluntary cooperation. The Financial Supervision Service (FSS) of South Korea sent them questionnaires and conducted an inspection of technical and other documentation from September to December 2018.

 

The financial regulator has discovered that in fact none of the companies have launched their projects, and all of these are under development or testing. Most of them bypassed the government ban and conducted ICOs abroad but continued to work on the Korean market. Startups could open branches, for instance, in Singapore, with a declared capital of 10 million won (about $9000), having two employees apart from a manager.

 

The researchers stress that each new token, which was traded at an average of four platforms, lost in price up to 68% on the second trading day. Moreover, the FSS specialists detected cases of companies' illegal activities.

 

The audit showed the need to adhere to the existing policy regarding ICOs since their conduction presents great risks.

 

The government will continue to be cautious with regard to ICOs, as this is a risky investment option, the press service of the Prime Minister’s secretariat stated.

 

As previously reported, only seven South Korean crypto exchanges passed the audits of regulatory organizations.

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