Everything's looking great —— Min Byung-Doo, wants to legalize ICOs


Everything's looking great
The chairman of Korea's National Policy Committee, Min Byung-Doo, wants to legalize initial coin offerings (ICOs), but only contingent on setting up the appropriate regulatory frameworks. 

He stated during the 9th plenary session of the National Assembly, that with token sales becoming a global trend and raising increasing sums of money each year, the state should no longer ignore to it and that he does not want "the ICO door [to get] closed completely."

Min went on to stress that in order to grant credibility to the industry, ICOs need to be self-regulated and abide by safety standards to prevent "fraud, speculation and capital laundering." He also recognizes that many projects have a future.

But suddenly 💩 hits the fan

And...maybe not. 😬

The government of South Korea has decided to stick with its legislative proposal of August to exclude the cryptocurrency and blockchain companies from being certified as venture firms, which entails the stripping of the 75% acquisition tax cut benefit and credit guarantee benefits of cryptocurrency exchanges. 😥

Although several major and more established Korean crypto exchanges like Upbit and Bithumb will remain certified as venture firms until the end of 2018, the newly set up exchanges will not. The lack of tax benefits could discourage development within the industry and prompt them to seek more lenient jurisdictions abroad. 

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South Korea , is really south korea

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South Korea, is really heading to blockchain

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