Bank of Korea to Allow ICOs in New Crypto Law | Crypto

Bank of Korea to Allow ICOs in New Crypto Law

The Bank of Korea (BOK) has stated that South Korea will need to institutionalize initial coin offerings (ICOs) in order to establish its new Crypto law.

– the BOK believes that the current ban on ICOs lacks effectiveness and depletes opportunities to develop the industry and the technology through ICOs.

– in a report evaluating the European Unions (EU) regulation on markets in Cryptoassets (MiCA), the BOK insists that South Korea institutionalize ICOs like the EU, where tokens issued overseas are also required to establish a local presence and abide by local regulations to be traded domestically.

– the Central Bank stated that following MiCA in institutionalizing ICOs could bring upon industry growth and stronger investor protection.

bank of korea Bank of Korea to Allow ICOs in New Crypto Law

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