South Korea is working on the development of a legislative framework for ICOs and exchange houses, in order to improve their security and a system for them to pay taxes.
Just yesterday the blockade by China of all ICOs and the obligation to return the capital obtained through the Initial Coin Offering was announced. Well, yesterday it was also announced by the South Korean Financial Supervisory Commission that they had had an important working meeting between the Korea Fair Trade Commission and the National Tax Service, as well as several companies. [amazon_textlink asin = '849875447X' text = 'blockchain' template = 'ProductLink' store = 'hardwa028-21 ′ marketplace =' ES 'link_id =' 2c9b52c5-9213-11e7-9038-0d754be478e8 ′] and Bitcoin. The purpose of the meeting was to discuss the legality and the measures that must cover regulatory aspects that are not covered in ICOs by current regulations.
According to the BusinessKorea medium, they want to penalize those ICOs whose offer of cryptocurrencies is through financial assets, bonds or insurance, because they would violate current legislation. According to Kim Yong-beon, FSC General Secretary, "at this point, cryptocurrencies should not be considered as currency, money or financial products." These words should not be misleading either, since what is presented with these meetings is to improve the process of validation and detection of suspicious banking transactions, specifically, to avoid money laundering and possible fraud that may occur due to the purchase and sale of cryptocurrencies. The magnifying glass will also be placed on international cryptocurrency services.
South Korea would seek to implement new legislation for exchange houses, by reviewing the 'Act on the Reporting and Use of Certain Information on Financial Transactions', to try to combat money laundering, something that is already being worked on in many countries . The South Korean body has also asked the exchange houses to modify and improve customer protection policies. In addition, it is highlighted that the conversation about regulation with other countries could lead to a consensual definition of exchange houses and cryptocurrency markets, in addition to the permits to operate and how they should pay taxes.
The leakage of information and the theft of capital through computer attacks are also being investigated, such as those that in theory would be perpetrated by North Korea, a country that is a major threat to Japan, South Korea and the United States, due to aggressive military actions, which they would be influencing the value of cryptocurrencies.
