South Korea’s Financial Services Commission (FSC) plans to lift the previous complete ban on token sales in the country and introduce regulatory measures for cryptocurrencies instead. Yaaay!
Why is it important?
To tell the long story short: in September, FSC banned all forms of crypto funding (https://t.me/yoken/14). A few days ago, regulators also ruled out Bitcoin futures (https://t.me/yoken/188). What happened after, you can see on Bitcoin rate graph.
A number of analysts link the recent price surge to the activity on South Korean market. Currently Bitcoin trades above $15K, bast night, as some say, it went all the way up to $21-22K on South Korean exchanges. The news might calm down the market a bit.
So what exactly will happen?
FSC vice-chairman Kim Yong-beom once again claimed that South Korea won’t consider digital currency as money, but plans to regulate the market to prevent money laundering and tax evasion. On the other hand, he said that the commission might lift a blanket ban on ICO, but allow only professional investors (not everyday retail folks) to participate.
What can we learn from it
- That everything can change any minute. Including crazy high Bitcoin rates, strict regulations and once-available-for-all ICO market. And South Korea is not alone there.
- That those are the exciting times we are living in. We bet that blue chip people completely forgot that rollercoaster feeling.
- That if you are in South Korea, it’s time to think how you can prove the regulators that you’re a professional investor. Putting a $100 in someone’s ICO earlier this year won’t count, we guess.