{"id":53405,"date":"2021-11-23T16:49:30","date_gmt":"2021-11-23T14:49:30","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53405"},"modified":"2025-09-03T14:59:15","modified_gmt":"2025-09-03T11:59:15","slug":"south-korea-to-consider-lifting-ban-on-icos","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korea-to-consider-lifting-ban-on-icos\/","title":{"rendered":"South Korea to consider lifting ban on ICOs"},"content":{"rendered":"

In South Korea, authorities may review the ban on conducting ICO<\/a> after the FSC<\/span>‘s proposal to include token sales in the Capital Markets Act. Money Today reports.<\/p>\n

During hearings before the National Assembly’s Political Affairs Committee, the regulator’s vice-chairman Do Gyu-sang proposed the initiative.<\/p>\n

According to the official, legalising ICOs would require revising corporate financial reporting requirements. In particular, the FSC proposed adding a prospectus to this list, a feature typical for obtaining a listing on a stock exchange.<\/p>\n

The document should also contain a detailed description of the project, the class of virtual assets, information about major investors and the underlying technology.<\/p>\n

The draft law also includes a proposal to provide detailed information about transaction risks and the taxes and charges associated with them. Funds raised in the course of an ICO would need to be deposited in a bank.<\/p>\n

The FSC banned all forms of ICOs in 2017. In 2018 the Commission contemplated overturning its decision, but ultimately left it in place.<\/p>\n

As reported in October, the opposition in South Korea advocated<\/a> delaying taxation of cryptocurrencies.<\/p>\n

Earlier, the Ministry of Economy and Finance determined<\/a> that the new requirements would take effect from 1 January 2022. The tax would be 20% of profits earned above 2.5 million won (~$2,090).<\/p>\n

Subscribe to ForkLog’s channel on YouTube<\/a>! <\/p>\n","protected":false},"excerpt":{"rendered":"

South Korea may revise the ban on ICOs after the Financial Services Commission proposed including token sales in the Capital Markets Act. Money Today reports.<\/p>\n","protected":false},"author":1,"featured_media":53406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2201,319,36,974],"class_list":["post-53405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-fsc","tag-ico","tag-regulation","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=53405"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53405\/revisions"}],"predecessor-version":[{"id":53407,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53405\/revisions\/53407"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/53406"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=53405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=53405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=53405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}