Tag: ico

South Korea Proposes Lifting ICO Ban

By Ryan Lau | @agorists

In 2017, South Korea placed a ban on Initial Coin Offerings. This means of raising money, better known as an ICO, is similar to an Initial Public Offering, or IPO. Essentially, an ICO is when new projects sell crypto tokens in exchange for bitcoin or ether.

Though many companies use ICO without issue, the potential for scams led to both China and South Korea making the process illicit. However, the latter is looking to go back on this policy.

A Business Korea report Tuesday detailed that the nation’s National Assembly officially stated that the startup method should be legal. Despite this, they did admit a desire for some regulations on the process to protect investors. Without regulation, they claim investors are at risk of giving money to false ICOs that claim to represent major companies.

The shift shows South Korea’s reaction to an ineffective law, as the NA admits many did not adhere to it. Instead, they went to Switzerland or Singapore, paying extra money to go where ICO is legal. By making ICO legal, the NA may bring some of this business back to the country.

The proposal, as of right now, has the backing of the 300 member NA. However, the full legislative process has yet to occur, so it is not yet an official act of the nation.

Once made a law, the proposal will spur on talk between South Korea’s government and the private sector. These talks will help the nation to agree on the level of regulation that should exist for ICOs.

Essentially, the law would return ICO to its prior legal state. Following this, the talks would then seek to impose some form of regulations once more. This will likely include a legal basis for crypto trading, as opposed to the agora that now exists in the crypto market.

For now, the market and the people of South Korea can only wait to see if the NA will push forth new legislation on ICO projects.


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No, Cryptocurrency Is Not “Quietly Dying Out”

By Mason Mohon | @mohonofficial

On Sunday, Russia Today posted an article titled “Is the cryptocurrency market quietly dying out?”, which was full of nothing more than explanations of recent cryptocurrency events along with market declines.

The article merely discusses recent market trends but uses a loaded editorialized headline to make it seem like crypto is dying. The recent decline and widespread burns are quite the opposite, though. The market is organic, and consumers have to take responsibility and learn for themselves.
Those who were scammed or bought Bitcoin at $19,000 may be too depressed to ever buy cryptocurrency again, but if they are wise they will see it as a learning experience. People who have been burned will now use a skeptical eye when looking towards any potential investments.
The failure of the cryptos with “broken blockchains” is just creative destruction at work. They couldn’t serve the consumers, so a better and safer technology is coming to take their place.
A decline in the price of popular currencies is not the end of an era. It is a learning opportunity, so take advantage of it and use it as such.
Note: This is not investment advice.

Liberland And The Marshall Islands Are Creating Their Own Cryptocurrencies

By Vaugh Hoisington | Liberland

In the wake of Venezuela’s initial coin offering (ICO) of the Petro, and Venezuelan President Nicolas Maduro’s latest announcement of plans to release a Petro gold token that would be backed by precious metals instead of oil, a lot more publicity has been given to the proposed cryptocurrencies of other countries.

Liberland, a micronation inhabiting disputed land between Serbia and Croatia, was the first country to introduce plans of a national cryptocurrency in 2016.

Albeit the Free Republic of Liberland has not released their security token, the merit, Liberland President Vít Jedlička recently attended Polycon18, “the world’s first crypto event dedicated to securities tokens,” to meet industry leaders and presumably talk to them about his nation and the merit. Liberland has also stated that it “will be the first country to launch its own security token.”

The official website states that donations to Liberland will be rewarded with their USD value in merits, as they are intended to be an award for those that assist the country.

Merits will begin issuance and distribution to donors on Liberland’s third anniversary, April 13.

The Marshall Islands passed the Sovereign Currency Act, in order to create their own cryptocurrency.

In a very different approach to the anonymity most cryptocurrencies embrace, the Marshall Islands opposes any obscurities and would require users to disclose their identity.

The Republic of the Marshall Islands’ plans to keep half of the 24 million SOV tokens, with the other half going to Neema, an Israeli company.

As an attempt to raise money for the islands’ budget, the Minister in Assistance to the President David Paul expressed that “ten percent of our proceeds from the ICO will be directed towards a Green Climate Fund, to help [the Marshall Islands] fight the effects of global warming, coming from the burn of fossil fuel by the large industrial nations, and hurting the small Island Nations the most.” Along with climate change efforts, revenues are also outlined for use to support “green energy, healthcare for those still affected by the US nuclear tests, and education.”