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.
Libertarians and non-interventionists have been pitching this idea for years. The hermit country of North Korea once again like it does every few years is back at the negotiating table talking peace. Should we believe them this time?
U.S. national security adviser John Bolton addressed this concern this Sunday on CBS’ “Face the Nation”, Bolton said: “Well, we’ve heard this before. This is – the North Korean propaganda playbook is an infinitely rich resource.”
“What we want to see from them is evidence that it’s real and not just rhetoric,” he added.
We’re all waiting on the edge of our seats for that evidence, and if it comes out there’s already talks of President Trump being awarded the Nobel Peace Prize. That’d be quite the award for a man who threatened “fire and fury” on the country just a few months ago. He wouldn’t be awarded for that rhetoric of course, he’d be awarded for pulling the roughly 28,500 troops from the region in exchange for North Korea abandoning it’s nuclear program.
The crazy part about this is that Libertarians have been talking about this forever. Ron Paul has been advocating for years that we pull our bases from that region altogether. How crazy is it that President Trump is now the subject of conversation relating to the Nobel Peace Prize because he’s considering a non-interventionist policy.
Some might oppose demilitarizing calling the method an isolationist approach. War hawks and Neo Cons on the left and right will try to keep President Trump from his win and will argue the Kim regime is still dangerous despite any evidence of denuclearization Kim Jong Un might offer. It always seems like there’s someone arguing for more intervention. Military provocation is undoubtedly counter-productive to peace. Some say that’s “isolationist.”
The problem with that is North Korea has already been isolated for years. It is isolationist to impose sanctions, to prohibit Americans from doing business, to impede or forbid travel by US citizens to countries with which the US government disagrees. North Korea is isolated in part because our government has isolated it. North Korea threatens to attack South Korea and the United States partly because South Korea and the United States continue to mount very provocative military exercises on North Korea’s border.
If President Trump wants to rack up the awards throughout his presidency, it sure seems like he should start listening to the Pauls.
The past couple months have been tough sledding for cryptocurrency holders. After the insane bull run that saw all cryptocurrencies reaching a collective market cap of near one trillion dollars during the holiday season, the crypto market pulled back significantly and many projects that soared to unprecedented heights found their valuations shattered in the span of several disheartening weeks.
One of the projects that benefited most from the bull run was the South Korean blockchain platform ICON. At its all-time high, ICON ($ICX) held a market cap valuation of more than four billion dollars that pushed the price of each individual ICON over $12 dollars. While the token remains eight dollars below its all-time high, Icon has surged more than +50% in the past two days behind speculation of new exchange listings, several promising ICO’s and an imminent token swap from the minted ERC-20 token to Icon’s native blockchain.
— Korean Cryptocurrency & Blockchain News (@BlockchainROK) March 21, 2018
Bithumb, the fourth largest cryptocurrency exchange in the world, processes close to one billion dollars worth of transactions a day and the listing of ICON is a major accomplishment for the Korean team. A day later, the tech startup announced they had been listed on UpBit, another top Korean exchange.
With South Korea viewed as the most forward-thinking cryptocurrency community in the world, the dual listing of ICON on Bithumb and Upbit is evidence of a team that achieves state goals in a timely and efficient manner. Further rumors that ICX could be traded on the second biggest Korean exchange, CoinOne, sent primed traders into a buying frenzy.
Last week, Bithumb signed a monumental deal with BitPay that will allow businesses to convert invoices into Bitcoin and use BitPay’s service to settle them quicker than conventional banking institutions.
Speaking to CNBC, BitPay chief commercial officer Sonny Singh suggested that over $200 billion dollars worth of cross-border payments will be made between South Korea and The United States in 2018. Speaking on the inefficiencies in current banking and payment infrastructures, Singh had the following to say:
Right now, people are doing cross-border payments […] and paying bank wires, FX fees around 4% and it takes about four days. Using Bithumb and BitPay, we’re able to make this a 1% fee in one business day.
As ICON raced up the charts and supplanted all other alternative currencies on Binance’s 24hr volume chart, the hype machine spilled over. Some commentators predicted that the South Korean blockchain startup could soon appear on other top exchanges like Bittrex, Bitfinex & possibly even Coinbase.
Other bullish indicators for ICON include a list of ICO’s that plan on launching through on the ICX blockchain. ICO’s that fundraise through ICON’s platform will have to use the ICX token to participate leading to speculation that demand will be high for ICON tokens while the supply dries up. Similarly, ICO’s have helped Ethereum and NEO grow into some of the largest valuations in the community.
I think $ICX bull run has just begun. Getting listed on bitthumb pro already with bitthumb listing coming in 4 days. Upbit (co founded by Bittrex) has confirmed $ICX listing. These are #4, #5, and #6 exchanges in volume, respectively. Shit is about to get real.
In late February, the ICON team announced the launch of their wallet service, ICONex, which runs as a chrome extension and will be available for iOS & Android users within the next few months. According to leadership, a token swap from the ICON’s current Ethereum chain ERC-20 token to a native ICX platform will take place in the next month:
We are currently preparing the ERC20 token to ICX coin Swap. We are working on the details and cannot give you the exact schedule at the moment, however we expect the Token Swap to start next month.
Even after the Token Swap process begins, the ICX ERC-20 tokens will be able to make transactions. After a period of several months with many announcements about the Token Swap, the ERC-20 tokens will be burned.
At the end of January, ICON announced six ICO’s that will crowdfund on the ICX platform between Q2 & Q3 of 2018. Among the decentralized apps included are Blue Whale (ecosystem for workers compensation), Tink (an anonymous social media voting platform), & UPPSALA (a security intelligence platform).
ICON’s close relationship with corporate and government entities within tech powerhouse South Korea have investors salivating about the potential growth of the new cryptocurrency. With a plan to ‘hyperconnect the world’ and major partnerships with Forbes & Bloomberg in the pipeline, 2018 could very well be the year that ICON reaches the mainstream visibility and valuation of other top crypto projects.
Cryptocurrency is increasingly looking like the next big investment trend, with skyrocketing numbers. However, British Prime Minister Theresa May and the British Government aren’t huge fans of it.
The Prime Minister spoke at Davos, an economic forum in Switzerland that United States President Donald Trump also attended. She voiced concerns about criminals using cryptocurrency because of the way that it works. Attacking Bitcoin, May said the following during her speech.
“Cryptocurrencies like Bitcoin, we should be looking at these very seriously, precisely because of the way that they can be used, particularly by criminals.”
May also took shots at tech companies, saying it’s up to them to step up their game in dealing with harmful online activity. She added that these companies are very smart, having “some of the best brains in the world,” so they need to clamp down on the spreading of terroristic content, child abuse, or modern slavery. She feels that these companies should give the British Government backdoor information. By doing so, they could see coded messages from criminals, but at the cost of user privacy.
Despite May’s concerns, there is little to no risk of this occurring. In fact, app developers physically cannot decode this end to end encryption. That’s how these attacks get planned without setting off alarms.
At this point, nobody is certain if the British Government wants to ban cryptocurrency altogether. They may instead take steps similar to South Korea, creating hard regulations on anonymous cryptocurrency accounts. However, CoinMetro CEO Kevin Murcko asserted that regulations from the British Government could actually benefit cryptocurrency. He insists that people would feel safer investing in cryptocurrency, therefore more people would invest.
Either way, after May’s speech on Thursday, Bitcoin’s price plummeted. It fell from a peak of $11.6K to $10.5K per coin.
Chancellor of the Exchequer Philip Hammond also had some comments on Thursday about Bitcoin. He said that the Bank of England has interest in bitcoin, but they need to regulate it to prevent danger.