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.
North and South Korea made history with the Panmunjom Declaration. It effectively ended the Korean war and has de-escalated the situation on the Asian peninsula to a significant degree.
A South Korean developer decided to take the move a step further, immortalizing it on the Ethereum blockchain. Using translations of the treaty in both English and Korean, developer Ryu Gi-hyeok published the declaration through two transactions on the Ethereum blockchain.
Ryu made a permanent record of the Panmunjom Declaration, according to Coindesk. Using hexadecimal data, he published the two versions of the treaty in the input fields of two transactions.
“I wanted to keep the world record of North and South Korea in the world of Crypto… The Panmunjom Declaration, written in Ethereum 551,7596 block, will not go away unless Ethereum is gone.” -Ryu
As long as the Ethereum treaty is in existence, the Panmunjom Declaration will be too. This is because of its nature as an immutable digital ledger, prohibiting it from being censored by any governments, organizations, or individuals.
“Although I did not pay much attention to politics, I was overwhelmed by watching the summit. I just thought it was too long for the South and the North to give each other one step and listen to each other. After finding out what I could do as a developer, I found the Panmunjom Declaration from the Blue House homepage and recorded it on the Ethereum blockchain.” -Ryu
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.
In incredible news that broke just after 7 p.m. eastern time on Thursday, March 8th, 2018 it appears that Kim Jong Un is open to speaking with South Korean officials and Donald J Trump regarding the potential denuclearization of the Korean Peninsula.
EXCLUSIVE Sr US official tells me S Korean National Security Adviser will announce at 7 pm EST from WH: an invitation from Kim Jong Un to meet Trump; no change to planned US South Korea military exercises in April and commitment by Kim Jong Un to stop nuclear & missile testing.
Tensions between Trump and Kim Jung Un have been high after the President repeatedly used his Twitter account to attack the North Korean leader. It appears that the Olympic Games in South Korea may have been motivation for the three nations to come together and discuss new policies for the future.
The United States has been actively involved in the Korean Peninsula since the late 50s and this new turn in relations could signal a peaceful and pragmatic end to our affairs between the two countries.
North Korea leader Kim Jung Un has agitated the United States and the Pacific theater over the last two years as he has routinely tested new missile technology in the Sea of Japan and the Pacific Ocean.
This new development signals a major win for Donald Trump who has been lambasted and attacked over his strategy for dealing with the North Korean leader.
A time and place for the meeting have not been announced yet.
NEW: South Korean national security adviser: South Korea, U.S. "stand together in insisting that we not repeat the mistakes of the past, and that the pressure will continue until North Korea matches these words with concrete actions." pic.twitter.com/800zApOSgB