South Korea Awaits Seeing ICOs as Legal and More Regulatory News from Across the Globe

Cryptos not a legal tender in Zambia, South Korea to continue ban of ICOs, SEC calls for a finale of BTC ETFs, Singapore to help crypto startups with bank account opening, new crypto laws in Hong Kong, World Bank sees great potential in blockchain, FinCEN accuses Iran of bypassing economic sanctions

We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.

The Special Committee on the Fourth Industrial Revolution under the National Assembly

  • US Securities Exchange Commission seems to be nearing a final decision on BTC ETFs. SEC has invited parties to put forward their statements for or against the approval of the Bitcoin ETF before 26th of October.

Although the SEC rejected several proposals for Bitcoin ETFs earlier this year, it has softened its stance towards the industry in a series of steps over recent months by having the proposals reviewed again, and by more recently inviting investor opinions about the pros and cons of a Bitcoin-linked ETF.

Trefis, a team comprising MIT engineers and Wall Street analysts

  • Monetary Authority of Singapore to help crypto firms facing problems in setting up bank accounts in the city. Managing director at MAS, Ravi Menon, said that they understand the concerns of the banks and are trying to bring them together with the crypto startups to see if they can reach a level of understanding.
  • Securities and Future Commission of Hong Kong is all set to launch new crypto laws in an attempt to shield users against illicit activities and unfair platforms. Chairman Carlson Tong Ka-Shing expressed that considering the boundless reach of trading over the internet, it wouldn’t be the right thing to completely close the doors for cryptos. He added that proper regulations need to be figured out to keep investors away from unwanted situations.
  • After the success of World Bank’s first Blockchain bond, the president of World Bank said that he sees great potential in the blockchain. According to Jim Yong Kim, blockchain can help the world get rid of generations of bad practices which would be impossible otherwise.
  • FinCEN, the US financial crimes agency, while criticizing Iran’s use of cryptocurrency to bypass economic sanctions has put forward a word for institutions and US-based exchanges to not deal with the nation. It’s clear that the sanction is going to have an adverse effect on the economy and the individuals as well.  
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