South Korean President-Elect Announces Approval of ICOs

2022-5-4 19:30

South Korean president-elect Yoon Suk-yeol, who starts his term on May 10, has announced the approval of initial coin offerings (ICOs).

The move is one of the 110 national tasks he has set for his new administration.

The Conservative People Power Party president made pro-crypto pledges in his election manifesto, including a promise to reverse the 2017 ICO ban. 

Reports say that the president-elect will create a two-lane framework of regulations that will classify digital assets as securities and non-securities.

Recently, the presidential transition committee also named the top presidential advisors. The committee will now reportedly focus on the issuance and listing of digital tokens and the prevention of unfair trade acts.

Meanwhile, a plan to tax crypto profits above $2,000 at a rate of 20% which was set to be implemented in 2023, has been put on hold for now.

South Korean deputy PM argued for tax deferral

Choo Kyung-ho, a nominee in the race for deputy prime minister and finance minister, has argued that the 20% crypto tax on capital gains should be deferred until January 2025, Forkast reported.

Choo said, during a National Assembly confirmation hearing on Monday, that it was too soon to tax the sector as it needs time to mature.

One of the largest South Korean digital banks, KakaoBank, is reportedly ready to partner with a local cryptocurrency exchange, Coinone.

In March, competitor K Bank managed to beat KakaoBank in new user signups, following its partnership with local crypto exchange Upbit.

The Korea Times reported that the number of new customers opening accounts at K Bank was 920,000 in the first two months of the year, surpassing Kakao Bank’s 380,000 during the same period.

The Korea Federation of Banks (KFB) had asked South Korea’s incoming presidential administration to permit local banks to offer crypto services.

The new proposals are in line with President-elect Yoon Seok-yeol’s manifesto pledge to deregulate the crypto industry.

He said in a virtual forum earlier this year: “To realize the unlimited potential of the virtual asset market, we must overhaul regulations that are far from reality and unreasonable.”

The post South Korean President-Elect Announces Approval of ICOs appeared first on BeInCrypto.

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Deputy governor of China’s central bank defines STOs as illegal financial activity in the country

The People’s Bank of China (PBoC), the country’s central bank, highlighted the illegality of Security Token Offerings (STOs) in the country, South China Morning Post reported on December 9. Pan Gongsheng, a deputy governor of China’s central bank, told a summit in Beijing “that ‘illegal’ financing activities through STOs and ICOs (Initial Coin Offerings)  were […]

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South Korean Lawmakers Propose the Legalization of ICOs

South Korea has maintained a reasonably negative stance on cryptocurrencies and initial coin offerings (ICOs) since their blanket ban in September 2017. According to Business Korea’s article released on October 4, 2018, however, the National Assembly is looking to convince the government to remove the ICO ban as it may undermine South Korea’s future competitiveness.

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South Korea’s National Policy Committee Calls for ICO Regulatory Framework Clarity

Min Byung-Doo, South Korea's National Policy Committee Chair has called for the creation of a regulatory framework for the legalization of initial coin offerings (ICOs). The Committee Chair said with token sales becoming a global trend he does not want the country to ignore the issue or close the door to ICO completely, reports CoinDesk […]

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