The Financial Services Commission (FSC) of Korea South intends to introduce regulations on Bitcoin and other digital currencies offers (ICO) in the country. The plans were revealed by a senior officer of the agency on December 6, 2017.

In his statement at a public hearing of the National Assembly to address a bill for the creation of a legal framework on cryptocurrencies, Kim Yong-beom confirmed the commission's plan to regulate the local digital currency market in order to prevent illegal activities such as money laundering. money and tax evasion.

He also claimed that the agency follows closely

"The government does not consider crypto-currencies as money or financial products. We will regulate Bitcoins to reduce money laundering and tax evasion. "

OIC policy to allow professional investors only?

In his statement, Yong-beom asserted that the agency could also prohibit ICOs that were set up at the end of September 2017. He also mentioned that they could only allow professional investors to participate in the new capital raising model for start-ups.

not be allowed to participate in ICOs for startups and corporate finance using virtual currencies.

"Bitcoin is complicated in its technology and investment method, and given its expertise in risk and technology, it is good for professional investors to make an ICO, ordinary citizens who are not aware of its technology and complicity. "

Implementation of Bitcoin exchange regulations in its jurisdiction According to the new rules, exchanges are required to comply with several consumer protection standards, as well as customer knowledge standards (KYC) in order to be allowed to operate in the country.