South Korea’s ‘crypto friendly’ president seeks STO, IEO oversight

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South Kore­an pres­i­dent-elect Yoon Suk-yeol is report­ed­ly work­ing with finan­cial author­i­ties to reg­u­late secu­ri­ty token offer­ings (STOs) and ini­tial exchange offer­ings (IEOs). 

See relat­ed arti­cle: A cryp­to bull wins the pres­i­den­cy: What it means for South Korea

Fast facts

  • STOs, cur­rent­ly being reviewed by Yoon’s Pres­i­den­tial Tran­si­tion Com­mit­tee, tok­enize tra­di­tion­al secu­ri­ties such as real estate and stocks. 
  • The Finan­cial Ser­vices Com­mis­sion pro­posed amend­ing the Cap­i­tal Mar­kets Act to include STOs, while mulling whether such finan­cial prod­ucts will be offered on tra­di­tion­al exchanges or cryp­tocur­ren­cy ser­vice providers. 
  • South Korea has only four cash-to-cryp­to exchanges — Upbit, Bithumb, Coinone and Kor­bit — that have over 95% of the local cryp­to mar­ket share.
  • Right-lean­ing Yoon, who starts May 10, promised cryp­to-friend­ly poli­cies in his cam­paign, includ­ing the rever­sal of the 2017 ban on ini­tial coin offer­ings (ICOs) by green­light­ing IEOs. 

See relat­ed arti­cle: South Kore­an cryp­to exchanges race to com­ply with strict new rules

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