South Korea Puts Stop on Initial Coin Offerings

Image Wit Olszewski  Shutterstock

Image Wit Olszewski Shutterstock

"The guidance ASIC has released is a positive step to ensure a viable future for ICOs in Australia, and sits alongside other positive initiatives such as removing double taxation on digital currencies and driving worldwide blockchain standards". Earlier this month, the government introduced the Treasury Laws Amendment, which exempts the purchase of bitcoin and other cryptocurrency as taxable supplies, removing double taxation when the currency is used to buy a taxable supply.

Given South Korea enormous cryptocurrency trading volume, the market was negatively affected by this news.

ICOs have become an increasingly popular way to raise money for companies not large enough to raise capital through an initial public offering of stock.

One exchange operator bitFlyer said the move is turning Japan into the global hub for bitcoin.

'We're not Nazis, you've shown that by electing me' - new Ukip leader
A banner was superimposed with an image of Mr Farage posing as Adolf Hitler with the European Union logo in the background. A former soldier and police officer, Bolton won a tight seven-way race, taking 29.9% (3,874) of the overall votes.

"Similar to China, they probably didn't want to ban it, but they didn't want to take any risk about it getting out of hand".

Bitcoin fell as much as 3.5%.

ASIC commissioner John Price told the Sydney Morning Herald that, if the tokens are not financial products, "investors will need to closely consider the ICO documentation as the investor protection regime under the Corporations Act will not apply". They may have other value; usually the tokens provide a means to actively participate in the startup's project, and they can typically be sold for other cryptocurrencies, such as Bitcoin or Ethereum.

"At any sign of vulnerability, the first reaction would be a mass selloff in ether".

Volkswagen to take €2.5bn hit from emissions scandal
Announced Friday by the German automaker, the added cost could push Volkswagen's total damages from the scandal past $30 billion . He was in charge of Audi's engine development from 2001 to 2007 before taking over the role for the entire Volkswagen Group.

Prosecutors in South Korea have recently caught four would be cryptocurrency traders who illegally raised 25 billion won (US$22mil) from 1,000 investors in a pyramid scheme growing in scale, the South Korea commission said.

But several regulatory bodies, including those in the U.S., China, Hong Kong, Singapore and Russian Federation, have recently warned that lack of regulations has turned ICOs into a playground for scammers.

The Australian Securities and Investments Commission (ASIC) has issued regulatory guidance for businesses considering launching an initial coin offering (ICO).

Ranking the performances of every player named Matt in Falcons vs. Lions
That gave the Falcons "definitely something to look at", Atlanta offensive coordinator Steve Sarkisian said last week. Still, they likely should have been granted another snap, and that bloated rulebook should contain one more article.

Latest News