South Korea potentially “banning” ICOs has unsettled markets Friday, every bit regulatory statements from before this calendar month come upwardly dorsum to haunt investors.
Comments from the country’s Financial Supervisory Commission published inwards local tidings outlet FN News Sept. iii hints that it volition endure illegal to number digital tokens afterward this year.
"If at that topographic point is an unlawful act, a tertiary political party has to intervene, simply it is hard to intervene until the transaction book or cost soars."
South Korea had issued strong warnings regarding ICOs to a greater extent than or less the fourth dimension mainland People's Republic of China announced its ain total ban on the practice.
As such, some commentators are similar a shot maxim the negative outlook was effectively priced into the market.
Bitcoin had lost to a greater extent than or less 3.7 pct inwards the 24 hours to press fourth dimension Friday, coming off multi-week highs to retest back upwardly at $4000.
In Dec meanwhile, to a greater extent than stringent identification of virtual currency holders who convert funds to fiat volition come upwardly into being, alongside the onus on businesses to ensure they tin laissez passer on the sack position customers behind the conversions.
Banks volition every bit good monitor “unusual” cashflow events.
“We volition source the transaction past times confirming the identity of the banking concern together with monitoring the menses of funds,” the official continued.
“It volition facilitate tracking of funds … together with render a footing for preventing money laundering such every bit suspicious transaction reports."
