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Unsere Website auf Deutsch Möchten Sie die deutsche Version des Cointelegraph besuchen? Nein Ja X * BTC $20,290 -0.72% * ETH $1,589 +0.11% * BNB $288 -1.02% * SOL $32 -0.89% * XRP $0.33 -0.12% * DOGE $0.06 -1.88% * English Unsere Website auf Deutsch Möchten Sie die deutsche Version des Cointelegraph besuchen? Nein Ja * Advertise * Careers * News * Bitcoin * Ethereum * Altcoins * Blockchain * Business * Policy & Regulations * NFTs * DeFi * Adoption * Markets * Market News * Price Indexes * Market Analysis * Heatmap * Top 10 Cryptocurrencies * Magazine * People * Top 100 2022 * Top 100 2021 * Top 100 2020 * Opinion * Expert Take * Interview * Innovation Circle * Communications * Cryptopedia * Explained * How to Crypto * Bitcoin101 * Ethereum101 * Dogecoin101 * Altcoin101 * DeFi101 * Trading101 * NFT101 * Blockchain101 * Metaverse101 * DAOs 101 * Funding101 * Regulation101 * Fight the FUD * Research * Video * Markets Pro * Store * Events Derek Andersen Aug 29, 2022 SOUTH KOREAN CENTRAL BANK EYES MICA, SAYS FUTURE REGULATIONS MAY ALLOW ICOS AGAIN A Korean translation of the EU regulatory framework gave the Bank of Korea food for thought, and it shared its views on ICOs, stablecoins and protecting innovation. 1121 Total views 32 Total shares Listen to article 2:06 News * * * * * * * * The South Korean central bank has indicated that initial coin offerings (ICOs) will be allowed under the Digital Assets Framework Act, according to a local news report. That comprehensive legislation is expected to be introduced in 2023 and implemented the following year. The Bank of Korea (BOK) discussed ICOs in comments to a Korean translation of the European Union’s Markets in Crypto-Assets (MiCA) legislation released Monday. The BOK stated that the MiCA regulatory package protected users and investors without hindering innovation. “A balanced approach is needed to foster a sound market through the introduction of a crypto asset regulatory system to promote blockchain and crypto asset innovation while not hindering the development of related industries due to excessive regulation,” the Korean central bank wrote, continuing: > “When the on Digital Assets Framework Act is enacted in the future, it is > necessary to institutionally allow domestic crypto-asset ICOs.” South Korea banned domestic ICOs in 2017, at the height of the ICO “mania” that led to restrictions worldwide. That decision was controversial from the start. Since the imposition of the ban, South Korean crypto firms have issued new crypto assets abroad and sold them in South Korea through domestic exchanges. Related: Korean financial watchdog to block tens of unregistered exchange websites The BOK also commented on the MiCA approach to stablecoin regulation, “Considering that users suffered a lot from the Luna-Terra incident, it is necessary to adopt MiCA-level regulations for stablecoins,” adding: > “When enacting the Framework Act on Digital Assets, it is necessary to ensure > that the role and responsibilities of the Bank of Korea, the monetary > authority, for stablecoins, etc. are specified.” Stablecoins have given the attention of the South Korean government in recent months after members of the parliament began an enquiry into the collapse of Terra (LUNA) — now renamed Terra Classic (LUNC). South Korean president Yoon Suk-yeol, a member of the conservative People Power Party, made crypto industry deregulation a campaign issue leading up to his election in March. Delivered every Monday Subscribe to the Law Decoded newsletter Email Address Subscribe By subscribing, you agree to our Terms of Services and Privacy Policy * #Central Bank * #ICO * #Stablecoin * #Regulation Related News * How to get a job in the Metaverse and Web3 * 'Give DeFi time, it may surprise you' — DEX CEO on state of the market * Where in the world are the 3AC founders? Speculation abounds * Crypto developers should work with the SEC to find common ground * Stablecoin issuers hold more US debt than Berkshire Hathaway: Report * Tether says it won’t freeze sanctioned Tornado Cash addresses unless instructed by law enforcement Editor’s Choice * Mystery of the whale wallet holding 50% of Axie Infinity’s SLP supply * ‘Everything’s on sale’: Reddit founder, Galaxy and Genesis execs raise big money * Moonbirds will store NFT art ‘in chain’ — Raises $50M in Series A funding * Compound cETH market bricked by update — 7-day wait on vote to fix it * BTC price top warnings emerge as 10K BTC leaves wallet after 9 years Cointelegraph YouTube Subscribe Advertise with us Robust liquidity on HitBTC Note that all trading strategies are to be used at your own risk. 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