Fairly recently, South Korean police have gotten the mastermind of a Bitcoin-fuelled Ponzi scheme in charge of producing nearly $19 million in income. The scam, called “M-Coin,” is said to have focused on those with poor comprehension of the innovation – for the most part older individuals, retirees, and housewives – with guarantees of free digital currency and enlistment rewards for joining others.
Presently on a whole new approach towards cryptocurrencies, South Korea government authorities are thinking about changing the current computerized cash administrative system. Senior authorities of the South Korean government have seen the development and development of the business and started dialogs at the Seoul Economic Conference on evaluating the present guidelines.
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An authority purportedly said that South Korea should fabricate a stage at the earliest opportunity, permitting the encryption business, government associations and money-related organizations to speak with one another and create encryption-related administrative rules.
Tune Hee-kyong, co-seat of the fourth Korea National Assembly Industrial Forum, stated:
“The South Korean government has misunderstood virtual currency. They have always wanted to regulate cryptocurrencies according to real monetary standards, so it is not surprising that there are various problems. However, the encryption industry has not stagnated while waiting for the regulatory sandbox authorization. The whole industry is like being put into the regulatory sandbox.”
In September a year ago, the South Korean government prohibited initial coin offering (ICO), asserting that the act of raising assets through the issuance of crypto tokens is the same as “betting”. In January this year, the South Korean government said it would not disavow the boycott in light of the fact that the nation’s Financial Services Commission has discovered that some ICO organizations from abroad purviews are as yet deceiving South Koreans into raising assets.
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