• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
How Icon (ICX) and Others Skirt South Korean Restrictions
Nexo

How Icon (ICX) and Others Skirt South Korean Restrictions

Adam James by Adam James
4 years ago
in News, Altcoin News, Legislation, News teaser
0
Advertisement

Six months ago, South Korea — one of the largest cryptocurrency markets in the world — banned the issuance of new cryptocurrencies. However, that hasn’t stopped South Korean blockchain entrepreneurs from circumventing the country’s restrictions by launching Initial Coin Offerings (ICOs) overseas.


Chased Out

In September, the cryptocurrency hotspot of South Korea officially banned Initial Coin Offerings (ICOs) within its borders. Some blockchain companies, however, are skirting such restrictions by issuing their coins and tokens abroad.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

One such company is Icon (ICX) — a blockchain network not entirely dissimilar to Ethereum or NEO — comprised of financial institutions, insurance companies, hospitals, universities, and other businesses.

Icon (ICX) was initially launched in Switzerland, arguably the blockchain capital of the world, by the DAYLI Financial Group. However, the cryptocurrency is listed on both of South Korea’s major cryptocurrency exchanges, Bithumb and Upbit, where it began trading less than one month ago.

Park Nok-sun, a cryptocurrency analyst at NH Investment and Securities, told Reuters:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Icon’s listing in local exchanges is significant itself as the coin is South Korea’s first platform coin.

Icon - Hyperconnect the World

Changing the Game

If NEO is “The Chinese Ethereum,” Icon is “The South Korean Ethereum” — despite the country’s regulators forcing its initial issuance abroad. As South Korean exchanges are not prevented from listing such projects, such maneuvers may become commonplace in one of the world’s leading cryptocurrency markets.

One investor in Seoul, Choi Il-kyu, told Reuters that Icon might change the way things are done in South Korea, explaining:

The cryptocurrency market’s future seemed unclear as the market has been constantly declining for the past few months. Such disappointment made me think maybe I should stop investing, and that’s when I found Icon.

Kim Haw-joon, co-chief of the Korea Blockchain Association, agrees that South Korean restrictions will see more and more companies circumvent restrictions by going overseas. However, this isn’t the most cost-effective route. Lee Eun-sol, the co-founder of Medibloc, told Reuters:

We have to establish an overseas branch, hire workers there, spend a huge amount of money for all the paperwork needed, and often have to fly there to take care of things, making it just so inconvenient.

Nevertheless, that’s currently the only way South Korean blockchain projects can get off the ground. More than twelve South Korean companies have already launched overseas Initial Coin Offerings (ICOs), including Hyundai BS&C own Swiss-launched cryptocurrency, Hdac.

What do you think about South Korea’s ban on Initial Coin Offerings (ICOs)? Do you think the country is holding itself back? Let us know in the comments below!


Images courtesy Icon, Pixabay

[Full disclosure: the author of this article is a holder of Icon (ICX), as well as various other digital currencies.]

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Adam James

Adam James

Adam James lives in Budapest and is the Managing Editor of Bitcoinist.com. He digs Gibson guitars that sound like Tyrannosauruses, Romantic & Victorian poetry, Franco-era Spanish films, LPs, Chelsea FC, Bob Dylan, Pilot G2 10s, black coffee, video games, and cryptocurrency.

Related Posts

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

2 days ago
Cryptoqueen

‘Cryptoqueen’ Has A $100,000 Bounty On Her Head Offered By The FBI

3 days ago
Three Arrows

Three Arrows Capital Gets Notice Of Default On $660 Million Voyager Loan

7 days ago
Morgan Creek

Morgan Creek Said To Be In Bid To Secure $250-M To Counter FTX BlockFi Bailout

7 days ago
Harmony

Harmony Dangles $1M Reward For Return Of $100M Stolen Funds – Is It Enough?

1 week ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.