QUOTE OF THE DAY
“It's not what you look at that matters, it's what you see.”
—Henry David Thoreau
South Korea Bans Margin Trading And ICOs
So South Korea forbid ICOs that are based in Korea. Foreign ICOs will go as normal.
Redditor logosobscura does a good job at explaining:
What South Korea is saying is basically the same as the US, Australia, Canada and the UK. If the primary purpose of the Coin is to function as a security- as in it has no utility beyond speculative value, or acts for all intents and purposes as a stock - then it's a security, and securities are regulated and must be registered. Koreans investing in not regulated securities are not protected by the laws nor given the appropriate tax relief.
Like I said yesterday, just a responsible government trying to protect it's people.
TL:DR - South Korea has only banned Korean ICOs. This is not the same as China's full ban on trading within exchanges. Folks in South Korea will continue to trade while proper cryptocurrency regulations are being considered by the government.
To be honest, kinda bullish news.
Japan Gives Official Endorsement To 11 Cryptocurrency Exchanges
While all this Korean FUD action is going on:
Japan’s Financial Services Agency said on Friday it has approved 11 companies as operators of cryptocurrency exchanges, in a move that sets the country apart from its neighbors which are tightening their grip on virtual money.
You can read more about this here.
My Current Sentiment: Bullish
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