Blockchain Startups Leapfrog South Korea’s ICO Ban to List Coins
South Korea’s ban on ICOs may have slowed things down, but it hasn’t completely stopped the flow of new digital coins on local exchanges.
South Korean startups have not shut the door on this fundraising method, despite the ban, and are instead domiciling their initial coin offerings abroad and then listing their digital coins on South Korean exchanges. The development comes on the heels of a report suggesting that the country is rethinking its harsh stance on ICOs altogether.
South Korea unleashed its clampdown on the cryptocurrency markets in September 2017, when it banned ICO listings in the country, as CCN previously reported. The move threw a wrench into cryptocurrency trading volumes there, where the bitcoin price is known to trade at a hefty premium versus other markets. Meanwhile, there was scuttlebutt last month that South Korean investors may be scooping up Luxembourg-based bitcoin exchange Bitstamp in a deal worth approximately $400 million, though those reports remain unsubstantiated at this point.