Korean bill to legalize the ICOs

The South Korean legislator wants to bring back the ICOs

A South Korean legislator introduced a bill to create a framework for cryptocurrencies, in particular the legalization of initial parts (ICO) offers and establishing rules for the issue of Stablecoin.

The proposal, announced Thursday by leading the legislator of the Democratic Party Lee Kang-Il, would raised the ban on the ICOs of South Korea. The nation prohibited the method of collecting funds in 2017 during a speculative frenzy that we remember as the “Boom Ico”. The prohibition pushed Korean projects to launch tokens abroad. Lee’s bill seeks to replace the general prohibition with a regime based on disclosure.

The bill defines the digital asset sector as an independent industry, dividing it into nine commercial categories which include trading, brokerage, custody, payments and investment management. Negotiation and brokerage companies would require licenses, while other activities would operate as part of a registration system.

Stablecoin issuers will face a dedicated surveillance framework, including minimum capital requirements of 1 billion won (around $ 717,000), reserve support for short -term liquid assets and compulsory internal and annual external audits.

Bitcoin vouchers do not find support for HK

The companies listed in Hong Kong experimenting with Bitcoin vouchers do not find the same regulatory acceptance as American companies, according to Finance Outlet Caixin.

Bitcoin has gained ground as an entrepreneur of corporate treasure in a plan popularized by the strategy (formerly Microstrategy) and successfully adopted by Metaplanet in Japan. Earlier in the year, the approach offered a quick way to increase the share of a business. Some companies have pivoted in ether cash strategies while Bitcoin momentum slowed down.

Many cryptographic cash companies have been criticized to use it as a public relations cascadery or as a means of supporting balance sheets in difficulty without correctly weighing the risks.

In Hong Kong, listed companies such as Boyaa Interactive have become among the biggest Bitcoin holders listed in Bitcoin in Asia, while the early adopter Meitu, once nicknamed “China microstrategy”, sold its cryptographic assets and rewarded its investors.

Despite cases of success, an anonymous source cited by Caixin said that Hong Kong regulators are not very receptive to cryptographic cash companies.

The motif reflects other plays with Hype Crypto in the city. After the entry into force of the Hong Kong Stablescoin Ordinance on August 1, several companies have published waves to increase stock prices. Eddie Yue, director general of the Hong Kong monetary authority, said that the activity of certain companies had jumped simply by declaring plans to explore the stablecoins without roadmaps.

Yue and HKMA have already issued warnings against speculative behavior linked to Stablecoin societies. The regulators have not yet made public declaration on cryptographic cash companies.

Chinese public state enterprise erases Ethereum Rwa Posts

The online community of China is confused on the question of whether Shenzhen’s Futian Investment Holdings, a state company, really issued 500 million yuan (around 70 million dollars) of offshore digital obligations as real assets in Ethereum.

A report on the main local media and several English -based information sites distributed the news, declaring that the country’s first real asset obligations on a public blockchain network had been issued.

Some reports have cited an official announcement on the company’s website, while some have cited the company’s WeChat account. However, the magazine confirmed that the two messages had been deleted.

Online community members have also noticed that information is no longer available on the official website of Futian Investment Hold. At the time of writing the editorial’s moment, the company did not address the reports or why its announcement was erased.

The Japan plan to bring the crypto as part of the framework of the securities law

Japan Financial Services Agency (FSA) has proposed to set up Crypto under the country’s financial and trade (FIEA) law, which expands investor protection measures for digital assets.

In the proposal unveiled on Tuesday, the FSA said that crypto has become a consumer investment product without adequate guarantees. More than 12 million Crypto accounts (which are dominated by retail) in Japan now have more than 5 yen billions (around 33.7 billion dollars).

By providing assets under the FIEA, tokens issuers who collect funds face disclosure requirements similar to that of securities, including governance information, product and risks. For tokens without a clear transmitter, such as Bitcoin or even, the disclosure tasks would be based on the exchanges that lists them.

These exchanges would be subject to the license and driving rules which govern the trading platforms of securities, including more strict advertising standards, adequacy controls and the prohibition of compensation for losses.

The FSA said that the application of the FIEA framework for crypto securities is appropriate to maintain fair markets and protect investors. However, it will still not be enough to qualify the cryptocurrencies as titles, because they do not grant legal rights or sources of income.