June 16, 2024

Korean business bypasses ICO ban by issuing tokens in other countries


The head of the Korean Blockchain Association, Kim Ho-jung, believes that the issuance of tokens in other countriesis the only way local exchanges can include them in their listings.


In 2017 and 2018, more than ten companies withWith the support of Korean investors, they issued their tokens in foreign countries. In April 2017, the Hyundai Group ICO with the support of Hdac was launched in Switzerland. The offering &#171;ensures fast, secure and efficient communication between Internet of Things devices&#187;.

Gibraltar company Medibloc collaborates withseveral government hospitals in South Korea. The company collects medical information from its various partners, making medical records of the patient on the blockchain. Data streams can be accessed and paid using a company token called MED. The firm raised $ 21 million through an ICO, and the token is currently trading at $ 0.036 on BiBox.

Meanwhile, the Financial Supervisory Authority of South Korea has adopted a circular that forces companies to report any issue of their tokens, including abroad.

Medibloc's CEO, Lee Ying-Saul, says companies that choose token issuers abroad are already having a lot of difficulties:

&#171;We must create a foreign branch, hireworkers there, spend a huge amount of money on all the necessary documents, and often have to fly there to take care of everything, which makes this method extremely inconvenient&#187;.

Let us remind you that recently citizens of South Koreasent a request to the president of the country to organize a free blockchain zone in the country. Also last week, a large-scale Bitcoin pyramid scheme that raised $20 million was dismantled in the country.


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