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Blockchain Startups Leapfrog South Korea’s ICO Ban to List Coins

Blockchain startups leapfrog south korea’s ico ban to list coins

Blockchain Startups Leapfrog South Korea’s ICO Ban to List Coins

Seoul blockchain
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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.

What Ban?

Meanwhile, the tide is beginning to turn for ICO issuers, as evidenced by ICON (ICX), a new coin developed by Seoul-based fintech DAYLI Financial Group but issued in Switzerland. The ICON Foundation is registered in Switzerland but operates out of Korea.

South Korea’s top two cryptocurrency exchanges, Bithumb and Upbit, support Icon for trading where the new coin has been listed since March. Just as South Korea followed in the footsteps of China to ban ICOs, the issuing companies have found a way to bypass the rules. ICON has been a profitable investment so far, having started trading at $0.11 and soared to $2.64, or KRW 2,814.

NH Investment and Securities cryptocurrency analyst Park Nok-sun told Reuters the listing on the South Korean trading platforms is “significant” because it’s the country’s “first platform coin” developed on code that can also support other applications. It’s been compared to the Ethereum network.

ICON isn’t the only Korean digital currency to have bypassed the ban. A trend has developed in which approximately 12 companies have similarly launched ICOs overseas but listed their coins on Korean exchanges, including Hyundai subsidiary Hyundai BS&C, an Internet of Things startup that similarly chose Switzerland for its Hdac token generating event.

Hdac was atop the leaderboard in December 2017, having raised $258 million in its ICO, according to Hacked.com.

Meanwhile, South Korean regulators want South Korean startups to be transparent about their international deals but don’t plan to stand in their way, according to Reuters. Meanwhile, it would be much easier and less expensive for South Korea to allow local startups to launch their token sales locally once again.

Seoul city image from Shutterstock.

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Published at Tue, 17 Apr 2018 13:35:05 +0000

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BNP Paribas and BNY Mellon Team Up with the Chamber of Digital Commerce

BNP Paribas and BNY Mellon team up with CDC

The Chamber of Digital Commerce (CDC) has announced they are adding two major international banks, BNP Paribas and BNY Mellon, to the Chamber’s Executive Committee.

The CDC is the world’s leading blockchain trade association. Through education and advocacy, it aims to develop a legal environment that fosters growth, innovation and investment in blockchain technology. Other members on the Chamber’s Executive Committee include IBM, Microsoft and BitGo.

The CDC and its Executive Committee members have a mutualistic relationship. In a recent conversation with bitcoin Magazine, Perianne Boring, Founder & President of the Chamber of Digital Commerce, explained, “Executive Committee members play an active role in helping set the priorities of the Chamber of Digital Commerce. The Chamber oversees a number of working groups and initiatives that are working to promote the acceptance and use of digital assets and blockchain based technology. We strongly encourage all of our Executive Committee members to participate in as many of these valuable opportunities as are consistent with their interest.”

BNP Paribas has a widespread international presence. Based in Europe, BNP Paribas has operations in 74 different countries. It specializes in three main aspects of banking: Domestic Markets, International Financial Services, and Corporate & Institutional Banking.

Sadia Halim, Managing Director at BNP Paribas, said in a recent statement, “Blockchain technology has the potential to change the way banks work. It presents many advantages such as more transparency, traceability and security for our clients. BNP Paribas continues to explore various possibilities with the blockchain technology and other innovative tools and looks forward to working closely with the Chamber and its members.”

BNY Mellon, the corporate brand of The Bank of New York Mellon Corporation, provides financial services for institutions, corporations and individual investors in 35 countries. Recently, BNY Mellon created BDS 360, a test system that creates a backup record of brokerage transactions and is powered by blockchain technology.

Alex Batlin, Global Head of Emerging Business & Technology and Global Blockchain Lead of BNY Mellon, said in a statement about the addition to the committee, “Blockchain technology is the future of the transactions in the financial industry. Active innovation in these early stages is crucial to identifying and creating the most effective and beneficial implementations. BNY Mellon is proud to be a vocal advocate for distributed ledger technology and we look forward to collaborating with the Chamber.”

The CDC is gaining even more momentum as a large presence in the blockchain technology and digital asset field. “BNP Paribas and BNY Mellon are new and valued relationships,” said Boring. “There are other major banks in the process of joining the Chamber’s Executive Committee as well. We see this high level participation as a sure sign of the value and accelerating pace of adoption of the blockchain, especially in the financial sector.”

The post BNP Paribas and BNY Mellon Team Up with the Chamber of Digital Commerce appeared first on Bitcoin Magazine.

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