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According to the Bank of Korea, businesses like stablecoin issuer Terra could get around the restriction and market digital tokens to locals by establishing overseas corporations.
Initial coin offers (ICO), which are now prohibited in South Korea, would need to be institutionalized as part of the country's groundbreaking crypto rules, the Bank of Korea stated in a report released Monday.
The Financial Services Commission, the nation's financial watchdog, forbade local cryptocurrency firms from conducting initial coin offerings (ICOs), a money-raising method through the sale of digital tokens, in 2017. The central bank is now making a case for regulating ICOs rather than outright banning them, claiming that the latter is ineffective.
After the multibillion-dollar collapse of the cryptocurrency platform Terra, created by South Korean-born Do Kwon, earlier this year, regulators in South Korea have started to crack down on the domestic crypto market. In addition to Terra, regulators have warned other cryptocurrency services for allegedly breaking local laws.
The banking watchdog has declared that it will hasten the adoption of new cryptocurrency legislation.
According to the central bank’s study that accompanied the Korean translation of the Markets in Crypto Assets (MiCA) law, domestic companies like Terra got around the ban by creating new digital tokens through foreign corporations and listing those tokens on local markets.
The bank claimed in the study that it was required to assess the nation’s evolving digital asset basic act regarding useful examples from MiCA.
The central bank recognized MiCA’s focus on controlling stablecoins, digital currencies whose prices are tied to other assets like sovereign currencies. The Bank of Korea used Terra’s unsuccessful algorithmic stablecoin tethered to the US dollar to illustrate why South Korea should implement MiCA-style stablecoin regulations.
The European Union intends to establish regulatory frameworks, strict capital requirements, and other restrictions for cryptocurrency issuers under MiCA.