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The Hang Seng Index in Hong Kong opened at 25,969.21 points on October 14 (Tuesday), up 79.73 points, or 0.31%. The Hang Seng Tech Index in Hong Kong opened at 6,180.08 points on October 14 (Tuesday), up 34.57 points, or 0.56%. The CSI 300 Index opened at 9,251.66 points on October 14 (Tuesday), up 29.12 points, or 0.32%. The H-share Index opened at 4,023.81 points on October 14 (Tuesday), down 2.44 points, or 0.06%.On October 14th, Kyodo News reported that the secretaries-general of the Constitutional Democratic Party of Japan (CDP), the Japan Restoration Party (JRJ), and the Democratic Party for the People (DPN) are expected to hold a meeting on the afternoon of the 14th regarding the prime ministerial nomination election to select the successor to Prime Minister Shigeru Ishiba. Separately, the Liberal Democratic Party (LDP) will hold a secretary-general meeting with the DPN that afternoon. DPN leader Yuichiro Tamaki will hold a press conference that morning. Tamaki has expressed his willingness to hold a party leaders meeting with LDP leader Yoshihiko Noda, emphasizing that reaching consensus on security and energy policy is a prerequisite for cooperation in the prime ministerial nomination election. The LDP will hold a meeting with members of both houses of parliament in the afternoon, where party president Sanae Takaichi will explain the reasons behind Komeitos withdrawal from the ruling coalition.On October 14, Country Garden Holdings (02007.HK) announced on the Hong Kong Stock Exchange that it will hold a plan meeting on November 5, where creditors will vote on its offshore debt restructuring plan. If approved at the meeting, the plan will then require court approval and confirmation. The plan confirmation hearing is scheduled for December 4.Hang Seng Index futures opened up 0.3% at 25,887 points, 2 points below the spot price.The yield on five-year Japanese government bonds fell 2.5 basis points to 1.2%.

ICO Market Revival Imminent in Crypto South Korean

Jimmy Khan

May 09, 2022 09:57

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Initial coin offers (ICO) are once again making headlines in South Korea. Since 2017, South Korea has had an ICO prohibition in place.


The South Korean Presidential Election this year used digital assets. President-elect Yoon targeted young voters in March by minting NFTs on the AERGO blockchain for 50,000 Korean Won apiece.


The South Korean government is examining additional sectors of the digital asset industry to foster innovation after Yoon's election victory.

Government of South Korea Plans The 2017 ICO Ban Has Been Lifted

The Presidential Transition Committee of South Korea unveiled a new crypto framework last week. The Digital Asset Framework Act aims to increase investor confidence and development in the digital asset industry to encourage innovation and growth.


The government intends to introduce two types of ICOs, security and non-security, according to the article.


"ICOs need a reexamination according to the appropriate financial reporting rules," Do Gyu-sang, deputy head of South Korea's Financial Services Commission (FSC), said in the study.


"We cannot postpone the ICO any longer," Do allegedly remarked. The Capital Markets Act must incorporate the Initial Coin Offering (ICO). To do so, we'll have to go through several clauses again and consider how they relate to the (Virtual Industrial Rights Act) legislation or special law."


The announcement came as South Korea prepared to impose a 20% tax on crypto capital gains of more over 2.5 million won.


South Korea officially banned initial coin offerings (ICOs) in September 2017. (ICO). The prohibition was huge news at the time. Initial coin offers (ICOs) were the most common way for cryptocurrency firms to generate funding.


Cybercriminals ruined an efficient tool for genuine entrepreneurs to obtain funds during the ICO boom.


For entrepreneurs, ICOs were appealing because they eliminated the need for middlemen. Native coins might be purchased at a discount for investors.


The growth in scams was of more concern to the South Korean authorities and even the Chinese government, which imposed a ban before South Korea.


There has been talk about the crypto capital gains tax since Yoon's inauguration on Tuesday, May 10.


South Korea intends to postpone the implementation of a harsh cryptocurrency tax.


According to Reuters, South Korea's crypto tax will be delayed by one year, until January 2023. The National Assembly is said to have enacted a law deferring the capital gains tax on cryptocurrency trading for a year.


The South Korean administration is apparently intending to postpone the crypto tax even longer.

South Korea might become a hotspot for digital assets and innovation if the ICO market is reopened and the 20 percent crypto capital gains tax is removed. Other jurisdictions have enacted more restrictive policies, which may need to be revisited.


Cardano (ADA), EOS (EOS), Ethereum (ETH), and NEO are among the most successful ICOs in terms of Return on Investment (ROI) (NEO). In comparison to the current price of $2,669, the ICO price for ETH was $0.311.

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