Big news is coming out of South Korea, who is creating a new financial bureau to focus on financial innovations such as cryptocurrency. The new restructured organization will provide greater access and more resources to review blockchain projects and ICOs. South Korea has been very proactive with protecting their investors and plans to also cooperate with the China to share information to help police this new digital space.
This is a positive move in the law abiding direction that can help protect investors and clean up any bad projects. The wild wild west days are beginning to end as ICOs now have many eyes on their projects and regulators are closely watching. China has been very proactive in protecting their investors since last September when it banned the trading of cryptocurrency and launches of ICOs. We hope there will be government agencies designated for the blockchain industry so eventually China will lift the cryptocurrency ban. We will discuss the current regulatory environment of China and South Korea during our Digital Currency Conference in Los Angeles on August 22nd.