South Korea Preparing Full Crypto Exchange ‘Ban’

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South Korea is reportedly “considering” a ban on cryptocurrency exchange as lawmakers criticize it as “deceptive.”

As local news outlet Hankyung reports today, the government is currently looking at changes to the law which would effectively criminalize exchanges in a method similar to China.

“We are actively considering ways to prohibit transactions on domestic exchanges by judging virtual currency trading as a deceptive means of defrauding people […] under the penal code,” the publication quotes an official as saying.

This, the official continued, requires “serious reviewing and regulation of virtual money traders.”

The latest announcements capitalize on a slew of negative regulatory steps against Bitcoin from Korea in recent weeks.

A full ban on ICOs kicked off a clampdown which will now also see Bitcoin futures outlawed, while cryptocurrency will be subject to income tax and income transfer tax in future, authorities have suggested.

Previous information stated the government’s position on exchanges as requiring citizens on have only one account linked to their real identity.

A sign of the confused approach taken to the booming cryptocurrency phenomenon, this week Korea’s Financial Services Commission also announced plans to lift the ICO ban.

 

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In the third quarter of 2017, ICOs raised more than $1.3billion for crypto ventures, which is five times more than the funding raised through venture capital in blockchain space.

Public interest in ICOs has grown considerably in recent months, and thanks to esoteric terminology and a lax regulatory framework, some ICOs have been used to fund scams, which are designed to cheat investors out of their money.

There are certain things that you can look out for that will help you to avoid getting caught up in a scam.

Use case does not require blockchain:

Not everything needs to be decentralised and require a blockchain. Even the projects that require cryptocurrency as payment for a service, such as Steemit, could operate and survive with existing cryptocurrencies such as Bitcoin and Ether.

When evaluating an ICO, ask yourself if you need a blockchain or native token. If you believe that you don’t, the likelihood is that the ICO project is a scam.

Empty repositories for open-source projects:

You should avoid ICO projects that are proposing open-source code, or an empty GitHub.

A trait of public blockchain projects is that they are open-sourced. So, the code is uploaded to repositories for all to see. For those with blockchain programming experience, you should look through the published code, which can help them to gauge a projects validity.

If you do not have experience, check if a project has existing files uploaded to public repositories, or if a project has a functioning product.

Mining structure disproportionately favours development team:

The supply schedule and mining structure of the ICO can cross-reference other data points, which can help to validate the intention of the founders.

So, a premine will refer to when a portion of the tokens for a crypto project is made available to a small group prior to being made publicly available. If the percentage of the total tokens supplied throughout the lifetime of the project reserved for a premine is high, you should be concerned that it is a scam.

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Anonymous team or a team with weak experience:

Trying to understand the team behind the blockchain project is one of the most important things that you can do. If the premise of the venture and market seem attractive, the team behind it can say an awful lot about the validity.

If the ICO does not have any full time developers that have been named, you should proceed with caution. It is not unusual for ICOs to list their advisors on their websites, so you should also verify whether these are legitimate or not.

Insufficient information on the website:

Use your initiative here, and if something seems a little off, it probably is. If you think it is a scam, err on the side of caution and lack of information on the website can be cause for concern.

Although it can be hard to determine if it is a scam, or an undeveloped project, there are certain ways that can help you. If you are an interested investor, you can either ignore the ICO, or wait for further information to be published about it to help you determine the validity.

No clear roadmap:

Legitimate ICO projects will list their funding and development goals on a clear timeline so investors can see it. The lack of a roadmap is a strong indicator that they are motivated by a short term financial gain, and these projects should not be trusted with your money.

Be aware though, malicious scammers can and do create a timeline out of thin are air, providing fake updates on chat apps. So, whilst a lack of a timeline is definitely be cause for concern, having one does not completely confirm the legitimacy of a project.

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  • ICO Fraudster

    Ten Japanese cryptocurrency exchanges have signed an agreement with the Tokyo Metropolitan Police Department to collaborate to prevent cyber crime. Along with growing bitcoin adoption in Japan is the number of cybercrime cases including unauthorized access to online accounts and money laundering.Last month, the National Police Agency revealed 170 money laundering cases in Japan involving cryptocurrency in the six months ending in October, Japan Times reported. “We want to take countermeasures by collaborating with relevant ministries and agencies as well as business operators,” an NPA official emphasized.

    A November Cabinet Office survey of 3,000 people in Japan aged 18 and over shows “a growing number of people are worried about the effects of cyber-terrorism, unauthorized access to online accounts and other high-tech crimes,” the news outlet detailed.

    Bitflyer CEO Yuzo Kano commented:

    While the number of shops that can settle virtual currencies has increased, the number of crimes is increasing…we want to work hard to prevent damage.

    What do you think of Japan’s top cryptocurrency exchanges and the Tokyo Police Department uniting to fight cyber crime?

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