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| October 16, 2018

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Sears ‘has a future’ after Chapter 11 bankruptcy, its chairman says

October 15, 2018 |

Sears’ chairman said the storied retail chain still “has a future” as a smaller company, rather than being liquidated, now that it has filed for bankruptcy reorganization.

Edward Lampert said he and his hedge fund that has invested heavily in loss-ridden Sears Holdings Corp., which also owns the…


L.A. Times – Business

Korean Government Expected to Announce ICO Stance in November, Official Says

October 15, 2018 |

Korean Government Expected to Announce ICO Stance in November, Official Says

The South Korean government is expected to announce its position on initial coin offerings in November, according to a high-ranking official. The decision will follow the outcome of the survey which the country’s Financial Supervisory Service recently sent out to domestic blockchain companies.

Also read: RBI Argues Supreme Court Should Not Interfere With Its Crypto Decision

ICO Stance Expected in November

Korean Government Expected to Announce ICO Stance in November, Official SaysHong Nam-ki, Chief of the Office for Government Policy Coordination, conveyed during a parliamentary audit on Thursday that “The Korean government is likely to announce its stance on the much–disputed status of initial coin offerings [ICOs] in November,” the Investor reported.

He explained that a survey on ICOs has been sent to local blockchain companies by the country’s Financial Supervisory Service (FSS). The FSS is responsible for setting some policies on cryptocurrencies including anti-money laundering measures. The aim of the survey is “to gather their [survey recipients] views on the current legal framework” for ICOs, the publication added. “We did the survey as some companies are conducting or preparing for ICOs despite the ban here,” Hong clarified and was further quoted saying:

We have had several discussions (on ICOs)…Once the survey results are in by end-October, we plan to finalize the government’s stance.

Money Today also quoted him reaffirming, “I intend to form a government position on ICOs next month.”

The South Korean government banned all forms of ICOs in September last year but has yet to introduce any law governing them. This has caused a number of Korean blockchain companies to launch their tokens abroad, providing the opportunity for domestic investors to continue to invest in ICOs.

Korean Government’s ICO Survey

Korean Government Expected to Announce ICO Stance in November, Official SaysThe ICO survey sent by the FSS has troubled businesses that received it, according to local media. Questions in the survey concern any ICO projects companies may be involved with or are planning to engage in, including reasons to issue tokens and their methods of distribution, the Korea Economic Daily reported.

While the FSS says that the survey is not mandatory and that it only seeks “to understand the exact situation of the industry, not for sanctions,” companies are reluctant to disclose certain information since ICOs are currently banned in the country, the publication noted. An official of a company that received the survey told the news outlet:

We have decided [that it’s] our internal policy to respond to [the survey due to] the concerns that it may be disadvantageous to be listed on the [government’s] blacklist if it is declined.

FSC’s Current ICO Stance

Meanwhile, the Financial Services Commission (FSC), South Korea’s top financial regulator, has reaffirmed its stance on ICOs for the time being.

Korean Government Expected to Announce ICO Stance in November, Official Says
FSC Chairman Choi Jong-ku.

“The government does not deny the promise of the blockchain industry,” FSC Chairman Choi Jong-ku was quoted by Yonhap saying on Thursday. However, “I do not think it is necessary to equate the virtual currency business with the blockchain industry,” he said, elaborating:

Many people say ICOs should be allowed, but ICOs’ uncertainty remains, and damage is too serious and obvious.

Choi also emphasized the need for more crypto exchanges to use the real-name system that the government implemented in January. The regulator aims to convert all crypto trading accounts to real-name ones. However, banks have only been providing the real-name conversion service to the country’s four top crypto exchanges: Upbit, Bithumb, Coinone, and Korbit. All other exchanges continue to use their corporate accounts which the regulator says are prone to money laundering.

“We have to convince the banks,” Choi asserted, recognizing that currently “commercial banks do not give real-name accounts to some virtual currency exchanges.”

What do you think the Korean government will announce in November? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Korean Government Expected to Announce ICO Stance in November, Official Says appeared first on Bitcoin News.

Bitcoin News

Turkey Says Recordings Are Evidence of Saudi Journalist’s Killing

October 13, 2018 |

The Turkish government has what it describes as audio and video recordings purporting to show that journalist Jamal Khashoggi was killed inside the Saudi consulate in Istanbul, and has shared the evidence with U.S. officials, according to people familiar with the matter.
WSJ.com: What’s News Europe

Facebook Takes Down Hundreds of U.S. Pages It Says Spread Misinformation

October 12, 2018 |

Facebook has taken down hundreds of accounts that were spreading false or misleading political content ahead of the U.S. midterm elections, one of the social network’s most aggressive efforts to stop misinformation spread primarily by Americans.
WSJ.com: US Business

TMZ

Chuck Liddell Says Tito Ortiz Is a Big Dumb Idiot

October 11, 2018 |

Don’t expect Chuck Liddell to pull a Khabib and jump out of the cage when he fights Tito Ortiz — The Iceman says Tito is simply too dumb to get under his skin with trash talk.  “I don’t think he’s smart enough to say something to get me…

TMZ.com

TMZ

Teresa Giudice Doesn’t Care Joe’s Getting Deported, Says ‘RHONJ’ Star Kim D

October 10, 2018 |

Teresa Giudice is a cold-hearted, good-for-nothing mom who’d rather party like a rock star than sweat about her husband Joe’s pending deportation to Italy … so claims her cast mate Kim DePaola. The ‘RHONJ’ star ripped into Teresa when…

TMZ.com

Ivanka Trump Says She Won’t Replace Nikki Haley

October 10, 2018 |

The position will soon be vacant and her father thinks she’d do a great job—but Ivanka Trump has confirmed that she will not be America’s next ambassador to the United Nations. “It is an honor to serve in the White House alongside so many great colleagues and I know…
Newser

Snap is ‘quickly running out of money,’ analyst says

October 9, 2018 |

Snap Inc. “is quickly running out of money” and may need to raise capital by the middle of next year, according to a scathing new research report from MoffettNathanson.

In order to reach Chief Executive Evan Spiegel’s goal of profitability in 2019, Snap would need to grow “massively faster” than…


L.A. Times – Business

Busy Philipps Says Franco Is a ‘Bully’ Who Assaulted Her

October 9, 2018 |

James Franco is a “bully” who shoved her to the ground on the set of Freaks and Geeks, Busy Philipps writes in new memoir This Will Only Hurt a Little . In a leaked excerpt confirmed by the Hollywood Reporter , Philipps says Franco freaked out and broke character after she followed…
Newser