South Korea Aims at #ICO Legalization, #Reddit to Reintroduce Crypto and Goldman Sachs Moves to Trade #Bitcoin

Crypto Corner - May 3, 2018

By Samuel Mowers at

South Korea Aims at #ICO Legalization, #Reddit to Reintroduce Crypto and Goldman Sachs Moves to Trade #Bitcoin

South Korean legislators are looking to legalize ICOs which were banned in September 2017. A piece today in the Korea Times reports that Rep. Hong Eui-rak of Korea's Democratic Party is leading the move toward new legislation. Hong explained that the bill would require oversight by the government and make trading ICOs safer for investors:

"The bill is aimed at legalizing ICOs under the government's supervision," Hong said during a forum on ICOs and blockchain technology at the National Assembly on Wednesday. He said the bill was based on a joint study by his office and the Korea International Trade Association (KITA).

"The primary goal (of the legislation) is helping remove uncertainties facing blockchain-related businesses," Hong said.

Reddit CTO, Christopher Slowe, said that cryptocurrency payments might be coming back to the platform in a recent interview with Cheddar. Citing high transaction costs for disabling Bitcoin (BTC) as a payment form in March, Slowe said he thinks "we'll see crypto payments come back," and that other cryptocurrencies we being considered by the platform.

"We have been looking at other Cryptocurrencies.... We are looking at Ethereum and Litecoin that are provided by Coinbase as well".

The New York Times reports that Goldman Sachs will be launching Bitcoin futures trading and "will also create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients." While Goldman Sachs "will not initially be buying and selling actual Bitcoins", the Times reported that Justin Schmidt, VP and Head of Digital Asset Markets, is looking to trade it in the future once necessary authorities approve.

"Mr. Schmidt is looking at trading actual Bitcoin - or physical Bitcoin, as it is somewhat ironically called - if the bank can secure regulatory approval from the Federal Reserve and New York authorities."

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