South Korea to Lift #ICO Ban, Sygnia to Launch #Crypto Exchange, EOS to Set ICO Record Despite Security Concerns and 'Catch Me if You Can' Former Forger Predicts Big Things for Blockchain

Crypto Corner - May 29, 2018

South Korea to Lift ICO Ban, Sygnia to Launch Crypto Exchange, EOS to Set ICO Record Despite Security Concerns and 'Catch Me if You Can' Former Forger Predicts Big Things for Blockchain

A report in BusinessKorea today indicates that the country's National Assembly is calling for a lift on the ban of initial coin offerings (ICOs). The Assembly's "special committee on the fourth industrial revolution" held a general meeting on Monday, where they proposed legislation and policy while accusing the administration of "neglecting its duty in responding to blockchain application expansion".

"The special committee on the fourth industrial revolution said, "We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.""

South Korean authorities had imposed a total ban on ICOs last September.

South Africa's Sygnia Asset Management, plans to launch a cryptocurrency exchange called SygniaCoin in the third quarter of this year, according to a report on BusinessTech. Sygnia CEO Magda Wierzycka made the announcement on Friday, saying:

"We have spent the past six months actively researching a number of new strategic initiatives that will position Sygnia for the evolving digital future, as well as help its new business development and distribution efforts."

Scheduled to end on June 1, 2018, the EOS ICO is "on track to raise more than $4 billion" USD according to the Wall Street Journal today. This would make EOS creator's ICO far and away the highest to date, dwarfing the former highest Telegram ICO which reached $1.7 billion USD earlier this year. This follows news that Chinese internet security company, Qihoo 360, had found major security risks in the EOS blockchain platform.

CCN reports that Frank Abahnale, the security consultant and former forger whose autobiography Catch Me If You Can inspired the 2002 film of the same name, believes blockchain technology adoption is a certainty. Speaking at the Blockchain Nation Miami Conference, Abagnale said:

"I think you would have to be pretty ignorant not to realise that blockchain is the way for the future, it is the best way to secure information 100 percent, so I think you will see banks, especially accounting practices and accounting firms, all move to the blockchain, keeping records through blockchain. It will be the best way to do so because you cannot break the blockchain, you cannot hack into the blockchain, you can't change anything in the blockchain."

Sam Mowers, Investorideas

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