Over 100 South Korean ICOs Launched in Singapore this Year – Report
Over 100 South Korean companies have launched initial coin offerings (ICOs) in Singapore this year, with cryptocurrency entrepreneurs now “flocking” to the South East Asian country to launch tokens, according to media outlet Herald Economy.
The report claims “dozens” of South Korean companies successfully launched ICOs in Singapore in March and April this year, and that South Korean tax, accountancy and legal firms are now establishing branches in Singapore specifically to help Koreans launch ICOs.
The media outlet quotes one South Korean ICO issuer, who launched a token through a specially created Singaporean subsidy, as saying, “Over-regulation in South Korea is sending domestic companies overseas. I am worried that the Seoul government will continue to ignore the rapid growth of Korean blockchain-related companies. Business is blooming, but the government seems to be ignorant of this fact.”
Crypto Company, a joint venture cryptocurrency project involving a number of major companies, has also set up a Singaporean subsidy and is hoping to launch its own ICO in the first half of this year. Per Herald Economy, a Crypto Company official stated, “ICOs and cryptocurrency exchanges are hard to run in South Korea due to the sort of restrictive regulations you will not find in Singapore.”
ICOs are illegal under South Korean law. Cryptocurrency experts in Seoul claim that the Singapore’s large expat Korean community and its relative proximity to Seoul, as well as its many city-based legal firms and financial institutions, make it “ideal” for South Korean ICO issuers.
However, this might change, as the Singaporean central bank recognizes “significant risks in the use of cryptocurrencies,” while “work on [ICO regulations] is underway,” as reported.