Korean central bank calls for regulation of ICOs
Tether is firing back at a Wall Street Journal report that said it had insufficient reserves for its stablecoin, it said in a blog post.
The articletitled “Tether Says Audit Is Still Months Away as Crypto Market Falters,” criticizes Tether’s transparency about its finances and reserves.
Tether says the WSJ made “unwarranted conclusions” and that the article had attempted to “discredit” the work Tether had done to have transparent, honest communication.
It says BDO is not a “Tether accounting firm” as the report said, and that the firm would be able to retain access to all necessary information and Tether would continue to share certificates. Tether condemned “continuous attempts by the media to disparage its reputation and the reputation of top-ranked firms such as BDO that work with digital asset companies.”
Tether accuses the WSJ of having an “agenda,” and says the criticism of the reserves could apply to other stablecoins on the market as well. The company said it is “false” to assume the business is unprofitable. And Tether said it had been open about the fact it hadn’t had an audit yet and was working to get one.
In other news, the Bank of Korea has said that South Korea’s new crypto regulations will have to institutionalize initial coin offerings (ICOs), Coindesk wrote.
ICOs are currently banned in South Korea.
The Financial Services Commission, the financial regulator in the country, banned the ICOs in 2017, but now the central bank is arguing to regulate the ICOs instead of banning them. The reason is that the ban is not effective.
South Korean regulators have cracked down on local crypto companies following the collapse of Terra, which was founded by a native, Do Kwon. Regulators have been investigating Terra, and have flagged other crypto platforms for allegedly violating the local regulations there. And the Financial Services Commission will help add more regulations for the digital assets.
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