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South Korea Bans Initial Coin Offerings

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South Korea Bans Initial Coin Offerings,South Korea Bans Initial Coin,South Korea digital currency task force,South Korea Initial coin offerings,Startup Stories,Latest Business News 2017

South Korea has become the latest country to ban raising money through Initial Coin Offerings (ICOs.) This is in an effort to protect investors from fraud by the use of any forms of virtual currencies. South Korea’s financial watchdog, Financial Services Commission, announced on Friday that the trading of virtual currencies needed to be tightly controlled and therefore, all ICOs will be banned in the country.

In a statement, the commission added the government is not accepting the trading of virtual currencies as a part of its financial system and will step up the crackdown against any illegal trading in cryptocurrency. The government will also continue to monitor markets to see whether any additional regulations are needed. The statement further added that ‘stern penalties‘ would be issued to financial institutions and any parties that are involved in the issuing of ICOs.

South Korea’s digital currency task force has also discussed increasing regulatory oversight as a means to further consumer protection efforts. The task force will look into other concerns like the character of digital currency traders, taxation and permits by studying the regulatory practices in other countries before forming new policies. The authorities will also be recommending digital currency exchanges to include consumer protection measures when providing services.

The price of Bitcoin dropped by 2% since the ban on ICOs was announced while the price of Ethereum declined by 4%. South Korea’s move follows a wave of global regulations against the virtual currency. Earlier this month, China banned all ICOs and called for domestic crypto exchanges to halt all trading services for Chinese customers. Australia has also released their own guidelines for businesses considering raising funds through ICOs while United States’ securities regulators have signaled for greater scrutiny of the digital currency.

Initial coin offerings became a popular mechanism for companies to raise funding using an alternative venture capital model. India’s market regulator SEBI is also reportedly planning a framework to regulate the country’s bitcoin market o ensure that India’s public issue norms are not breached.

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PhonePe’s PINCODE Launches 10-Minute Medicine Delivery in Cities

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PhonePe

PhonePe’s PINCODE app has launched a 24×7 online medicine delivery service in Bangalore, Mumbai, and Pune, promising delivery of both prescription and over-the-counter medicines within 10 minutes from nearby local medical shops. Unlike conventional e-pharmacies that use dark stores, PINCODE partners exclusively with neighborhood pharmacies, enabling faster deliveries and supporting local businesses in the digital economy.

Customers without prescriptions can select a “no prescription” option when ordering; a qualified doctor then provides a free teleconsultation and issues a digital prescription compliant with telemedicine guidelines, ensuring seamless access to medicines. The app offers competitive pricing by passing discounts from local pharmacies directly to customers and charges no delivery fees.

PINCODE’s hyperlocal model enhances healthcare accessibility and convenience while empowering local pharmacies, helping them remain integral to their communities and stimulating local economic growth. Launched in 2023, the app focuses on quick commerce with an emphasis on speed, reliability, and supporting local sellers.

In summary, PhonePe’s PINCODE app is transforming medicine delivery in major Indian cities by combining ultra-fast 10-minute delivery, free doctor consultations, and a hyperlocal sourcing model that benefits both consumers and neighborhood pharmacies.

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Piyush Anchliya Joins Cashfree as CFO Amid Fintech Boom

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Cashfree Payment - StartupStories

Cashfree Payments has appointed Piyush Anchliya as its new Chief Financial Officer (CFO), effective April 15, 2025. Anchliya brings over 15 years of experience in investment banking, corporate finance, strategy, and mergers and acquisitions, with senior roles at Barclays, Bandhan Group, and most recently as CFO of Bandhan AMC. He holds an MBA from IIM Ahmedabad and a B.Tech. from IIT Kharagpur.

In his new role, Anchliya will lead Cashfree’s financial strategy, optimize operations, and support the company’s next growth phase. He will report to CEO and Co-founder Akash Sinha, who highlighted Anchliya’s expertise as vital for sustainable scaling and strengthening the company’s financial foundation. Anchliya succeeds outgoing CFO Vikas Guru, who will assist during the transition.

Founded in 2015, Cashfree Payments processes over $80 billion annually for more than 800,000 businesses. The company recently raised $53 million in funding led by KRAFTON and Apis Growth Fund II and secured key RBI licenses, positioning it for accelerated growth in India’s fintech sector. Anchliya’s appointment comes at a pivotal time as Cashfree aims to expand its leadership in digital payments.

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Flipkart’s Jeyandran Venugopal Likely to Join Reliance Retail as CEO

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Jeyandran Venugopal, the outgoing Chief Product and Technology Officer of Flipkart, is set to become the CEO of Reliance Retail Ventures (RRV), the retail arm of Reliance Industries. His appointment, expected to be finalized in May after his exit from Flipkart, signals Reliance’s push to strengthen its retail business with a technology-first approach.

Venugopal brings extensive experience from leading roles at Flipkart, Myntra, Yahoo, Snapdeal, and Amazon, where he focused on scaling technology platforms and driving innovation. At Flipkart, he managed product, engineering, data science, and more, helping build robust systems and improve user experience.

His move comes as Reliance Retail undergoes transformation, including cost-cutting and a renewed focus on digital growth. Venugopal’s leadership is expected to accelerate Reliance’s ambitions in omnichannel and tech-driven retail, positioning the company for continued dominance in India’s evolving market.

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