South Korean Government To Decide In November On The Legality Of ICOs

Oct 11, 2018 at 13:04 Update Date :Oct 11, 2018 at 13:04 UTC

A top-level official has said that the South Korean government, in November, will make a decision on allowing the initial coin offerings (ICOs) in the country again.

The head of the office for government policy coordination, Hong Nam-ki, during the National Assembly’s annual audit stated the actions of the government that regulators are reviewing the topic.

He said that the Financial Services Commission (FSC), South Korea’s markets watchdog, since September, is conducting surveys on ICOs. He further added that they’re on the way to form government’s position in November based upon the investigation at the end of October.

Hong Nam-ki, in the past, was responding on ICO permission which was raised by a lawmaker of ruling democratic party, Jeon Haecheol, who was eager to lift the ICO ban.

Jeon said that if they continue wasting the time as they’re going, the blockchain market can face herculean troubles. He then advised to look at the ways that must be realistic and specific in order to keep nurturing the blockchain industry. Therefore, according to him, ICOs is one of such.

As per the news reports from Yonhap, in a recent meeting, Choi Jong-gu, the chairman of FSC, stood against the idea of ICOs allowance through his words. He thinks that no matter the number of people supports allowing ICOs but still the damage is critical and obvious.

In September last year, FSC issued a ban on ICOs domestically, similar to that made by Chinese regulators. But, as per Hong, cryptocurrency projects are still selling tokens to the residents and in return registering their business globally.

In Hong’s opinion, he repeated the government’s commitment that supporting the development of blockchain with a central budget of 34 billion Won (which is around $30 million) in the upcoming years.

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