South Korea to decide on the fate of ICO in November
Hong Nam-ki, head of South Korea’s Department for the Coordination of Government Policies, said in November the country’s government will decide whether to allow initial coin offerings (ICOs) in South Korea again. He announced this in front of lawmakers during an audit of government activities, annually conducted by the National Assembly (the country’s legislative body), writes CoinDesk.
In addition, he noted that Financial Services Commission South Korea (FSC) has been conducting research on ICOs since September. “In November, the government will form its views on this issue based on the results of our analysis, which will be completed at the end of October,” he continued..
Hong responded to a question about the legalization of ICOs posed by Democratic MP Jun Haichal, who supports the removal of the current ban on IPOs. “If we waste time, the blockchain industry could face big problems. We need to look for very realistic and specific ways to nurture the blockchain industry, and I think ICO approval is one of them, ”said June..
However, according to Yonhap, FSC Chairman Choi Jong-Goo expressed concern at the same meeting over the idea of allowing IPOs. “Many say that ICOs need to be resolved, but the problematic nature of ICOs has not disappeared. The damage from them is too serious and obvious, “the publication quotes him..
In September 2017, FSC imposed a ban on local ICOs, following China. However, Hong said some crypto projects continue to sell tokens to South Koreans by registering their companies overseas..
In May of this year, legislators in the National Assembly proposed to lift the ban on ICOs, and in September it became known that FSC began to check local blockchain firms to see if they were conducting ICOs..
As for Hon, he also mentioned several times that the government intends to support the development of the blockchain industry, for which 34 billion won ($ 30 million) have been reserved in the budget for the coming years..
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