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South Korean Authorities To Finally Decide On ICO Legalization

08:42 12/10/2018

South Korean authorities intend to announce their decision regarding the legalization of an initial coin offering (ICO) in November, Coindesk Korea reports.

 

At the annual meeting of the National Assembly, Hong Nam-ki, minister of the Office for Government Policy Coordination, stated that the ICO topic has been under consideration by the country's regulators for several months.

 

The official also noted that the Financial Services Commission (FSC), the regulator of the South Korean market, is conducting a survey on the ICO relevance from the beginning of the autumn to the end of October. According to the data received, in November, the Korean authorities will finally decide whether to legalize ICOs.

 

Jeon Hae-Cheol, one of the representatives of the current democratic party, is confident that politicians should allow ICOs in the state. According to his commentary, the Korean authorities are jeopardizing the full development of blockchain technologies without opening up access to ICOs in the state.

 

On the contrary, Choi Jong-gu, the head of the FSC, opposed the ICO legalization. He believes that the possible damage to the market is obvious.

 

In the fall of 2017, the FSC banned ICOs within the state. Nevertheless, Hong Nam-ki noticed that many crypto projects still sell tokens among local crypto investors, making out their platforms outside the country.

 

As previously reported, there is a developed plan, under which Seoul should start to operate on blockchain technology.

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