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South Korean Authorities Announce Prospects For ICO Legalization

09:21 25/10/2018

Lee Hye-hoon, the chair of the Special Committee of the National Assembly, announced during the 2018 Korea Blockchain Expo that the authorities intend to lift the ban on ICO, News BTC reports.


Given the rapid growth of distributed ledger technologies, the citizens of South Korea continue to invest in cryptocurrencies even though the government announced just the consideration of the ICO legalizing.


The officials state that speculations with bitcoin and other altcoins can be contrary to legal norms if the crypto investment isn’t regulated by the relevant authorities.


Since the ICO ban doesn’t imply restrictions on the purchase and sale of crypto coins or digital assets, the South Korean crypto exchanges, such as Coinone, Bithumb, and UpBit, continue to increase their trading volumes and intend to expand their activities in Singapore and Thailand.


Hong Eui-rak, a member of the current Democratic Party of Korea, stated that despite the growth and prospects for using the blockchain infrastructure, the authorities should divide the concepts of the crypto industry and decentralized technologies.


Also the party’s representative added that much of the public considers that it is necessary to legalize ICOs. In the view of Eui-rak, there is no clearly defined scheme how to conduct ICOs, and that is why such a permission can cause significant harm to the country. He noted that many countries of the world prohibit ICOs in their territories because of the vagueness of the rules.


As previously reported, the mayor of Seoul announced his plans to create the blockchain industry in the capital.

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