Categories: ICO

South Korea to Take Final Decision on ICOs in November, Says Top-level Official

Click here to view original web page at www.coinspeaker.com
Photo: Republic of Korea / Flickr

As it was reported by South Korean local business newspaper The Investor, the country’s authorities are planning to reveal their official attitude to Initial Coin Offerings (ICOs) in November 2018. The topic was extensively discussed by South Korean top-officials on a meeting held today, October 11.

The authorities have already held several discussions related to the possible allowance of ICOs withing the country in the recent months, but the final decision still stays unclear. The main financial agency of South Korea, the Financial Services Commission (FSC), has been analysing the problem since September. On the basement of all the surveys being conducted, the conclusion is soon to come.

According to the head of the office for Government Policy Coordination, Hong Nam-ki:

“We are going to form the position of the government in November based on the results of the investigation at the end of October.”

Jeon Haecheol, a lawmaker from the ruling Democratic Party, stays very positive to the allowance of ICOs. On a recent meeting, he expressed his support, saying that blockchain industry is starving for further development, and ICO ban, which is still current in South Korea, hampers this development greately:

“If we waste time, the blockchain industry could face huge difficulties. We need to look at very realistic and specific ways to nurture the blockchain industry, and I think permitting ICOs is one of them.”

But not all the officials share this view. Choi Jong-ku, the FSC Chairman, underlined that despite all the requests from blockchain community, the government will stick to its current policy for the reason of multiple uncertainties and frauds related to fundraising activities:

“Although many people call for the government to allow initial coin offerings, there are still uncertainties related to such a move as well as the possibility of serious fallouts.”

South Korea first banned ICOs in September 2017. This prohibition was aimid to prevent financial scams and was applied to all forms of virtual currencies. In March 2017, the FSC was about to allow ICOs within the country, but the expectations of crypto enthusiasts have not been met. On the opposite, in July this year, the FSC strengthened its regulations for crypto-exchanges by implementing new anti-money-laundering and know-your-customer rules.

In August, Korea’s government considered reallowing ICOs in a bid to create its own “blockchain island” based in Jeju Island Resort. The povince can become some kind of a special zone for the blockchain and cryptocurrency sector, but the idea has not been approved yet. According to the governor Won Hee-ryong, once the project is approved, the self-governing province would go on to legalize ICOs.

You May Also Like
cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Sheds $10,000 Support Again Ahead of Bakkt Launch

Ahead of the launch of Bakkt’s Bitcoin (BTC) futures, bears have continued to assert control over the cryptocurrency market. Ouch.As… Read More

1 hour ago

Bitcoin ‘Messiah’ Goes To War With The ‘Deep State’

One of bitcoin and crypto's oldest proponents, the founder and former chief executive of U.S. online retailer Overstock, Patrick Byrne,… Read More

1 hour ago

The Specs Behind Bitcoin’s Lightning Pass Their First ‘Formal’ Security Test

A pair of researchers have released the results of a formal verification of bitcoin’s lightning network.Lightning is new(ish), experimental, and… Read More

1 hour ago

Deja Vu 2000 Or Flashback 2007? (Part 2)

“The experience in Japan, Europe, or even the US, is that once you get into a near-zero interest-rate regime, it’s… Read More

7 hours ago

Blockchain Industry to Generate $16 Billion Revenue by 2024

Often considered as a nascent technology, blockchain was introduced about a decade ago. Although the technology has not been around… Read More

7 hours ago

Kate Winslet takes action against Bitcoin scammers who used her image

Kate Winslet has spoken out after her image was used to advertise a Bitcoin scam Movie star Kate Winslet is… Read More

7 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More