Seoul can consider repeal of ICO ban

Posted 29 May, 2018

Seoul can revise its decision on the ICO ban driven by the official recommendation from the special committee on the fourth industrial revolution under the National Assembly.

As reported Busines Korea, the committee stated that the government disregarded its responsibilities in the blockchain area and urged to consider the proposal of protection policy for the investors in the ICO market. 

The central administration did not provide the companies with the strict and clear guidelines, so they are leaving the country to Singapore or Switzerland to hold their ICOs and had to pay additional costs.

“We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. The administration also needs to consider setting up a new committee and building governance systems... We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee,” reads the statement. 

The ban on ICO has been effective in South Korea since last September. At the same time, this March there were rumours that the authorities were considering ICO certification striving to boost blockchain development.

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