Seoul is going to consider a lifting of the ICO ban in the country this November. The corresponding statement was made during the annual governmental audit by the head of state policy coordination department Hong Nam-ki.
According to the news reports, Hong Nam-ki stated that the government may decide on the ICO issue following the research that has been started by South Korea's Financial Services Commission in September and may last till the end of October.
"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," commented one of the officials who stand for ban lifting.
It is believed that the legal ICOs can boost development of the blockchain sector in South Korea.
However, the representative of the financial authority expressed some concerns about ICO legalization, citing that despite the prevailing notion about the need for ICO, it comes in tandem with still unsolved problems.
For reference, South Korea followed Beijing and banned ICO in September 2017. Meanwhile, it was rumoured that the officials (in particular, the Democratic party) started working on the legal frameworks to make ICO legal.