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South Korea to revert back to their ICO ban


May 17, 2018 Posted /  2051 Views


South Korea to revert back to their ICO ban

Korean Government taking steps to legalize the local ICOs.

 

Despite the ongoing probes, South Korea is in full plans to legalize ICO’s (not a news topic but general analysis)

 

The Government of South Korea has always been in the news with regards to the cryptocurrencies. The country's financial body had come up with full plans in order to ban the cryptocurrencies. However, in 2017, they were successful in banning it. In general, South Korea has been playing a crucial role in the cryptocurrency world, but due to the recent breakdown of the Korean Government has imposed threats to the cryptocurrency development in the country.

 

They have been investigations as well as raids into many of the cryptocurrency exchanges of the country. Despite which, it is speculated that the lawmakers of the country are working on provisions to legalize back the Initial Coin Offerings and lift the ban from it.

 

According to The Korea Times, a group of dedicated members of the law has a firm belief in nullifying the Government's decision of banning the local Initial Coin Offering in the September 2017.

 

There has been a great rise in the number of ICOs in the past few years especially post the 2017 cryptocurrency boom. It's another thing that some of them proved to be very helpful while others were just frauds and scams. Which has led the government to get involved in the field and make sure that the blockchain technology and the cryptocurrency based solutions are always being channelized in the right direction?  

 

Due to a number of scams in the ICO field, has rendered a very bad image for itself and Hence any move to legalize the Initial Coin Offerings attracts a lot of spotlights.

 

Hong Eui-rak, a member of the ruling Democratic party of South Korea is the current charge for all the capital currency related activities in the country.

 

On May 2nd while addressing the forum of initial coin offerings and the blockchain experts at the National Assembly he put forth the fact that the initial coin offerings we gather a lot of support and he also hopes that they would be legalized by the end of the year. "The primary goal (of the legislation) is helping remove uncertainties facing blockchain-related businesses,” he said.

 

After following the footsteps of China to ban the initial coin offerings it may be assumed that the country has realized the importance and potential of the Blockchain the Technology and hence is planning to open the doors for the Blockchain innovation. Following the legalization, the ICOs will be scrutinized by the Ministry of Science, ICT and, Korean Financial Services Commission.

 

The ban on the local ICOs in the country forced the investors and traders to look out for the foreign ICOs. This alarmed the country's financial regulators. This might be the reason for reverting back to their decision on the ban. Which would, in turn, allow the bigger investors and traders to invest in the Initial Coin Offerings of the country itself. It is also estimated that there is a great demand for the industry in the country, which the government is trying to fulfil by taking baby steps towards it.


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