In line with a local news source ‘Business Korea,’ South Korea prohibited ICOs in the month of Sept. last year, stating that such a sort of fundraising is almost alike gambling. This Aug., Korean lawmakers, together with participants from government ministries, came back to the cryptocurrency issue, that outlined in repealing the country’s ICO ban. Lawmakers agreed on the requirement to develop related policy before carrying a resolution on ICO re-allowance.
At a recent session, Choi reportedly added that the govt doesn’t deny the potential of the blockchain business, whereas noting that it, should not equate the cryptocurrency trading business with the blockchain business.”
Adding further he said:
“Many individuals say the Korean government need to permit ICOs, but ICOs bring uncertainty and therefore the injury they can cause is just too serious and obvious. For these reasons, several foreign countries ban ICOs or are conservative towards them.”
Choi conjointly addressed criticism of business banks that refused service to crypto exchanges, stating that “exchanges ought to be ready to persuade banks to issue bank accounts to them.”
Other officers have said that the South Korean govt. is likely to reveal its official stand on ICOs by the upcoming month in November. The Chief of the office for Govt. Policy Coordination ‘Hong Nam-ki’ stated that the govt. would announce its position once it finalizes its discussion and receives the results of a government survey.
Hong told Korean business publication that the the govt. has launched a survey of blockchain firms to collect their views on the present existing legal framework in the country.
Earlier in Sept.,The Cabinet ministers of South Korea in an agreement convinced to exclude all sale and brokerage of digital assets employing blockchain technology from venture business classification. The move was reportedly taken so as to “strengthen the cooperation of connected institutions” and to shield voters from the “illegal activities” associated with the digital assets business.