South Korea to Lift Ban on ICO

May 4, 2018

A group of legislators with a politician of the country’s ruling party at the lead as drafting a bill on legalizing launch of new cryptocurrencies and ICO in the country.

According to The Korea Times report, Hong Eui-rak from the Democratic Party of Korea is at the head of the movement opposing to the governmental ban on ICO dated September 2017.

Hong has won support of 10 other legislators in the Korean parliament and plans presenting the final draft by the end of the year.

The politician also insists on the suggested legislation for new legal ICO to be under direct governmental control:

“The bill is aimed at legalizing ICOs under the government’s supervision[…] The primary goal (of the legislation is helping remove uncertainties facing blockchain-related businesses.”

Following in the footsteps of China banning all ICO, Financial Supervisory Service of South Korea (FSS) introduced its own ban late September having claimed this would protect local investors from fraud. Anyway regulators have regularly considered the issue of lifting the ban since.

Korea is one of the world’s most active crypto markets with cryptocurrencies becoming common practice for both ordinary citizens and retail investors.

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