South Korean Government Considers Lifting Ban on ICO in November

October 12, 2018

Late autumn the government of South Korea is going to take a closer look at approving ICOs.

The head of the government policy coordination office Hong Nam-ki has claimed, the authorities have gradually changed their stance towards this issue, as was stated at the National Assembly.

Nam-ki has pointed out that the Financial Services Commission (FSC) regulating Korean market has been examining this matter since last autumn.

Early autumn last year the Chinese authorities decided to ban ICOs and the government of South Korea did the same later. At the end of spring this year Korean parliamentarians insisted on lifting the ban.

In addition, Nam-ki has voiced the government’s plan to support blockchain technology as 34 billion won ($30 million) were allocated to develop this industry.

Decisions to soften ICO regulation are taken across the world amid current decline of the whole industry. For instance, last month ICO-related investment rates have almost equaled those for May 2017.

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