South Korea to Publicize Its ICO Decision in November South Korean government is “likely” to legalize its official position on Initial Coin Offerings (ICOs) in November. Based on the local business newspaper The Investor report published on Thursday, Oct. 11, citing a “top official,” Hong Namki. According to a National Assembly committee, Business Korea is dedicated to studying the so-called „Fourth Industrial Revolution‟ and South Korean government is “likely” to legalize its official position on Initial Coin Offerings (ICOs) in November. Based on the local business newspaper The Investor report published on Thursday, Oct. 11, citing a “top official,” Hong Nam-Ki.
According to a National Assembly committee, Business Korea is dedicated to studying the so-called „Fourth Industrial Revolution‟ and stated that it would seek to enhance the legal “basis” of cryptocurrency in the country, part of which would be reversing the ICO ban which the government approved in September 2017.
“We need to form a team that includes private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order” based on the publication quotes the committee as saying during a meeting May 28. “…We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.” “As per the chief officer of Government Policy Coordination Hong Nam-ki, South Korean officials already held several meetings on ICOs. As soon as the results are in, the government will finalize and reveal its official stance” he said. South Korea first banned ICOs back in September 2017, considering that the practice of increasing money via cryptocurrency tokens is almost a gamble. As the Korean government failed to present any guidelines for ICOs, internal blockchain enterprises are going to Singapore and Switzerland to do an ICO and pay unnecessary expenses,” As per the report from Business Korea. “Investors are also exposed to the risks of crime impersonating ICOs of leading companies.” According to The Investor, Hong Nam-Ki has mentioned that the government has held a survey because there are still some companies that are trying to conduct ICOs despite a country ban. The results are expected to be ready by late October, the official has said. Korea‟s government again allowed ICOs in August 2018, with an intention to create its own blockchain island in Jeju Island Resort. For this, the South Korean National Assembly with the Ministry of Science and Information and Communications Technology discussed the potential for ICOs and possible investor protection measures. As per the report, South Korea has launched a six-month training programme that includes a course on blockchain and other technologies. The announcement was
made after the news of the governmentâ€&#x;s to invest $4.4 billion in a number of areas of the domestic economy, including blockchain companies.