ICOs to make a comeback in South Korea?
ICOs may be making a come back in South Korea after being banned back in September. The Korea Times has reported that financial officials are planning on bringing back ICO to the country. Even with the ruling in September, little was actually done to limit ICOs in South Korea. Both foreign ICO investment and crypto trading continue to this day in the country. However, the lifting of the ban would open up even greater opportunity for South Korean investors and traders.
South Korea is working first on figuring out how to regulate the general market before moving into figuring out how to regulate cryptocurrencies and blockchain technologies.
An anonymous source stated:
“The financial authorities have been talking to the country’s tax agency, justice ministry, and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met.”
Although many in the crypto world are against regulations, implementing regulations may be the only way for the South Korean government to consider lifting the ban.