South Korea to Announce Its ICO Stance in November, Top Official Says

South Korea to Announce Its ICO Stance in November, Top Official Says
Oct 12, 2018 03:00 AM By: Guest Author | 2475 Views

The South Korean administration is “likely” to announce its official stance on Initial Coin Offerings (ICOs) in November. A local business newspaper The Investor announced this on Thursday, Oct. 11, citing a “top official,” Hong Nam-ki.

As per the chief of the office for Government Policy Coordination Hong Nam-ki, South Korean officials have previously held some discussions on ICOs. As early as the returns are in, the government will finalize and announce its official stance, he stated.

South Korea first banned ICOs back in September 2017, stating that the practice of gathering funds via the issuance of cryptocurrency tokens was about “a gamble.”

According to The Investor, Hong Nam-Ki has reported that the government has held a review because some corporations are still trying to manage ICOs despite a country-wide ban. The results of the poll are supposed to be ready by late October, the official has stated.

Korea’s government estimated reallowing ICOs in August 2018, amid plans to produce its own “blockchain island” based in Jeju Island Resort. Back then, the South Korean National Assembly, forward with the Ministry of Science and Information and Communications Technology considered the potential constitutional framework for ICOs and possible investor protection standards.

#South Korea #ICO #Initial Coin Offering

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