South Korea to Confirm Legal Standing of ICOs in November

Asia Korea Regulations Worldwide
South Korea first banned ICOs back in September 2017, saying that the practice of raising funds via the issuance of cryptocurrency tokens was akin to gambling.
Mark Knowles
Written by Mark Knowles

According to a senior official, the South Korean government is set to announce its position on Initial Coin Offerings (ICOs) next month, possibly lifting the ban that has been in place since September 2017. Local business newspaper The Investor reported this on Thursday, October 11, quoting the head of the office for Government Policy Coordination, Hong Nam-ki.

“We are going to form the position of the government in November based on the results of the investigation at the end of October,” said Hong Nam-ki

The topic of ICOs was recently discussed by top South Korean-officials during a meeting held on Thursday, October 11. Government authorities have already held multiple discussions on the legality of ICOs within the country in recent months, but which way the final decision will go is not yet clear.

South Korea first banned ICOs back in September 2017, saying that the practice of raising funds via the issuance of cryptocurrency tokens was akin to gambling.

According to The Investor, Hong Nam-Ki said that the government conducted a survey because some companies were still trying to conduct ICOs despite a country-wide ban. The results of the poll are expected to be ready by late October.

About the author

Mark Knowles

Mark Knowles

Coinlaw Multi-Jurisdiction Blockchain News
Mark Knowles is the Executive Editor of coinlaw.io
With more than a decade of experience as a journalist and editor, Mark has now turned his focus to the blockchain and cryptocurrency revolution that is currently reshaping the global economy. As Executive Editor at Coinlaw Mark is working to create a website that is a hub for the international crypto community to find the latest legal news, legislative changes and expert opinion from across the industry. Contact him at [email protected] or through mobile on +66 (0) 98 705 2716.

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