ICO Legality In South Korea To Be Confirmed This November

The latest news around regulation on our DC Forecasts crypto news site shows that South Korea will be deciding whether initial coin offerings (ICOs) will be approved or rejected again in the country, according to a statement from a top-level official.

According to Hong Nam-ki who is head of the office for government policy coordination first addressed this issue during the National Assembly’s annual audit on government actions, telling lawmakers that the topic must be reviewed in the coming months.

Hong also added that the Financial Services Commission (FSC) which is South Korea’s market watchdog has been conducting surveys on ICOs since September.
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As CoinDesk Korea then reported, he stated the following:

“We are going to form the position of the government in November based on the results of the investigation at the end of October.”

The official was also responding to the question regarding ICO permission that was raised by Jeon Haecheol, a lawmaker from the ruling Democratic Part, voicing the support for lifting the current ICO ban. As he said during the questioning:

“If we waste time, the blockchain industry could face huge difficulties. We need to look at very realistic and specific ways to nurture the blockchain industry, and I think permitting ICO is one of them.”

He concluded:

“Many people say ICO should be allowed, but ICO’s uncertainty remains, and the damage is too serious and obvious.”

In May this year, lawmakers from the National Assembly, which is the country’s legislative arm, pushed for a removal of the ICO ban. According to recent reports, the FSC is actively investigating token sales projects with a questionnaire that seeks information on extensive project details as part of its efforts to review the ICO ban case.