South Korean Govt To Announce ICO Stance in November

ICO News, News, Regulation | October 11, 2018 By:

Hong Nam-ki, chief of South Korea’s Office for Government Policy Coordination, said that the government is likely to announce its official position on initial coin offerings (ICOs) in November.

During the National Assembly’s annual audit, Hong was asked by Jeon Haecheol, a lawmaker from the ruling Democratic Party, about government’s position on ICOs. Hong said that they have already held several discussions on ICOs, and that the Financial Supervisory Service (FSC) has been conducting  surveys among local blockchain companies since September to gather their views on the current legal framework. As soon as the results are in, Hong said the government will finalize and reveal its official stance.

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

In September 2017, the South Korean government prohibited domestic companies and startups from participating in ICOs. However, in May, the country’s National Assembly pushed for the removal of the ban, officially proposing legislation to permit ICOs as long as investor protections are put in place.

Jeon said during parliamentary audit that if the government 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 ICOs is one of them,” Jeon said.