The South Korean government will take a decision at ICO this fall: will the government again permitted the collection of funds through initial release tokens (ICO), will be known in November. This writes Coindesk Korea.
As stated by the head of the office for the government policy coordination Hong Ki We (Hong Nam-ki) during the annual audit of actions of the government of the National Assembly, regulators have considered this issue over the past months.
According to officials, the financial services Commission (FSC) is the main regulator of the South Korean market conducted research in many aspects of ICO since September.
“We are going to form the government’s position in November, based on the results of the study at the end of October”, — explained the head of Department.
It should be noted that the potential lifting of the ban was raised by the representative legislators of the ruling Democratic party, spoke in support of lifting the current ban on ICO, which argued the need for an early decision so:
“If we lose time, the industry of the blockchain may face great difficulties. We need to turn to a very realistic and concrete ways to support the industry of the blockchain, and I think the resolution ICO is one of them.”
We will remind, in September 2017 FSC imposed a ban on the holding of local ICO, following the example of the Chinese authorities. However, according to Gong, some crypto projects continued to sell tokens to residents of the state by registering your business abroad.
In may this year, the staff of the National Assembly of South Korea raised the issue of lifting the ban on ICO, and last month, the Korean newspaper wrote that the FSC is actively exploring projects involving the sale of tokens, hoping to get information for a possible revision of the question of prohibition.
Speaking to colleagues, Gong also confirmed the government adopted the policy of supporting the development of the blockchain that includes a budget of $ 34 billion won ($30 million won) in the coming years. As we have already mentioned, the development of blockchain will be one component of a broad strategy of “Growth through innovation”, in which the development of technology and artificial intelligence and the sharing economy in 2019 will be sent 1 trillion won ($880 million).