South Korean Government Maintains Stance on ICO Ban
coinspectator -
The South Korean government has maintained its harsh stance towards Initial Coin Offerings (ICOs) and has shown no signs of reversing the ICO ban it issued last year September. In a crucial meeting that held on Thursday, the chairman of South Korea’s primary markets regulator, Choi Jong-Ku, reiterated the government’s position on the ban on Initial Coin Offerings, maintaining the same reasons that caused the ban to be issued. In a high-class meeting with lawmakers in the country, Jong-Ku, the present chairman of the Financial Services Commission (FSC) informed dignitaries present at the meeting of the decision to continue with its resolve to discourage fund-raising through initial coin offerings.

The issue of frauds and scams, however, continue to plague the industry, while a nationwide ban affects legal outlets too. Jong-Ku noted emphatically that despite the continued clamor for the lift of the ban from even lawmakers and the cryptocurrency sector, FSC would continue to maintain its stance. Local news publication, Yonhap, reported the statement by the chairman as he gave his opinion: Not long after an enforced a blanket ban on ICO’s in the China, that of South Korea followed suit in the last quarter of 2017.

There were divided opinions over the ban and in the same quarter of 2017, discussions were already in progress on the possible overturn of the ban, or even subsequent legalization. In an interesting development yet in South Korea, governor Won Hee-ryong of Jeju Island is desiring Jeju to become South Korea’s own blockchain Island like Switzerland’s Malta. Won has revealed plans to propose the issue in a meeting with Korea’s Finance Minister; in a move that would see Jeju become an eco-friendly blockchain hub in South Korea. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full



read more