South Korean National Assembly Passes a Proposal to Lift ICO Ban

South Korea, the country which put an official ban on ICOs, describing them as over-speculative and constitute a “violation of capital market law”, last year in September 2017, is now working on getting back this fundraising method into the country’s cryptocurrency market. Earlier this year in March 2018, the financial authorities were having a discussion with the country’s tax agency about the feasibility of ICOs back if certain conditions are met.

Now, according to the latest report from Business KoreaWe need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.”

Recently, the new chief of South Korea’s regulatory agency had hinted that he remains positive on the future of digital currencies and that the authorities will take necessary steps which can be a little less tight on the the existing rules and regulations relating to the trading of digital currencies as well as other associated activities.Us publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.