South Korea to Announce Its ICO Stance in November, Top Official Says

Top South Korean official says the government will announce its official position on ICOs in November, based on the results of recent discussions.

South Korean government is “likely” to announce its official position on Initial Coin Offerings (ICOs) in November. A local business newspaper The Investor reported this on Thursday, Oct. 11, citing a “top official,” Hong Nam-ki.

As per the chief of the office for Government Policy Coordination Hong Nam-ki, South Korean officials have already held several discussions on ICOs. As soon as the results are in, the government will finalize and reveal its official stance, he said.

South Korea first banned ICOs back in September 2017, saying that the practice of raising funds via the issuance of cryptocurrency tokens was almost “a gamble.”

According to The Investor, Hong Nam-Ki has revealed that the government has held a survey, because some companies are still trying to conduct ICOs despite a country-wide ban. The results of the poll are expected to be ready by late October, the official has said.

Korea’s government considered reallowing ICOs in August 2018, amid plans to create its own “blockchain island” based in Jeju Island Resort. Back then, the South Korean National Assembly, along with the Ministry of Science and Information and Communications Technology discussed the potential legal framework for ICOs and possible investor protection measures.

As reported by Cointelegraph, South Korea has recently launched a six-month youth training programme that includes courses on blockchain and other technologies. The announcement came after the news of the government’s plans to invest $4.4 billion in a number of areas of the domestic economy, including blockchain.

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Author: Ana Berman


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