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Financial Commission Regulator of South Korea repeats negative stand on ICOs and Crypto

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Financial Service Commission, Korea’s chairman Choi Jong-koo has asserted again strongly his negative stand on digital currencies and Initial Coin Offerings (ICOs), reported Business Korea on October 11. He was speaking at a parliamentary audit session of the commission held at the National Assembly.


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Since September last year ICOs are banned in South Korea, stating that such financial practices of fundraising are “almost a gamble.” Returning to the issue of cryptocurrency, in August, Korean lawmakers discussed it with participants from government ministries, focusing on revoking the ICO ban in the country. They agreed that they need to develop a related policy before passing any resolution for reallowing the ICOs.


In the recent session, Choi reportedly said that “the government does not deny the potential of the blockchain industry,” whereas it “should not equate the cryptocurrency trading business with the blockchain industry.” Choi noted, “Many people say the Korean government should allow ICOs, but ICOs bring uncertainty and the damage they can cause is too serious and obvious. For these reasons, many foreign countries ban ICOs or are conservative towards them.”


Choi also spoke on the criticism faced by the commercial banks for refusing service to crypto exchanges, asserting, “exchanges should be able to persuade banks to issue bank accounts to them.”


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A recent report through an unnamed source from the South Korean government, said that the country is “likely” to announce its official stand on ICOs in November.

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