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South Korea to announce its official stand on ICO by November

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The government of South Korea is “likely” to clear its official stance on Initial Coin Offerings (ICOs) this coming November. Reported, The Investor, a local business newspaper citing a “top official,” Hong Nam-ki, on October 11.

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According to Hong Nam-ki, the chief of the office for Government Policy Coordination, officials have many discussion on ICOs. And as soon as the results are in, the South Korean Government will announce its stand, he noted.

South Korea banned ICOs for the first time in September last year, citing them as a tool for raising funds by issuing cryptocurrency as “a gamble.”

As per The Investor, Nam-ki has revealed that the government has conducted a survey because many companies are still trying to carry out ICOs despite the country across ban. The poll result is expected to become by late October, the official said.

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Back in August 2018, the Korean government though about reallowing ICOs, amid the speculations to create its own “blockchain island” based in Jeju Island Resort. Then, the South Korean National Assembly, together with the Ministry of Science and Information and Communications Technology had a discussion on the potential legal framework for ways to protect investor and ICO business.

As stated by reports from the crypto media outlet, Cointelegraph, South Korea recently introduced a half-yearly youth training programme including courses on blockchain and technologies. This news came after the government’s plans to invest a sum of $4.4 billion in multiple areas including blockchain

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