Shaurya Malwa · March 13, 2018 · 11:30 am
South Korea’s ban on initial coin offerings (ICOs) could be reversed in the coming months, according to a new report.
South Korea Expected to Reverse ICO Ban
The Korea Times, a business-focused media company founded by Hankook Ilbo, one of South Korea’s largest newspapers, reported that the South Korean government will soon reverse its ban on initial coin offerings (ICO) and allow token sales under certain conditions.
In 2017, the government of South Korea banned domestic ICOs with immediate effect, leading to a widespread panic selling in the crypto market. The country’s citizen were also forbidden from investing in Korean ICOs.
This resulted in a number of blockchain startups to leave South Korea to cryptocurrency-friendly jurisdictions like Switzerland and Estonia.
A South Korean government official was quoted telling The Korea times:
The financial authorities have been talking to the country’s tax agency, justice ministry and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met.
The past few months have seen the South Korean government expressing two major concerns with regards to cryptocurrency, namely anonymity and taxation. Measures have already been put in place to prohibit and avoid anonymous accounts from cryptocurrency trading, a large share of which is conducted with the Won, South Korea’s currency.
Initiatives have also been taken with regards