After nearly half a year of being restricted from participating in ICO’s, citizens of South Korea may soon have that ability returned to them.
Restrictions on South Korean ICO investments first started hitting the spotlight back September of last year. This decision was made by Korean financial regulators, in part due to suspicious of fraudulent ICOs that could potentially leave uncareful investors with substantial losses.
Korean ICO ban may potentially be lifted.
According to The Korea Times, a Korean based news agency, financial authorities within the country are evaluating and preparing plans that would allow open investing in Initial Coin Offerings.
It also appears that the nations financial authorities are collaborating with the countries tax agency as well as the Ministry of Justice in terms of how ICO’s can align themselves and meet certain legal conditions.
However, despite this fine news, Kang Young-soo, overseer of cryptocurrency trading at the Korean Financial Services Commission (FSC) has stated that the nation’s regulations have yet to formulate a solid regulatory base for ICO investing. Nor has a solid decision regarding ICO legality been taken yet.
Setting a trend for the future of ICO’s and the crypto market.
Despite there not being any definitive information pertaining to Korea lifting their ICO ban, such actions set a positive trend for the cryptocurrency market as a whole. It’s important to note that interest in ICO’s and investing has been rising significantly over recent months.
Another key factor to understand is that the cryptocurrency market is constantly expanding while attracting newcomers. Many of which do not understand the full complexity of this market, and are therefore at risk of easily losing their investments. Therefore, Koreas current stance is quite positive. The benefits provided by Blockchain technology and ICO investing need not be put off limits, instead, they must be harnessed and proper legal frameworks must be put in place.
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