ICO legalization, South Korea to decide in November

The South Korean government is looking to take a decision regarding legalization of ICOs in November as per the statement of Hong Nam-Ki, the chief of the Office for Government Policy Coordination during the Wednesday’s national assembly audit. Responding to a question on government stance,  Nam-ki responded adding that there are discussions happening and the government is planning to decide once the survey results of the study commenced by FSS are published.

Choi Jong-Ku, chairman of the Financial Services Commission (FSC) stressed on the ban imposed on the ICOs and insisted that the commission would still continue prohibition of fund raising and exchange activities stating that there are uncertainties involved which may result in serious fallout.  Min Seong-woo, a member of the National Assembly vouched for legalizing ICO and requested for robust regulations to fight fraud and money laundering.

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