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Korean chairman announces termination of ICO ban

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Story Highlights

  • Legalization of the ICO

  • ICO regulations instead of ban

Korean government banned ICO

Last September, the Korean government banned ICO in an Asian country. This decision was reached because the government viewed this form of crowdfunding as gambling, fraud and speculation. This is what was greeted by a strong reaction from many domestic blockchain startups.

ICO should be allowed in an Asia

The government was under constant pressure, especially from the opposition party, as some members began to advocate for the legalization of the ICO. Since the current government is struggling with economic problems, including soaring housing prices and a decline in employment, members of the opposition have noticed this opportunity that allows them to present themselves in a favorable light. However, in a recent interview with CoinDesk Korea, Min Byung Doo, a member of the ruling party spoke in favor of ICOs. He is also the chairman of the National Policy Committee – an agency that is considered the first obstacle that must be resolved by those who hope to adopt crypto-legislation or ICO.

In a long interview, Min Byung Doo expresses his thoughts on cryptocurrency, ICO and the general blockchain industry. He is asked why he thinks that ICO should be allowed in an Asian country, to which he replies: “There are some positive aspects in the regulations introduced by the government for Last year. Many bubbles burst, and people realized that this is not the market they must rush into. The laws served as a big preventive injection, so even if the rules on ICO and stock exchanges were canceled, I do not think that people will jump into these markets without careful consideration. I think the vaccine was a success, and the time has come to open the market.”

The interviewer is also interested in finding out whether the fact that the chairman of the National Policy Committee is in favor of the ICO increases the chances of adopting a law on this issue. Min Byung Doo replies that he is firmly committed to this issue and hopes that other lawmakers will also contribute to the discussion of this issue. In conclusion, he says that he hopes they will also approach this issue with a strong sense of commitment.

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