Crypto startup challenges South Korean ban on ICOs in the court

South Korea banned Initial Coin Offerings in the country and that’s the official word from the authorities so far. Presto which is a South Korean blockchain startup announced last week that it would plea in the court against the government move; not to restrict the Initial Coin Offerings in the country. Presto was trying to make the very first DAICO in the country and was ready to suggest a solution to team developers for building and issuing of a website.

DAICO can be explained in its core a system that would improve the fundraising process for the Initial coin Offerings as suggested by Presto.

The fundraising process allows the use of smart contracts for a refund if trust is not established between the consumer and the producer. Kang Kyung-Won who is the CEO and Founder of Presto stated that Presto has been facing difficulties because the government and NA had not taken any actions towards this matter since last year when the ban was issued.

He further mentioned his plan to file a plea to reconsider the ban. Presto feels that this ban is unduly and inconsiderate towards occupation, property and equal rights of citizens.

Malta is known as the blockchain Island for its development in the crypto space as well as the legalization and acceptance of crypto technology. The government of Malta is also working on creating Artificial Intelligence. But South Korea’s daily trading volume is slowly catching up to Malta’s and might surpass it in the days to come.