Another hurdle in the crypto world stemming from the concerns raised over illegal usage of cryptocurrencies and lack of complete transparency that’s rooted in the complex nature of crypto transactions.
The Chairman of South Korea’s primary markets regulator has reaffirmed the ICO ban in a top-level meeting. FSC chairman has told legislators that the authority will stick to its policy of a blanket ban on fundraising through ICOs.
The official emphasized that the regulator will keep this position despite calls from crypto industry, the startup sector and even some other lawmakers urging the government to legalize ICOs under regulation. Taking its cue from China, the FSS which works under FSC issued a ban on ICOs in September 2017.
It wasn’t long before financial authorities considered reversing the ban although a new bill drafted to legalize the launch of ICOs and cryptocurrency. In May 2018 the Korean National Assembly moved with an official proposal to lift the ban, and this effort has seen legislators from various political groups to advance the initiative.
South Korea’s Jeju Island’s Governor proposed to designate the province as a special zone for blockchain and Cryptocurrency sector to the finance minister, deputy prime minister, and various other key members of Congress. He confirmed that if confirmed it would allow the province to legalize ICOs.
He showed support for legalizing cryptocurrency both verbally and practically by opening the shores of the largest island off the Korean peninsula to domestic startups and entrepreneurs from the mainland and its ban.