South Korea, a country with one of the most strict regulations of crypto market, might finally allow initial coin offerings for local investors.
When will it happen?
Nothing is final yet. According to the sources, “the financial authorities have been talking to the country’s tax agency, justice ministry and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met.”
Oh, that might take a while. So why is it important?
If the plan works, it will be a great relief for domestic crypto investors. South Korean government banned ICOs in September 2017. While digital exchanges still operate in the country, local projects wishing to do an ICO currently cannot legally take money from local Korean investors.
What can we learn from it
- The speculations about South Korean authorities possibly allowing ICOs are circulating since September. However, each time it was a false alarm. Nothing yet is certain anyway.
- The country still needs a fully fledged legal basis for crypto-trading.