South Korea to accept ICOs in the country after 5 years of ban, what changed?
Since crypto gained its popularity, especially in the years 2021 and now 2022, they have been so many countries trying to put regulations on it, some taxing it, while some adopting it as a legal tender for use with the hope of developing the economy. However, South Korea isn’t left out when it comes to strict regulations on cryptocurrency, while India is known for its high taxation on it but now South Korea are ready to re-evaluate its regulations on crypto, especially on initial coin offerings.
The turnaround
South Korean regulations on crypto haven’t been any easy on the traders and investors in the country, and the initial coin offerings (ICOs) have been illegal for quite some time, going to five years now, this has made it illegal for companies in the country to invest in virtual assets. The question is, was the ban on Initial coin offerings (ICOs) the cause of the slow blockchain technology innovations in the country? Probably the reason why they changed their mind, is to explore the Initial coin offerings (ICOs) by accepting them and adding them to its list of 110 national tasks.
The government authorities of South Korea are willing to accept the Initial coin offerings (ICOs) in the country but it will be under legislation that will be drafted, the Digital Assets Basic Act (DABA) and also there will be conditions put in place before anyone would be able to trade digital assets in the country because they believe it will help protect their investors and transactions that will be carried out.
South Korea's local banks want to provide crypto to its users
Since South Korea wants to adopt the initial coin offerings, the local banks in the country want to be allowed to provide cryptocurrency to its users to those willing to use it and South Korea might be able to monopolize the crypto industry because the exchange rate between South Korea currency and crypto is just four won.
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