South Korea May Declare ICO Stance Next Month Based On The Financial Supervisory Service’s Report

The government of South Korea may announce its stance on ICO (initial coin offerings) in November. According to the high-profile officials, the government’s decision will follow the conclusion of a study being undertaken by the Financial Supervisory Service. The survey provided to South Korea’s domestic blockchain organizations requires them to offer some information the government expects to utilize to come to a final decision.

The survey is being accomplished on some companies which are preparing for ICO despite its embargo in South Korea. The stakeholders in the blockchain industry need to wait until next month to know whether they will be legalized. Hong Nam-ki, Chief of the Office for Government Policy Coordination confirmed last week when speaking with the parliamentary audit team. The government is on a mission to unearth facts to caution the population against fraud.

Apart from sending the survey on ICOs to the domestic blockchain companies by the nation’s Financial Supervisory Service, the organization is further responsible for setting up some policies on cryptocurrencies including anti-money laundering measures. The survey is further targeted to gather their views on the present legal framework for ICO.

“We did the survey as some companies are conducting or preparing for ICOs despite the ban here. We have had several discussions (on ICOs)…Once the survey results are in by end-October, we plan to finalize the government’s stance,” Hong Nam-ki opined, as reported by Bitcoin.com.

On the other hand, it is not mandatory for the blockchain firms to participate in the survey as they are free to decide. As far as the government’s part is concerned, it only wants a better understanding of ICOs, which does not mean it will compulsorily impose sanctions on these blockchain firms. IcoScientist noted that blockchain firms may respond to the questions they would like to. The government understands the potential of blockchain technology but there is no mandatory requirement to equate it (the technology) with the cryptocurrencies.

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