• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF

South Korea Set to Legalize ICOs Under New Conditions

Osato Avan-Nomayo
by Osato Avan-Nomayo
7 years ago
·
Posted in Bitcoin Regulation, Altcoin News, Altcoins, Bitcoin, Bitcoin Businesses, Bitcoin Regulatory Map, Bitcoin Regulatory Map, Blockchain, FinTech, News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The government of South Korean appears to be on the verge of legalizing ICOs after the 2017 ban. According to the Korea Times, a coalition of lawmakers are looking to obtain a consensus in the National Assembly to pass a bill making ICOs legal in the country.


Details of the Proposed ICO Bill

Rep. Hong Eui-rak is leading the move to legalize ICOs in the country. He is a member of the South Korean ruling party, the Democratic Party of Korea. According to Rep. Hong, the proposed bill the result of the collaboration between his office and the Korea International Trade Association (KITA).

Speaking during a forum on Initial Coin Offerings and blockchain at the country’s National Assembly, Hong said that:

The bill is aimed at legalizing ICOs under the government’s supervision. The primary goal [of the legislation] is helping remove uncertainties facing blockchain-related businesses.

The new legislation does not provide legal cover for unlimited ICOs. Instead, the bill encourages ICOs that promote the growth and development of blockchain technology. Hence, only ICOs by research institutions and public organizations are allowed under the proposed regulatory framework.

The Financial Services Commission, as well as the Ministry of Science and ICT, will be in charge of regulating and monitoring ICOs.

South Korea Issues Ban on ICOs

This move represents the first definitive step taken to reverse the 2017 ICO ban. The country’s government banned ICOs in a bid to prevent uncontrolled speculative investments in cryptocurrencies. As a result, the new ICO paradigm only recognizes ICOs that champion innovation, not just any odd business idea.

Commenting on the bill, Speaker of National Assembly, Chung Sye-kyun said:

Blockchain and cryptos can be used in various public sectors for good causes. Given their potential, we need to work to help reduce political uncertainties they face.

Crypto and Blockchain Tech in South Korea

This move by the country’s legislators confirms stories coming out of South Korea about ICOs. In March, there was talk that the government would allow Initial Coin Offerings but under “certain conditions.”

Regulatory crackdowns in the nation in late 2017 contributed to the decline in global crypto prices. News of an impending ban on crypto exchanges caused widespread panic and protests. The government eventually conceded and instead, prohibited anonymous trading.

The government has also declared in recent times that it would support and encourage the crypto market. Seoul, the country’s capital, recently announced that it would be launching its city-wide crypto called S-coin.

Do you think the proposed Initial Coin Offering paradigm in South Korea is a step in the right direction? Let us know in the comment section below.


Images courtesy of Shutterstock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Osato Avan-Nomayo

Osato Avan-Nomayo

Follow

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Full Profile

Related Posts

India

India Cracks Down: Stricter Rules To Combat Rising Digital Payments Fraud

12 hours ago
PrimeXBT: Top 5 altcoins to watch in 2025 

PrimeXBT: Top 5 altcoins to watch in 2025 

16 hours ago
Philippines

Philippines Authorities Move To Put Key Public Records On Blockchain After Mass Protests

1 day ago
FOMO Fuels BNB Surge, But Analyst Warns Of Short-Term Fragility

FOMO Fuels BNB Surge, But Analyst Warns Of Short-Term Fragility

1 day ago
Liczba milionerów kryptowalutowych wzrosła

Liczba milionerów kryptowalutowych wzrosła o 40%. Rynek przekracza 3,3 biliona dolarów

2 days ago
Altcoin OI Crash Signals Market Stress Beyond Bitcoin – $8B Wiped Out

Altcoin OI Crash Signals Market Stress Beyond Bitcoin – $8B Wiped Out

3 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • 上線倒計時:僅剩25天可搶購 Snorter Bot 代幣

    22 hours ago
  • 加密錢包掀起發幣熱潮 Best Wallet...

    3 days ago
  • Bitcoin Hyper

    ChatGPT предсказва следващата 1000x...

    4 days ago
  • Snorter надхвърли $4 милиона след...

    5 days ago
  • Experience the Next Chapter of Pickleball with the $PKL Token Presale.

    Experience the Next Chapter of Pickleball with the $PKL...

    1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.