South Korea is one of the leading countries in regards to cryptocurrency. For a long time, many cryptocurrencies including Bitcoin, Ripple & Ethereum traded at a 20-50% premium. Therefore, news from South Korea regarding cryptocurrencies always affect the entire crypto market. Early this year when rumors about a potential South Korean crypto ban surfaced, the market suffered.
Today, however, great news from South Korea was announced. According to The Korea Times, financial authorities are planning to allow initial coin offerings, ICOs, once again.
The financial authorities are preparing a plan to allow initial coin offerings (ICOs), digital token-based fundraising rounds, for domestic investors, to advance blockchain-based technologies, according to sources familiar with the issue.
Initial coin offerings will, however, be required to follow guidelines to ensure no illicit behavior is involved. Many experts on this topic, have said regulation is needed for cryptocurrencies to be widely adopted by the public, plus investors will have an increased certainty that the company behind an ICO, isn’t just running away with the money.
The source of this information is an individual who wanted to remain silent, as they weren’t authorized to speak of this topic to any media. Therefore, we can’t count this to be 100% confirmed before South Korean authorities release the information themselves.