South Korea prepares to lift ICO ban

According to The Korea Times, one of South Korea’s largest newspapers, the South Korean government will lift the ban on ICOs and allow token sales under certain conditions.

South Korea told The Korea Times. “Financial authorities are discussing with the country’s tax office, justice ministry and other relevant government departments about a plan to allow ICOs in Korea if certain conditions are met,” a source known from his government said.

Last year, the South Korean government banned local ICOs, preventing domestic investors from investing in domestic ICOs.. The news of South Korea’s ICO ban had a very negative effect on the markets.. As a result, with this decision of South Korea, entrepreneurs have shifted to countries that offer friendly legal regulations for cryptocurrency businesses and ICO projects, such as Switzerland.

Meanwhile, last month, KakaoTalk, KakaoTaxi and KakaoPay, the country’s most used messaging platform, South Korea’s largest internet company Kakao, a taxi service and finance app, plans to integrate cryptocurrencies like Bitcoin and Ethereum into KakaoPay this month to enable 12,000 merchants and millions of users to use cryptocurrencies as a payment method.

Kakao also hinted that a cryptocurrency like Binance Coin might be launched as well. However, Kakao executives said that they will conduct the ICO outside the country due to the ICO ban in South Korea.