According to The Korea Times, one of the largest newspapers in South Korea, the South Korean government will lift the ban on ICOs and allow sale of tokens under certain circumstances.
“Financial authorities are talking to the tax office of the country, the ministry of justice and other relevant government departments about a plan to allow ICOs in Korea when certain conditions are met,” a source familiar with the South Korea government told The Korea Times.
During the past year, the South Korean government has banned local ICOs, allowing domestic investors to invest in ICOs in the country. South Korea’s anti-ICO report also had very negative effects on the markets. As a result, South Korea’s decision to entrepreneurs like Switzerland crypto money and countries that offered friendly legal arrangements for ICO projects.
In the meantime, CocoaTalk, CocoaTaxi and CocoaPay, the largest Internet company in South Korea, which has signed the nation’s most used messaging platform, taxi service and finance application, announced that this month, 12,000 merchants and millions of users will use crypto money to provide CocoaPay Bitcoin and I Ethereum like to integrate crypto money.
Cocoa also hinted that a crypto-money like Binance Coin could drive into the market. However, Cocoa executives said they would walk the ICO out of the country because of the ICO ban in South Korea.