April 20, 2024

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[THE INVESTOR] The Korean government is likely to announce its stance on the much–disputed status of initial coin offerings in November, a top official said on Oct. 10. 

“We have had several discussions (on ICOs),” said Hong Nam-ki, chief of the Office for Government Policy Coordination, during a parliamentary audit, when asked about government’s position on ICOs. “Once the survey results are in by end-October, we plan to finalize the government’s stance.”

Earlier in September, the Financial Supervisory Service launched a survey among local blockchain companies to gather their views on the current legal framework. 

“We did the survey as some companies are conducting or preparing for ICOs despite the ban here,” said Hong. 

The government also reaffirmed its support for bolstering blockchain technology. It is pumping 14 billion won (US$12.25 million) this year and 20 billion won next year for development of the budding industry.

By Ahn Sung-mi (sahn@heraldcorp.com)