Lights on: South Korea might allow ICOs on special occasions

South Korean government might have recognized the financial losses the country has had during the period since the full prohibition of ICOs, an innovational investment opportunity. This explains why the regulators including the Financial Services Commission, the Ministry of Justice and the National Tax Service are now considering various means of taxation and licensing of digital token enterprise. 

This has been reported by the local media citing anonymous sources familiar with the governmental discussion regarding the upcoming regulatory changes.

South Korea has forbidden ICOs shortly after China last year, a measure which investment expert Don Tapscott has notably called “losing a historic opportunity”. The aforedescribed rumors might have indicated that the door to this opportunity for South Korea might open once again.

The ICOs’ potential tax revenue is one of the critical factors which made the Russian government not to follow China’s example, as noted by local journalists. Moreover, the authorities recognized that once they ban ICOs, the neighbor states will have a new advantage.

Image courtesy of VisitKorea