Presidential candidates from South Korea seeking to unban ICOs

Presidential nominees from South Korea proposed an idea to the South Korean crypto community to unban ICOs. 

Initial Coin Offerings ( ICOs) are the best options for the talented crypto team, in case they have no support to fund their project. ICOs project was highly famous in 2017. Many people were taking advantage of ICOs to grab huge funding from the crypto community. The best example of an ICOs scam was KYC.legal, which never launched its coin but collected huge amounts of funds in this space. Because of such types of scams, the majority of countries’ regulators imposed restrictions on new coin launching. Right now rules in the United States are very tough, if any team will launch its coin through ICOs then its token will be considered as a security token, not digital asset.

To prohibit any kind of scam because of the new coin launching idea with the ICOs concept, the government of South Korea imposed a pure ban on ICOs like activities fully. But right now two presidential candidates are planning to unban ICOs in South Korea. 

Yoon Suk-year, the presidential candidate from the People Power Party, said he will approve ICOs projects if the team will get supervised by bank-certified and licensed, and trusted crypto exchanges. Yoon also promised to bring legislation to prohibit people from making money by selling the assets in illegal ways or any kind of manipulation.

Lee Jae-Myung, a Candidate from the Democratic Party of Korea, also said on Wednesday speaking in a meeting with local exchanges, that he may consider allowing ICOs again In South Korea. 

The majority of the reports claimed that it is all about the idea of these two presidential candidates to grab full attention and support from the crypto community. Few people are comparing this situation in South Korea with the recent US Mayoral election, where many candidates supported the bitcoin and crypto industry, to get votes. 

Right now, Yoon is at the top in terms of support in South Korea. After Yoon, Lee is a bigger competitor who is close to him. 

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