South Korea Conducting Survey Over ICOs

The survey is being sent to blockchain companies that currently exist in the country as a means for the government to gain information. This will allow them to come to a concrete decision. For now, the ICOs are still banned in the country. This is forced investors and users to look for alternative places to investment opportunities.

Nam-ki further said that the Financial Supervisory Services (FSS) of South Korea has shared the survey with local blockchain businesses. The government wants additional opinions on the existing legal and regulatory framework for this particular sector. FSS is responsible for creating crypto-related policies including anti-money laundering measures.

The government is also hosting talks with existing blockchain companies on ICOs. Although there is an ongoing ban enforced in the country, multiple companies are planning to launch an ICO project. Nam-ki confirmed that the final decision will be given by November.

The FSS has made the survey participation optional for the blockchain companies. The government seeks to understand ICOs better and is not planning to impose sanctions on existing companies. Some blockchain businesses are skeptical when it comes to some of the survey questions. This is because currently, it is illegal to be involved with ICOs in South Korea.

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