South Korea's president-elect Yoon Suk-yeol

S.Korea’s incoming administration pushes to end ICO drought

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South Korean president-elect Yoon Suk-yeol’s administration has included approval of initial coin offerings (ICOs) among its 110 national tasks announced Monday.

See related article: Crypto is presidential election campaign issue for South Korea

Fast facts

  • The right-wing government will prepare a two-lane regulatory framework for ICOs by classifying digital assets as securities and non-securities.
  • The bill aims to manage the issuance and listing of digital tokens and prevention of unfair trade acts, according to the presidential transition committee.
  • South Korea’s Financial Services Commission (FSC) banned ICOs in 2017 after observing excessive speculation and financial crimes in the local industry.
  • Yoon’s administration included a plan to establish legislation tentatively named the Digital Asset Basic Act, which will contain guidelines on issuing digital assets, such as non-fungible tokens (NFTs), investor protection and stabilizing digital transactions.
  • The presidential transition committee added that a crypto assets tax will be discussed after investor protection-focused legislation is in place.
  • Yoon’s term begins May 10, 2022.

See related article: A crypto bull wins the presidency: What it means for South Korea

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