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ICO Market Revival Imminent in Crypto South Korean

Jimmy Khan

May 09, 2022 09:57

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Initial coin offers (ICO) are once again making headlines in South Korea. Since 2017, South Korea has had an ICO prohibition in place.


The South Korean Presidential Election this year used digital assets. President-elect Yoon targeted young voters in March by minting NFTs on the AERGO blockchain for 50,000 Korean Won apiece.


The South Korean government is examining additional sectors of the digital asset industry to foster innovation after Yoon's election victory.

Government of South Korea Plans The 2017 ICO Ban Has Been Lifted

The Presidential Transition Committee of South Korea unveiled a new crypto framework last week. The Digital Asset Framework Act aims to increase investor confidence and development in the digital asset industry to encourage innovation and growth.


The government intends to introduce two types of ICOs, security and non-security, according to the article.


"ICOs need a reexamination according to the appropriate financial reporting rules," Do Gyu-sang, deputy head of South Korea's Financial Services Commission (FSC), said in the study.


"We cannot postpone the ICO any longer," Do allegedly remarked. The Capital Markets Act must incorporate the Initial Coin Offering (ICO). To do so, we'll have to go through several clauses again and consider how they relate to the (Virtual Industrial Rights Act) legislation or special law."


The announcement came as South Korea prepared to impose a 20% tax on crypto capital gains of more over 2.5 million won.


South Korea officially banned initial coin offerings (ICOs) in September 2017. (ICO). The prohibition was huge news at the time. Initial coin offers (ICOs) were the most common way for cryptocurrency firms to generate funding.


Cybercriminals ruined an efficient tool for genuine entrepreneurs to obtain funds during the ICO boom.


For entrepreneurs, ICOs were appealing because they eliminated the need for middlemen. Native coins might be purchased at a discount for investors.


The growth in scams was of more concern to the South Korean authorities and even the Chinese government, which imposed a ban before South Korea.


There has been talk about the crypto capital gains tax since Yoon's inauguration on Tuesday, May 10.


South Korea intends to postpone the implementation of a harsh cryptocurrency tax.


According to Reuters, South Korea's crypto tax will be delayed by one year, until January 2023. The National Assembly is said to have enacted a law deferring the capital gains tax on cryptocurrency trading for a year.


The South Korean administration is apparently intending to postpone the crypto tax even longer.

South Korea might become a hotspot for digital assets and innovation if the ICO market is reopened and the 20 percent crypto capital gains tax is removed. Other jurisdictions have enacted more restrictive policies, which may need to be revisited.


Cardano (ADA), EOS (EOS), Ethereum (ETH), and NEO are among the most successful ICOs in terms of Return on Investment (ROI) (NEO). In comparison to the current price of $2,669, the ICO price for ETH was $0.311.

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