The central bank of the Republic of South Korea, or the Bank of Korea (BOK), has lifted its previously imposed ban on the issuance of cryptocurrencies through the Initial Coin Offerings (ICO).
According to local media reports, the Bank of Korea said that it was necessary to allow new issuance through ICO of crypto assets in Korea, while the bank emphasized the need for it to play a role in managing and overseeing crypto assets, or so-called stablecoins, as the monetary authority.
Through a Korean translation of the ‘European Union Crypto Asset Market Act (MiCA),’ the BOK said that Korea has been banning ICOs of crypto assets to protect users and investors. Nevertheless, there are no regulations on transactions through domestic exchanges, so domestic companies could establish a local corporation overseas to issue new crypto assets and then list them on a domestic exchange.
“When the Framework Act on Digital Assets is enacted in the future, it is necessary to allow domestic...
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