Min Byung-Doo, head of the Korean National Policy Committee, believes that South Korea must not “close the ICO door completely” and ignore this global trend. He added that tokens have numerous economic advantages and that a lot of startups that made ICOs have a promising future. This is what he spoke about during the National Assembly session.
However, Min emphasized that the industry must be regulated before it is legal. In September of the previous year, the country’s regulator imposed a ban on coin offerings, but since then this topic has become hot and the local crypto community hopes the ban will be lifted soon even if ICOs should be regulated first.