South Korea's ban on initial coin offerings (ICOs) could be eased in the coming months, according to a new report.
An anonymous source told the newspaper:
Despite the local ban, many Korean cryptocurrency users are still participating in international ICOs. Kang Young-soo, the regulator that oversees cryptocurrency trading policies at the Financial Service Commission (FSC), declined to comment on ICOs other than to say the FSC is considering a "third party view."
Additionally, Young-soo affirmed that the government wants to advance blockchain technologies and create a better infrastructure for regulating cryptocurrency trades.
However, international cryptocurrency market presents new challenges for lawmakers.
As it stands, overseas residents are currently banned from trading cryptocurrency in South Korea. This restriction is aimed at curbing money laundering and other possible cross-border crimes. Meanwhile, South Korean officials are reportedly talking with counterparts in Japan and China to explore regulatory cooperation, which means that any final rules could be developed in tandem with those countries.
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