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
