South Korea’s presidential elections are allegedly considering lifting the country’s ban on initial coin offerings (ICOs) in order to gain popularity with younger voters.
According to a report by Forkast News on Wednesday, conservative People Power Party candidate Yoon Suk-yeol and Democratic Party of Korea candidate Lee Jae-myung indicated they were contemplating lifting a restriction on crypto fundraising
According to the article, Yoon, who is trailing challenger Lee in the polls, indicated Wednesday that he will legalise ICOs provided they are monitored by bank-certified and licensed crypto exchanges.
The country’s financial regulator, the FSC, denied regulating NFTs in November because according to it, they do not meet the Financial Action Task Force’s definition of “virtual asset” (FATF).
In a country that prohibited ICOs more than four years ago, cryptocurrency is proving to be a hot-button topic among regular voters.
The Financial Services Commission, the country’s financial authority, barred the use of ICOs in 2017 and warned that “severe consequences” would be imposed on anybody participating.
Just last month, South Korean lawmakers opted to postpone a new crypto tax on digital assets, which was slated to go into effect in 2023.
The South Korean presidential election of 2022 is scheduled for March 9, and it will be the country’s eighth since switching to a direct election democracy in 1987.
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