South Korean president-elect Yoon Suk-yeols administration has included approval of initial coin offerings (ICOs) among its 110 national tasks announced Monday.
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 Koreas Financial Services Commission (FSC) banned ICOs in 2017 after observing excessive speculation and financial crimes in the local industry.
Yoons 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.
Yoons term begins May 10, 2022.
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