South Korea Might Lift ICO Ban
Key Points:
South Korea banned ICOs (Initial Coin Offerings) in 2017 due to the vast number of scams at the time.
Cryptocurrency is one of the top subjects of Korea’s upcoming elections.
Many top presidential candidates have shown support for lifting the ICO ban, if elected.
The Democratic Party candidate even offered NFTs to supporters who donate to his election campaign.
The country’s government has been working towards stricter regulations on cryptocurrencies and related taxations.
A crypto tax targeting assets received as gifts or inheritance is due to go into effect this year.
A 20% tax will be introduced on personal crypto income of 2.5 million won or greater.
NFT taxation is also in the works, even though South Korea’s Financial Services Comission stated NFTs are not virtual assets in earlier months.
