Bank of Korea: Future Institutional Need to Allow Domestic Crypto Asset ICO

South Korea has been banning ICO of crypto assets to protect users and investors, the Bank of Korea said. However, there are no regulations for transactions through domestic exchange, so domestic companies have set up local companies overseas to issue new crypto assets and then list them on domestic exchange (e.g. Bithumb, etc.). It emphasizes that "in the future, when the Digital Asset Framework Act is enacted, it will be necessary to institutionally allow domestic crypto-asset ICO, and for traded crypto-assets such as Bitcoin, which are designed to store profits and value, it will be necessary to apply investor protection regulations to crypto-asset service providers, while providing protection for transparency of transactions in the crypto-asset market. "