South Korean Crypto Community to Push Back Against ICO Ban

The Crypto Community is Surprised by the Announcement of a Ban

Members of the Korean community were still surprised by the governments’ hasty decision to ban ICOs. They knew a negative announcement on ICOs were coming, but they did not foresee the implementation of a total ban. The CEO of Bitcoin Center Korea, John Ra, provided some commentary on the announcement
He mentioned that the timing was interesting on the part of regulatory bodies. They brought up the desire to ban ICOs prior to Chuseok or the Thanksgiving holiday. This caught many crypto companies by surprise, as they did not have ample time to respond
Startups to Take a Stand Against Government

The Forbes article mentioned Kim Tae-won, the former chairman of the Korea Blockchain Industry Promotion Association and CTO of startup Glosfer, is gathering the crypto community to fight back. He is preparing a petition that would prevent the government from banning ICOs. The petition calls for regulatory entities to provide a deeper assessment and gather more information before making a decision to ban ICOs.

Glosfer hired a law firm that has determined that ICOs cannot be penalized under existing laws. The blockchain association will then ‘face it head on’ with the National Assembly by the end of October , Kim says.

The Rushed ICO Ban and its Effects on Bitcoin

According to Forbes sources , Kim said the decision to ban ICOs was 'rushed' .Kim also theorized that this hasty decision was caused by pressure from influential regulators and government agents. The fact that vaporous and scammy ICOs exist , probably expedited their decision to call for a ban

Regardless of outcome, every time these countries rush to ban ICOs, Bitcoin suffers temporarily. The cryptocurrency market ecosystem functions in unison . Still, bitcoin and other cryptocurrencies have always manage to recover even when governments try to attack them.

It will be interesting to see if the South Korean Bitcoin and cryptocurrency community can come together to stop government regulators from interceding in the market . They seem to believe the ICO ban can be reversed.