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South Korean Startup Presto Files Appeal Against ICO Ban

Redwan Eid | Dec. 10, 2018
South Korean Startup Presto Files Appeal Against ICO Ban

December 10, 2018 | AtoZ Markets - A blockchain startup in South Korea, as per the local media, will file a constitutional appeal against the ban on Initial Coin Offerings (ICO), which the government imposed in the country.

The startup Presto, identifies itself as having a comprehensive solution for “development teams from website building to token issuing.”

The aforementioned blockchain startup was said to have tried before to establish an ICO based on a Decentralized Autonomous Organization, under the name of DAICO for the first time, which was supposed to focus on improving the ICO fundraising methods by adding important features of what is so called Decentralized Autonomous Organizations (DAOs).

South Korea grip on ICOs in the country is very firm as the media confirmed, where the financial regulator banned the industry completely since last September.

The ban on ICOs goes against people’s freedom

In his turn, Presto’s CEO and founder, Kang Kyung-Won stated that the firm “has been hitting a snag as the government and the National Assembly have done nothing over the last one year since the government’s blanket ban on ICOs.”, noting that the management is looking for filing a constitutional appeal.

“We will ask the court to rule on the ICO ban and the legislature’s nonfeasance.”, Kyung-Won was quoted telling a local media outlet.

The ban imposed on ICOs in the country breaches people’s freedom, as Presto confirms, in addition to equity in rights.

AtoZ markets reported on Dec. 4th, that the financial authorities in South Korea announced its intention for taxing the outcome of cryptocurrency trading and ICOs in the country, however the plan as reported are still in their initial stages.

The suggestion the minister of finance in the country made, came as the authorities sensed the industry could pour extra income in the country, by imposing taxes on it.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.