South Korean startup to file constitutional appeal against the country’s ICO ban

Presto, a South Korean blockchain startup, said on Thursday that it will file a constitutional appeal against the government’s ban on initial coin offerings (ICOs) because it violates the rights of the people. South Korea’s financial regulator prohibited ICOs in September 2017. Despite some discussions about ending the ban in August, no change has materialized. Presto is reportedly alleging that the ban is against the rule of law and the principle of proportionality.

Kang Kyung-won, Presto’s CEO and founder, said: “As a blockchain startup, we have 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. We will ask the court to rule on the ICO ban and the legislature’s nonfeasance.” Kyung-won added: “In this era of the Fourth Industrial Revolution and unbounded competition, one year or two in the science and technology community is comparable to 100 years in the past Industrial Revolution. Such unconstitutional and pre-modern measures as the ICO ban should not exist any longer.” (Source: 서울경제)

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South Korean startup to file constitutional appeal against the country’s ICO ban written by Larry Cermak @ https://www.theblockcrypto.com/tiny/south-korean-startup-to-file-constitutional-appeal-against-the-countrys-ico-ban/ December 9, 2018 Larry Cermak

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