South Korean startup Presto appeals ICO ban

According to the company's website, South Korean blockchain startup Presto provides end-to-end solutions for development teams from website creation to token issuance. The startup also attempted to launch South Korea's first ICO based on the Decentralized Autonomous Organization (DAICO).

According to Cointelegraph, DAICO aims to improve the way it attracts investments by integrating some of the functions of decentralized autonomous organizations (DAOs). TThis method allows users to use smart contracts to return funds in case they stop trusting the developers or lose faith in the project. 

Recall that South Korea banned all ICOs in September last year. Presto CEO and founder Kang Kun-won said the startup was facing difficulties because the government and the National Assembly had failed to do anything in the year since the ICO ban was outright.

“We will ask the court to rule on the dereliction of duty of the legislature and overturn the decision to ban ICO.”

The company believes that the ban infringes on “freedom of property and equal rights of citizens.” 

The position of South Korea regarding crypto regulation differs from other countries such as Malta, for example. As Cointelegraph reported in July, Malta was hailed as the "blockchain island" after the local parliament approved three bills that gave the crypto industry unprecedented regulatory clarity.

However, according to a report from CryptoCompare, South Korea overtook Malta's cryptocurrency exchanges in daily trading volumes in November. Analysts suggest this is due to "competition, mining transaction fees and discount programs."