Icon (ICX) is one of the fastest growing South Korean tokens given the fact that ICX soon made it to the top selling coins, holding the 21st spot on the global coin ranking list. ICX has also been doing pretty well in its recovery from the market crash as this currency is being traded in the green for days now. However, its country of origin didn’t make climbing to the top easier for Icon as the South Korean government proclaimed an ICO ban the last year, about 6 months ago. That being said, ICX is avoiding the ICO ban set by its country of origin. How is Icon succeeding in this and will South Korea be changing their “verdict” on the original ICO ban?
Icon and South Korean ICO Ban
Several months ago, in the third quarter of 2017, South Korea proclaimed their ban on all ICO launching, which means that Icon (ICX), one of the top trading coins, was considered to go under the mentioned ban.
That is how Icon was launched from Switzerland, originally issued by DAYLI Financial Group. However, later on, Icon soon began to trade on all South Korean major exchange markets, which included Upbit and Bithumb. In case you want your coin to experience expansion in the South Korean market, you surely want it on Bithumb and Upbit.
One of the notable crypto analysts claims that It is very important for Icon to get listed on such exchange markets given the fact that these markets represent its local targeting. After all, Icon is a South Korean token even though it was originally launched in Switzerland.
While some crypto enthusiasts claim that Switzerland is the capital of cryptocurrencies, which is an arguable comment, South Korea is proven to be one of the largest markets for cryptocurrencies and decentralized blockchain technology.
Some people even claim that Icon is indeed the South Korean Ethereum, South Korea has decided to ban all ICOs in South Korea. That is probably how Icon, which is considered to be a South Korean token, ended up being launched as an ICO in Switzerland.
In case you are wondering what the reason behind this ban is, as stated by South Korea’s Financial Service Commission representatives at the given time, the official statement included that all ICOs are being banned in South Korea as cryptocurrencies are actually “flooding” the real value of fiat currencies, stating that digital assets are causing money to act in an unpredictable way.
However, the story about banning ICOs in South Korea didn’t end here as the Financial Service Commission changed their minds approximately a month ago.
Apparently, an unnamed source from the top of Korea’s financial authorities has given an unofficial statement that the South Korean authorities are currently debating about allowing ICOs in South Korea.
This case is actually a huge game changer, opt only for Icon that is doing pretty well even with the trending ban, but for other “smaller” South Korean ICOs that are limited with capabilities due to this ban.
However, the incited source from the financial top of South Korea’s government also stated that if the initial ban was to be removed for ICOs in South Korea, there would some regulations and standards in order for each ICO to be accepted and allowed in this country.
Icon and the Market
Icon (ICX) has been doing an extraordinary job in recovering from the market crash as this token is trading in the green for days now while still going up against the dollar.
After the latest change in the market, Icon is trading in the green against the dollar, thanks to the latest rise of 9.20% against this fiat currency.
In addition to trading in the green against the dollar, ICX is also trading up against BTC and ETH, which means that Icon is currently doing slightly better in the market when compared to Bitcoin and Ethereum.
Icon has gone up for 9.48% against BTC in the last 24 hours, while it is trading up against ETH for 8.96%.
Icon marked its all-time high back at the beginning of January when this currency traded at the price of around 12.40$ per one ICX token.
At the current moment, due to the latest increase in its price, Icon can be purchased at the price of 3.79$ per one unit, which is still almost 4 times lower than its record price as recorded back at the beginning of 2018.
In case South Korea removes the initial ban of ICOs, there might be something more in it for Icon (ICX) as well, so we might potentially see it rising back to its all-time high and even above in this case scenario.