This article originally appeared in CoinDesk Korea, a partnership with The Hankyoreh.
Opting to take the view ICOs are a form of fraud, speculation or gambling, the Korean government initiated a ban on the investment vehicle last September, one that sparked a strong backlash from domestic blockchain startups.
Still, some Korean lawmakers from the opposition party have piggybacked on these concerns and are advocating for the legalization of ICOs. In a situation where the incumbent government is struggling with economic issues, including a decline in employment and skyrocketing housing prices, it's perhaps natural the opposition party would rally behind an emerging technology to try to establish an innovative image for itself.