[2018-12-9]South Korean Startup Presto to File Constitutional Appeal Against. .

[anamie]

South Korean Startup Presto to File Constitutional Appeal Against Local ICO Ban

A South Korean blockchain startup, Presto, will reportedly file a constitutional appeal over the county’s ban on Initial Coin Offerings (ICOs), South Korean economic media outlet Sedaily reports Dec. 6.
Presto claims on its website that it provides a “total solution to development teams from website building to token issuing.” The startup was reportedly trying to run a Decentralized Autonomous Organization-based Initial Coin Offering (DAICO) in South Korea for the first time.
As Cointelegraph explained in a dedicated guide, DAICOs aim to improve the ICO fundraising method by integrating some features of Decentralized Autonomous Organizations (DAOs).
This fundraising method enables users to use smart contracts to vote for a refund of the funds if they stop trusting the developers or lose faith in the project, Sedaily notes.
As Cointelegraph reported, South Korea banned all ICOs in September last year. Sedaily reports that Presto’s CEO and founder, Kang Kyung-Won declared that the startup 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.”

Readmore: https://cointelegraph.com/news/south-korean-startup-presto-to-file-constitutional-appeal-against-local-ico-ban

[Theb]

There is no doubt that this company, Presto, is looking for an appeal because their main business is to assist ICO developers to create their cryptocurrency. The problem here is that South Korea still lacks the precedence when it comes to blockchain related court rulings so its highly unlikely that the court will rule in favor to them as they are asking to revoke the decision that can affect the South Korean government's legislative solution. I think what they should have done first is to gather up supporters on their request in order for the court to see that they are not the only ones asking for an ICO opportunity in their country.