DarcMatter’s CEO, Sang Lee spoke at Future Finance Forum, which is one of the most reputable financial conferences in South Korea, at Westin Chosun Hotel, Seoul on April 18, 2018.

The business media ChosunBiz has been organizing the conference since 2011 to address current issues of financial industry and find suitable alternatives. This year’s theme was Blockchain and the Financial Innovation. The keynote speakers were James Wallis, Vice President of IBM Blockchain Markets and Engagements addressing on implementing blockchain to solve issues and Stefan Thomas, Ripple CTO on interoperability in payment industry. There were also four sessions consisted of panel discussions and presentations. The topics were: ‘Future of Finance and Blockchain,’ ‘Opportunities and Risks in Blockchain Finance,’ ‘Blockchain Technologies and Associated Regulations,’ and ‘Should ICO be legalized.’ More than 400 people attended the conference.

Sang gave a presentation in the fourth session on whether ICO should be legalized in Korea. He started with defining ICO as a new fundraising mechanism in which new projects or existing companies upgrading or shifting to a blockchain model. He then elucidated the reasons why ICO is necessary in financial industry. “ICO is the potential replacement of the dominance of traditional angel and venture funding, and it completely decentralizes the fundraising process,” he said. “Broad based community support is also guaranteed for ICO.”

Sang Lee presenting on stage

Sang also explained the situation of global regulations on ICO. According to him, current issues are: lack of governance, scalability and unforeseen business issues, changing regulations, and limited liquidity. To resolve these matters, some improvements are required: smart contract governance, transparency in market communication, standardized global regulations, and maturation and clearer regulations.

His presentation was followed by a panel discussion, led by onsite experts including David Suh, CEO of Zikto, Jonghyun Kim, Vice President of Korea Investment Partners, Wooram Son, CEO of Reality Reflection, and the chair Hohyun Han, professor of Kyunghee University. All of the panelists favored the legalization of ICO due to its importance in the 21st century.