The Korea Blockchain Association has named ICON Foundation Chairman Lee Kyung-joon to become the inaugural chairman of the ICO Club.

Initial coin offering (ICO) is a tool for blockchain startups to raise funds by issuing coins. It is almost similar to the initial public offering (IPO), which enables companies to raise funds in the capital market by issuing stocks, Korea bans ICO out of fear that the offering might be abused for capital flight, money laundering, and drug trafficking.

The ICO Club said it would strive to create a healthy blockchain ecosystem and protect the rights of investors. It added that the club would open dialogue with the government to foster a sound ICO market.

It will devote itself to verifying whether ICO projects, namely projects funded by the ICO, are feasible, the club said. It will also look out for fraudsters who falsely announce dream projects to attract investors.

The founding members include Korea’s leading blockchain companies.  HDac links the Internet of Things (IoT) and blockchain.  MediBloc is developing a platform for recording personal health history.  Coinplug is a leading bitcoin exchange and service provider. Hycon is Korea’s first-generation blockchain. ICONLOOP is specializing in the making of blockchain engine and platform.