Global cryptocurrency analyst Joseph Young indicated that the South Korean government is moving toward legalizing the initial coin offering.

In his Twitter, he said banks would be able to work with cryptocurrency exchanges without boundaries. He also said that the South Korean court has sided with the cryptocurrency exchanges in a dispute with banks over banking services.

Seoul analysts said Joseph Young’s prediction is broadly in line with the movement now underway in the South Korean government.

The government is expected to unveil its plan on whether to permit the ICO and how to regulate and foster cryptocurrencies and blockchain industry.