The Korea Blockchain Startup Association received a formal license from the Ministry of SMEs and Startups Wednesday.

It has 180 member companies. It would hold a series of seminars aimed at helping blockchain startups do business.

The association would partners with the Cryptocurrency Research Center of the Korea University and the Korea Blockchain Industry Promotion Association to issue guidelines on the initial exchange offerings (IEO).

Unlike ICOs, the IEO is eligible for companies passing the pre-set guidelines and having underlying technologies.

The association would provide legal services to the member companies for helping them comply with laws and regulations.