The South Korean Government is planning to legalize Initial Coin Offerings (ICO’s) within the region.
The South Korean National Assembly has officially passed a proposal to allow domestic ICO’s, after imposing a total ban on ICOs in September 2017 according to local news media today.
Business Korea recently reported that a national assembly committee dedicated to the study of blockchain technology and cryptocurrency suggested a
“legislative and policy proposal of recommendation to allow ICO’s under the conditions of investor protection provisions preparation”,
seeking to enhance a legal “basis” of cryptocurrency in the country.
“We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order, we will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee”
said the Special Committee for the Fourth Industrial Revolution, in an official statement on May 28th. The committee communicated their concerns on the government decisions regarding this cryptocurrency and blockchain field.
The department accused the administration of neglecting its duty to respond to blockchain application expansion, which was selected as a core subject in the regulatory reform sector. They urged the administration to
“consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support.”
Over the course of the year, experts and influential figures of the technology industry, have called on regulators to embrace innovation, while maintaining the standards of security for investors and consumers, in a manner that continues to mature this growing industry.
by Samuel Larreal