On Monday, an extraordinary session was held in the South Korean National Assembly where the different committees and political parties discussed measures in order to promote and regulate the blockchain technology industry and related industries, including cryptocurrencies and the creation of regulations for Initial Coin Offering (ICOs).
According to local news outlet, Business Korea, during Monday’s session the members of the Special Committee on Science, Information Technology and Telecommunications (IITT) of the National Assembly, asked the IITT Ministry to create specific guidelines that new ICOs must follow to protect investors. This measure will go hand in hand with the organization of a special group in charge of regulating and encouraging new decentralized projects.
In addition, a meeting will be held to discuss the implementation of blockchain technology within their organizations. The organizations, which have academic and industry experts, believe that this technology will help political organizations to work more efficiently by reducing structural costs. The discussion is expected to be attended by industrial and academic experts including Blocko director Kim Jong-hwan.
As Crypto World Journal previously reported, in the coming days, the assembly will also discuss a proposal to designate the island of Jeju as a special area for blockchain technology and cryptocurrencies and maintain South Korea’s place among the countries with the greatest cryptocurrency exchange rates. With more than 620,000 inhabitants, a tourist economy, and commerce on its naval bases, the island may become a good target for cryptocurrency investors.
It is unknown when the National Assembly will have specific laws for the regulation of ICOs. The Ministry of Science, Information Technology and Communications is preparing an investigation on the capacity of the exchanges currently running in the Asian country in order to deal with the current vulnerabilities.
South Korea is beginning to take steps to prepare for a future where cryptocurrencies and blockchain technology can co-exist with traditional systems. It has not had the best of luck since several exchanges in the country have suffered multiple cyber attacks and ICOs were banned last year. However, in May they lifted the ICO ban and less than a week ago they stopped rating the exchange as venture companies.
According to Bareunmirae Party lawmaker Jung Byung-kuk who is preparing a discussion on ICO guidelines, too –
“The South Korean government prohibited all types of ICO in September last year and has come up with no related policy since then,” said an industry insider, adding, “The entire industry is paying much attention to how its stance will change through various discussions in the National Assembly.”
by Samuel Larreal