Korean National Assembly Proposes To Allow ICO’s

South Korean National Assembly which consists of 300 members has officially made a proposal to lift the ban on domestic ICO’s according to a report from Business Korea.

It’s been almost eight months since South Korea banned ICO’s and now finally it seems like there is a serious talk going on to lift this ban. One of the reasons being that many of the Korean Blockchain projects are registering in countries like Singapore and Switzerland which are ICO friendly and this can hinder the growth of the Korean economy and they might miss out on some of the game-changing projects in this fourth revolution.

The National Assembly’s proposal suggests a legislative policy in which ICO’s are allowed under conditions that will protect the investors against fraudulent schemes.

Business Korea reports that the special committee for the fourth revolution held a meeting on 28 of May and presented the activity reports from past six months. The report also mentions that the committee accused the administration of neglecting its duty in the expansion of Blockchain Applications which was one of the core subjects of discussion.

A Special committee member said:

“We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. The administration also needs 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. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.”

It will be interesting to see how the administration will go forward in implementing the regulations as this will serve as a guideline for other countries as well, Korea being one of the largest markets for Cryptocurrencies and a forefront market in Blockchain implementation.

Source: Business Korea

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