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South Korea Inches Closer to Lifting Ban on ICOs

National Assembly Building in Seoul

Business Korea reports that action has been taken as the sitting government has failed to determine any clear guidelines for ICO legalization, causing domestic blockchain entrepreneurs to turn to Switzerland or Singapore.

The political movement has manifested as a special committee, rallying under a cry of blockchain technology being paramount to a fourth industrial revolution. Its proposal includes a recommendation that ICOs be legalized under conditions that investor protection provisions are prepared.

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.”, said a spokesperson for the committee.

Just a month ago, it was reported that South Korean lawmakers had begun drafting a bill to legalize ICOs. That particular effort was built on a joint effort by politician Hong Eui-rak and the Korea International Trade Association (KITA). It is understood that this is a separate, but adjacent endeavour.

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