Categories: ICO

South Korea’s Democratic Party Lawmaker Urges Authorities to ‘Open Up the Road’ to ICOs

Click here to view original web page at cointelegraph.com

A member of South Korea’s National Assembly has called on the state to “open up the road” to Initial Coin Offerings (ICO) by easing regulations, South Korean financial outlet Economy reports October 2.

According to the article, Min Byung-doo, a Democratic Party lawmaker, will introduce a project of for ICO legislation at the next round of the National Assembly.

He claimed that the purpose of the new legislation is to allow ICOs while enforcing strict regulation for the negative parts of the industry, noting:

"We are looking at ways to open up the road to ICO[s] while strictly prohibiting negative factors such as fraud, speculation and money laundering.”

Min Byung-doo has reportedly also suggested to local authorities such as the Financial Services Commission (FSC) that the government should legalize ICO operations in the country, claiming that “prohibition is not the only way.” According to Economy, after consulting with the government and the FSC, the authorities’ stance has “changed prospectively compared with the past.”

Calling on the government to ease regulations for the industry, Min Byung-doo noted that the ban on ICO causes "weakening competitiveness" in South Korea’s blockchain industry, comparing it with the levels in the progress by the U.S., adding:

"[South Korea's] blockchain-related industries were at the top of the world in terms of competitiveness, but the competitiveness in ICOs has dropped sharply. Now, 75% of projects in the industry belong to the United States only, which is the world's top competitor."

The lawmaker warned that an uncertain future of regulation for the industry will “prevent the growth of the industry itself.”

South Korea’s financial regulator, the FSC, announced they will ban all types of ICOs in September 2017, claiming that ICO token sales require strict monitoring and oversight. The original ban has since been followed by subsequent hints of a possible reverse of the ban.

In May of this year, South Korea’s government considered re-legalizing ICOs, with a National Assembly committee speaking of the “Fourth Industrial Revolution” and aiming to expand the legal basis for crypto industry in the country, including a reversal of the ICO ban.

South Korea’s lawmakers most recently discussed the ICO ban at the end of August, debating the ban’s reversal as well as considering setting up the country’s own “blockchain island.” According to the report, discussions of a reversal were expected to gain momentum amid the preparation of investor protection rules, as well as the formation of a task force to oversee crypto trading.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: coin crypto initial invest offering

Recent Posts

  • Bitcoin Business

Bakkt Kicks off Test-Launch Phase for Physical Bitcoin BTC Futures

Testing of Bakkt’s Bitcoin futures contracts starts today as the ICE-backed startup is trying out the underlying infrastructure to see… Read More

6 hours ago
  • Bitcoin Business

The Myth of Authority: Mnuchin Denies USD Is Used Criminally

U.S. Treasury Secretary Steven Mnuchin has once again weighed in on bitcoin, claiming the U.S. dollar has not been used… Read More

6 hours ago
  • Bitcoin Business

Survey: Just Four Percent of US Public Favour Bitcoin or Other Crypto Assets as a 10+ Year Investment

According to a survey produced by financial services firm BankRate, Bitcoin and crypto do not represent a popular choice of… Read More

6 hours ago
  • Bitcoin Business

Analyst: Bakkt Could be a Huge Catalyst for Bitcoin; Is a Price Surge Inbound?

Despite facing multiple long delays, the highly anticipated Bakkt Bitcoin futures platform has finally began testing, and many analysts are… Read More

6 hours ago
  • Bitcoin Business

Robinhood Raises $323 Million, Still Worth Less Than Coinbase

Robinhood's $323 million fundraising haul values the trading app at $7.6 billion. But it's still worth less than Bitcoin exchange… Read More

6 hours ago
  • Bitcoin Business

Crypto Market Leaders Differ on Pace of Inst Adoption. Who’s Right?

Binance CEO says there's no influx of institutional investors in bitcoin and other crypto tokens, but reports say otherwise. |… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More