Categories: ICO

Member of South Korea’s Governing Party Urges the State Legalize ICOs

Click here to view original web page at www.coinspeaker.com
National Assembly of the Republic of Korea, Seoul, Korea. Photo: OZinOH / Flickr

Though the authorities in South Korea announced their decision to ban ICOs in the country in September 2017, there haven’t been any laws enacted in this regard. But now Min Byung-Doo, South Korea’s National Policy Committee Chair, has announced a necessity to legalize ICOs and to provide an appropriate regulatory framework.

According to the Committee Chair, in the world where token sales have become a real global trend, the prohibition of ICOs seriously weakens the company’s competitiveness with foreign markets as it can prevent the growth of this industry. That’s why he doesn’t want South Korea to say “no” to ICOs and close the door to them. He said:

“[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.”

It is expected that Min Byung-doo, who is a Democratic Party lawmaker, will prepare a draft project for potential ICO legislation by the next round of the National Assembly. According to his words, the main idea that should be reflected in the new legislation is the country’s desire to enforce strict regulation for the negative parts of the industry while allowing ICOs. He explained:

“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.”

As it was reported by the local media, Min Byung-doo had already revealed his stance to local authorities including the Financial Services Commission (FSC), explaining that “prohibition is not the only way” and calling on to legalize ICO operations in the country. It is also said that in general attitude of the local authorities towards ICOs has changed to a more positive one if compared with their attitude in the past.

We have already mentioned that the FCS announced its decision to prohibit all kinds of ICOs in the country a little bit more than a year ago. Such a decision was explained by the fact that it is necessary to conduct serious monitoring of all ICOs and to establish serious control over them.

Following the ban, there were several attempts to cancel it. For example, such talks took place in May, when the National Assembly committee discussed a possibility to expand the legal basis for crypto industry in the country. Then the country’s lawmakers touched this issue in August while considering setting up the country’s own “blockchain island.”

In general, it is necessary to say that this year the country has done a lot of work in the sphere of crypto legislation. For example, in June the FSC revealed its new anti-money-laundering and know-your-customer rules for crypto exchanges.

You May Also Like
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: crypto

Recent Posts

CME Group Reveals Plan for Bitcoin Options in Q1 2020

Leading derivatives exchange operator, CME Group announced in a press release today that it will launch options on its bitcoin… Read More

4 hours ago

Analyst: Bakkt Launch to Improve Trustworthiness of Crypto Markets

For the past year many participants within the crypto markets have been looking towards the official launch of Bakkt as… Read More

4 hours ago

IBM Stock Gets a Blockchain Pop

IBM (NYSE: IBM ) investors haven’t had all that much to complain about in 2019. After a precipitous drop over… Read More

4 hours ago

I-Team: Bitcoin scams rob Triangle investors of $54K

RALEIGH, N.C. (WTVD) -- A series of online heists is robbing even the most tech-savvy people in the Triangle.According to… Read More

4 hours ago

Colombia is slowly moving toward Bitcoin-friendly regulations

To say Colombia doesn’t have the best cryptocurrency regulations in the world would be an understatement. As it stands, crypto,… Read More

4 hours ago

Ethereum price analysis: Bulls take full control of ETH/USD

ETH/USD went up from $218.55 to $220.60. The Relative Strength Index (RSI) indicator is trending in the overbought zone. ETH/USD… Read More

4 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