South Korea Seeks to Legalize ICOs
South Korea may soon legalize Initial Coin Offering projects. The National Assembly has submitted a new proposal to allow this.
South Korea is known as the world’s third major player in the crypto sector. We want to remind you that in September 2017, the country has banned the launch of ICO projects. Since then, the government hasn’t been clear in its specifications regarding future activities.
As a result of regulatory changes, many crypto-based businesses moved to Singapore and Switzerland, while the remaining investors across the country were at high risk of being subjected to cyber attacks.
At the moment, the National Assembly of the East Asian Nation is looking to provide answers to several investors’ questions. The national legislature has created a legal proposal that will legalize the launch of ICO projects across the country.
The idea was presented at the official meeting of the Special Committee held on 28 May:
“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.”
The announcement made by the National Assembly has garnered the attention beyond South Korea from both crypto businesses and blockchain-based ones. The Special Committee of the National Assembly also came with accusations against South Korea’s unclear measures regarding the possible regulation of the crypto sector.