After about eight months after the complete ban on the holding of the primary coin offerings (ICO), National Assembly of South Korea reportedly made an official recommendation to legalize ICO in the country.
According to a report by Business Korea, published on Tuesday, the national legislative body with 300 members, made a formal proposal to allow the ICO in the country, and prepare the appropriate laws for the protection of investors ‘ rights.
The special Committee of the National Assembly under the fourth industrial revolution, even accused the government that it “neglected its responsibilities” in respect of representatives of the blockchain industry, the report said. The ban on the holding of the ICO in China and Korea resulted in an Exodus from these countries companies planned to raise funds for the ICO, in a more friendly jurisdiction such as Singapore or Switzerland.
The report States that the discussion on the blockchain-industry and ICO between the National Assembly and the government will be “accelerated”. Speaking more specifically, in addition to legislative and policy proposals of the National Assembly to recommend the lifting of the ban on the holding of ICO,
Committee for the 4th industrial revolution encouraged the government to form a working group of government officials and private industry experts to “enhance the transparency of trading cryptocurrencies and establishing healthy order trade”.
“The administration should also consider creating a new Committee and building management systems at its level, to carry out systematic policy and provide effective support for the blockchain industry. Through the standing Committee of the National Assembly, we will also create a legal framework for cryptocurrency trading, including money laundering ICO”.
For the first time about this initiative became known in may, when a group of legislators, led by Congressman Hong Yu-Cancer (Hong Eui-rak), a representative of the ruling Democratic party of Korea, began developing a draft law on the legalization of the launch of the new ICO in the country.
“The bill is aimed at the legalization of the holding of the ICO under the control of the government of […], said Hong Yu, Cancer. – The main purpose of the bill is to help eliminate the sources of insecurity, which regularly encounter blockchain of the company.”
These positive signals about a change of course was preceded by the recent comments of the new head of the Korean financial regulator, which decided to pay attention to the “positive aspects” of cryptocurrencies, inviting the authorities to loosen restrictions on cryptocurrencies in the country, one of the largest cryptocurrency markets in the world.