Lifting Ban on ICO in South Korea In Detail
May 30, 2018
South Korea’s chief legislative body, National Assembly, has come with official proposal to permit again ICO within the country provided investors security is guaranteed. Remember that ban on ICO was adopted in September 29, 2017.
In September the Financial Services Commission of South Korea decided to impose ban on ICO as their speculative nature implied risks for capital market and investors. Despite rumors about lifting this ban first appeared in March, the ban is still in force.
However today BusinessKorea informed, National Assembly has officially proposed a bill to permit ICOs that provide necessary investor security. In addition, the Korea’s parliament reproved the country’s government of non-implementing reforms as promised that would augment blockchain’s importance for the country.
Special Committee of the Fourth Industrial Revolution also advised creating a task group for more transparent crypto trading in the country and further development of viable industry.
“We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee», the committee’s chair stated.
Moving on, the parliament suggested for the government to establish its own committee and new institutions to elaborate regulations for blockchain on regular basis as well as provide assistance for the companies that use the technology in-house.