Korean National Assembly to Lift Official Ban on ICOs

Nishanth Shetty

May 30, 2018 12:44 pm

Korean National Assembly to Lift Official Ban on ICOs | Coindelite News
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Korean National Assembly Proposed to remove the Ban on ICOs

South Korea’s National Assembly, the parliamentary arm of government, is trying to remove country’s ban on domestic initial coin offerings (ICOs).

Financial Service Commission of Korea stopped ICOs in the month of September 2017 saying they are over-speculative and establish the “violation of the capital market law.”

According to the reports, the National Assembly has officially proposed the law to permit ICOs as long as investors protections are provided for.

The legislative and policy proposal was made in a general meeting which was held on Monday by the National Assembly’s Special Committee of the Fourth Industrial Revolution. The legislation further hit out at the government over what recognizes as the failure for introducing promised core regulatory aimed for expanding the role of blockchain technology in the country.

The special committee continued suggesting the formation of a task force for bringing the transparency of cryptocurrency trading in South Korea and help to build a “healthy” cryptocurrency trading industry.

The committee said:

“We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.”

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