Tuesday, August 20, 2019
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The National Assembly of South Korea asks the government to return the ICO

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The Special Committee of the National Assembly of South Korea on the issues of the fourth industrial revolution proposed to resolve the ICO again, but with more strict regulation.

As BusinessKorea writes, the committee proposes to give projects the opportunity to conduct ICO providing additional protective measures for investors. Further, according to the plans of the National Assembly, there will be an appeal to the government about the failure to fulfill its obligations to develop legal reform, which was supposed to expand the role of the blockchain industry in the country.

In particular, the committee intends to put forward two proposals. First of all, representatives of the National Assembly want to form a working group on increasing the transparency of the cryptocurrency trading in South Korea and “improving” the local cryptocurrency industry. Quoting the representative of the committee, BusinessKorea writes:

“We will also create legal bases for cryptocurrency trading, including ICO, it’s supervision will be entrusted to the permanent commission at the National Assembly.”

In addition, the agency believes that it is necessary to create regulatory bodies at the governmental level in order to constantly maintain the relevance of the legal framework for the industry and provide it with timely support.

Rumors about a possible removal of the ban on initial coin offerings appeared in March. Later, in May, during his first induction, the new head of the Financial Supervision Service (FSS) of the country, Yoon Suk-heun, confirmed that the authorities would seek to weaken the regulation of domestic trade of cryptocurrencies. Recall that the ban was put into effect in September last year.

The Special Committee of the National Assembly of South Korea on the issues of the fourth industrial revolution consists of 25 representatives of private business and 5 government officials. The body was specially formed to reorganize the industrial sector of the country. The fourth industrial revolution means changes brought about by the emergence and development of cyber and blockchain technologies.

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