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South Korea May Soon Review Policy on ICOs

April 05, 2019 13:28
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Initial Coin Offerings (ICO) and regulatory bodies have had a tenuous relationship, all over the world and South Korea was no exception. However, it seems like there might be a change in that mindset soon.

Recently, South Korea lawmakers announced that they might be reconsidering their predated views on cryptocurrencies and ICOs. In a report filed by local news portal, ZDNetKorea, the representatives from the government said that “after a year, the public is well-protected against the vaccine, and now I think it is time to review the regulatory policy.”

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The government representatives included, Byung Bong Min, chairman of the National Assembly, Jung Byung-kook, chairman of the 4th Industry Special Committee of the National Assembly, Song Hee-kyong, co-president of the 4th Industry Forum of the National Assembly, and Won Hee-ryong, the governor of Cheju Island.

Rep. Jung Byeong-kuk said, “Since the block chain technology is so new, we have to approach conservatively from the viewpoint of public officials and bureaucrats who manage and manage it. There is a concern that we might make a wrong system or law, It seems to be getting slower.”

While this move has taken a long time in coming, it is not a surprise. South Korean lawmakers had started the demand to regulate ICOs from a very long time. Last year in October, Crypto-News India had reported that Min Byung-doo, a lawmaker from the ruling Democratic Party who chairs the National Policy Committee of the National Assembly, and Roh Woong-rae, another DP lawmaker who leads the Science, ICT, Broadcasting, and Communications Committee, were leading a parliamentary move to legalize ICOs.

Min had said, “As blockchain and cryptocurrencies have merits and demerits, only confident governments can handle them properly. A case in point are Singapore, Switzerland and France. These countries have opened up the road to ICOs for companies.”

Roh had chimed in saying, “After the government has banned ICOs, blockchain startups have been going abroad. There are growing concerns that the government’s regulations are nipping the bud of the blockchain industry, a key sector of the Fourth Industrial Revolution.”

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