South Korea Working on Bill to Legalize New ICOs

South Korea Working on Bill to Legalize New ICOs

South Korean authorities are currently working on a bill to legalize new ICO’s (Initial Coin Offerings) in you digital currency as reported by local news outlet the Korea Times on May 2.

Representative of the Democratic Party of Korea, Hong Eui-rak is leading the legalization along with 10 other legislators. They plan to have the bill endorsed this year.

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Hong stated during a form devoted to ICO’s a blockchain technology that the bill is aimed at legalizing ICO’s under government supervision. He also stated that collaborative research by his office and the Korea International Trade Association was implemented within the bill.

The bill will ensure that all ICO’s will be subject to strict supervision by the Financial Services Commission (FSC).

A speaker for the national assembly aimed at legalizing ICO’s stated “Blockchain and cryptos can be used in various public sectors for good causes. Given their potential, we need to work to help reduce political uncertainties they face.”

A ban on all new ICO’s was introduced last year by the South Korean government. This is the first challenge of the government to fight speculative investments in shady cryptocurrency investments, while keeping the market open to legitimate businesses (ICOs) within this space.

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