The Korea Times reported on 2nd May the South Korean lawmakers group s preparing the bill to legalize it from the government, the launch of initial coin offerings (ICO) and digital currencies.
The ruling Democratic Party of South Korea Hong Eui-rak is trying to go along with 10 other legislators to get sanctioned the bill this year itself as soon as possible. During his speech on Wednesday at the National Assembly he dedicated his speech words to the ICOs and block chain he added:
“The bill is aimed at legalizing ICOs under the government’s supervision. The bill was based on collaborative research conducted by his office and the Korea International Trade Association (KITA). “The primary goal (of the legislation) is helping remove uncertainties facing block chain-related businesses.”
There will be the strict regulations and management by the Financial Services Commission and the Ministry of Science and ICT on the public organizations and research centers by the people will invest in the ICOs “stated in the bill”.
The National Assembly speaker Chung sye-kyun has specified the point and the role of lawmakers to remove the political qualms, environmental digital currencies and block chain technology and says;
“Block chain 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.”
The ban on the opening of new ICOs is the first parliamentary move challenged to the government, as it was introduced in the end of the last year to fight against such provisional investments in crypto currencies.
The South Korean government is seeking to release the ban over ICOs under certain entities this rumored in March 2018 as new ICO is hold on by the strict government norms and regulations.