The National Assembly of South Korea, which is the legislative branch of the government, is formally considering allowing ICOs back into the country again. The so-called ‘Fourth Industrial Revolution’ special committee, operating within the National Assembly, even went as far as to claim that the government has ‘neglected its duty’ and failed to benefit from the ‘expansion of blockchain application’.
Back in September, the ban was met with significant backlash and resulted in Korean crypto companies starting or moving their businesses abroad, often to ICO-friendly countries, such as Switzerland, Singapore or Malta. With Korea being among the most crypto-savvy nations in the world, the ICO ban sent shockwaves throughout the local crypto community, with many stakeholders lobbying for its removal ever since.
It seems that government has finally realized the enormous potential of the budding blockchain industry and reconsidered its approach, via the special committee recommendation, which is chaired by none other than Korean President Moon Jae-in.
Moreover, the community went on conferring to creating the task force that would respond to create “healthy trading atmosphere” by making cryptocurrency swap more transparent.
In a word by Fourth Industrial revolution committee,
“We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.”
Also, the committee suggests regulators restructure their policies and approaches on cryptocurrency and blockchain legislation.
While the ICO ban resulted in numerous Korean crypto enterprises moving out of the country, lifting it will possibly see them return to their homeland, at least in some cases. Cooperating with the regulators has become an inevitable part of doing crypto-related business in Korea. Just 4 days ago the biggest digital currency exchange Bithumb banned users from 11 countries under the recommendation by the Korean officials.
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