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The South Korean National Assembly makes an official proposal to lift the ban on the ICO


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Nearly eight months after the total ban on initial offerings, the South Korean National Assembly reportedly made a official recommendation authorize national country offices in the country.

According to a Business Korea report on Tuesday, the 300-member national legislature made an official proposal to allow domestic country offices in the country by preparing and complying with the relevant investor protection provisions.

The special committee of the National Assembly on the Fourth Industrial Revolution even accused the government of "neglecting its duty" in responding to the blockchain sector, the report suggests. The ICO bans, high-profile by Korea and China, before domestic companies go to more user-friendly jurisdictions in Singapore and Switzerland to conduct international cooperation operations.

Blockchain and ICO discussions between the National Assembly and the government will "accelerate," the report suggests. Specifically, the National Assembly has presented a legislative and policy proposal to recommend the authorization of country offices.

The Committee on the 4th Industrial Revolution also called on the government to form a working group composed of both civil servants and private experts to "improve the transparency of the cryptocurrency trade and establish a healthy commercial order ".

He added:

"The administration should also consider the establishment of a new committee and the establishment of governance systems at its level in order to systematize blockchain policy and provide We will also establish a legal basis for the negotiation of cryptocurrency, including the permission of ICOs, through the Standing Committee of the National Assembly. "

The legislative effort was highlighted earlier this month when a group of legislators led by Rep. Hong Eui-rak of the Democratic Party of Korea – the ruling government – has begun drafting a bill to legalize the launch of new ICOs in the country.

"The bill seeks to legalize ICOs under the supervision of the government […]," he said at the time. "The main objective (of the legislation is to help remove the uncertainties facing companies related to the blockchain."

The hugging bend follows recent remarks by the new head of Korean financial supervision who has chosen to highlight the positive aspects of cryptocurrencies while suggesting that the authorities will release the cryptocurrency brakes in the largest encryption markets in the world.

Image of the National Assembly of South Korea Shutterstock.

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