The head of South Korea's policy calls for the legalization of ICO

[Paha87]

The Chairman of the national policy Committee of Korea called for the legalization of initial coin offerings (ICO) subject to the creation of a regulatory framework.

                                 


Min Byung-Do, who is a member of the country's ruling Democratic party, said that the token sale is becoming a global trend: "I don't want the ICO door to be completely closed. The state should not ignore this."

The chief of policy spoke on Tuesday at the 8th plenary session of the National Assembly, where legislators asked questions of the administration. "In order to create confidence in the industry, ICO should also be regulated," Min said. However, the official pointed to the government's unwillingness to develop new rules as a predominant problem. In particular, he said that "fraud, speculation and money laundering should be strictly prohibited, and the cryptosphere should independently regulate and implement security standards."

According to the report, the country's financial inspection, South Korea's financial services Commission, announced an ICO ban in September 2017, although the law was never passed.

In a new speech, the legislator pointed to the economic benefits of token sales, saying: "although there is a pessimistic view of cryptocurrencies in some aspects, many token projects have a viable future."

Mentioning the huge sums of money that have been raised in some token sales, Min said:

We see that the flow of investment is clearly changing in relation to ICO and fundraising from angel investors. The ICO raised $ 1.7 billion for Telegram and $ 4 billion for Block.One, and the sphere is getting bigger and bigger.

Chances of approval grow

Several bills aimed at creating a legal framework for cryptocurrency have already been proposed to the national Assembly in South Korea, and such legislation falls under the jurisdiction of the political Affairs Committee.

Since Ming was the Chairman of the Committee and has now strongly expressed his belief that ICOS should be legally allowed, the chances of adopting the rules in the near future may have only increased. However, any legal action must be voted on by the Politburo Committee at the next plenary meeting.

In addition, while Prime Minister Lee Nack-Jon is a supporter of blockchain technology, and previously he said the government banned ICO because of concerns about "side effects and market overheating."

In separate statements today, Min said: "Let the government, the National Assembly and the Blockchain Association quickly create a working group to prevent fraud, speculation, money laundering and the development of the blockchain industry."

Link to the source of information (Russian) -https://altstake.io/news/glava-politiki-yughnoy-korei-prizyvaet-k-legalizacii-ico