Lawmakers in South Korea are discussing the ICO at an extraordinary session.

[Paha87]

South Korea has started an extraordinary session in the National Assembly to discuss regulatory issues and measures to promote the cryptocurrency industry along with ICO guidelines to eventually lift the ongoing ban.

According to a report by Business Korea on Monday, a short session (time of extraordinary sessions shall not exceed 30 days) in the National Assembly of South Korea will bring together the relevant standing committees and legislators from parties across the political spectrum to "discuss measures for the promotion of the blockchain and cryptocurrency industry systems and the creation of the guide to the original proposals for coins (ICO)".

Events are taking place at a time when lawmakers are rushing to speed up the adoption of internal rules for the cryptocurrency sector by adopting bills that are expected to be presented during the session.

The meeting showed that lawmakers are calling on the Ministry of science and the Ministry of information and communication technologies to prepare guidelines for the ICO in order to protect investors. It is expected that the session will discuss issues that require the ICO to be officially resolved in South Korea, with appropriate investor protection guarantees being established.

As reported in may, a Special Committee of the National Assembly called on the government to allow the initial placement of coins, accusing the authorities of "debt neglect" after a radical ICO ban on the example of China.

The session will also hear a recent proposal by the Governor of Jeju island to create a "special zone" on Jeju island for the blockchain sector and cryptocurrency projects, in which Fund-raising through ICO will be allowed, despite the current ban on the mainland. Jeju island, Korea's most popular tourist island, was proposed as a special "special zone" for the industry at this month's meeting with senior government officials, which included Korean Finance Minister Kim Dong-Yong.

"Entrepreneurs looking for innovation should be allowed to raise funds with cryptocurrency," the island's Governor Jeju Won Hye - Ren is quoted as saying in his call to allow ICO on the island.

Link to information resource - https://altstake.io/news/zakonodateli-yughnoy-korei-obsughdayut-ico-na-vneocherednoy-sessii