South Korean lawmaker proposes special cryptozoo for ICO

[Paha87]

South Korean lawmaker proposed to create a special crypto-currency zone without a regulation designed for the original proposals of the coins. It's been about a year since the country banned token sales, but the government has not yet provided any recommendations for them.

Jung Bung-cook, the leader of the South Korean political party Bareunmirae, on Wednesday at a meeting of the National Assembly announced his intention to "create a special crypto zone for initial coin offerings," Business Korea reports.

The official suggested that South Korea could use Gibraltar as a place, given its advanced financial system and "active stance towards the ICO," adding:

We need to assign a zone that does not require regulation for the blockchain and cryptocurrency in advance in order to actively conduct various experiments.

Noting that he often finds "areas for improvement" in his own cryptocurrency offering every time he re-reads it, the legislator stressed the need to create a special test zone.

Also at the meeting, it was suggested that a special zone for the crypto currency should be created in a certain area, and not allowed throughout the country in the form of a standard sandbox. "We hope that the densely Packed company of the block chain will be able to increase synergies and increase the effectiveness of regulation", — concluded the official.

Luna Jong-Jin, a Professor In the Department of business administration at Menji University, quoted a publication saying that "after funding through ICO, we should also examine the degree of success of specific projects." The Professor confirmed that it is necessary to be careful when promoting cryptocurrency policy in a special administrative region.

Lack of regulatory progress in respect of the ICO
Since last September, the South Korean government banned all types of ICO, regulators focused on cryptocurrency regulation rules, but there were no recommendations for token sale. Meanwhile, other countries such as Singapore to attract Korean firms to run their own sales of tokens on the territory of their own country, more friendly to ICO.

While the government claims that prohibits the ICO for the protection of investors, Business Korea writes that "definitions for virtual currency and rules relative to unfair business practices simply do not exist. Accordingly, the number of cases of fraud aimed at such legal legislative holes is growing."

Referring to the fact that "other countries are promoting ICO as a means of helping start-up projects in raising capital," Jung Bung-cook, leader of the South Korean political party Bareunmirae, said:

I'm upset that I see how the South Korean government sits idly by after the ban of all types of ICO. Members of the National Assembly have held numerous meetings and seminars to review and adopt the relevant laws, but we have yet to find an answer.

Mr. Bung-cook plans to invite government officials and representatives of target groups related to cryptocurrency research "to the national Assembly in October to hold a global conference and issue a minimum Declaration for the ICO." Further, the official said:"we hope that the Declaration will serve as a guide for the ICO for countries that are in line with their political and economic situation to conduct such activities."

Link to information resource - https://altstake.io/news/yughnokoreyskiy-zakonodately-predlagaet-specialynuyu-kriptozonu-dlya-ico