South Korea’s National Assembly favors the abolition of the ban on local initial coin offerings (ICOs).
According to Coindesk, the Financial Services Commission, the Korean regulator has criminalized token sales in September 2017. They were considered over-speculative and form a “violation of capital market law.”
Recently, reported by BusinessKorea, has officially moved to re-allow ICOs provided investors’safety nets are in place.
The Special Committee of the Fourth Industrial Revolution has decided on the legislative proposal. The committee lashed at the government over what it considered a failure to instigate regulatory improvements directed at the expansion of the blockchain’s importance, the report said.
The group further suggested forming a working party to ensure transparency in the crypto trade in the country.
The committee stated:
“We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.”
(Image Source: Business Korea)