South Korean lawmakers have held a meeting to review the country’s ICO and cryptocurrency guidelines with a view of ending the country’s ICO ban. Apart from allowing ICO’s there are plans to create a “blockchain island” to catch up with the neighbors.

Korea’s ICO Push

The meeting held on Wednesday, August 29, 2018, in Seoul at a National Assembly member’s office is a follow up of the National Assembly’s extraordinary session last week that discussed regulations and measures to revive the cryptocurrency industry and revise ICO guidelines. Lawmaker Jung Byung-guk of the Bareunmirae Party proposed the ideas as a buildup to the upcoming “global blockchain and cryptocurrency conference,” later this October to expedite the preparation of rules to protect investors. Jung stated:

“Other countries are promoting ICOs as a means of helping startups attract capital. I am so upset to see the South Korean government sitting on its hands after prohibiting all types of ICOs. The National Assembly members have been also holding numerous meetings and seminars to revise and enact related laws but we haven’t found an answer yet.”

South Korea was a leading nation in the cryptocurrency revolution in 2017 when trading volumes were explosive and the decision to ban ICOs “to protect investors” caught many by surprise. The decision forced most companies to move overseas something that hurt the economy. There is now fear that the country is remaining behind in the burgeoning blockchain industry because of the ban and the private sector has been urging the lawmakers to revisit the decision.

Gibraltar’s “Advanced Financial System” Referenced

The initiative comes amid significant attention on Seoul’s blockchain and cryptocurrency propaganda as the National Assembly seeks the participation of government bodies and especially the Ministry of Science and Information and Communication technology.

Jung reiterated the need for the country to get actively involved in cryptocurrency and blockchain technologies following other countries that have moved ahead:

“Gibraltar is under the UK so ICOs are very actively launched in the country based on an advanced financial system. Considering the fact that I find areas to improve in my own cryptocurrency transaction law proposal every time I read it again, we need to designate a regulation-free blockchain and cryptocurrency special zone or test zone first to actively make various experiments.”

The plans by the lawmaker are good news for cryptocurrency and blockchain enthusiasts and traders in South Korea following up on reports that the country will soon lift the blanket ban on Initial Coin Offerings to allow domestic investors a chance to participate in the decentralized fundraising process.