As we know, South Korea, in September 2017 has imposed a ban on the ICO launch projects which came as a great shock especially to the investors there. However, the South Korean legislature didn't make any clear determinations with respect to future exercises.

Because of such regulatory orders in South Korea, various crypto-based businesses moved to other countries like Singapore and Switzerland to launch their projects and function there, while the rest of the crypto traders and investors in the nation were at risk of being subjected to cyber attacks.

South Korea is one among the top players in the crypto space. After Japan's move of introducing more and more exchanges and highly supporting the cryptocurrency regulation, South Korea seems to be under pressure for taking the necessary decisions regarding their ICO ban.

Right now, the National Assembly of the East Asian Nation is looking forward to providing answers to the questions raised by the investors there. The national legislature has made a lawful recommendation that will legitimize the launch of ICO projects across the nation.

On 28th May, this idea was presented at the official meeting of Special Committee:

“We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.”

The declaration made by the National Assembly has gathered the consideration beyond South Korea from both crypto and blockchain-based organizations. The Special Committee of the National Assembly additionally alleged South Korea's ambiguous measures in regards to the crypto segment.

The crypto space is undoubtedly going to cherish this news!! Share your happiness with us, in the comments below!!

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