South Korea’s National Assembly Recommends Allowing Domestic ICOs in the Country

It looks that after nine long months of ban imposition on the operations of ICOs in the country, South Korea is set to open the gateways for this token-based fundraising method again. According to the latest report from Business Korea , the national assembly of South Korea is said to have made an official recommendation for allowing ICOs to operate again in the country.

The report further mentions that the Special Committee on the Fourth Industrial Revolution under the South Korean National Assembly has also accused the government in failing its duty in order to respond to the blockchain sector.

The last year’s ban on ICO markets by South Korea has a greater implication on the country’s local cryptocurrency market and businesses. Following the ban, a large number of companies were seen moving out of South Korea establishing their operations in safer havens like Singapore, HongKong , and Switzerland.

In order to revive earlier conditions back, the special committee has asked the government to establish a special task-force and create a conducive environment for the cryptocurrencies and blockchain technology to flourish while at the same time maintaining a regulatory check for protecting investors from this nascent cryptocurrency space.

Business Korea quoted the committee saying: “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.”

This is not for the first time that the talks to re-instate ICO operations have been initiated. Earlier this year in March, there were reports that the financial authorities are having discussions with the tax authorities and justice ministry to bring back ICOs provided certain regulatory conditions are being met.

Moreover, earlier this month’s there were reports that South Korean legislators and regulators have drafted a bill in order to reverse the last year’s government ban imposed on ICOs. Rep. Hong Eui-rak will be leading the team of legislators who said that “The bill is aimed at legalizing ICOs under the government’s supervision” while emphasizing that “The primary goal [of the legislation] is helping remove uncertainties facing blockchain-related businesses.”

Another good thing for the South Korean investors is that the chief of Korea’s financial and regulatory watchdog has hinted towards hinted towards relaxing the laws in Korea’s crypto market.