South Korean Deputies Want to Legalize ICOs
The unexpected proposal of South Korean deputies has unsettled the cryptocurrency market. South Korea is working on a new legislative draft law for ICOs forbidden in 2017 to be legalized. Lately, many companies from South Korea have moved abroad to create an ICO project.
Deputies want to legalize ICOs
During September / October 2017, South Korea took a decision to ban ICOs following China’s decision. Both Asian countries wanted to control the tokens created by companies seeking crypto market and funding. But this has created various problems in South Korea. Many businesses in these countries have decided to move their activities abroad to fund their projects.
According to the South Korea Times, 10 deputies are working to present a draft law that will challenge the ICO ban imposed by the government last year. Hong Eui-rak, a representative of the ruling Korean Democratic Party, said in a forum he participated on ICOs and blockchain technology:
The planned draft law aims to legalize ICOs under government control. The main goal is to help eliminate the uncertainties associated with blockchain related businesses. ”
With the design of this law, South Korea will not decide to completely open the market for ICOs. The aim is to allow by ICOs started to promote and develop distributed ledger technology by public institutions and research centers. At the same time, these ICOs will be under the controlling by the Financial Services Commission and the Ministry of Science and ICT. This is the first step before allowing ICOs to operate in an Asian country. It is probable that governments will be affected by each other.