News Regulation

South Korea’s National Assembly officially proposes to allow domestic ICOs

The National Assembly, the 300-member unicameral national legislature of South Korea, has officially proposed for the government to lift the ban on initial coin offerings (ICO) imposed last September.

The next step is for the administration to discuss the proposal with the Assembly.

At the beginning of May a South Korean group of lawmakers proposed a new bill that aimed to legalize the launch of new virtual coins and ICOs in the country. ICOs that are approved will be subject to tight supervision by the Financial Services Commission (FSC) and the Ministry of Science and ICT.

The special committee on the 4th industrial revolution under the National Assembly held their last general meeting on May 28. The committee accused the administration of neglecting its duty in responding to blockchain application expansion.

«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 committee said, adding:

«We will also establish a legal basis for cryptocurrency trading, including permission for ICOs, through the National Assembly Standing Committee».