Subsequent to the wave of regulations and the prohibition of ICOs in South Korea. A recent article published states a complete shift in the government’s decision to allow the launch of ICO’s.
The representative of the democratic party, Hong Eui-rak, along with ten other legislators joined the movement.
“The bill is aimed at legalizing ICOs under the government’s supervision. The primary goal (of the legislation) is helping remove uncertainties facing blockchain-related businesses,”. said Hong Eui-rak
It seems that the transition will be now backed by the Korea International Trade Association (KITA). which in turn will be lead by the same Hong representative.
According to the spokesman of the National Assembly, Chung Sye-kyun said:
“Blockchain and cryptos can be used in various public sectors for good causes,” Chung said. “Given their potential, we need to work to help reduce political uncertainties they face.”
The article implies that this shift will favor the ICOs of the public sector and local industries that seek to develop Blockchain technology. Also, this shift received an strong public support with more than 200,000 signatures in the favor from the community.
The Rules for ICO by the legislation have not yet been established. but, we know that the Financial Services Commission and the Ministry of Science and ICT will be fulfilling their role as supervisory bodies.
The prohibition of ICOs and regulation of the cryptocurrency market is a recurring subject nowadays. China, for example, has been one of the countries most committed to its adverse position. It is focused on political campaigns advocating the strong regulations they have been committing to in the past months.
The market that hosts the new technology has been same with innovation, but also with conflicts, criminal acts, and volatility. thus, many nations have joined the regulatory movement, putting in check hundreds of businesses that depended on it.
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