A group of representatives of the South Korean laws launched a project to promote the legalization of the initial token sales. The Issuance of cryptocurrencies in the state will be carried out on the basis of innovations.
The plans of the parliamentarian include reaching an official approval of the bill this year. This step to legalize the ICO after the ban is the first one carried out by the representatives of the country. We want to remind that the ban was approved in order to limit speculative investments into the digital currency.
Hong Eui-rak of the ruling Democratic Party of Korea, said during a forum about ICOs and blockchain technology:
“The bill is aimed at legalizing ICOs under the government’s supervision.”
The leader of the group said that the preparation of the bill was carried out by his office in conjunction with the Korean International Trade Association.
“The primary goal of the legislation is helping remove uncertainties facing blockchain-related businesses,” he added.
The bill is not intended for the approval of all ICOs, but only those carried out on the initiative of public organizations and research centers that are engaged in the promotion and development of the blockchain technology. However, even these projects will be subject to strict requirements. Compliance with them will be controlled by the Financial Services Commission and the Ministry of Science, ICT and Future Planning.
This bill was supported by the Speaker of the National Assembly, Chung Sye-kyun. He insists on eliminating political uncertainty in relation to cryptocurrencies and blockchain.