Korea’s leading lawmaker moves to stop the ICO ban

October 29, 2018
Darya Karatkevich

After the ban the Korean government put on ICOs last September, they’ve been facing a huge backlash from crypto and blockchain companies, both foreign and domestic.

South Korea

While the state government is struggling with a constantly increasing unemployment rate and a wide array of other economic issues, a number of lawmakers established an opposition to the ban. And while to oppose the ruling party’s decisions is quite natural for its opponents, it’s notable that one of the leading ruling party’s lawmakers, Chairman of the National Policy Committee (NPC), Min Byung-doo, has made an announcement of committing to end the ICO ban.

According to Byung-doo, governments cannot make any decisions regarding ICOs and crypto industry in general without careful consideration of their potential to cure modern economies. In fact, over the course of the last two years, the total funds raised through ICOs were far higher than the figures raised in venture capital or angel investment, the lawmaker emphasized.

“Personally, I am strongly committed to this, and I hope that other lawmakers will bring their own expertise to the table and approach this issue with a strong sense of commitment as well,” Min Byung-doo says.

According to the lawmaker, one of the major issues the Korean government is facing right now is a wide difference in opinions regarding ICOs. However, he strongly believes that while releasing a new set of crypto regulations in November, the government will have no other choice other than to listen to several opinions, including those coming from the industry, and back each legislation or regulation with strong evidence.

“A number of countries including Switzerland, Malta, Estonia and Singapore have recently tried to bring ICOs within the boundaries of existing institutional frameworks, as well as France, who recently passed a new law,” Min Byung-doo said.

According to the Chairman, the government doesn’t need a ‘series of detailed provisions,’ the only three things they need to focus on are the basic nature of the assets involved, duties and oversight. The lawmaker is confident that the economic potential of cryptocurrency is enormous, and that the NPC-level meeting scheduled for November should bring a positive outcome in ending the ICO ban.

Post written by Darya Karatkevich
Darya is a blockchain market observer with 5+ years of experience as an author and editor for major tech blogging platforms. Her fortes are blockchain technologies and solutions, cryptocurrencies and crypto-related regulations.

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