A group of South Korean lawmakers is working on a bill to legalize launching ICO and digital currency activities, CoinTelegraph reported from The Korea Times.
Hong Eui of the ruling Democratic Party. -rak is leading the movement, along with 10 other lawmakers, to support the bill and get it passed this year.
Hong spoke at the Korean parliament on Wednesday at a forum on ICOs and blockchain technology, with the bill ‘under government oversight ICO’. He said he aims to legalize. Hong also stated that the main purpose is to help eliminate the uncertainties faced by Blockchain-related businesses regarding legislation.
According to the draft law, ICOs initiated by public institutions and research centers, Financial Services Commission and Science and Technology It will be subject to strict control by the Ministry of Communications.
Another politician, Chung Sye-kyun, in his speech to the parliament, underlined the role of lawmakers in clearing the political uncertainties surrounding digital currencies and Blockchain technology:
“Blockchain and cryptocurrencies can be used for the benefit of people in various public sectors.. Given their potential, we need to work to help mitigate the political uncertainties they face.”
South Korea decided to ban nationwide ICOs last year, which negatively impacted the cryptocurrency markets
.