The South Korean National Assembly, made of a 300-member unicameral national legislature, has officially made the proposition for the government to lift the ban on initial coin offerings that was imposed last September, as Business Korea reported on Tuesday.
Business Korea said: “The National Assembly has officially made a proposal to allow domestic initial coin offerings (ICOs). As the administration is sitting on its hands after imposing a total ban on ICOs in September last year, the National Assembly has come forward with an official recommendation.”
The publication explained by citing the Assembly’s proposed “legislative and policy proposal of recommendation to allow ICOs under the conditions of investor protection provisions,” that the next step now is for the administration to discuss the proposal with the Assembly.
News.Bitcoin.com reported earlier this month that a group of lawmakers working on a bill to legalize ICOs that meet certain conditions under the government’s supervision. Approved ICOs will be subject to inflexible supervision by the Financial Services Commission (FSC) and the Ministry of Science and ICT.
The special committee on the fourth industrial revolution under the National assembly held their last general meeting on May 28. The news outlet detailed the outcome as follows: “Through the legislative and policy proposal of recommendation finalized on the same day, 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 described. Among other recommendations, the committee outlined, “we will also establish a legal basis for cryptocurrency trading, including permission for ICOs, through the National Assembly Standing Committee.”
The news outlet pointed out that: “With the government failing to present any guidelines for ICOs, domestic blockchain companies are going to Singapore and Switzerland to do an ICO and pay unnecessary expenses.”