The ban on Initial Coin Offerings (ICO) in South Korea can be canceled in view of the official recommendation issued by the special committee of the National Assembly for the Fourth Industrial Revolution. In particular, the committee accused the government of neglecting its responsibilities in the blockchain sector and urged the study of proposals to protect investors in the ICO market.
In addition, the department’s employees called for the formation of a working group of government officials and independent experts to develop policy in the blockchain sector and ensure transparency of cryptocurrencies.
“We will create a legal basis for trade in crypto-currencies, including the permission to conduct ICO through the Standing Committee of the National Assembly,” the statement said.
In early March, local media reported that the South Korean authorities are preparing a plan to legalize the ICO with the goal of developing blockchain technologies. In May, the Democratic Party of South Korea, with the support of legislators, began to develop a legal and regulatory framework for the legalization of ICOs