The lawmakers of South Korea are moving towards introducing the bill to legalize the limited number of newly launched ICOs that will be under government supervision. After banning the ICOs completely last year, South Korean companies took to abroad to launch their ICOs.

South Korea on the way to legalize new ICOs

South Korean regulators are finally moving on to legalizing the Initial Coin Offerings (ICO) in the country. Hong Eui-rak, the representative of the ruling Democratic Party of Korea is leading the regulatory move along with 10 other lawmakers that advocate the legalizing of new ICOs.

On Wednesday, during the forum on blockchain technology and ICOs at the National Assembly, Hong stated that:

“The bill is aimed at legalizing ICOs under the government’s supervision.” He further mentioned that they are already working on having a bill to back their move and get it validated this year.

The bill was based on a joint study by Hong’s office and the Korea International Trade Association (KITA) which according to him is the first parliamentary challenge to the ban imposed by the government on ICOs last year. Authorities took the decision to restrict bitcoin trading in order to tone down the speculative investment in cryptocurrencies.

Hong also commented that

“The primary goal (of the legislation) is helping remove uncertainties facing blockchain-related businesses.”

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Written by Brad Chillum

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