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South Korean Official Proposes To Lift Ban On ICOs

Published: 03/10/2018
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South Korea may legalize ICOs after preparing an appropriate regulatory framework. The necessity of making coin offerings legal was announced by Min Byung-Doo, the chairman of the National Policy Committee, CoinDesk Korea reports.

 

The official explained, since the initial coin offerings have recently become a global trend, the state cannot just ignore them. However, he clarified that South Korea needs to develop some laws for regulation if the government intends to allow ICOs officially. According to the politician, it will establish a climate of trust in the industry.

 

Min Byung-Doo said that a part of the government refuses to work on cryptocurrency bills since they do not consider the legalization of ICOs a primary task for the country.

 

New laws, according to the official, should strictly prohibit the use of tokens for money laundering, as well as solve the ICO-related problems with speculations and fraud. He added that insiders can offer their own standards and draft laws on security issues, as the crypto industry should be self-regulatory.

 

ICOs have been prohibited by the Korean regulators since September 2017, though the law has not been officially adopted.

 

Min Byung-Doo considers coin offerings an economically efficient process. Despite doubts and pessimism, many projects are successful, the politician mentioned. He also drew attention to the sums that ICOs attract — initial coin offering brought Telegram $1.7 billion, and Block.One received investments worth $4 billion.

 

Ukraine is also working on a legal framework for the cryptocurrency sector. The parliament may eliminate taxes on digital assets.

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