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National Assembly Of South Korea Considers Draft Laws On Crypto Sphere Regulation

Published: 12/07/2018
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Up-to-date Blockchain and cryptocurrency news. Be the first to know!

What is it for?

South Korean parliamentarians will start consideration of draft laws on the crypto sphere within the next few days, The Korea Times informs.

 

The representatives of the country's political parties should work out initiatives on the crypto industry regulation, initial coin offering (ICO), and blockchain until the end of this month.

 

Economists stressed that the parliamentarians don’t have a common opinion on cryptocurrencies, therefore, the debate can take a long time. Nevertheless, the negotiation process of normative acts shows a high interest in digital assets among Korean citizens.

 

The draft laws are consistent with the decisions of the G20 summit, following which the South Korean government made a decision to weaken regulatory measures towards the digital asset market. Moreover, the state authorities plan to recognize crypto companies as financial institutions.

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