South Korean Official: It's Time To Open ICO Market
Min Byung-doo, a representative of the South Korean ruling party, believes that the state needs to allow conducting ICOs, which were considered a tool for money laundering and speculations and banned by local authorities back in October 2017. According to the politician, ignoring the cryptocurrency industry is a big issue for the country, CoinDesk Korea reports.
The official also holds the position of the Chairman of the National Policy Committee — an institution that is considered the main obstacle to the legalization of ICOs and crypto exchanges. However, he promised to lobby the idea of initial coin offering among the authorities.
The politician notes that ICOs attracted far more funds than venture and angel investors over the past two years. With the help of blockchain, everyone can set up a unicorn company worth more than $1 billion. Countries like Switzerland, Malta, Singapore, and France have already admitted the potential of ICOs. The official also said that new tokens can take things to the next level, and Korea should not miss this opportunity.
Despite the clear benefits, the state still prohibits initial coin offerings as they can be associated with fraud, money laundering, and financial schemes. According to Min Byung-doo, the authorities consider their duty to regulate the industry by imposing a ban. The politician claims that the government should instead protect cryptocurrency exchanges, check whitepapers of ICOs and set an oversight body of the cryptosphere.
At the same time, the official noted a good thing in the regulatory policy — it burst many bubbles regarding the crypto market and restrained investors from reckless investments, serving as an excellent preventive measure. “The vaccine has succeeded, and it's now time to open up the market,” Min Byung-doo says.
Previously, South Korean authorities reported on the pros and cons of ICO legalization.