A group of lawmakers led by a politician from Korea’s ruling political party is drafting a bill to legalize the launch of new cryptocurrencies and ICOs in the country.
According to a report by The Korea Times, Rep. Hong Eui-rak of the Democratic Party of Korea, the political camp in power, is leading the charge – through the parliament – to challenge the government’s ban on initial coin offerings (ICOs) in September 2017.
Hong has the support of 10 other lawmakers in the Korean parliament and aims to have a final draft of the bill for submission before the end of the year.
Speaking at a forum focusing on cryptocurrencies and blockchain tech at the National Assembly in Seoul on Wednesday, Hong revealed a joint study between the Korea International Trade Association (KITA), a non-profit Korea’s largest trade body, and his own office was the basis behind the bill.
Hong insists that the proposed legislation to legalize new ICOs will be under the government’s direct scrutiny.
The lawmaker said:
“The bill is aimed at legalizing ICOs under the government’s supervision […] The primary goal (of the legislation is helping remove uncertainties facing blockchain-related businesses.”
Further, the report suggests that the bill favors ICOs stemming from public organizations and research centers that are ‘committed to promoting and developing blockchain technology’. Government agencies including the Financial Services Commission (FSC), Korea’s financial regulator, and the Ministry of Science and Information and Communications Technology (ICT) will wield powers to supervise these ICOs, the bill reportedly conveys.
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