Seoul, South Korea –Legislators are doing their best to reverse the country’s ICO ban with hopes that token offerings will become legal by the end of the year, at least for certain companies, the Korea Times reports.
Democratic Representative Hong Eui-rak, backed up by ten other legislators, is pushing the for a bill that will open South Korean up to ICO’s again.
The bill was created based on a study done on the ICO space by Hong’s office and the Korea International Trade Association (KITA). If this bill succeeds, the first legal ICOs are expected to roll out before the year ends.
In September 2017, South Korea banned ICOs and ever since then, tensions between the government and the ICO sector of the business community have flared. Due to their frustration with the government’s blanket ban approach, the ICO sector continued to explore ICO options from other countries like Japan and Singapore.
Hong clarifies that he was not looking for a free-for-all, but rather wants to legalise some ICOs “under government supervision”. Oversight, he says, would come from both the Ministry of Science and ICT and the Financial Services Commission.
Hong added that the bill is aimed towards “helping remove uncertainties facing blockchain-related businesses,” although there will be a limit on the kind of ICO allowed through. In the meantime, much favor will swing towards “public organizations and research centers committed to promoting and developing blockchain technology”.
The passing of the bill would indicate a very positive sign for the future of ICO in South Korea. The South Korean population has shown a huge interest for all things blockchain; if some law is implemented to accommodate ICOs, the effect within both the blockchain and crypto markets will be huge.