[2018-05-02]- South Korean Lawmakers Draft Bill to Legalize Some Initial Coin Of

[Greenkarki]

A group of South Korean lawmakers is working on a bill to legalize initial coin offerings (ICOs), providing they meet certain conditions under the supervision of the government. Meanwhile, the current ICO ban in the country has driven many domestic corporations to raise capital overseas.

https://news.bitcoin.com/south-korean-lawmakers-legalize-initial-coin-offerings/

Rep. Hong Eui-rak of the South Korean ruling Democratic Party “is leading the move championed by 10 other lawmakers” to legalize ICOs, the Korea Times reported. “They are working to have a bill backing the move endorsed this year.”

During the ICO and blockchain technology forum at the National Assembly on Wednesday, Hong said that “the bill was based on a joint study by his office and the Korea International Trade Association (KITA),” according to the publication. “This is the first parliamentary challenge to the government’s ban on domestic initial coin offerings imposed late last year to cool speculative investment in digital currencies such as bitcoin.” The news outlet then quoted Hong saying: The bill is aimed at legalizing ICOs under the government’s supervision.                       

A good move from South Korea?                                                                                                                 

[HiRollStaff]

Big moves coming out of Korea these last few weeks. This is absolutely a good thing. A world wide economy is a strong one, and if Korea is willing to play ball, thats a big player. This in conjunction with the end of the Korean war will be interesting times!

[Theb]

This is actually a better move compared to what Japan is doing in relation to Anonymous-Centered Cryptocurrencies like Monero and Dash which they are currently pressuring their own exchanges to be remove in their platform. Limiting what is entering in their own market is actually better as their citizens won't have the problem later on liquidating their tokens after the pre-sale is finish. ICOs related to "public organizations and research centers committed to promoting and developing blockchain technology" are the only ones they are allowing to be offered in their market. Also their domestic corporations who does not belong to the category have the alternative to do their ICOs outside of their country which a lot of Korean corporations are doing now just like what the messaging app, KakaoTalk, is doing.