Other Services

South Korean lawmaker triggers hope for ICOs

May 13, 2019 | ICO

Back in 2017, South Korea banned all forms of ICOs and early this year, they took a call to sustain the decision. This followed a lengthy period of deliberation.

On the contrary, some senior parliamentarians from both the ruling as well as opposition parties have launched campaigns to end the ban. They were worried about the ongoing mass departure of numerous South Korean companies to nearby ICO-friendly countries including Singapore.

Lee Eon-joo, an MP for the right-wing opposition Bareunmirae Party has recently submitted a proposal to amend the 2008 Electronic Financial Transaction Act. His proposal involves the following -

  • Providing legal recognition to cryptocurrencies and cryptocurrency exchanges

  • Legalization of ICOs

  • Provisions for regulated ICOs

  • Strict punishments for crypto-related financial crimes and fraudulent crypto activity

This bill has induced hope in the crypto community of South Korea. On the other hand, a rival bill has been presented by Lee Sang-min of the ruling Democratic Party. Both the bills will be reviewed and scrutinized in the South Korean Parliament. After likely rounds of debate, the South Korean Parliament will come up with a concrete decision.

Follow us on twittertelegram, and youtube for more updates.

  • Thumbs Up 1
  • Thumbs Down 0

External News Headlines

Cryptocurrency Prices

  • Bitcoin

    BTC

    $3,243.29

    3,517.8 (24H Volume)
  • Bitcoin

    BTC

    $3,243.29

    3,517.8 (24H Volume)
  • Bitcoin

    BTC

    $3,243.29

    3,517.8 (24H Volume)
  • Bitcoin

    BTC

    $3,243.29

    3,517.8 (24H Volume)