A group of lawmakers in South Korea is promoting a bill that legalizes carrying out initial offers of coins (ICO) and the release of a new cryptocurrency in the country on the basis of the new rules.
Parliamentarians have set themselves the task to win approval of the draft law in the current year. This is the first step on the part of the legislators of the country to legalize the ICO after the ban imposed by the government last autumn, with the aim to limit speculative investments in the cryptocurrency.
“The bill aims to legalize the ICO under the control of the government,” — said the head of the legislative initiative member of the house of representatives Hong Yu cancer (Hong Eui-rak).
According to the leader of the group, the bill prepared by his office in cooperation with the Korean international trade Association.
“The main goal of the legislation is to help eliminate the uncertainty faced by bloccano associated with enterprises”, — said the MP.
The bill does not offer is unlimited to allow the initial proposals of the coins, but only initiated by public organizations and research centers engaged in the promotion and development of blockchain technology. For these ICO provided for rigid control on the part of the financial services Commission and the Ministry of science and information and communication technologies.
Speaker of the National Assembly Chung Se-Gong (Chung Sye-kyun) has supported the desire of legislators to eliminate political uncertainty about the cryptocurrency and blockchain technology:
“The blockchain and cryptocurrency can be used in various public sectors to good use. Given their potential, we must work to reduce the political uncertainty they face”.