The special Committee of the National Assembly of South Korea’s fourth industrial revolution offered to re-enable the ICO, but with more strict regulation.
As written by BusinessKorea, the Committee proposes to give the projects the opportunity to conduct the ICO, provided additional protective measures for investors. Further, according to the plans of the National Assembly, followed by an appeal to the government for failure to comply with its obligations under the development law reform, which was to expand the role of the blockchain-industry in the country.
In particular, the Committee intends to put forward two proposals. First of all the representatives Natssobraniya want to form a working group to improve the transparency of cryptocurrency trading in the territory of South Korea and “improvement” of the local cryptocurrency industry. Quoting the representative of the Committee, BusinessKorea writes:
“We will also create a legal framework for cryptocurrency trading, including the holding of ICO, supervision over the compliance with which will be charged the standing Commission of the National Assembly.”
In addition, the Agency believes that it is necessary to create regulatory bodies at the government level, to maintain the relevance of the legal field for industry and provide it with timely support.
Rumors about a possible lifting of the ban on tokens initial proposals emerged in March. Later in may, during his first appeal on assuming office, the new head of the financial Supervisory Service (FSS), the country’s Yoon Suk-Hyun (Yoon Suk-heun) confirmed that the authorities will seek to weaken the regulation of internal trade cryptocurrencies. Recall that the ban was introduced in September last year.
The special Committee of the National Assembly of South Korea’s fourth industrial revolution consists of 25 private sector representatives and 5 government officials. The body was specially formed for the reorganization of the industrial sector of the country. Under the fourth industrial revolution refers to the changes wrought by the advent and development of cyber and blockchain technologies.