The national Assembly of South Korea discussed the procedure of ICO, as well as the regulatory basis and ways of its promotion of the cryptocurrency industry.

A special session devoted to digital assets, began on Monday, August 20. Parliamentarians of the country, together with representatives of the responsible committees and lawmakers from different political parties “will discuss measures to promote the industry of the blockchain and cryptocurrency, and will also accept a single set of rules for the primary sentences tokens (ICO)”.

Responsible for the development of laws officials intend as soon as possible to complete the development of assigned areas of the legal framework for cryptocurrencies. It is expected that the bills will be presented during this session, i.e. within 30 days.

Responsible for the preparation of the regulations for the ICO was appointed by the Ministry of science and Ministry of information and communications. Fundamental aspect of their work and upcoming discussions are necessary to ensure the financial security of investors.

Within this session also will be considered in details the proposal of the Governor of Jeju island to turn the area into a “special area” for members of the cryptocurrency industry.

The ICO is conducting in South Korea is illegal since September of last year. In late may representatives of the permanent Committee of the fourth industrial revolution appealed to the government to revoke the ban.