Regulations

South Korean lawmakers envision a new dawn to the country’s crypto space with draft bills

South Korean lawmakers envision a new dawn to the country’s crypto space with new draft bills. The lawmakers come from a diverse section of the country’s National assembly. The draft bills which are meant to be introduced during a special seating of the assembly have rules, which if approved, will see Initial Coin Offerings (ICOs) legalized.

According to the Korea Times, a local news outlet,

“Rep. Park Yong-jin of the ruling Democratic Party of Korea, Rep. Chung Tae-ok of the main opposition Liberty Party Korea (LPK) and Rep. Choung Byoung-gug of the minor opposition Bareun Mirae Party are most committed to the issue. They plan to submit their respective bills regarding the legal status of cryptocurrency and requirements for crypto exchanges, among other things.”

In a related push towards introducing laws targeting the south Korean crypto space, a policy debate to discuss the security of domestic virtual currency exchanges will be held this month on 19th with rep. Song Hee-Kyung of the LPK as the host and the Korea Internet and Security Agency (KISA) as the assistant host. It must be noted that the KISA is responsible for security aspects of digital currency exchanges.

Even with draft rules legalizing ICOs in a regulated manner, the lawmakers are also pushing for laws that provide harsh rules that will make crypto exchanges hackproof and prevent Money Laundering activities propagated using virtual money.

Although the National Assembly may have other equally important agendas to discuss, the submission of the drafts on 13th to 16th of this month will act as a “catalyst role in triggering a related debate within the Assembly,” as noted by the Korea Times.

The ICO ban in South Korea was imposed in September last year forcing companies to who need to issue ICOs to look for hospitable grounds outside S.Korea. in May this year, the country’s National Assembly proposed a lift of the ICO ban but no draft rules had been presented to the house.

As South Korean lawmakers envision a new dawn to the country’s crypto space, do you think, if the draft rules are approved, will invite companies from abroad to launch their token sales in the country?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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