Min Bong-Doo, a member of the ruling South Korean party and chairman of the National Policy Committee, urged the government to legalize ICOs and improve existing legislation for the local crypto market.
He considers regulation to be necessary and the only way bring the market out of the shadows and increase investor confidence. During his speech, he focused on the importance of integrating new technologies and recognizing global trends. As examples reflecting the growing interest in this area, Min Bong-Doo cited the ICO Telegram and EOS. Indicating that the government should not ignore the initial placements, but allow them to be carried out, showing its responsibility and ability to keep up with the times.
Earlier, the authorities prevented the largest Korean Internet conglomerate Kakao, which owns 80% of the local market, and Bithumb, the country’s second largest crypto exchange, to conduct ICOs. At the moment, a decision is expected regarding the first legislative norms in the field of cryptocurrencies and blockchain. If approved, companies working in this area and digital asset transactions will receive legal status. So far, the government has refused to classify crypto companies as venture capital firms because it would strip them of incentives.
Issue in Korea: A Korean Cafe Owner Sent a Death Threat to a Customer?
Another Asian tiger, Singapore, seems to have created the most favorable conditions for startups, surpassing the US in the number of ICOs..
text: Sid Nietzsche, photo: Unsplash