Copy link
Increase text size
Decrease text size
Link copied

South Korea's National Assembly to discuss blockchain, cryptocurrencies and ICOs during extraordinary session

Tue, 21 Aug 2018, 03:27 am UTC

Amid recent governmental efforts to foster blockchain ecosystem in South Korea, an extraordinary session of the country’s National Assembly has commenced which will focus on the emerging blockchain and cryptocurrency industry.

The South Korean recently unveiled its ‘growth through innovation’ investment plan for 2019 in which it has allocated over 1 trillion won towards big data, blockchain, and sharing economy. Recent reports also suggested that Jeju Island is seeking to become a hub for the blockchain industry.

The extraordinary session will see discussions on the measures that should be taken to encourage blockchain and cryptocurrency industry in South Korea as well as formulating guidelines on initial coin offerings (ICOs), Business Korea reported. Standing committees and political parties will also discuss the proposal to designate Jeju Island as a special zone for blockchain and cryptocurrencies.

Earlier in May, the National Assembly had officially proposed lifting the ban on domestic ICOs, after the government declared them as fundraising activity without permission last year. Domestic blockchain startups started looking at other ICO-friendly jurisdictions to conduct their ICOs.

Given the current circumstances, Business Korea said that “discussions to allow ICOs are expected to gain momentum along with preparations of investor protection measures and organization of a task force to establish order in cryptocurrency trading.”

On these lines, the National Assembly Research Service has released a report emphasizing the need to legally define cryptocurrencies before allowing ICOs.

Meanwhile, the Bareunmirae Party is also going to hold a policy discussion on blockchain-based political parties in the era of Industry 4.0 on August 21. Bareunmirae Party lawmaker Jung Byung-kuk is also preparing a discussion on ICO guidelines.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $9,252.75 (+0.02%)
  • Ethereum (ETH) $239.55 (+0.12%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $230.94 (-2.07%)
  • Bitcoin SV (BSV) $181.96 (-1.59%)
  • Bitcoin (BTC) $9,252.75 (+0.02%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.