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

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.