Lawmakers in South-Korea keen to legalize the initial coin offering

It seems that digital currency has a bright future in South-Korea as well. This is why the South Korean lawmakers are working on a bill so that they can legalize the initial coin offerings. However, it is important that these coin offerings should meet the conditions that are set by the Government.

At the moment the initial coin offerings are banned in South-Korea but it seems that this bill will be able to make a difference for sure. Actually, the lawmakers are trying to play it safe. They intend to legalize the ICO under the supervision of the Government. If this happens, then this will introduce the element of transparency in the initial coin offerings.

Apparently, it looks that this bill will get the much needed acceptance and there is a reason behind it. The bill does not focus on legalizing any ICO. It is focused on legalizing only those ICO’s that are introduced by the public organizations.

Secondly, the bill also emphasizes on promoting the ICO’s that are initiated by research centres that are focused on promoting the blockchain technology. Once this bill is initiated, then the financial authorities will allow the ICO’s provided certain conditions are met.

This is why all those who initiate the ICO’s should make sure that they follow the Government’s terms and conditions. The exchanges are also taking interest in initiating the ICO. A cryptocurrency exchange by the name of Bithumb just took an initiative in this regard. It has decided to launch an ICO in Singapore.

This positive environment for digital currency investments and ICO will surely affect South-Korea in a positive way and more people will be interested to walk in this direction. Any public organization that plans to hold an ICO in South-Korea should make sure that it is fully aware of the regulations.

This does make a difference at the end of the day. If this law to legalize ICO gains acceptance, then it will surely be a major milestone in the history of South-Korea. However, organizations and research centre should make sure that they follow the instructions of the Government to the core.

The ICO’s can only be successful in South-Korea if the Government support is there. Once the Government develops confidence in the ICO’s, then the blockchain technology is bound to prosper in South-Korea. Till then we can just hope that the efforts of the lawmakers do not go waste and Government considers the introduced bill.

2018-05-08T07:57:07+00:00