Rep. Hong Eui-rak of the ruling Democratic Party of Korea is leading the move championed by 10 other lawmakers. They are working to have a bill backing the move endorsed this year. This is the first parliamentary challenge to the government's ban on domestic ICO imposed late last year to curb speculative investment in cryptocurrencies.
The bill is aimed at legalizing ICOs under the government's supervision… The primary goal of the legislation is helping remove uncertainties facing blockchain-related businesses.
The representative of Democratic Party of Korea
He said the bill was based on a joint study by his office and the Korea International Trade Association (KITA).
The bill does not mean unlimited ICOs, but ones initiated by public organizations and research centers committed to promoting and developing blockchain technology.
According to the bill, ICOs will be subject to tight supervision by the Financial Services Commission and the Ministry of Science and ICT.