The National Assembly’s special committee on the fourth industrial revolution charged the government of ‘neglecting its duty’ in responding to the blockchain sphere, according to Business Korea`s Tuesday report. The issued ICO bans by Korea and China before it has seen an exodus of domestic firms going to friendlier jurisdictions in Singapore and Switzerland to conduct ICOs.
The National Assembly has pushed a legislative and policy suggestion to recommend letting ICOs. The committee on the 4th industrial revolution also called on the government to create a task force comprising of both public officials and private experts to “improve transparency of cryptocurrency trading and establish a healthy trade order.”
The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.
This abrupt turn follows recent remarks from the new chief of Korea’s financial watchdog who has chosen to pay attention to the “positive aspects” of cryptocurrencies while offering authorities will relax cryptocurrency curbs in what is among the world’s largest crypto trading markets.