Author Topic: South Korean Legislators To Propose New Rules For Cryptocurrency And Blockchain  (Read 253 times)

Offline Dev12345

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Lawmakers in South Korea are building on previous efforts to fast-track cryptocurrency regulations in one of the world’s largest blockchain markets. This move could make South Korea more desirable for proponents of the crypto sector. The plan proposed by the lawmakers leave the door open to regulating initial coin offerings (ICOs).

According to the Korea Times, representatives from across the political spectrum have joined forces to draft new cryptocurrency bills that could be proposed to the National Assembly in an extended session between July 13 and 26. However, as it stands, opinions remain widely divided on the topic of cryptocurrencies, and thus, it is still unclear if any of the draft bills will end up becoming law at the end of the session. In case, any of the bills will be signed into law during the session, the submissions will serve as a “catalyst” for further debate within the Assembly.

The Financial Supervisory Service stated in May that a more nuanced approach to cryptocurrency regulation is inevitable:

It’s almost certain that cryptocurrencies will be classified as assets and the main issue will be centered on how to regulate them properly under the unified frame that will be agreed upon between G-20 nations.

In the spirit of creating a healthier and collaborative environment for investors and traders to operate within the South Korea crypto market, the National Assembly of South Korea proposed to lift the ban on ICOs and allow it to function under the regulatory eye within a proper framework. The Special Committee on the Fourth Industrial Revolution under the National Assembly said:

We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.

Earlier this month, the South Korean government announced that it was preparing new industry classification standards for the country’s blockchain industry. This system is expected to include categories such as blockchain systems, decentralized applications (DApps) development, and cryptocurrency exchanges and transactions, to list a few.

Now, all eyes are set for the debate between the Korea Internet and Security Agency (KISA) on the security of the local cryptocurrency exchanges which is due to take place on 19 July. Therein, representative, Song Hee-kyung of the Liberty Party Korea will also host a policy debate on the security practices of domestic cryptocurrency exchanges.

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