Korean lawmakers are increasingly pushing for the regulation of initial coin offerings (ICOs) with multiple bills currently pending at the National Assembly. This includes a proposed amendment to the Electronic Financial Transactions Act. Meanwhile, the Korean Blockchain Association has also come up with its own set of guidelines for crypto exchanges and ICOs.
Five Crypto-Related Bills
It has been about a year since initial coin offerings (ICOs) were banned in South Korea, but the government has yet to introduce a set of guidelines for them.
There are more than five crypto-related bills pending in the National Assembly, Chosun wrote on Friday. In addition, lawmaker Park Yong-jin of the Democratic Party has proposed an amendment to the Electronic Financial Transactions Act, which would regulate cryptocurrencies and initial coin offerings, the publication added.
Representative Ha Tae-kyung said last week that ten lawmakers who worked on this bill are pushing for the government to lift the ban on ICOs. The bill proposes definitions of crypto-related businesses such as trading, brokerage, and management.
Furthermore, ICO issuers must ensure that their tokens adhere to certain standards and obtain approval from the Financial Services Commission (FSC) before launching ICOs, Asia Economy TV explained. Chosun added that with the FSC being part of the process, it will “strengthen the stability and credibility” of the crypto industry.
At a National Assembly meeting on Tuesday, the FSC was questioned about its ICO policy.
“Min Byung-doo, a Democratic Party member asked [the FSC about] the possibility of a change in the government’s policy on the ICO ban,” the Korea Economic Daily reported.