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ICO News: South Korea Needs Greater Clarity On Initial Coin Offerings

Recent ICO news from South Korea highlights that the National Policy Committee Chair, Min Byung-Doo, has urged for creating a regulatory framework to legalize Initial Coin Offerings.

Min Byung-Doo, a member of South Korea’s governing Democratic Party, shared his viewpoints on token sales. According to him, ICOs are emerging as a global trend these days.

Byung-Doo feels if there is a proper regulatory framework in the country, it will offer the much-needed support for the Initial Coin Offerings to work. However, he also sounded regretful because he feels that the government does not seem to be much enthusiastic about creating the necessary framework to do so.

Min Byung-Doo is dead against capital laundering activities, speculations, and fraudulent activities. He also opines that the crypto space should go for self-regulation, as well as, introduce certain safety standards to safeguard the interests of the investors.

In fact, the policy chief was addressing the National Assembly’s 8th plenary session, during which lawmakers had asked certain questions for the country’s administration. Byung-Doo stressed that ICOs need to be regulated to create an environment of trust within the crypto space.

The Financial Services Commission, the financial watchdog of the country had declared a prohibition on the Initial Coin Offerings in September last year. However, the law is yet to be enacted according to a report.

Plus, the lawmaker also highlighted the various benefits of token sales. He said that although some people view cryptocurrencies with great pessimism, many ICO projects appear to have a viable future, according to a report on CoinDesk.

ICO News: Byung-Doo Seems To Be Supporter Of Regulatory Framework

This is not the first occasion when there has been a demand for crypto-related regulations in South Korea. Many bills had been previously submitted to the Political Affairs Committee of the National Assembly, South Korea on similar demands.

However, according to the recent ICO news, Byung-Doo is strongly advocating a regulatory framework for the Initial Coin Offerings in the country instead of discarding the idea altogether as the committee’s chairman, Bitcoin Exchange Guide reported.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Pala Sen is an avid follower of fintech, travel and health updates, current affairs and entertainment news from all across the world and writing is a passion for her. She had been previously associated with the corporate world for several years and holds a degree in MBA and a postgraduate software diploma called GNIIT from NIIT.

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