Recently the 300-member legislature has recommended that the ICO ban be removed in South Korea. They are recommending this even with the rocky relationship that has been had with the cryptocurrency industry in the past. The National Assembly of South Korea (NASK) has now created an official proposal with the purpose of allowing ICOs within South Korea.
The ICO blanket ban had first started in September of 2017, and it has been around 8 months since then. The FSC had mentioned prior to everything that the ICOs were certainly in violation of the capital market law. Of course, there was an intensive crackdown on ICOs after this and stern penalties were issued to any of the parties that chose to be involved with the ICOs.
Moving Forward With The ICO Ban
The South Korean blockchain and cryptocurrency community are looking forward to the collaboration on ICOs as well as blockchain technology. They are hoping that the NASK and the South Korean government will be moving forward on the matter very soon. Of course, the whole cryptocurrency community based online is showing how thrilled they are with this recent news. A lot of the members of the community think that it is great for the ICX, Korea, and all of crypto. They are all hoping that China will go along with the plan as well.
What NASK Thinks Of The Government’s Recent Behavior
The NASK’s special committee made their decision on the policy proposal on the ICO ban during a general meeting that took place at the time of the fourth Industrial Revolution. They have also said that they believe the South Korean government has been neglecting their duty when it comes to introducing regulatory reforms that will help in expanding on the blockchain applications. They think that they are in need of forming a task force that will include some private experts so as to improve upon the transparency of cryptocurrency trading as well as starting up a trade order that is healthy.
China Still Tough On Cryptos
Unfortunately, unlike South Korea, China is continuing to increase the strict policies that are in place when it comes to ICOs and cryptocurrencies. They are also continuing to be harsh on those that are involved with any types of illegal fundraising that has to do with ICOs. It has also recently been revealed by the People’s Bank of China that any platforms that have facilitated ICOs as well as the trading of cryptocurrencies have all been stopped. Even though China does show hostility with the cryptocurrencies, they have been very welcoming in terms of the blockchain technology. It is being said that their national technical committee for blockchain standardization is going to be set for this year. Along with all of that, the president of China seems to be leaning more toward the newer technology. Xi even said that blockchain technology has become a very important part of the newest technology revolution. Xi also believes that China should be leveraging this in order to thrive within the world economy.