South Korea: lawmakers of the ruling party encourage the government to go to the simplification of the rules of the ICO.

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South Korea: lawmakers of the ruling party encourage the government to go to the simplification of the rules of the ICO.

According to a report by Business Korea , the ruling democratic party of South Korea, members Min Bung-up and Ro-UNU-RA, lead the initiative to convince the government to lift the ban on the original proposal coins (ICO), adopted in September 2017, and to take positive regulation of ICO in accordance with the crypto friendly countries.

2 Oct Min, who is also the Chairman of the National Committee on national policy of the National Assembly, Roch, head of the Committee on science, ICT, broadcasting and telecommunications, jointly organized block-forum at the National library of the Assembly. They were joined by local leaders of the block chain and think tanks, including the Korea Association of industry promotion, the Blockchain, the Blockchain industry Association in Korea, the industrial Association Open Blockchain and Yeosijae (Future Consensus Institute).

Press for new rules

Speaking at the forum, Min compared with countries such as Singapore and Switzerland. He was calm when he said that criptococosis has its good and bad points, but they can be handled properly by certain governments. He said

“Because blocking and cryptomelane have advantages and disadvantages, only confident the government can deal with them properly. We are talking about Singapore, Switzerland and France. These countries opened the way for the ICO to companies.”

The legislator expressed concern over the inability of his government to expedite the lifting of the ban. According to Min:

“This is a very alarming situation. A recent report shows that the technology of the block chain in South Korea fell to 75 percent of the United States “

Min wants new regulation led to increased competitiveness of South Korea in space of the ICO in addressing such controversial issues as money laundering, financing of terrorism, speculation and fraud.

Asian country outlawed ICO, accusing them of violating the law on the capital market. In March there were reports that the ban might be lifted, but nothing came of it. The country is still where it was then, except that calls for the revision of the rules are getting louder.

The policy of the National Committee plans to hold public hearings in November and use the feedback to develop new laws ICO and the blockchain. Min wants the government worked closely with the associations of the block chain to solve problems in space.

Roh, who supported comments Min said:

“The Committee on national policy and the Committee on science, ICT, broadcasting and telecommunications will work together to come up with measures that minimize adverse effects to industry of the block chain could create jobs and to play a leading role in the fourth industrial revolution”.

What new rules can have implications for South Korea

If South Korea wants to become a major player in block space and play catch-up countries such as the USA and Switzerland, she will have to take part in the ICO, and a new bill bloccano that will be useful for beginners, investors and regulators.

Malta, a small European island, separated from the “island Blockin” and saw that a new firm of blockchains flock to open businesses and create jobs in the country. China, which, like South Korea, banned ICOs, saw that the chiefs of lokshtanov close the doors and move on to areas such as Hong Kong and Singapore.

Recently, India sent a delegation to Switzerland, Japan and the UK to explore how they regulate their cryptoprotection. According to some experts on wall street , cryptomnesia here to stay. Those who open the doors to them, will win in the long run.

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