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South Korea’s National Assembly Calls for Measures to Lift ICO Ban

The National Assembly has officially made a proposal to allow domestic initial coin offerings (ICOs). As the administration is sitting on its hands after imposing a total ban on ICOs in September last year, the National Assembly has come forward with an official recommendation.

The National Assembly suggested a legislative and policy proposal of recommendation to allow ICOs under the conditions of investor protection provisions preparation. Accordingly, all eyes are on whether discussion on blockchain and ICOs between the government and the National Assembly is will accelerate.

The legislative effort first came to light earlier this month when a group of lawmakers led by Rep. Hong Eui-rak of the Democratic Party of Korea – the ruling government – began drafting a bill to legalize the launch of new ICOs in the country.

The embracive turn follows recent remarks from the new chief of Korea’s financial watchdog who has chosen to put the spotlight on the “positive aspects” of cryptocurrencies while suggesting authorities will relax cryptocurrency curbs in what is among the world’s largest crypto trading markets.

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