South Korea Still Unsure on How To Handle Cryptocurrencies

South Korea just held a session of its National Assembly with the sole purpose of discussing blockchain adoption and ICOs guidelines.

The Ministry of Science has recently announced it will draft a report for current South Korean cryptocurrency exchanges and how well these can fend off cyber attacks. This reaction comes in response to pressure from two lawmakers — Kim Kyung-jin of the Democracy and Peace Party, and Song Hee-Kyung of the Liberty Korea Party.

Political Parties in South Korea are Concerned About Investors Protection

Local news claim Initial Coin Offerings (ICOs) are expected to gain momentum in the coming weeks, given a recent report issued by the National Assembly Research Service. In it, the group concluded the government needs to first clarify cryptocurrencies and their legal terms before proceeding onto regulating ICOs.

South Korea’s Bareunmirae Party is holding a policy discussion tomorrow, August 21, with the purpose of presenting a blockchain-based political party structure. The party’s lawmaker, Jung Byung-Kuk, is also expected to touch upon ICO guidelines and investor protection, as the parties mentioned above.

A local industry insider was quoted saying,

“The South Korean government prohibited all types of ICO in September last year and has come up with no related policy since then. The entire industry is paying much attention to how its stance will change through various discussions in the National Assembly.”

South Korea’s Self-Governing Jeju Island to Become a Special Blockchain Zone

Earlier this month, Jeju Self-Governing Province Governor Won Hee-ryong announced he wants Jeju Island to become a “Special Blockchain and Cryptocurrency Global Ecosystem Zone.” The governor suggested a task force combining both the government and Jeju Island officials.

Unlike his nation, the governor isn’t too concerned about the dangers of the blockchain technology. According to the same local source, he stated,

“In a bid to correct the cryptocurrency market order, we should bring blockchain and cryptocurrency into the regulatory system and put proper regulations on them. In this way, it is more effective in terms of industry promotion.”

Remember folks, Crypto is comin!

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