• Latest
South Korea’s Policy Chief Calls for Legalization of ICOs

South Korea’s Policy Chief Calls for Legalization of ICOs

October 2, 2018
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

South Korea’s Policy Chief Calls for Legalization of ICOs

coinnewsdaily by coinnewsdaily
October 2, 2018
in Business
0
South Korea’s Policy Chief Calls for Legalization of ICOs
197
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The chairman of Korea’s National Policy Committee has called for the legalization of initial coin offerings (ICOs), providing that a regulatory framework is put in place.

According to a report from CoinDesk Korea on Tuesday, Min Byung-Doo, who is a member of the country’s governing Democratic party, said that, with token sales becoming a global trend, “I do not want the ICO door closed completely … The state should not ignore [the issue].”

The policy chief spoke earlier Tuesday during 8th plenary session of the National Assembly, at which lawmakers posed questions to the administration.

In order to create trust in the industry, ICOs should also be regulated, Min stressed. However, the official pointed to reluctance on the part of the government to draw up new rules as a prevailing issue.

Specifically, he said that “fraud, speculation and capital laundering must be strictly prohibited,” and the crypto industry would need to self-regulate and introduce safety standards as well.

The country’s financial watchdog, the Financial Services Commission, announced a ban on ICOs in September 2017, although the law has not yet been enacted, according to the report.

The lawmaker pointed to the economic advantages of token sales, saying that while there is a pessimistic view of cryptocurrencies in some quarters, many token projects are seen as having a viable future.

Raising the vast sums of money that have been raised in some token sales, Min said:

“We can see that the flow of investment is clearly changing compared to ICO and angel fundraising. The ICO has raised $1.7 billion for Telegram and $4 billion for Block.One, It is getting bigger and bigger.”

Efforts thus far

Several bills seeking to provide a legal framework for cryptocurrencies have already been proposed to the National Assembly in South Korea, with such legislation coming under the jurisdiction of the Political Affairs Committee, CoinDesk Korea previously reported.

With Min being chairman of the committee and now strongly expressing his belief that ICOs should be allowed in law, the odds of regulations being passed in the near future may have just increased. However, any legal measures must pass a vote of the Politburo Committee at a future plenary session.

Further, while Prime Minister Lee Nak-yeon is a supporter of blockchain technology, he has said that the government banned ICOs over concerns about “side-effects and market overheating.”

In separate statements today, Min told a panel discussion with the Korean government’s science chief, “Let the government, the National Assembly and the blockchain association quickly create a working group to block fraud, speculation, money laundering and develop the block-chain industry.”

Min Byung-Doo image via CoinDesk Korea/Hankyore 

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Credit: Source link

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
Tags: BusinessCryptoCrypto BusinessHankyore The leaderKorean governmentmedia outletPolitical Affairs Committeescience chief
Share79Tweet49
Previous Post

Barely Weeks After Sagar Sarbhai comments, Ripple Launches xRapid

Next Post

Mining Giant Bitmain Acquires Bitcoin Cash Wallet Startup

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
Mining Giant Bitmain Acquires Bitcoin Cash Wallet Startup

Mining Giant Bitmain Acquires Bitcoin Cash Wallet Startup

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$19,011.37-1.34%
  • ethereumEthereum(ETH)$1,045.08-0.70%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$214.93-0.72%
  • cardanoCardano(ADA)$0.446183-1.15%
  • rippleXRP(XRP)$0.311348-0.99%
  • SolanaSolana(SOL)$32.33-2.39%
  • dogecoinDogecoin(DOGE)$0.065389-2.47%
  • polkadotPolkadot(DOT)$6.67-1.67%
  • daiDai(DAI)$1.000.03%
  • Shiba InuShiba Inu(SHIB)$0.000010-2.42%
  • tronTRON(TRX)$0.062690-3.65%
  • leo-tokenLEO Token(LEO)$5.73-0.12%
  • matic-networkPolygon(MATIC)$0.453030-3.94%
  • litecoinLitecoin(LTC)$49.34-1.82%
  • FTXFTX(FTT)$23.86-2.36%
  • OKBOKB(OKB)$12.120.36%
  • chainlinkChainlink(LINK)$6.05-1.89%
  • CronosCronos(CRO)$0.111281-1.10%
  • stellarStellar(XLM)$0.106497-1.31%
  • cosmosCosmos Hub(ATOM)$8.00-1.05%
  • algorandAlgorand(ALGO)$0.302701-1.25%
  • moneroMonero(XMR)$115.04-0.29%
  • bitcoin-cashBitcoin Cash(BCH)$102.51-0.34%
  • ethereum-classicEthereum Classic(ETC)$14.43-1.82%
  • vechainVeChain(VET)$0.021917-1.38%
  • tezosTezos(XTZ)$1.41-1.98%
  • Internet ComputerInternet Computer(ICP)$5.14-2.13%
  • theta-tokenTheta Network(THETA)$1.202.43%
  • filecoinFilecoin(FIL)$5.21-1.90%
  • ElrondElrond(EGLD)$49.38-1.45%
  • bitcoin-cash-svBitcoin SV(BSV)$51.98-1.91%
  • eosEOS(EOS)$0.92-0.44%
  • paxos-standardPax Dollar(USDP)$1.000.07%
  • makerMaker(MKR)$880.48-2.09%
  • AaveAave(AAVE)$55.00-2.93%
  • iotaIOTA(MIOTA)$0.2644640.16%
  • zcashZcash(ZEC)$53.00-0.55%
  • huobi-tokenHuobi(HT)$4.32-0.13%
  • havvenSynthetix Network(SNX)$2.6515.00%
  • basic-attention-tokenBasic Attention(BAT)$0.388286-6.99%
  • neoNEO(NEO)$8.07-1.57%
  • zilliqaZilliqa(ZIL)$0.038025-2.07%
  • wavesWaves(WAVES)$5.06-2.41%
  • dashDash(DASH)$41.83-0.45%
  • PancakeSwapPancakeSwap(CAKE)$3.041.53%
  • KusamaKusama(KSM)$47.95-1.02%
  • nemNEM(XEM)$0.04350211.49%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • CompoundCompound(COMP)$47.833.31%
  • ethlendAave [OLD](LEND)$4.103.48%
  • qtumQtum(QTUM)$2.75-0.74%
  • bitcoin-goldBitcoin Gold(BTG)$15.31-0.92%
  • omisegoOMG Network(OMG)$1.76-1.59%
  • golemGolem(GLM)$0.2275530.81%
  • ontologyOntology(ONT)$0.230062-1.64%
  • SushiSushi(SUSHI)$0.95-2.70%
  • yearn-financeyearn.finance(YFI)$5,574.262.37%
  • umaUMA(UMA)$2.614.46%
  • digibyteDigiByte(DGB)$0.009076-0.61%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....