Home News South Korean parliamentarian spoke in favor of legalizing ICOs

South Korean parliamentarian spoke in favor of legalizing ICOs

Min Byung-doo, the Chairman of the South Korea’s National Policy Committee, spoke in favor of lifting ICO ban in the country. The same opinion has also been supported by a number of other South Korean politicians.

The National Policy Committee is considered the first hurdle to clear for those hoping to enact legislation on ICOs or cryptocurrency exchanges.

South Korean officials have been actively voicing the need for lifting the ban in the course of this year. The ban was introduced in September 2018.

Min Byung-doo has explained in detail his position in an interview with the local outlet CoinDesk Korea, which took place earlier this week. When asked, why should ICOs be legalized again in South Korea, he said:

“There are some positive aspects to the regulations implemented by the government over the past year. A lot of the bubbles have burst and people have realized that this is not a market they should be recklessly rushing into.”

The parliamentarian also added that current restrictions in the sphere “have served as a big preventive injection, so even if the regulations on ICOs and exchanges were repealed…”and people now would not “be jumping into these markets without careful consideration.”

“I think the vaccine has succeeded, and it’s now time to open up the market,” – he concluded.

When asked, whether the position voiced by the Chairman of the National Policy Committee could influence the national policy in the field or not, Min said that he hopes “that other lawmakers will bring their own expertise to the table and approach this issue with a strong sense of commitment as well.”

According to a statement made recently by the head of the Financial Services Commission (FSC) of South Korea, cryptocurrency exchanges compliant with KYC and AML requirements may now take full advantage of the services provided by banks for opening virtual bank accounts. The country’s authorities have earlier endorsed the work of a number of cryptocurrency trading platforms, while promising to lift the ICO ban “in the near future”.