Min Byung-Doo, the chairman of the National Policy Committee, called for the legalization of ICO in South Korea. He proposes to create a regulatory framework for the settlement of cryptocurrency projects. Politician noted that tokens sale is becoming a global trend and the state should not ignore this fact.
According to CoinDesk, Min Byung-Doo spoke at the 8th plenary session of the National Assembly with a proposal to legalize ICO. In order to create trust in the industry, ICO should be regulated, Min said. According to the politician, it is necessary to prohibit fraud, speculation and capital laundering. At the same time, the crypto sphere should be able to regulate its activities and develop new security standards.
Min Byung-Doo noted that the government is not seeking to develop new rules for the settlement of the ICO. Recall that in September 2017, the Financial Services Commission of South Korea announced a ban on ICOs in the country.
At the moment there are several bills aimed at creating a legal framework for the cryptocurrency. Legislative proposals should be voted by the Political Affairs Committee at the next plenary session.
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