South Korean National Assembly

Korea's National Assembly Prioritizing ICOs and Blockchain in Extraordinary Session

Aug 21, 2018, 5:51PM
1 min, 14 sec READ

The South Korean National Assembly is meeting to discuss new ways to promote blockchain technology while setting guidelines for ICOs.

South Korea's National Assembly has kicked off an "extraordinary session", prioritizing a discussion of initial coin offerings (ICOs) and blockchain technology. The short session will focus on the promotion of certain blockchain-related technologies in addition to introducing new guidelines for ICOs. Members of the Assembly are expected to prepare further ICO guidelines for investor protection while other government bureaus continue research into the extent of cybersecurity threats to cryptocurrency exchanges.

The Korean government cracked down on the crypto market last fall, and yet few legal actions have been initiated to secure or regulate the market since. As such, crypto businesses in the country are looking to the National Assembly to establish a new precedent. 

The entire industry is paying much attention to how [The South Korean government's] stance will change through various discussions in the National Assembly. - Industry Insider, via Business Korea

Increasing instances of fraud, from blockchain-driven start-ups, both locally and internationally, have provided ample motivation for the Assembly to revisit its perspective on the market. The Korean government has made clear that despite increased criminal activity within ICOs and the cryptosphere, they see potential in the technology itself as an emerging industry that merits encouragement.

South Korea has an opportunity to set a global standard if it continues high-level discussion of crypto-related guidelines and regulations. Watch for the results of this extraordinary session to gain insight as to how the market respond to changes in South Korea's posturing toward cryptos.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.