South Korea changes the regulations regarding ICO and Blockchain

South Korean legislators have disclosed draft laws aimed at developing new regulations on cryptocurrencies, ICOs and the entire Blockchain technology environment.

Reports are supposed to be put to the vote during an extraordinary National Assembly meeting, which will take place from July 13 to 26. According to The Korean Times , opposition parties – Liberty Party Korea (LPK) and Bareun Mirae Party (BMP) demand new regulations. The group wants to regulate the national cryptocurrency exchanges. Reason? Prevention of money laundering, cyber-crime and leakage of personal data.

The case involves Park Yong-jin from the ruling Democratic Party of Korea, Chung Tae-ok from LPK and Choung Byoung-gug from Bareun Mirae. All three want to present their draft legislation during the next parliamentary meeting. The vote will also be taken by Oh Se-jung, leader of the working group on the issues of the cryptocurrency party Bareun Mirae, who is already underlining that the security measures in this market must be strengthened.

ICO returns to favor

Good news. South Korea changes its position towards ICO. The authorities of the country want to lift the ban on the organization of the ICO, which the government introduced in September 2017. The Ministry of Science and Technology is more in favor of the new technology, which decided to strengthen cooperation with the US on the “fourth industrial revolution”, as is often said in the changes taking place in the economy using Blockchain technology.

Cryptocurrencies and a political issue

Cryptocurrencies are a political matter in South Korea. The beginning of this year Sang-ki Park, the Minister of Justice, wanted to ban them completely. The answer to the idea were mass protests and a petition regarding his dismissal.
The prime minister also spoke about digital currencies, which showed concerns about the impact of the possible quick profit that Bitcoin allows during the bubble, on the psyche of young people.

Did you know that…

South Korea, despite its cautious approach to the whole world, cryptocurrency is one of the technological centers of the world? And this is both very advanced technologies, such as robot guards in prisons, and … toilet seats with a heated toilet seat and a function of washing and drying.

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