Min Byung-Doo, a member of the nation’s administering Democratic gathering and the administrator of Korea’s National Policy Committee, has emphatically urged the government to legalize initial coin offering (ICO) and force better crypto-related regulatory structures to legitimize the local market.
“Regulation isn’t bad. Regulation is essential; it is the best way to legitimize the market and enable investors to assemble trust towards the cryptocurrency market,” chairman Min said.
Previously, Choi Jong-Ku, the director of the Financial Services Commission (FSC), averted Kakao, the greatest Internet combination in South Korea that has more than 80 percent share of the overall industry over nearby fintech, messaging, ride-hailing, social media, and online stock exchanging businesses, from leading an ICO in South Korea.
As the conglomerate set up an organization in Switzerland to lead an ICO abroad, FSC executive Choi expressed that the nation could view the ICO as an illegal fund money technique.
Given the achievement of Telegram and EOS, the ICO of Kakao could have earned comparative interest from the worldwide cryptocurrency division. Considering the potential of the ICO market and nearby blockchain activities, chairman Min stated that the government ought to regulate and legalize ICOs for the time being.
“Let the government, the National Assembly and the blockchain affiliation rapidly make a working group to block fraud, hypothesis, money laundering and build up the blockchain industry,” he said.
Presently, the National Assembly is anticipating to approve or reject the main crypto, and blockchain-related legislation of South Korea, which whenever affirmed would consider digital asset trades as regulated banks and blockchain projects as legitimate elements.
The initial introduction of the enactment drove the greater part of investors inside the nearby market to be hopeful about the long haul development of the market. With the groundbreaking approach of director Min, South Korea is required to see significant changes in nearby regulatory systems surrounding the cryptocurrency market.