The question of legalizing the ICOs status has been a crucial one for all countries worldwide since the introduction of the technology. France has recently accepted an official document with rules for regulating ICOs for French-based companies (insert link here).
Now, South Korea seems very close to the same step. Min Byung-Doo, a member of the ruling Democratic party and a chairman of Korea’s National Policy Committee, is a passionate supporter of cryptocurrencies and the latest blockchain developments. For some time now he strongly encourages the government to think of ICO regulations and to give a green light to the crypto industry. As anywhere in the world right now, the ICOs are getting a hot topic in the business circles and especially in such a high-developed country as South Korea, the problem seems to become an urgent one.
The other day Mr. Min talked in front of the National Assembly and insisted on a juridical change in the ICO perspective. He stated that the ICOs are becoming a ‘real trend’, the market is getting ‘bigger and bigger’ and some actions should be taken soon.
I do not want us to close the doors for the ICOs completely, as it is at the moment. The government should not ignore the ICO trend. This is the power of a government.
Said the chairman regarding the current ban of all ICO-related businesses in South Korea. The issue is quite over spoken in the media and widely discussed in the cryptocurrency sphere.
Regulation is not bad. ICOs should also be regulated. It creates trust in the market.
Added in his speech Min Byung-Doo but warned that many additional measures should be also taken:
Fraud, speculation and money laundering should be reduced to a minimum. The private sector must examine itself, the ICOs should include in their White Papers analysis reports and the exchange platforms should a safety rating system.
He later gave an example of the big profits made in the industry. $1.7 billion USD from the ICO of Telegram and $4 billion from the token sale of Block.One / EOS. These significant numbers talk for themselves, was Min’s attitude. The crypto trading and ICOs launch in the country will not stop; it just stays unregulated. Which makes it more dangerous and insecure for investors, traders, and companies.
