South Korea began an extraordinary session at the National Assembly level in order to discuss issues relating to regulations for cryptocurrencies and initial coin offerings (ICOs). According to a report by Business Korea, the session was used to discuss strategies regarding how blockchain and cryptocurrency could be effectively promoted and how specific guidelines could be created for ICOs.
The session also proposed a plan to designate Jeju Island as a special zone where blockchain and cryptocurrencies could be tested in controlled parameters. Jeju Island is South Korea’s most popular tourist island as it observes a vast number of domestic visitors. The governor of Jeju Island, Won Hee-Ryong, mentioned on the topic of ICOs, “Entrepreneurs looking to innovate should be allowed to raise funds through cryptocurrency.” The ‘extraordinary sessions’ are meant to last no longer than thirty days within which the National assembly will see lawmakers and committees from a broad spectrum to create a report on the ability of South Korean cryptocurrency exchanges to defend itself against cybersecurity threats.
The National Assembly Research Service of South Korea has so far released a report that outlines the urgent need to legally define cryptocurrencies in a clear manner before ICOs can be allowed to operate. Although the South Korean government banned ICOs back in September, it has since then not worked on creating a policy to define or regulate the crypto space.
The news of an extraordinary session comes at a poignant time since lawmakers have fastened the process of domestic regulations when it comes to the cryptocurrency industry, as a draft bill for the same is expected to be submitted during the session itself. Lawmakers from the Science, ICT (Information and Communications Technology), Broadcasting and Communications Committee of the National Assembly have urged the Ministry of Science and ICT to create an ICO guideline to protect and safeguard the interests of investors.
