South Korea Bill Pushes Legalization of New ICOs after 2017 Ban

A group of lawmakers led by a politician from Korea’s ruling political party is drafting a bill to legalize the launch of new cryptocurrencies and ICOs in the country. According to a report by The Korea Times, Rep. Hong Eui-rak of the Democratic Party of Korea, the political camp in power, is leading the charge – through the parliament – to challenge the government’s ban on initial coin offerings (ICOs) in September 2017. Hong has the support of 10 other lawmakers in the Korean parliament and aims to have a final draft of the bill for submission before the end of the year. Speaking at a forum focusing on cryptocurrencies and blockchain tech at the National Assembly in Seoul on Wednesday, Hong revealed a joint study between the Korea International Trade Association (KITA), a non-profit Korea’s largest trade body, and his own office was the basis behind the bill. Hong…

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