South Korean Lawmakers Draft Bill to Legalize Some Initial Coin Offerings

A group of South Korean lawmakers is working on a bill to legalize initial coin offerings (ICOs), providing they meet certain conditions under the supervision of the government. Meanwhile, the current ICO ban in the country has driven many domestic corporations to raise capital overseas. Bill to Legalize ICOs Rep. Hong Eui-rak of the South Korean ruling Democratic Party “is leading the move championed by 10 other lawmakers” to legalize ICOs, the Korea Times reported. “They are working to have a bill backing the move endorsed this year.” During the ICO and blockchain technology forum at the National Assembly on Wednesday, Hong said that “the bill was based on a joint study by his office and the Korea International Trade Association (KITA),” according to the publication. “This is the first parliamentary challenge to the government’s ban on domestic initial coin offerings imposed late last year to cool speculative investment in…

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