In Korea's Ruling Party, A Lawmaker Commits to Ending the ICO Ban

Opting to take the view ICOs are a form of fraud, speculation or gambling, the Korean government initiated a ban on the investment vehicle last September, one that sparked a strong backlash from domestic blockchain startups.

In a situation where the incumbent government is struggling with economic issues, including a decline in employment and skyrocketing housing prices, it's perhaps natural the opposition party would rally behind an emerging technology to try to establish an innovative image for itself.

Min Byung-doo is one member of the ruling Minjoo Party who has spoken out in favor of ICOs through a query submitted to the government, an unusual step for a prominent figure in the ruling party in that it doesn't square with the government or Blue House line.

Min Byung-doo: There are some positive aspects to the regulations implemented by the government over the past year.

CoinDesk Korea: The Office for Government Policy Coordination is expected to release the government's official position on ICOs in November, but Financial Services Commission head Choi Jong-gu remains opposed to ICOs.

Whether the government releases a new set of regulations on ICOs or not, they will need to listen to a wide range opinions from the industry and justify their decision with some solid evidence.

If Korea's blockchain industry fails to develop because of this, the government should be held accountable.

If some governments are actively trying to promote blockchain technology and this leads to the creation of globally dominant platforms like Amazon or Alipay, then will passive governments be able to stand in their way? If they can't do anything in response, they will end up being colonized economically.

CoinDesk Korea: What do you think of the 'special blockchain zones' being proposed by local governments such as Jeju?

Min Byung-doo: From the government's perspective, there is no difference between permitting ICOs in special designated zones and allowing them across the whole country.