South Korean Lawmakers Call out Country's Delay in Regulating Token Issuances and Cryptocurrencies

Pointing out the government's delay in regulating initial coin offerings since a year, South Korean lawmakers called for swift regulatory action in a parliamentary forum on Oct. 2, reported Business Korea.

After China put forth a resistive stance with their infamous blanket ban on crypto-assets in September 2017, South Korea followed suit and banned all forms of ICO investing, citing investor protection and a lack of legislation at the time.

A year later, a robust framework for ICO trading and investing remains absent, and opposition parties in Korea are leaving no chance to call out the current policies; presumably even attracting millennial voters in that process.

Two lawmakers from the ruling Democratic Party - Min Byung-doo and Roh Woong-rae of the National Assembly and Science Committees respectively - are leading a political move to legalize token issuances in Korea.

On Oct.2, Roh and Min hosted a blockchain forum at the National Assembly Library, with a particular focus on the disruptive technology and digital assets.

At the forum, Min drew attention to "Confident" governments like Singapore, France, and Switzerland handling the merits and demerits of blockchain technology and token issuers, adding the countries have "Opened roads" for ICO companies to set up businesses in their region.

Min believes the South Korean government undermines the benefits and competitiveness of blockchain technology.

He termed it a "Worrisome" situation and highlighted a recent report that showed blockchain adoption in South Korea fell by 75 percent compared to the U.S. Roh supported his peer's points, adding that local blockchain startups have been shifting abroad due to Korea's lack of optimal legislation.

Both lawmakers stated they would find a solution after the government's negative attitude.

Min said Korea's National Policy Committee is still ongoing the planning stages of an ICO bill of which the public hearing will be held in November 2018.