The rich and technologically advanced South Korea has performed a u-turn following a hasty ban of Initial Coin Offerings (ICOs) last year.
Rep. Hong Eui-rak of the ruling Democratic Party of Korea has been joined by ten other lawmakers in backing a bill that will permit ICOs, according to local media.
“The bill is aimed at legalizing ICOs under the government’s supervision… The primary goal is helping remove uncertainties facing blockchain-related businesses,” Hong said on Wednesday.
The bill seemingly has the backing of Korea International Trade Association (KITA), which undertook a study on the matter with Hong’s office, so leading to the proposal of this new law.
“Blockchain and cryptos can be used in various public sectors for good causes. Given their potential, we need to work to help reduce political uncertainties they face,” National Assembly Speaker Chung Sye-kyun said.
The exact details of the bill are unclear at this stage, but new ICOs will require supervision by the Financial Services Commission and the Ministry of Science and ICT.
Suggesting the country is not quite hoping to be a hub, but focusing instead on assisting local industry, although that may depend on the extent and the nature of the required supervision.
Its introduction marks the closing of a chapter, and the beginning of a new changing tune across the globe. For minute historians might say it is in South Korea last year where cryptonians made a stand and won a battle of sorts.
Their government was on the cusp of banning crypto-exchanges all together, but South Koreans revolted, with a petition reaching 200,000 signatures in days.
Businesses were packing their bags as we reported at the time, and the democratic country risked standing alone with authoritative China.
But their government stood down in the face of significant popular opposition, and apparently now they’ve reached the stage where they even seemingly have some understanding of this space and its potential.
So leaving China alone as the ground where millennials lost, the rest are now championing blockchain tech, opening a new global chapter.