Led by Representative Hong Eui-rak, a member of the (ruling) Democratic Party of Korea, a group of South Korean legislators is striving to reverse the government's ban on initial coin offerings (ICOs). According to The Korea Times, the bill is the first evidence of parliamentary pushback on the broad prohibition on ICOs.
On Wednesday, during a meeting about ICOs and blockchain technology at the National Assembly, Hong explained, "The bill is aimed at legalizing ICOs under the government's supervision." The legislation, he said, grew out of a study conducted by his office and the private nonprofit Korea International Trade Association.
"The primary goal (of the legislation) is helping remove uncertainties facing blockchain-related businesses," Hong added.
The bill would not enable a renewed flood of ICOs, but instead, allow a restricted number of closely monitored ICOs undertaken by research centers and public organizations, said The Korea Times. The Financial Services Commission and the Ministry of Science and ICT would supervise permitted ICOs.
ETHNews previously reported on South Korea's developing ICO framework.