Reports revealed that South Korea’s govt officials are looking to review crypto regulations that are already set and finalized within the nation – one such stubborn regulation is ICO ban.
On stage at Deconomy conference, held in Seoul, Korea on April 04 and 05, 2019, government officials reportedly talked about revising the existing regulations around digital currencies, ICOs and crypto market.
Top officials involved in a discussion include;
• Min Byung-Doo, chairman of the National Assembly
• Jung Byung-Kuk, chairman of the 4th Industry Special Committee of the National Assembly
• Song Hee-Kyung, co-president of the 4th Industry Forum of the National Assembly
• Won Hee-ryong, the governor of Cheju Island
South Korea – Highlights of the Discussion on Crypto & Blockchain
Speaking about the growth and crypto regulations, Min Byung-Doo, Chairman of the National Assembly expressed his view and said that ‘policies on cryptocurrency must be re-evaluated to assure they shouldn’t hinder the growth of an industry.
Citing the regulatory sandbox, Song Hee-Kyung, co-president of the 4th Industry Forum of the National Assembly says that governmental bureaucracy hampers the industry’s aim of expansion and growth. She says;
“The government has misunderstood the virtual currency and tried to meet the real currency standards, so there are various problems. The industry does not stand still while waiting for the regulatory sandbox authorization, so it is just like keeping it in the box.”
Beside less-restrictive regulations, one official Jung Byung-Kuk, Democratic Party Member talks about policies that can also protect citizens. He says;
“Public officials and bureaucrats have a responsibility and an obligation, and they have to be conservative and require institutional devices”
Yet another official, Won Hee-Ryong, Free Republican Party Member, aims at forming regulatory sandbox at Korea’s sub-jurisdictions by quickly pointing at Jeju Island. He says;
“If we are concerned about regulation, we can operate a regulatory agency with the government in a limited area called Jeju Island,” said Won Hee-Ryong. “We will make a case study and try to create a foundation for the government to look at cryptocurrency.”
While crypto friendly countries such as Switzerland, Singapore, and Australia are racing to lead the blockchain industry with potential policies, South Korea is on its hard stance, calling ICO as almost ‘a gamble’.
Nevertheless, following the above conversation, it’s time for South Korea to simplify the government’s hard stance and promote crypto and blockchain innovation within the nation. In addition, officials have no clear view on how they revise existing regulation – as such, they didn’t reveal anything about removing ICO ban either.
What do you think about South Korea to review the regulation and find where the bottleneck is occurring? Let us know your thought.