The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Business
  • Tech
  • Bio
  • Companies
Thu, May 26, 2022 | 07:01
Tech
Lawmakers move to legalize new ICOs in South Korea
Posted : 2018-05-02 17:04
Updated : 2018-05-02 23:50
Print Preview
Font Size Up
Font Size Down
Rep. Hong Eui-rak of the ruling Democratic Party of Korea speaks during a forum on cryptocurrencies and blockchain technology at the National Assembly in Seoul, Wednesday. He said a bill aimed at allowing the launch of new cryptocurrencies here is in the making. / Yonhap
Rep. Hong Eui-rak of the ruling Democratic Party of Korea speaks during a forum on cryptocurrencies and blockchain technology at the National Assembly in Seoul, Wednesday. He said a bill aimed at allowing the launch of new cryptocurrencies here is in the making. / Yonhap

By Park Si-soo

A group of lawmakers is moving to legalize the launch of new cryptocurrencies in South Korea.

Rep. Hong Eui-rak of the ruling Democratic Party of Korea is leading the move championed by 10 other lawmakers. They are working to have a bill backing the move endorsed this year.

This is the first parliamentary challenge to the government's ban on domestic initial coin offerings (ICO) imposed late last year to curb speculative investment in digital currencies such as bitcoin.

"The bill is aimed at legalizing ICOs under the government's supervision," Hong said during a forum on ICOs and blockchain technology at the National Assembly on Wednesday. He said the bill was based on a joint study by his office and the Korea International Trade Association (KITA).

"The primary goal (of the legislation) is helping remove uncertainties facing blockchain-related businesses," Hong said.

The bill does not seek unlimited ICOs, but ones initiated by public organizations and research centers committed to promoting and developing blockchain technology. Their ICOs will be subject to tight supervision by the Financial Services Commission and the Ministry of Science and ICT, according to the bill.

At the forum, National Assembly Speaker Chung Sye-kyun underscored the lawmakers' role in removing political uncertainties facing cryptos and blockchain technology.

"Blockchain and cryptos can be used in various public sectors for good causes," Chung said. "Given their potential, we need to work to help reduce political uncertainties they face."


Emailpss@ktimes.com Article ListMore articles by this reporter
 
  • Gunman kills 18 children at Texas elementary school
  • Over 76% of Koreans support legalizing euthanasia
  • N. Korea fires 3 ballistic missiles, including 1 suspected ICBM: JCS
  • Will government establish new immigration agency?
  • Korea to allow visa waiver at Yangyang airport for int'l travelers from 4 countries
  • North Korea launches missiles to test Seoul-Washington deterrence
  • [INTERVIEW] Defender of inter-country adoptees' rights
  • Auditing firms compete to secure rookie accountants
  • Police forward Terraform Labs CEO home trespassing case to prosecution
  • Daewoo E&C offers health programs for workers
  • 'The Witch: Part 2' director still has more story to tell 'The Witch: Part 2' director still has more story to tell
  • Park Chan-wook returns to Cannes with romance 'Decision to Leave' Park Chan-wook returns to Cannes with romance 'Decision to Leave'
  • BLACKPINK on cover of Rolling Stone BLACKPINK on cover of Rolling Stone
  • Former GFriend member Yuju sings on track for drama 'Kiss Sixth Sense' Former GFriend member Yuju sings on track for drama 'Kiss Sixth Sense'
  • Tim Burton's iconic world of misunderstood misfits returns to Korea Tim Burton's iconic world of misunderstood misfits returns to Korea
DARKROOM
  • 75th Cannes Film Festival

    75th Cannes Film Festival

  • People in North Korea trapped in famine and pandemic

    People in North Korea trapped in famine and pandemic

  • 2022 Pulitzer Prize: Bearing witness to history

    2022 Pulitzer Prize: Bearing witness to history

  • Worsening drought puts millions at risk

    Worsening drought puts millions at risk

  • Our children deserve the best

    Our children deserve the best

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group