One of the main challenges currently facing South Korea Parliament members is the discussion of a bill on the legalization of cryptocurrencies for strategic areas like investment, production and banking, among others.
Hong Eui-rak, form the Democratic Party of the country, leads a group of ten parliamentarians in favor of legalizing ICO this year. After a recent meeting with the International Trade Association, Hong indicated that they seek to eliminate the uncertainty of the traders regarding blockchain technology, always within the regulatory framework of the state through the Financial Services Commission (FSC) and the Ministry of Science and ICT.
ICOs were banned in South Korea last year. However, the story took an important turn last March when representatives of the national tax agency, the Ministry of Justice and other government agencies met to reach consensus and allow the use of cryptocurrencies under specific government conditions.
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