South Korea: ICOs and Blockchain Top Priority for Ongoing 'Extraordinary' Meeting

The South Korean National Assembly has kickstarted an "Extraordinary" meeting for discussing ICO regulation, cryptocurrency and blockchain frameworks, as well as other steps to support optimal growth of the digital assets sector, Business Korea reported.

The Korean government is swiftly taking steps in the cryptocurrency sector as it looks to bolster its economy and lead blockchain innovation.

The so-called "Extraordinary" assembly came into order after Jeju Island Governor Won Hee-ryong pushed for an expedited meeting to discuss the immediate regulatory set up of the cryptocurrency sector.

As per Korean law, the extraordinary session cannot run for more than 30 days, signifying cryptocurrency regulations for Korea's law books can be expected before the end of September.

The report also stated that relevant standing committees and lawmakers from all political parties should align to create regulations and discuss steps to promote the local blockchain sector while establishing ICO guidelines.

Notably, the extraordinary meeting arrives at a time when Korean authorities have fast-tracked the regulatory process for the cryptocurrency market, with several draft bills expected to be released soon.

The forward-thinking political party believes in an "Industry 4.0" spearheaded by the likes of IoT, artificial intelligence and blockchain technologies, and would explore frameworks of a blockchain-based political party in future-focusing on decentralized governance and efficient decisionmaking.

The party is holding meetings on ICO regulations as well and is led by several industrialists and Korean academicians.

"The South Korean government prohibited all types of ICO in September last year and has come up with no related policy since then. The entire industry is paying much attention to how its stance will change through various discussions in the National Assembly."

The Korean extraordinary session also provides Hee-ryong a platform to present his case for Jeju Island, which includes making the independent district a hotbed for the world's token issuers classified as a special economic zone for cryptocurrencies, as previously reported by CryptoSlate.