South Korea Moves to Allow Domestic ICOs

South Korea's National Assembly - the legislative body of the East Asian Nation - has officially proposed to allow domestic Initial Coin Offerings.

Nearly 8 months after its September 2017 ban on ICOs and cryptocurrency margin trading, the Assembly has recommended both be permitted under strict investor protection.

We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.

As one of the world's most prolific cryptocurrency markets, South Korea may be squandering multi-billion dollar opportunities on account of this exodus.

Introduced to the world at 2016's World Economic Forum, the Fourth Industrial Revolution is characterized by the blending of physical, digital and biological realms - enabled namely by Artificial Intelligence, the Internet of Things, robotics, and blockchain technology.

Their failure to deliver any guidelines to domestic blockchain companies has not gone unnoticed by the nation's Special Committee for the Fourth Industrial Revolution - who went as far as accusing the Assembly of "Neglecting its duty in responding to blockchain application expansion".

After being labeled "2017's most innovative country" by Bloomberg, one might understand the committee's cause for concern.

"We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support."

As a champion of the 4IR, the South Korean government have a strong incentive to enact pro-ICO legislation.

Seemingly pressured by the Assembly, internal lawmakers, the Special Committee, and the burgeoning Korean blockchain economy - one may wonder just how long their ban will last.