South Korean Legislator Nominates ICO Exclusive Crypto Zone
Business Korea stated that Jung Byung-Guk, head of the South Korean Bareunmirae Party announced his proposition of a zone appointed specifically for ICOs.
The legislator recommends Gibraltar to become the regulation-free zone due to the progressive nature of its ecosystem, adding the fact that many ICOs have already been implemented there. He goes on to explain that the proposal is for testing and that the success of the special zone will determine the future of cryptocurrency in the country.
It was explained in the meeting that the point of the crypto special zone is to observe the ecosystem in a “sandbox form”, as stated by the legislator. The hopes are to improve the government’s ability to regulate the market.
It was also suggested that assessing the success of certain ICOs would be essential to the analysis of the whole experiment. The Myongji University Business professor, Moon Jong-jin, emphasized the importance of being extremely cautious while approaching these measures.
The government is also pressured to take such measures. This is because, since the issuance of the regulations banning ICOs in September, Singapore and other countries have been pressuring Korean companies to leave the nation and start their cryptocurrencies abroad.
On the other hand, fraudulent activities involving cryptocurrency have been rising, despite the ban on ICOs. This is potentially because there have been no issued guidelines or definitions for digital currency announced by the government.
The legislator is planning for the next National Assembly in October, hoping that authorities and the task force would take a step forward into deciding the future of ICOs in the nation.