Reportedly a South Korean lawmaker has proposed an appeal for regulation-free special cryptocurrency zone which should aim at the initial coin offerings. It has now been a year since the ban on token sales in Korea, and the government is still to announce any guideline for them.
The leader of South Korea’s Bareunmirae Party, Jung Byung-guk also revealed at the Nation Assembly Meeting last Wednesday about this proposal for setting up a special crypto zone for ICOs (initial coin offerings) as per the reports of Business Korea.
He further suggested that South Korea uses Gibraltar as a target considering its progressive financial systems and ICOs are also actively launched according to the publication. Moreover, he proposed that they are in need of establishing a regulation-free special zone for blockchain and cryptocurrency or a test one for making trial experiments on the initial basis.
The proposal brings new innovative ideas and plans every time he reads through, which generally comes with newer ideas of execution for the company. As a result, the firm also finds areas to improve in their upcoming trial tests which encourage the need of special test zone.
Recently at a meeting, there was suggested that the Crypto Special Zone which needs a set up in a unique area rather than allowing its management of regulatory forms. It also desired that blockchain companies that are tightly secured should be allowed to increase regulatory efficiency and synergy.
Myongji University’s Department of Business Administration, Moon Jong-jin, quotes in the publication by stating that after financing ICOs, you should also examine the success rate of specific ventures. He also mentioned the fact that there should be a warning in promoting crypto special administrative policy.
The South Korean government also prohibited all ICO kinds in September last year where the regulators have also seen focusing on cryptocurrency regulations without any guidelines for the token sale. However, the other countries such as Singapore attract Korean firms to launch more token sales in foreign countries and across the borders.
Business Korea also pointed out that government claims to sanction ICO for protecting investors and as a result, there is no exact definition for regulations nor virtual currencies or unjust business practices. There have been increasing cases focusing on legal blind spots which are more on the rise in the current times.
Jung says that other countries are encouraging ICO as a means of helping the startups and small businesses to attract capital. He also emphasized his upsetting mood over the South Korean government after its reputation after prohibiting all the kinds of ICOs. The National Assembly members are also holding several meetings and seminars to revise and endorse laws but haven’t received any definite answer yet.
Moreover, the firm says Jung is also planning on inviting government officials and task forces which are related to cryptocurrencies for becoming the National Assembly that will hold the global conference in October and a declaring statement for ICOs. The news outlet also said that they hope that this declaration also serves as a helper for countries that are representing ICO guidelines which fit in their own economic and political situations.