South Korean National Assembly Meets for Extraordinary Session on Lifting ICO Ban, Creating Korean ”Blockchain Island”

South Korean National Assembly Meets for Extraordinary Session on Lifting ICO Ban, Creating Korean ”Blockchain Island”

Cryptocurrency will reportedly be on the agenda for South Korean lawmakers once again, as these met in an extraordinary session on Monday to discuss – amongst other things – ending the South Korean ban on ICOs, according to a recent report from Business Korea.

More specifically, it was the South Korean National Assembly that met, and a number of government officials are said to have participated. Extraordinary sessions cannot exceed 30 days, and the discussions will see participation from across the South Korean political spectrum.

This includes representatives from the nation’s Ministry of Science and Information & Communications Technology, who were asked to prepare an ICO guideline for presumptive investors.

Furthermore, the aforementioned governmental ministry will also produce a report relating to the readiness of South Korean cryptocurrency exchanges in response to potential cyber security risks.

This comes as there has been some pressure on South Korean lawmakers to once again allow ICOs in the country after prohibiting these during the past September.

However, Business Korea has noted that an obstacle to this would be the need to first ”clarify the legal definition of cryptocurrencies.”

According to Business Korea, an ”industry insider” is quoted as stressing that these discussions in the National Assembly are of paramount interest to the industry, and are reportedly watched closely.

Toshi Times has previously covered how South Korea’s financial regulator recently called for cryptocurrency regulation to be ”fast-tracked” through the country’s National Assembly, and it remains to be seen what headway will be made by the extraordinary session.

In addition to discussing ICOs, this extraordinary session is also said to deal with the recent proposal to turn Jeju Island into a ”specially designated zone” for cryptocurrency and blockchain ventures.

According to the proposal put forth by Jeju Island’s governor, such a special status would mean that fundraising using ICOs could become legal on the island – despite the current nation-wide ban on ICOs.

If Jeju Island indeed becomes a special cryptocurrency and blockchain zone this could prompt global interest in the area.

Some are sure to draw parallels between Jeju Island and the Mediterranean island nation of Malta, which has been championing cryptocurrency-friendly regulations for the past few months in a bid to attract blockchain-related ventures.

It remains to be seen whether the National Assembly approves the proposal to turn Jeju Island into a blockchain hub – or ”Blockchain Island” – of its own, although it certainly presents an intriguing possibility.

Furthermore, Business Korea also notes that August 21 will see a discussion on the potential implications blockchain technology could have for political party structure, and reportedly touch on ”blockchain-based political parties in the era of Industry 4.0” in a discussion headed by the Korean Bareunmirae Party.

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