South Korean lawmaker’s bill would make ICOs legal again. Chinese state firm deletes posts about $70M worth of RWAs on Ethereum. Asia Express.
A South Korean lawmaker has introduced draft legislation to create a framework for cryptocurrencies, including legalizing initial coin offerings (ICOs) and setting rules for stablecoin issuance.
The proposal, announced Thursday by ruling Democratic Party lawmaker Lee Kang-il, would lift South Koreas ban enacted in 2017 during a speculative frenzy remembered as the ICO boom. The prohibition pushed Korean projects to launch tokens overseas. Lees bill seeks to replace the blanket prohibition with a disclosure-based regime.
The draft law defines the digital asset sector as an independent industry, dividing it into nine business categories that include trading, brokerage, custody, payments and investment management. Trading and brokerage firms would require licenses, while other activities would operate under a registration system.
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