South Korean lawmakers have held a meeting focused on ending the country’s ICO ban, among other topics, according to Business Korea. Representatives of the Ministry of Science and Information and Communications Technology (ICT) were present at this meeting. The ban was implemented in September last year, following government’s prohibition of all types of ICOs.
The report states: “...discussions to allow ICOs are expected to gain momentum along with preparations of investor protection measures and organization of a task force to establish order in cryptocurrency trading.” The first step to take, though, is to “clarify the legal definition of cryptocurrencies.”
Another topic of discussion concerned the development of South Korea’s “Blockchain island” on the Jeju Island resort - a dedicated zone for global blockchain and crypto projects. This step echoes an initiative coming from Malta, where a blockchain and cryptocurrency hub is part of the government’s plans.