Min Byung-Doo, who is a member of the country’s governing Democratic party, said that, with token sales becoming a global trend, “I do not want the ICO door closed completely … The state should not ignore [the issue].”
The policy chief spoke earlier Tuesday during 8th plenary session of the National Assembly, at which lawmakers posed questions to the administration.
In order to create trust in the industry, ICOs should also be regulated, Min stressed. However, the official pointed to reluctance on the part of the government to draw up new rules as a prevailing issue.
The lawmaker pointed to the economic advantages of token sales, saying that while there is a pessimistic view of cryptocurrencies in some quarters, many token projects are seen as having a viable future.
“We can see that the flow of investment is clearly changing compared to ICO and angel fundraising. The ICO has raised $1.7 billion for Telegram and $4 billion for Block.One, It is getting bigger and bigger.”
Efforts thus far
Several bills seeking to provide a legal framework for cryptocurrencies have already been proposed to the National Assembly in South Korea, with such legislation coming under the jurisdiction of the Political Affairs Committee, CoinDesk Korea previously reported.
With Min being chairman of the committee and now strongly expressing his belief that ICOs should be allowed in law, the odds of regulations being passed in the near future may have just increased. However, any legal measures must pass a vote of the Politburo Committee at a future plenary session.
In separate statements today, Min told a panel discussion with the Korean government’s science chief, “Let the government, the National Assembly and the blockchain association quickly create a working group to block fraud, speculation, money laundering and develop the block-chain industry.”