The Extraordinary Meeting
An Extraordinary Meeting was held earlier this week by the South Korean National Assembly with the sole aim of outlining plans for regulating Initial Coin Offerings, Cryptocurrencies and Blockchain implementation. Also on the agenda were discussions on how to further develop the digital economy in the country and support its growth.
The beautiful island of Jeju positioned in the Korean Strait is another hot topic as it is being tipped to become the country’s special economic zone for cryptocurrencies. Discussions are still being held over this and will continue until everything is finalised.
Only 30 Days
South Korea is very keen to become a leader in the Cryptocurrency field as well as Blockchain technology and is doing everything possible to develop as quickly as it can. South Korean law stipulates that this Extraordinary Session cannot carry on for more than 30 days which means that the team will be working hard behind the scenes to finalise everything necessary by this time next month. Therefore by default the regulations which are being discussed will be available in that 30 day period. The country is certainly pulling together with all lawmakers, committees and political parties working towards the same dream. Regulations need to be in place, Initial Coin Offering Guidelines must be produced and implemented and work on Blockchain technology has to be set in motion. This is on the back of the fact that South Korea has already fast tracked Cryptocurrency specific regulations.
So far, the session has seen a whole lot of activity taking place to get the ball firmly rolling. The Ministry of Information and Communications Technology has already been brought on board to start work on the Initial Coin Offering guidelines to protect investors. Something which the South Koreans are very enthusiastic to implement as soon as possible. Furthermore, this particular ministry is also preparing documentation to disclose how prepared South Korea is in dealing with hackers and scammers on the digital economy side of things. However, defining Cryptocurrencies is very much the first order of the day.
The Opposition’s Views
Bareunmirae – the opposition party in South Korea – has already held its own meetings and discussions around the digital economy etc earlier this month. Artificial Intelligence, IoT and Blockchain were on that agenda. The party would certainly be keen to look at a more blockchain-based political party in the near future. The aim would obviously be a more decentralized power. There are also several conversations being held about Initial Coin Offering regulations.
South Korea is certainly one of the forerunners when it comes to regulation of Cryptocurrencies, Initial Coin Offerings and Blockchain. The UK and Malta are already working hard on their own protocols and best practices. It is hoped that as one of these leaders, others will soon follow. The light at the end of the tunnel in terms of negative press can then hopefully be seen. This could very well be the start of things to come with more and more countries regulating their digital economies.