South Korea has legalized the Bitcoin cryptocurrency as a payment method and is set to change its official position towards the cryptocurrency market and legalize ICOs.
It is to be recalled that about a year ago Korean cryptocurrency exchanges were responsible for roughly 14% of all the transactions in Bitcoin! The country’s authorities have recently set a course for regulating the cryptocurrency market after taking the cue from China.
Late spring 2018 the South Korean government began taking more interest in blockchain technology. Just a few days ago the South Korean National political committee chair called to legalize initial coin offering campaigns (ICOs) provided they are subject to regulation. “I don’t want to shut the door on ICOs entirely” — he said.
The authorities believe that developing and passing regulating legislation is necessary to make the industry gain public trust. A number of bills proposing to legalize ICOs has already been sent to the South Korean National Assembly. The bill is set to be reviewed by the National political committee, but any suggested measures must first be approved by voting during the next plenary session of the political bureau.
Thus South Korea continues developing the digital economy! The same direction has now been taken by Armenia that is actively promoting the ideas of a digitized economy and taking steps towards this goal.