South Korean legislators have once again met to discuss significant changes to the country’s cryptocurrency policies.
The extraordinary meeting, which sees legislators meet for a maximum of thirty days, will discuss, among other things, the lifting of the country’s ban on ICOs, and a recent proposal to turn Jeju island into a blockchain hub.
Some speculators have commented that Jeju island draws parallels with Malta, the European island that has attracted big blockchain businesses, including Binance, due to its cypto-friendly legislation.
South Korea has hit blockchain headlines multiple times in recent years. Last year the news that the peninsular country would impose a blanket ban on initial coin offerings reverberated through the global cryptocurrency markets, with some attributing the announcement to the huge drop in prices.
This week’s meeting however could see a reversal in the policy, and crypto investors hope it could help shift the recent bearish market trend.
It has also been reported that Korean legislators are considering using blockchain infrastructure to streamline their in-house processes. The talks, scheduled to have taken place yesterday on the 21st, could see the country become a first mover to adopt this developing technology.
Whether the national assembly will come to positive conclusion for cryptocurrencies in these latest talks remains to be seen. While the outcome is not yet known, South Korea is certainly going above and beyond its competitors on the global stage in its close consideration of cryptocurrencies and blockchain technology.
More from Regulation
This post is all about taxes on cryptocurrencies and how to calculate them wisely. Cryptocurrency tax laws differ across nations. …
In an encouraging news for cryptocurrencies and blockchain technology, Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams said in an …