Lawmaker Min Byung-doo of the governing Democratic Party Wednesday urged the government again to adopt a blockchain-friendly policy.

In an interview with the Coindesk Korea, he said the government must either set a guideline or legislate a bill aimed at promoting the blockchain industry. “It is a dereliction of duty for the government not to do anything for the past one year since it held a public hearing on the blockchain industry legislation,’’ the lawmaker said,

He likened the banning of initial coin offering (ICO) to vaccination and urged the government to permit the ICO, which is key to fostering the blockchain industry. “When the blockchain industry grows in Korea, we can see the emergence of such big startup companies as Unicorn and Decacorn,’’ Min added.

Min is one of many lawmakers campaigning for the promotion of the blockchain and cryptocurrency industry. The government has been maintaining a two-track policy of supporting blockchain technology but banning the ICO and trading of cryptocurrencies. A recent report showed that Korea’s blockchain technology is 75 percent of the level of the United States.

The Financial Supervisory Commision has maintained the position that banning the ICO is necessary to prevent money laundering and to protect investors not to become victims of speculative investment and criminals’ use of cryptocurrency.


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