Four Korean blockchain associations and two college research centers Monday said it is unlawful for the government to ban initial coin offering (ICO).
They formed the federation to lobby the government and the National Assembly to promote the development of blockchain and cryptocurrency business.
In a statement, they welcomed the government’s blockchain promotion policy. However, they criticized the government for blacklisting cryptocurrency business.
“Benefits outweigh losses in the cryptocurrency business,” they said, “But the government sets arbitrary guidelines against ICOs.”
They said the financial regulators are discouraging banks from opening accounts between investors and cryptocurrency exchanges.
They want more active communication with the government. The federation includes the Korea Blockchain Enterprise Promotion Association, the Korea Blockchain Industry Promotion Association, the Korea Blockchain Startup Association, the Korea University Cryptocurrency Research Center, the Dongkuk University Blockchain Research Center, the Tech World, and the Tek & Law.
Here is the gist of the statements the federation issued.
- The government must scrap its arbitrary ban on ICOs. This ban is illegal and unconstitutional.
- Banks must permit cryptocurrency exchanges to open real-name virtual accounts with customers.
- The government and the National Assembly must enact laws and establish systems for cryptocurrency and blockchain business.
- The government must honor its commitment to setting a cryptocurrency policy. A government-private sector task force is necessary to chart the strategy.
