By Bill Taylor, Managing Editor
Since Korea (both North and South) have been all over the news lately over reunification talks and dumping nuclear weapons (maybe?), this may have been overlooked. South Korea has done the proverbial u-turn and rather than ban ICOs (initial coin offerings) as they had previously threatened, the ruling political party is now backing a bill to legalize (and embrace) ICOs. They are joining a multitude of other countries (France is the biggest) that have reversed themselves, realizing that dampening innovation is not in their best interest. “If you can’t ‘ban em’, join em”.
To quote the National Assembly Speaker Chung Sye-kyun;
“Blockchain and cryptos can be used in various public sectors for good causes. Given their potential, we need to work to help reduce political uncertainties they face.”
Now given that South Korea is probably the most advanced country in the adaption of all things digital and crypto, this is a big deal. One by one, countries globally are embracing new regulations to encourage ICOs, STOs (security token offerings) and all kinds of new ways to foster innovation. These progressive countries realize that encouraging new ways to raise capital will certainly lead to strong economic growth.
It was not long ago that South Korea’s government was about to pull the trigger and ban crypto exchanges all together. A petition circulated objecting to the government’s plans and registered over 200K signatures in just a few days. Businesses began packing their bags and…….well, things changed (try that in the US).
So, what might happen IF South and North Korea did open up to each other? Legendary investor Jim Rodgers has actually been predicting the opening up of North Korea and re-unification for quite a while. With the South’s technology, a government encouraging innovation, lighter regulation AND a possible massive new populace (North) needing everything, Korea will be a force to be reckoned with. Hmmmm! When will the U.S and its regulators catch on?