'STO' regulations and safety nets should be prepared.
"Prospects for Blockchain 2019" was held at the National Assembly Conference Hall on the 30th of January 2019.
Officially sponsored by the City of the Seoul and the Commons Foundation, the forum focused on the use of blockchain technology and legislating its legal grounds.
Yong Kwan Choi, the founder of the Commons Foundation, explained the concept of Security Token Offerings (STO) and suggested that regulatory systems should be made by developing and managing blockchain industrial zones.
He said, "The possibility of projects to raise funds by the tokenization of assets is under discussion. Besides, public property such as land, buildings, and others can also be issued as tokens via an STO that can be managed by institutions - providing transparency, publicity and be utilized by distributing use and ownership," he added.
The Commons Foundation contributes to an open source blockchain project called "MicroBitcoin" and plans to reward participants of the Golden Goose project which is currently underway by the foundation.