The Korean Government is being Pressured to Form Blockchain Regulations

December 17, 2018

The legal sector in South Korea is quickly running out of patience, as lawyers continue to call on the government to speed up the process of introducing blockchain regulations into the country, which is an essential first step for this technology.

According to a report from Reuters, The Korean Bar Association is working hard to urge the government to develop blockchain laws in the country in order to support the booming tech industry while protecting its investors and other major stakeholders.

Representing the Korean Bar Association, Kim Hyun was quoted saying that:

We have urged the government to break away from negative perceptions and hesitations, in order to speed up the process of drawing up bills to help develop the blockchain industry and prevent side effects, involving cryptocurrencies.

Despite these efforts, however, the South Korean government does not seem to be in a hurry to make any final decisions, prior to having thorough understanding of the technology. Currently, the situation is still under review alongside financial regulations.

In July, the Financial Services Commission (FSC), the country’s financial watchdog, set up a new department as the Financial Innovation Bureau dedicated primarily to cryptocurrencies and blockchain focussed on developing policy-making initiatives for the industry.

A Senior Executive of the FSC has been leading operations making efforts to counter lax security in the industry, by calling on the government to pass a bill that will regulate domestic cryptocurrency exchanges with more urgency and precision.

  

At the same time, a number of bills focused on regulating cryptocurrencies, initial coin offerings, and blockchain, were reportedly expected to be submitted by members of a number of Korean political parties. However, up until now there have been no updates from that part of the government.

According to The Korea Times, domestic crypto exchanges could increase operations outside of the law, if the shortage of clear rules continues.

Despite all of this, alternative efforts are being made specifically by a group called ‘Blockchain Law Society’, founded by lawmakers and industry experts aiming to discuss legal issues surrounding blockchain technology in front of a panel of judges.

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