Legal Framework For Crypto In South Korea
The Korean Bar Association has appealed to the Korean government to establish a legal framework for the cryptocurrency and blockchain industry. South Korea’s lawyers are lobbying to step up in action and make rules according to law.
Encouraging news has come from South Korea in recent weeks. First, there have been rumors about the possible end of the ICO ban. Then, the Financial Services Commission (FSC) said that Banks can work with Crypto Exchanges. And now this…
Lawyers want a legal framework
According to the report from Reuters U.K., the Korean Bar Association (every lawyer in the country is required to be a member of it) urges the government to develop new laws. The rules will be designed to protect domestic blockchain investors. Kim Hyun, the Bar Association president, said:
“We urge the government to break away from negative perceptions and hesitation, and draw up bills to help develop the blockchain industry and prevent side effects involving cryptocurrencies. ”
South Korea, one of the most high-tech countries in the world, has been criticized for ignoring the cryptocurrency industry. The lawyers want to change that perception of their own country.
The government hasn’t decided its position on blockchain regulation. They will do that only after a thorough study. Right now, both the government and financial regulators are trying to determine if the blockchain industry should have its laws, rules and regulations.
Distributed Ledger Technology (DLT) databases records of virtual currency transactions. It should protect virtual deposits from any frauds. The crypto world has a bright future ahead of it. However, history shows that there have been many incidents of hacking virtual coins. Nevertheless, The Korean government has to decide which path it wants to go and has to do it quickly. Pressure will only increase.
Image by Kim Jihyun / shutterstock.com
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