Blockchain Law Society is South Korea’s Newest Crypto Regulatory Group

South Korea’s Law Official Creates Blockchain Group To Assess Its Potential

A new report published by Coin Desk revealed that several law officials, in the form of judges, politicians and leading experts have established a group dubbed, “the Blockchain Law Society”, in an attempt to address current issues revolving blockchain technology. In particular, the group was formed to come up with the necessary actions the legal system should take to punish those involved in crypto crimes.

The Blockchain Law Society has scheduled its first meeting on Friday, August 24, where the parties involved will discuss important and urgent topics like that of regulation and blockchain’s role within the law and legal industry.

The founder of this respective group is none other than Jung-yeop Lee, who serves as the governing judge of Daejeon’s district court. Based on a press release made available on Monday, August 20, this group will not only focus on the legal aspects, but also other industries as well.

In particular, the press release read:

“Blockchain Law Society was founded not only to study blockchain technology from a legal aspect, but also […] diverse areas such as economics, computer engineering, [and] field of business,” to name a few.

While the goal is to cover a wide range of industries, the members of the group believe that it would be ideal to start off the taxation aspects along within the pros and cons of smart contracts and a sandbox designed specifically for blockchain startups.

The creation of such a group is fundamental considering the number of crypto crimes and Initial Coin Offerings (ICOs) that have resulted in scams in 2018. Ultimately, the Blockchain Law Society group will surely comfort investors, as many have since feared the lack of protection within the crypto market.

What is your take on South Korea’s involvement in cryptocurrencies and the country’s goal of having a knowledgeable foundation prior to placing regulations? Share below.